On 7 December 2017, the NYSE announced a rule change, with immediate effect, pursuant to which NYSE listed companies are now prohibited from issuing material news after the close of the NYSE trading session (normally 4:00 p.m. ET) and until the earlier of: (i) five minutes after the official closing time for the NYSE trading session and (ii) the publication of the official closing price of the company’s security.
This rule change will delay the timing of issuers’ announcements delivered following market close, such as press releases announcing securities offerings. According to the NYSE, when a company releases material news after 4:00 p.m. but before the company’s NYSE designated market maker has completed the closing auction, there can be significant differences between the official NYSE closing price and any price realised in another trading venue during such time window. The restriction does not apply to instances when companies release announcements to cure previous unintentional selective disclosure pursuant to Regulation FD.
The NYSE announcement is available at:
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