Publishing Indications of Interest During Trading Halts

What this video covers

• The two mandatory paths that require FINRA to halt off-exchange trading in an NMS stock
• Why extraordinary market activity requires both a severe, continuing market-wide negative impact and a system disruption or malfunction
• The three examples of severe negative impact, and why the rule's use of includes makes the list open rather than exclusive
• When FINRA must consult a national securities exchange before determining that an exchange system caused the disruption
• The difference between an Alternative Display Facility (ADF) or Trade Reporting Facility (TRF) closure and a security halt, including when trading may continue through other markets
• Halt start, notification, and restart rules involving the primary listing market, FINRA, and the Securities Information Processor (SIP)
• Why members and associated persons cannot publish quotes, priced bids or offers, or unpriced indications of interest (IOIs), including bid-wanted, offer-wanted, name-only, and customer-modified interest during a halt