Restrictions and market status

A token’s trading status is expressed as the set of restrictions in force on it, at three scopes, on top of the underlying market’s hours. A token can be transferable on chain while a trading restriction applies to it.

The restriction object

Every key is always present; null means not set.

Field	What it is
`restrictionId`, `version`	Stable id, and the version (from 1, one more on every change)
`scope`	`TOKEN`, `ASSET` or `UNDERLYING_MARKET`
`scopeId`	The `tokenId` for `TOKEN`; the `assetId` for `ASSET` and `UNDERLYING_MARKET`
`restrictionType`	`TRADING_HALT`, `TRADING_SUSPENSION`, `SPECIAL_RESTRICTION` (for example removals-only, an election window), `TOKEN_PAUSE`, `WIND_DOWN`
`reasonCode`	A stable code (below)
`reasonText`	The reason, for a human
`source`	`LISTING_EXCHANGE`, `REGULATOR`, `ISSUER`, `SECURITIZE`
`marketHaltCode`	The exchange’s halt code passed through when available, for example `T1`
`effectiveFrom`	When it started
`expectedEnd`	Informational only; never ends a restriction by itself
`relatedCaId`	The corporate action that caused it, if any
`removedAt`	Set on the `ca.restriction.removed` version only; always `null` in `activeRestrictions`

A TOKEN restriction is published on that token’s stream; an ASSET or UNDERLYING_MARKET one on every token stream of the asset. A halt is of the share class, not of a chain, which is why those two carry the assetId.

Reason codes

`reasonCode`	Meaning
`UNDERLYING_HALT_NEWS`	The underlying is halted pending news
`UNDERLYING_HALT_LULD`	A limit-up/limit-down pause of the underlying
`MARKET_WIDE_CIRCUIT_BREAKER`	A market-wide halt
`REGULATORY_SUSPENSION`	A suspension by the SEC or another regulator
`EXCHANGE_SUSPENSION`	A suspension by the listing exchange
`DELISTING_PROCEEDINGS`	Delisting in progress
`CORPORATE_ACTION_PROCESSING`	A restriction around a corporate action’s effective time
`TOKEN_PAUSE_COMPLIANCE`	A token-level pause for compliance reasons
`TOKEN_PAUSE_SECURITY`	A token-level pause for a security incident
`WIND_DOWN`	The token is winding down: cash merger, liquidation, delisting
`OTHER`	Described in `reasonText`

New codes can be added in minor versions; treat one you do not know as a restriction like any other.

The effective market status

GET /tokens/{tokenId}/status computes one answer from the restrictions and the market:

`marketStatus`	When	`reason`
`UNAVAILABLE`	A restriction that stops trading applies at any scope, or the market cannot be read	The `reasonCode` of the most restrictive restriction, in the order `TOKEN_PAUSE`, `WIND_DOWN`, `TRADING_SUSPENSION`, `TRADING_HALT`; or `MARKET_STATUS_UNKNOWN`
`CLOSED`	No such restriction and the underlying market is outside regular hours	The market’s reason, for example `PRE_MARKET`, `POST_MARKET`, `FIVE_PERCENT_DEVIATION`, `TEN_PERCENT_DEVIATION`
`OPEN`	No such restriction and the market is open	`null`

SPECIAL_RESTRICTION is listed in activeRestrictions but does not make the token UNAVAILABLE on its own. The market’s reasons are not restriction reason codes; reason carries one vocabulary or the other depending on marketStatus. GET /assets/{assetId}/status lists the ASSET and UNDERLYING_MARKET restrictions in force, without a market status. GET /tokens?status= filters tokens by marketStatus.

Resumption

A restriction ends only with an explicit ca.restriction.removed for its restrictionId, even when expectedEnd was given. For underlying-market restrictions the resumption event follows the exchange’s and can arrive with a short delay: rely on your own market data for the moment of resumption and use the event for confirmation and audit. Underlying-market restrictions are best effort in this version: Securitize publishes halts and suspensions when known to it, and short limit-up/limit-down pauses are not retransmitted. A market-wide halt arrives as one UNDERLYING_MARKET restriction per asset you hold, lifted together.

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The restriction object

Reason codes

The effective market status

Resumption