Nasdaq Files Proposal to Extend Trading Hours to 23/5 for US Equities
Nasdaq has taken the first formal step toward establishing near round-the-clock trading for U.S. stocks and platform-Traded Products (ETPs), following a surge in global investor demand for American equities. The platform submitted a proposal with the U.S. Securities and platform Commission (SEC) on Monday, December 15, 2025, to expand its trading hours from the current 16 hours a day to 23 hours a day, five days a week (5×23 model). This move is a direct response to the globalization of financial markets, the always-on nature of crypto trading, and competitive pressure from rival platforms that are also extending their hours.
The New 23/5 Trading Schedule
Under the proposed new structure, which Nasdaq targets for a rollout in the second half of 2026, the trading week would effectively be near-continuous, with only a brief daily pause for maintenance. The trading week would begin on Sunday at 9:00 p.m. Eastern Time (ET) and end on Friday at 8:00 p.m. ET later than the day session. The 23-hour trading day would be divided into two main sessions. The Day Session would run from 4:00 a.m. to 8:00 p.m. ET, which already incorporates the current pre-market, regular market (9:30 a.m. to 4:00 p.m.), and post-market hours. This would be followed by a One-Hour Maintenance Break from 8:00 p.m. to 9:00 p.m. ET for essential maintenance, system testing, and trade clearing. Finally, the Night Session would operate from 9:00 p.m. to 4:00 a.m. ET the following calendar day, with trades executed between 9 p.m. and midnight being accounted for as part of the following calendar day’s trading.
Market Rationale and Industry Alignment
Nasdaq’s decision is driven by both strategic competition and meeting overwhelming global market demand. The U.S. stock market represents almost two-thirds of the world’s listed company value, and the new 23/5 schedule directly addresses the need of international investors, whose total foreign holdings of U.S. equities reached $17 trillion last year, to access U.S. stocks during their business hours. This filing follows similar plans and initial approvals for extended hours from rivals like the New York Stock platform (NYSE) and Cboe Global Markets. Furthermore, the successful rollout is contingent on key industry infrastructure upgrades. The U.S. Depository Trust and Clearing Corporation (DTCC), which handles clearing, has submitted its plan to begin clearing equity trades 24 hours a day, five days a week by the second quarter of 2026, which is critical for supporting the continuous trading model. The extension is expected to allow for quicker, more efficient price discovery by allowing the market to react quicker to global news and earnings reports released outside the current six-and-a-half-hour trading window. However, this also presents risks, as lower liquidity during the overnight “Night Session” typically increases volatility and widens bid-ask spreads for participants.
