What is a circuit breakers & a trading halt?

When markets become volatile, a market wide circuit breaker halts trading across all US exchanges and venues.   

These halts are triggered at three circuit breaker thresholds that measure a decrease or increase against the prior day’s closing price of the S&P 500.

The 3 circuit Breaker levels:

  • Level 1 +- 7%
  • Level 2 +- 13%
  • Level 3 +- 20%

Times of circuit breakers

  • A Level 1 and Level 2 breach can be triggered between 9:30 a.m. and 3:25p.m.
  • A Level 3 breach can be triggered at any time. 
  • A Level 1 and Level 2 breach halts trading for a minimum of 15 minutes.
  • A Level 3 breach halts trading for the remainder of the trading day.

Orders during a halt

You can continue to use Stake and place orders, but these will not be processed until the market re-opens.  

When a halt occurs, all non-executed orders will remain in a pending state until cleared, cancelled or expired. You can cancel these orders at any time during the halt.

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