Nasdaq has officially taken its first step toward launching a nearly 24-hour trading model, filing with the SEC to expand stock and ETF trading to 23 hours a day, five days a week.
Key Takeaways
- Nasdaq filed a proposal with the SEC to extend trading to 23 hours per weekday, starting in the second half of 2026.
- The new model aims to cater to growing international demand, especially from Asian investors operating in different time zones.
- Current trading sessions will be consolidated into a day session (4 a.m. to 8 p.m. ET) and a night session (9 p.m. to 4 a.m. ET), with a one-hour maintenance break.
- The change would bring U.S. stock markets closer to round-the-clock availability, similar to crypto or forex markets.
What Happened?
Nasdaq has submitted regulatory paperwork to the U.S. Securities and Exchange Commission, requesting approval to introduce a 23-hour trading day for U.S. stocks and exchange-traded products (ETPs). The move reflects growing demand for after-hours market access and comes as global investors look to participate in U.S. markets on their own schedules.
Currently, Nasdaq offers 16 hours of trading across three daily sessions. Under the new plan, those will be replaced by two sessions that cover almost the entire day.
Nasdaq is moving to 23-hour trading and will file with the SEC on Monday to get it approved.
— Polymarket Money (@PolymarketMoney) December 15, 2025
The new schedule runs Sunday 9pm to Friday 8pm with day and night sessions starting in 2H26. pic.twitter.com/85wZTYfvdw
Why Nasdaq Is Expanding Its Trading Hours?
The proposed change is Nasdaq’s response to an evolving global market landscape. With U.S. equities representing about two-thirds of global listed market value, demand from foreign investors has been surging. In fact, foreign investors held nearly $17 trillion in U.S. stocks last year alone.
According to Nasdaq Senior Vice President Chuck Mack:
International investors, especially from Asia, face difficulty trading during U.S. market hours. By extending its availability to nearly 24 hours, Nasdaq hopes to give these investors more flexibility without needing to rely on alternative platforms.
The New Trading Schedule
Nasdaq’s proposed schedule would work as follows:
- Day Session: 4:00 a.m. to 8:00 p.m. ET
- Night Session: 9:00 p.m. to 4:00 a.m. ET (next trading day)
- One-Hour Break: 8:00 p.m. to 9:00 p.m. ET (maintenance and clearing)
This model would run five days a week, beginning at 9:00 p.m. on Sundays and closing at 8:00 p.m. on Fridays. Trades made during the night session would count for the next trading day.
Technical and Regulatory Readiness
The transition to a 23-hour model hinges on upgrading key financial infrastructure. Nasdaq is working with market participants to ensure the Securities Information Processor (SIP) can handle non-stop data feeds. Additionally, the U.S. Depository Trust and Clearing Corp. (DTCC) is expected to roll out around-the-clock clearing services by the end of 2026.
Nasdaq President Tal Cohen confirmed that the exchange began talks with regulators earlier this year. He emphasized that the exchange is gathering industry feedback and will continue refining the proposal.
The exchange is also exploring safeguards to ensure market stability during off-peak hours, including discussions about corporate actions, circuit breakers, and trading protections in the overnight session.
Wall Street Reaction and Industry Implications
While Nasdaq is pushing forward, not everyone is on board. Some major Wall Street banks have expressed caution, citing concerns over:
- Lower liquidity during overnight trading.
- Higher volatility due to thinner volume.
- Uncertain impact on investment returns.
Still, other market players are leaning into the trend. For example, Tidal Trust filed for a Bitcoin AfterDark ETF, citing growing demand for after-hours trading.
Nasdaq is not alone in its ambitions. The New York Stock Exchange and Cboe Global Markets have also proposed similar expansions to their trading hours, reinforcing the idea that U.S. markets must serve a global audience.
CoinLaw’s Takeaway
I think this shift is long overdue. In my experience, markets have been moving toward 24/7 accessibility, thanks in part to crypto and global retail trading platforms. Nasdaq opening its doors for 23 hours a day isn’t just smart, it’s necessary.
The world no longer trades by New York time alone, and this move recognizes that reality. Sure, there are concerns about liquidity and volatility, but I’d argue the benefits of accessibility, flexibility, and global reach far outweigh the risks. I found it especially telling that Nasdaq is planning this in tandem with infrastructure upgrades. That shows this is not just a publicity move. It’s a serious transformation that will reshape how and when investors interact with the U.S. stock market.
