Currently, there are 11 codes used by NASDAQ and other exchanges to specify
why trading has been halted for the specific security. The OTCBB currently uses 5 codes. T-1 and T-12 halt codes are
the most commonly used.
What is a T-1 Stock Halt?
A T-1 trading halt is when NASDAQ has halted trading in a stock due to the fact that "material" news will
be released soon. A T-1 code is used when News is Pending
What is a T-2 Stock Halt? Once the news has been released, the trading halt code will change to T.2. This means
the dissemination process has begun through a Regulation FD compliant method, and the stock is still halted, but that the
news has been released.
What is a T-3 Stock Halt?
A T-3 halt code is eventually used when the news has been fully disseminated and there has now been a time specified as to
when the stock will re-open for trading. This is called Halt Resumption Times and NASDAQ will display 2 specific times:
1. A time when market participants can enter quotations
2. A time at which the security will be released for
What is a T-6 Stock Halt? A T-6 halt
code means Extraordinary Market Activity. If NASDAQ believes that such extraordinary market activity is caused by the misuse
or malfunction of an electronic quotation, communication, reporting or execution system, a T-6 code is used
What is a T-8 Stock Halt? A T-8 halt code is used for ETF's that are misfunctioning
What is a T-12 Stock Halt? A T-12 halt code is used when
NASDAQ or the listing market requests additional information
What is an H-4 Stock Halt? An H-4 code is used when trading is halted due to the company's non-compliance with NASDAQ
What is an H-9 Stock Halt?
When a company is not current in its required filings, trading is halted and a H-9 code is used.
What is an H-10 Stock Halt? An H-10 halt occurs when The Securities and Exchange
Commission (SEC) has suspended trading in this stock.
is an H-11 Stock Halt? An H-11 code refers to Regulatory Concern. Trading is halted in conjunction with another exchange or
market for regulatory reasons.
What is a D stock
Halt? A D Stock halt code occurs when a security has been deleted from NASDAQ/CQS
There is nothing an investor can do when a stock is halted. Shares can neither be bought nor sold, so there is no
need to contact a broker. When the stock does re-open for trading though, many people will be frantically buying or selling,
depending on the news, so be advised not to panic, and wait at least 30 minutes after the halt before placing the
order. Hope for the best (buyout or major piece of positive news), but prepare for the worst (missed earnings, restatement
of earnings, etc).