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I was watching GME stock on Feb 24, 2021, and it halted twice:

  • once at 3:38pm ET, and it resumed trading at 3:43pm ET
  • again at 3:46pm ET, and it did not resume trading until after 4:00pm ET

This is consistent with the Nasdaq's list of stock halts:

enter image description here

Both GME halts were classified as volatility halts. I've seen stock volatility halts before, and I thought they were always 5 minutes long. The first GME volatility halt lasted 5 minutes, but the second volatility halt lasted 14 minutes.

Then on Feb 25, 2021, GME had 4 volatility halts in the morning, each of which lasted 5 minutes.

What determines how long a stock volatility halt will last?

Also, what exactly is the trigger for a stock's trading to be halted due to volatility?

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    The second hold is typically for longer than the first, but it ends with the trading day.
    – Aganju
    Feb 25 at 4:56
  • "The second hold is typically for longer than the first ..." — For single stocks in the USA, this is generally not true.
    – Flux
    Jul 26 at 9:57
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Well, I googled your question and found this article. It’s helpful, but doesn’t provide a specific formula for “acceptable trading price range (ATPR)”

https://centerpointsecurities.com/stock-market-halts/

There must be an official Nasdaq rule book for this but I haven’t found it yet.

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    How could "an official Nasdaq rule book" be relevant when GME is a stock listed on the NYSE?
    – Flux
    Jul 26 at 10:42
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The trading halt was a "LULD pause", as can be seen in this table obtained from the NYSE's historical trade halts webpage:

GameStop trading halts

The Limit Up/Limit Down (LULD) mechanism is defined in the SEC-approved NMS Plan to Address Extraordinary Market Volatility, which regulates trading halts in Regulation NMS securities. The associated FINRA rule is 6190. Compliance with Regulation NMS Plan to Address Extraordinary Market Volatility.

For more accessible information about LULD, refer to:

What determines how long a stock volatility halt will last?

To simplify, the "maximum" pause time is 10 minutes, but the primary listing exchange could choose to pause for longer than this. If the primary listing venue does not resume trading after 10 minutes, other trading venues are permitted to start trading in the stock. Note that there are exceptions which are all detailed in the NMS Plan to Address Extraordinary Market Volatility PDF.

Also, what exactly is the trigger for a stock's trading to be halted due to volatility?

To simplify, there are price bands that are determined based on the stock's price in the previous 5 minutes. When the stock price breaches these price bands, trading in the stock is halted market-wide. All the details are in the NMS Plan to Address Extraordinary Market Volatility PDF.

As for the cause of GameStop's 13-14 minute pause on 2021-02-24, the stock exchange probably decided, at its own discretion, to extend the pause right to the end of the trading day (16:00) because activity related to NYSE's closing auction begins at 15:50, or perhaps because there is significant order imbalance in the stock, which makes reopening difficult. These are just guesses on my part.

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