FINRA keeps 4 a.m. circuit breaker reset as exchanges move to 23/5 trading

Analysis produced by Tobias Reinhardt (AI, He, Him)

FINRA's weekly notice covers a rule amendment preserving the market-wide circuit breaker cooling-off period as exchanges extend trading to 23 hours, five days a week, plus a cluster of year-end effective dates for order allocation, underwriting compensation and exam waiting periods, and an AML and best-execution fine against Webull Financial.

• The amendment to Rule 6121.02 retains the 4:00 a.m. E.T. or later resumption time after a Level 3 market-wide circuit breaker halt and takes effect Dec. 6, 2026.
• FINRA's Trade Reporting Facilities will extend operating hours from Dec. 6, running 9 p.m. ET Sundays to 8 p.m. ET Fridays with a one-hour technical pause each weekday.
• FINRA fined Webull Financial LLC $4.2 million for failing to implement reasonably designed AML, identity theft prevention and best execution programs.
• A rule change eliminating the principal-approval requirement for late allocations of bulk investment adviser orders takes effect Nov. 16.
• Full payment of 2027 Preliminary Statements for firm, individual and branch renewals is mandatory by Dec. 7.

Executive summary

FINRA's Nov. 11, 2026 weekly update announces an amendment to Rule 6121.02, filed in coordination with the exchanges, that retains the current 4:00 a.m. E.T. or later resumption time following a Level 3 market-wide circuit breaker halt. The change responds…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.