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Nasdaq plans 23-hour trading for US stocks from December
The exchange wants to let investors trade US equities nearly around the clock, borrowing a page from a market that already does: crypto.
Nasdaq plans to expand its US equities trading schedule to nearly 24 hours a day, five days a week, adding a new 9 p.m. to 4 a.m. ET session to the Nasdaq Stock Market.
The top stock exchange wants to meet global demand for US equities and give issuers greater access to international capital while allowing investors to trade for longer hours. The regular 9:30 a.m. to 4 p.m. session will remain the primary price-setting period through Nasdaq’s Opening and Closing Crosses.
Subject to SEC approval, Nasdaq currently expects the new schedule to launch on December 6, 2026. Trading will begin at 9 p.m. ET Sunday and run until 8 p.m. ET Friday, interrupted by a daily one-hour pause from 8 p.m. to 9 p.m. for processing and the transition between trade dates.
Existing Nasdaq trading from 4 a.m. to 8 p.m. will not materially change. Nasdaq Texas, PSX and Nasdaq’s options markets will also maintain their current schedules.
The overnight session will introduce specific trade-date conventions. Transactions from 9 p.m. to midnight will be reported using the following calendar day’s trade date, while trades from midnight to 8 p.m. will carry the current day’s trade date.
Settlement rules will continue to be determined by trade date. Nasdaq will also remain open during certain U.S. exchange holidays, with trading beginning at 9 p.m. on holidays that fall Monday through Thursday.
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Broker-dealers and other Nasdaq members will need new ports to enter orders during the overnight window. OUCH 5, Core FIX and FIX will be supported, and existing specifications for order entry and market data will not otherwise change.
Overnight orders that remain open at 4 a.m. will be automatically cancelled. Routable orders will be permitted, but Nasdaq will restrict a range of order types, including market orders, several peg orders, M-ELO, market-on-open and market-on-close orders and opening or closing imbalance orders.
Nasdaq will provide risk checks through its API and WorkX platform. Overnight orders will also be subject to static price bands designed to prevent trades outside specified ranges. Under the proposed framework, the bands would be calculated using the listing market’s adjusted Official Closing Price and adjusted last round-lot sale before 7:45 p.m., with proposed limits set 20% above and below the relevant reference prices.
The exchange is also preparing a new market-data infrastructure for the extended schedule. Trading from 9 p.m. to 4 a.m. will be disseminated through a separate ITCH feed, while Nasdaq’s new Plus products will provide broader coverage across its exchanges.
Nasdaq Last Sale Plus will offer continuous trade reporting, Nasdaq Basic Plus will provide consolidated BBO data, and Nasdaq TotalView Plus will combine depth from Nasdaq U.S. and global sessions, PSX and Nasdaq Texas through a single connection.