H10Halt — SEC Trading Suspension
H10 is the most severe code in the set. It is not an exchange decision — the SEC has suspended trading in the security, typically over questions about the accuracy of public information or possible market manipulation. The suspension applies across all U.S. markets, so there is no venue on which to exit.
What triggers it
- SEC concerns about the accuracy or adequacy of publicly available information about the issuer.
- Suspected market manipulation, promotional activity, or fraud around the security.
How long it lasts
An SEC trading suspension can run for up to ten business days.
How it resumes
When the suspension lapses, the security does not simply resume as before. Broker-dealers face requirements that must be met before quoting can restart, and securities commonly reopen on the over-the-counter market rather than returning to their prior exchange listing.
What it means for a day trader
H10 is the reason position size on promoted, thinly-traded names is a solvency question rather than a strategy question.
There is no exit during the suspension. Stop orders do not execute against a market that is not trading.
Securities emerging from SEC suspensions have frequently reopened dramatically lower. Model this as a tail loss, not as a drawdown.
Related halt codes
Track H10 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 H10 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.