DSecurity Deletion
Code D is the terminal state. The security is being removed from the exchange — through delisting, expiration, acquisition, or a corporate action that retires it. Unlike every other code in this glossary, D does not anticipate a resume on that venue.
What triggers it
- Delisting following unresolved compliance or filing deficiencies.
- Completion of a merger, acquisition, or reorganization that retires the security.
- Other events that end the security's listing on the exchange.
How long it lasts
Permanent with respect to that listing.
How it resumes
There is no resumption on the exchange. A delisted operating company's shares may continue to trade over the counter, generally with wider spreads and thinner liquidity.
What it means for a day trader
Code D is where the risk chain that started with T12, H4, or H9 actually ends.
Survivorship bias enters backtests here. A dataset that only includes currently-listed symbols has quietly deleted the worst halt outcomes.
Related halt codes
Track D halts as they happen
Halt Strategy monitors live NASDAQ and NYSE halts, replays the setup around each event, and backtests outcomes segmented by halt code — so D events are never averaged in with everything else.
Primary sources
Halt Strategy is research software, not investment advice, and does not execute trades. Halt procedures are set by the exchanges and regulators and can change; confirm current rules against the primary sources before acting on them. Read the full disclaimer and editorial policy.