Nasdaq plans to ask US regulators to expand equities and exchange-traded product trading from 16 hours to 23 hours per weekday, marking its first formal SEC step toward round-the-clock access driven by rising global demand for US stocks.
The exchange operator is planning to submit paperwork to the SEC, extending a process Nasdaq President Tal Cohen previously framed as discussions with regulators and an expected launch of nonstop five-day-a-week trading in the second half of 2026.
Nasdaq is positioning the move against a market that represents almost two-thirds of global listed-company market value, with total foreign holdings of US equities at $17 trillion last year, per Nasdaq-compiled data, and with international investors increasingly seeking access outside US daytime hours.
Under the proposed 23/5 structure, Nasdaq would move from three weekday sessions to two, while keeping the familiar opening bell at 9:30 a.m. and closing bell at 4 p.m. Eastern inside the day session that still spans pre-market, regular, and post-market trading.
The day session would run from 4 a.m. to 8 p.m. Eastern, followed by a one-hour break dedicated to maintenance, testing, and clearing of trades, explicitly building downtime into what is otherwise a near-continuous weekday operation.
The night session would start at 9 p.m. and run until 4 a.m. the following calendar day, and Nasdaq would classify trades executed between 9 p.m. and 12 a.m. as trades for the following day.
Nasdaq’s weekly clock would also reset: the trading week would begin Sunday at 9 p.m. and end Friday at 8 p.m. after the day session.
Nasdaq executive Chuck Mack said demand for trading during overnight US hours has been “booming,” with investors currently using off-exchange venues or alternative trading systems such as Blue Ocean, Bruce ATS, and OTC Moon to access 24/7-like functionality outside exchange hours.
Mack linked the demand to investor geography, saying global participants want access “on their own terms” and “in their own time zones.”
Nasdaq also referenced adjacent market-structure work: earlier this year it filed with US regulators to introduce trading of tokenized stocks, aligning the effort with a tokenization boom occurring alongside easing crypto regulation under the Trump administration.
Information for this story was found via Reuters and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
