Hilton plans NYSE-to-Nasdaq listing transfer, with HLT expected to trade on Nasdaq from 5 November

Hilton said on 20 October 2026 that it plans to move the listing of its common stock from the New York Stock Exchange to Nasdaq. In a Form 8-K filed the same day under Item 3.01, the company reported that, with its board’s authorisation, it had notified NYSE on 20 October that it intends to voluntarily withdraw the principal listing of its common stock (par value $0.01) and transfer it to the Nasdaq Global Select Market of The Nasdaq Stock Market LLC.

Dates and ticker

The 8-K sets out the expected timetable:

• Listing and trading on NYSE are expected to end at market close on Wednesday 4 November 2026.
• Trading on Nasdaq is expected to begin at market open on Thursday 5 November 2026.
• The stock “has been approved for listing on Nasdaq” and will keep the symbol HLT.

Hilton identifies these dates as forward-looking. Among the risks it lists are “any delays in the timing for implementing the transfer” and “potential market disruptions with respect to the trading of the Common Stock”.

Neither the 8-K nor the release gives a specific operational reason for the switch. Hilton’s release presents the move as a milestone in the company’s development, and chief executive Chris Nassetta is quoted as saying Nasdaq “is closely aligned with our growth ambitions”. The release also includes a welcome from Nasdaq chair and chief executive Adena Friedman. According to Hilton, shareholders need take no action, and the transfer “does not alter Hilton’s business strategy, capital allocation priorities or commitment” to its stakeholders. The company first listed on NYSE in 1946 and returned to it in 2013, after a period in private ownership under Blackstone.

What changes for trading and market data

Changing the primary listing market moves several pieces of market structure at once. The points below draw on the exchanges’ and plans’ own documents.

Auctions. NYSE’s published trading hours show a 9:30am Core Open Auction and a 4:00pm Closing Auction for Tape A (NYSE-listed) securities, with a closing imbalance period from 3:50pm. From 5 November, HLT’s official opening and closing prices are expected to come from Nasdaq’s Opening and Closing Crosses. Nasdaq disseminates Net Order Imbalance Indicator data from 9:25am for the open and from 3:50pm for the close, and says all new listings join its crosses on their first trading day. Routing for on-open, on-close and imbalance-only orders in HLT will need to point to Nasdaq from that date. Cut-off times and order-type behaviour should be checked against Nasdaq’s rulebook rather than assumed to match NYSE’s.

Consolidated tape. This section is The Midpoint’s explanation of how the plans divide coverage; Hilton’s filings do not address it, and we have not found an HLT-specific notice from either SIP. The Consolidated Tape Association disseminates data for NYSE-listed securities on Network A. The UTP Plan describes its single network, Tape C, as “the single source of consolidated market data for Nasdaq-listed securities”. It follows that, once its listing moves, HLT’s consolidated quotes and trades should move from the CTA SIP (Tape A) to the UTP SIP (Tape C). Firms will want to check symbol directories, data entitlements and any tape-based fee or rebate tiers.

Overnight trading and halts. The transfer comes about a month before the planned start of 23/5 trading. Under the SEC-approved SIP plan amendments (CTA/CQ, Release No. 34-105779; UTP, Release No. 34-105780), both processors are to operate from 9:00pm ET Sunday to 8:00pm ET Friday from 6 December 2026, with a one-hour pause from 8:00pm on Monday to Thursday. Nasdaq’s 23/5 hub says the Nasdaq Stock Market expects to add a 9:00pm–4:00am ET session from that date, pending SIP readiness and any applicable SEC rule changes. The hub adds that the 9:30am–4:00pm trading hours, “marked by the Opening and Closing Crosses, will continue to set the prices to drive investor transparency across all hours of market operation.”

As a Nasdaq-listed security, HLT will be subject to Nasdaq’s mandatory corporate-action regulatory halt framework in Rule 4120(a)(15). Nasdaq filed the expanded rule as SR-NASDAQ-2026-057 on 29 June 2026. It took effect on filing under Section 19(b)(3)(A) of the Exchange Act and Rule 19b-4(f)(6) (Release No. 34-105860, published at 91 FR 42990 on 13 July 2026), and becomes operative when 23/5 trading begins. Nasdaq’s corporate actions FAQ, dated before the Federal Register notice, still describes the rule as proposed and subject to approval.

The rule covers nine categories: symbol changes, CUSIP changes, dividends worth at least 25% of the Nasdaq Official Closing Price, forward and reverse splits, de-SPAC transactions, spin-offs, security-type changes, mergers and mandatory exchanges, and a residual category in which Nasdaq determines that a halt is necessary or appropriate. An affected security is halted after the post-market session ends and before the 9:00pm ET Night Session begins on the day before the corporate action’s market effective date. It reopens through the Nasdaq Halt Cross at 8:00am ET on the effective date. According to the FAQ, other national securities exchanges must also halt the security, and the halt is disseminated with code “M1”. NYSE has made parallel changes to its Rule 7.18 (SR-NYSE-2026-41, Release No. 34-106356), under which halted NYSE-listed securities reopen with a Trading Halt Auction after 9:30am ET. Once HLT’s primary listing has moved, Nasdaq’s version is the one that applies to it.

Why it matters

• Desks. If the timetable holds, the 4 November NYSE Closing Auction will be HLT’s last on NYSE, and from 5 November its official closing price will be set in the Nasdaq Closing Cross. Benchmark, index-rebalance and MOC workflows will need the right venue, order types and imbalance feed from day one.
• Brokers and operations. Reference data (primary exchange, MIC, tape), SIP entitlements, smart-order-router venue tables and TCA benchmarks tied to the primary close all need updating at the changeover. When 23/5 trading starts, corporate-action handling for HLT follows Nasdaq’s Rule 4120(a)(15) framework, with its 8:00am Halt Cross reopening, rather than NYSE’s post-9:30am Trading Halt Auction.
• Venues. Listing transfers between NYSE and Nasdaq are one measure of competition between the two exchanges for listings. Because of the timing, HLT will already be a Nasdaq-listed security when the Nasdaq Stock Market’s overnight session is scheduled to begin.

Sources

1. Hilton, “Hilton Announces Planned Transfer of Stock Listing to Nasdaq”, 20 Oct 2026 — https://stories.hilton.com/releases/hilton-announces-planned-transfer-of-stock-listing-to-nasdaq
2. Hilton Worldwide Holdings Inc., Form 8-K (Items 3.01, 7.01, 9.01), filed 20 Oct 2026 — https://www.sec.gov/Archives/edgar/data/1585689/000158568926000045/hlt-20261020.htm
3. NYSE, “Trading Information” — https://www.nyse.com/markets/nyse/trading-info
4. Nasdaq Trader, “Opening and Closing Crosses” — https://www.nasdaqtrader.com/Trader.aspx?id=OpenClose
5. Consolidated Tape Association — https://www.ctaplan.com/
6. UTP Plan, overview — https://www.utpplan.com/overview
7. SEC Release No. 34-105779 (CTA/CQ Plans), 26 Jun 2026 — https://www.sec.gov/files/rules/sro/nms/2026/34-105779.pdf
8. SEC Release No. 34-105780 (UTP Plan), 26 Jun 2026 — https://www.sec.gov/files/rules/sro/nms/2026/34-105780.pdf
9. Nasdaq, “23/5 Trading Information Hub” — https://www.nasdaq.com/23-5-trading
10. Federal Register, 91 FR 42990, Release No. 34-105860, SR-NASDAQ-2026-057, 13 Jul 2026 — https://www.federalregister.gov/documents/2026/07/13/2026-14014/self-regulatory-organizations-the-nasdaq-stock-market-llc-notice-of-filing-and-immediate
11. Nasdaq, “Corporate Action Mandatory Regulatory Halt Rules: FAQ” — https://www.nasdaq.com/docs/global-trading-hours-corporate-actions-faqs
12. Federal Register, 91 FR 59247, Release No. 34-106356, SR-NYSE-2026-41, 18 Sep 2026 — https://www.federalregister.gov/documents/2026/09/18/2026-19131/self-regulatory-organizations-new-york-stock-exchange-llc-notice-of-filing-and-immediate