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Trading Halts & Limit Up-Limit Down Client Notice

Trading Halts

When a trading halt is in effect for a security, customer orders will not be executed, but Wells Fargo Clearing Services, LLC (“WFCS”) will continue to accept and route such orders to market centers and exchanges. Orders entered during a trading halt will generally be handled on a best efforts basis in the re-opening process once the trading halt is lifted, although customers should be aware that the security may resume trading at a significantly higher or lower price. Customers must use caution when entering orders during a trading halt and are encouraged to use limit orders to protect against significant price changes.

Limit Up-Limit Down

Securities. The SEC’s Limit Up-Limit Down (“LULD”) Rule prohibits trading activity in exchange-listed securities at prices outside specified price bands (“upper band”; “lower band”), which are established at a percentage level above and below the average price of a security over the immediately preceding 5-minute period.

The market for a security will enter a “Limit” state if the National Best Bid (“NBB”) equals the upper price band or the National Best Offer (“NBO”) equals the lower price band. The market for a security will enter a “Straddle” state if the NBB is below the lower price band or the NBO is above the upper price band. A five minute trading pause will generally be triggered for a security if a “Limit” state exists for 15 seconds, and during a “Straddle” state at the discretion of the primary exchange. During “Limit” and “Straddle” states, and during a trading pause, Wells Fargo Advisors will continue to accept and route customer orders in the same manner as during a trading halt, as described in the above section. Specific protocols for handling orders during “Limit” or “Straddle” states are established by the market centers and exchanges to which we route customer orders.

Options. Customer options orders received by Wells Fargo Advisors are routed to other market centers and exchanges for handling and execution. Although options are not subject to the Limit Up-Limit Down (“LULD”) rules, market centers and exchanges will generally halt trading in options when the underlying security is halted or paused in response to LULD. In the event of such trading halts, Wells Fargo Advisors will continue to accept and route customer options orders. Options market centers and exchanges may reject certain orders, including new “market” orders entered when the underlying security is in a “Limit” or “Straddle” state.

Online and Mobile Access

When a trading halt, “Limit”, or “Straddle” state is in effect for a security, customers will not be able to enter orders via the online or mobile trading platforms, and must instead contact an Investment Professional.