ShortSale Circuit Breaker

Circuit breakers are automatic trading interruption mechanisms that are used to dampen extreme market movements and counteract panic selling. They are triggered in particular in the event of exceptional price losses.
The aim is to ensure the integrity of the market, prevent price anomalies but also to allow "cool-down phases" for information processing during hectic stock market phases with extreme or unusual intensity. On US stock exchanges, so-called Market-Wide Circuit Breakers (MWCBs) and single stock-related mechanisms apply at overall market level.
Tool Partner
P
Levermann Score
New: Infographics X-Lab
This overview shows SSR Circuit Breakers reported by the US stock exchange NASDAQ. The date and time of the Interruptions can be found in the table. Further searches can be carried out using the function elements.
INVEST’OR
ID Date Time ISIN Symbol Name MIC Code Reason TA Terminal Info
Legend/Explanations

The list is updated once a day. Current information on ShortSale Circuit Breaks can be requested from all trading venues that make it publicly available. The information available here refers to companies that are currently in the database of the information platform.

FlagMeaning
SSRShort Sale Restriction active (SEC Rule 201)
SCCircuit Breaker has been triggered (e.g. at LULD)
LULDLimit-Up/Limit-Down interruption
SSShort Sale Transaction
SLShort Sale was executed limited according to Rule 201
RBReinstatement of Bid (after LULD-phase)
RAReinstatement of Ask

Single stocks have been subject to the Limit Up/Limit Down (LULD) mechanism since 2012.
If the price of a security leaves the dynamically calculated range, a short-term suspension or price lock occurs.

  • Limit Up: Price may not be traded above the upper range
  • Limit Down: Price may not be traded below the lower range
  • Objective: Prevent flash crashes such as 2010

Bandwidths (depending on price and liquidity class):
For example, for shares > $3: 
Limit Up: Price may not be traded above the upper range

  • Limit Down: Price may not be traded below the lower range
  • Objective: Prevent flash crashes such as 2010

Bandwidths (depending on price and liquidity class): $3: ±5% to ±10% of the reference price (depending on volume class and time of day)

Short Sale Circuit Breaker (SSCB) - SEC Rule 201

Introduction:
In the wake of the 2008 financial crisis and the massive price slides that accompanied it, SEC Rule 201 was introduced as a protective mechanism against excessive short selling.

How it works:
If a share trades at least 10% below its closing price on the previous day, a so-called "Short Sale Restriction" (SSR) comes into force for that day and the next trading day.

Consequence:
Short selling may only be carried out above the current National Best Bid. This means that a short sale may not push on falling prices.

Objective:

  • Protection against "short-driven sell-offs"
  • Stabilization of trading in illiquid or panic phases

Source: Symbol Look-Up/Directory Data Fields & Definitions (Link)

#Circuit breaker, #trading halt, #suspension of trading, #trading interruption, #suspension