Suspension of trading at issuer’s request

There are occasions where a suspension of trading is warranted in order to keep the trading of your stock ‘ fair and orderly’.

This page describes what an issuer can do if they feel that this fair and orderly market requires the trading of their securities to be halted.

There are only three parties that can require a security to be suspended:

  1. The competent regulator;
  2. Euronext as market operator
  3. The issuer

The process for suspension following an issuer’s request is as follows:

  • The issuer, or a law firm acting on its behalf, can call our EMS Corporate Actions team to schedule a trading suspension prior to formalizing this request (contact details provided below).
  • This formal issuers request will have to be filed with Euronext by email and should contain the date, hour, the reason for suspension, the securities involved and the duration of the suspension if known up front (otherwise the request should state ‘until further notice’).

Although law firms can act on behalf of the company the actual request can be sent by the company alone and only by Responsible Persons* within the company (CEO, CFO or Head of IR).   Euronext reserves the right to carry out any identification checks it deems necessary*.

As trading on our markets is overseen by our regulators all suspensions will require close collaboration and sometimes even the approval of the regulator**

* If you would like to check the Responsible Persons registered with Euronext for your company, please contact ExpertLine via MyQuestion@euronext.com.
**  Suspensions in the Amsterdam market can only be requested by the Regulator. They will contact Euronext’s EMS department directly.

As all suspensions should have an end we follow the same process for resumption of trading:

The issuer, or a law firm acting on its behalf, can call our EMS Corporate Actions Team to schedule a trading resumption prior to formalizing this request via email (contact details provided below).

As per the routine for suspensions only designated persons in the company can ask for resumption via email.

All requests must be accompanied by a copy of the press release that will be issued regarding the suspension by the issuer

Other considerations:

For all suspensions/resumptions Euronext will issue a market notice with details regarding the suspension/resumption.

Suspensions should be as short as possible as durations longer than one day will affect both indices as derivatives that possibly have the suspended security as an underlying.

Also, for multi listed securities (listed on more than one market) the suspension should take place in the home market (market of reference). Please note that only suspensions by the relevant regulator need to be followed by a suspension on an MTF (like TOM, German Freiverkehr or Equiduct). Suspensions at the request of the issuer are normally not followed up by MTF’s.