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Circuit Breaker

Circuit breakers temporarily halt trading on an exchange or in individual securities when prices hit pre-defined levels to curb panic-selling on U.S. stock exchanges and excessive volatility – large price swings in either direction – in individual securities.

Market Wide Circuit Breaker
Addresses market-wide volatility. Halts all NMS securities when S&P 500 Index declines by the following levels
S&P 500 Index Trigger
Open-3.25pm
3:25pm-Close
-7%
Halt-for 15mins
Will not halt
-13%
Halt-for 15mins
Will not halt
-20%
Halt-Remainder of the trading day
Halt- Remainder of the trading day
Limit Up Limit Down
Addresses volatility within a single stock. Sudden price beyond the guard rails will first result in a second “Limit State.” Followed by a 5 minute” Trading Halt,” if the NBBO does not return inside the guard rails
Open-3:35pm
3:35pm-Close
Tier 1 Stocks > $3.00 (S&P500, Russell 1000, high volume ETPs)
5%
10%
Tier 2 Stocks > $3.00 (All other stocks and ETPs >$3)
10%
10%
Stock prices $0.75 -$3.00
20%
40%
Stock prices < $0.75
75%
150%
"Please refer to the U.S. SECURITIES AND EXCHANGE COMMISSION: Stock Market Circuit Breakers
U.S LULDs

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