FIX Forms Industry Working Group to Prepare Markets for 24-Hour U.S. Equity Trading
The FIX Trading Community has launched a new industry working group focused on the evolution of 24-hour trading in U.S. equities, as momentum builds toward extended and continuous market access.
The initiative comes amid growing activity from alternative trading systems offering overnight access to U.S. stocks, and as major market infrastructure providers signal readiness to expand beyond traditional trading hours.
While overnight trading currently represents a small fraction of overall U.S. equity volumes, FIX believes the market is approaching an inflection point that requires coordinated industry engagement.
Overnight Equity Trading Moves Closer to the Mainstream
Several services enabling overnight trading in U.S. equities. Although volumes remain modest at roughly 0.1% of total U.S. market activity, interest from both is accelerating.
Industry projections suggest overnight trading could grow to between 1% and 10% of total by 2028, driven by global investor demand, increased retail participation, and advances in market infrastructure.
FIX Executive Director Jim Kaye said these developments indicate the market is nearing a tipping point. With extended-hours trading no longer theoretical, the industry must begin addressing operational, regulatory, and structural implications.
Major Market Infrastructures Signal Extended Hours
The timing of the FIX working group coincides with recent announcements from key U.S. market institutions. platforms including NYSE, Cboe, and Nasdaq, alongside Securities Information Processors and the Depository Trust & Clearing Corporation, have outlined plans to support 24/5 trading models.
According to Kaye, these initiatives mark a critical shift in market structure. “This is the right time to rally the industry to ensure we’re ready for the next stage of overnight trading,” he said, pointing to the need for alignment across trading venues, clearing, and data infrastructure.
The working group will examine how broker-dealers and sessions, and what broader access means for global investors viewking exposure to U.S. equities outside traditional market hours.
Addressing Liquidity, Regulation, and Workflow Challenges
Despite growing interest, presents several challenges. Lower liquidity and wider bid-ask spreads during overnight sessions remain key concerns, particularly for institutional participants accustomed to deep daytime markets.
The working group will also explore how existing regulatory frameworks apply outside U.S. trading hours, including market surveillance, investor protection, and reporting obligations across jurisdictions.
Another focus will be how to integrate 24-hour trading into established institutional workflows, from order management and risk controls to post-trade processing and settlement. FIX has invited firms across the market ecosystem to participate in shaping practical, interoperable answers.
