Exchange and SEC-Imposed Trading Halts on Individual Stocks
Trading halts for specific symbols may be implemented for a number of reasons and can interrupt your orders to buy or sell particular securities. These stock-based halts are initiated by the specific stock exchange where the stock is listed or by the Securities and Exchange Commission, not by Robinhood.
During a trading halt, one or more securities exchanges will prevent all trades of the affected security. These halts typically last less than an hour but may be longer. Halts can occur multiple times in a single trading day or remain in place over multiple trading days. If a security is in a trading pause in the last 10 minutes of normal trading hours, the primary listing exchange will not reopen trading on that security until the next trading day. You can keep track of current and historical trading halts with both the NYSE and the Nasdaq websites.
Keep in mind, market-wide trading halts can also be implemented by exchanges during periods of heightened volatility across the broader market.
Trading halts are usually put in place by one or more of the stock exchanges or the SEC (Securities and Exchange Commission). A trading halt for a specific security can occur for a number of reasons, like waiting for substantial news to be released or periods of high volatility. You can find a more detailed list of reasons for trading halts here.
When a halt is in place, you can place orders as usual, but they won’t be processed until after the halt has been removed from the affected security.
You can place new orders during a trading halt, but new or existing orders will not be processed until the market reopens or the trading halt is removed. This applies to market-wide halts and halts on specific securities.
If you enter a “Good-til-Canceled” order and the market closes while a halt is in effect, your order will be held for execution at the opening of the next trading day. Additionally, orders entered as “Good for the Day” will be canceled at the end of the trading day regardless of whether a trading halt is in effect.
All new and outstanding orders will remain “pending” until markets reopen, or the trading halt is removed. When the halt ends, your orders will be processed. This also applies to options orders.
There are several reasons why your stock orders might not be filled after a halt is lifted. The most common are listed below. However, you should check the details of your specific order.
If you submit a market order that is converted to a limit order with a 5% collar during a halt and the price moves against you by more than 5% from the last trade price on the Nasdaq Stock Market, your order will not execute immediately once trading resumes. If the price of the security returns to within 5% of the last trade price on the Nasdaq Stock Market (or better) when you placed your order, the order may be filled. If the price does not return to within the 5% range (or better), the order will remain outstanding and cancel at the end of either regular market hours if entered during regular market hours, or at the end of the extended -hours session if entered pre-market or after-hours.
For a view of which market orders are collared, refer to this chart:
|Market session||Pre-market||Market hours||After-hours|
|ET||9 – 9:30 AM||9:30 AM to 4 PM||4 – 6 PM|
|Share-based market buys||✔||✔||✔|
|Share-based market sells||✔||✔|
|Dollar-based market buys||✔||✔|
|Dollar-based market sells||✔||✔|
Market orders held or placed during the halt may fill at a very different price once trading resumes.
Check out market orders for more information.
It's possible for the halted security to begin trading at a very different price once trading resumes. If your stop or limit price hasn’t been reached, your order will remain pending until there's a buyer or seller willing to trade at your specified price.
While a halt is in place, you can still cancel a pending order before it’s executed in the market if the order is for whole shares. However, there are some differences when trying to cancel a pending fractional order.
The option to cancel your fractional order might show as an option, but your order can't be canceled until the halt is lifted and the stock begins trading again. Also, if your order includes a fractional share amount, has been routed to a market center, and a trading halt goes into effect before the order executes, you can’t cancel the order. The order will execute when the halt is lifted.
We are currently working to make improvements with this experience. These halts are not Robinhood's decision and the timing of them is beyond our control.
When trading is halted, charts reflect the price of the last filled order. No trades are being executed, so prices neither rise or fall. Rest assured, the price most likely didn’t flatline at zero. When the market reopens, the chart should display normally again.
During a trading halt, no orders are being processed so the “mark price” defaults to the $0.01 on your Robinhood app. Market prices should display normally after the halt is over.
If you believe one of your orders was affected by a trading halt and still have questions, contact our support team. Be sure to give us as much information as you can about the order(s) you placed and share any questions. We’re happy to assist you.
Trading during extended hours comes with additional risks such as lower liquidity and higher volatility.
Fractional shares are illiquid outside of Robinhood and not transferable. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section in our Customer Agreement. All investments involve risks, including the loss of principal. Investors should consider their investment objectives and risks carefully before investing. Robinhood Financial LLC is a registered broker-dealer (member SIPC). Robinhood Securities, LLC is a registered broker-dealer and provides brokerage clearing services (member SIPC). All are subsidiaries of Robinhood Markets, Inc. (‘Robinhood’).