NYSE Arca Stretches Trading Sessions: More Hours for Market Marathoners
Published Date: 2/18/2025
Notice
Summary
NYSE Arca is extending its extended trading hours, letting investors buy and sell stocks for a longer time each day. This change affects anyone trading on NYSE Arca and aims to give more flexibility without extra costs. The SEC quickly approved this update, so the longer sessions will start soon, making after-hours trading more convenient and accessible.
Analyzed Economic Effects
7 provisions identified: 6 benefits, 1 costs, 0 mixed.
NYSE Arca expands trading to 22 hours
If you trade on NYSE Arca, the Exchange will offer trading from 1:30 a.m. Eastern Time through 11:30 p.m. E.T. Monday through Thursday (22 hours) and from 1:30 a.m. E.T. through 8:00 p.m. E.T. on Friday. This extends the existing Early and Late Trading Sessions so you can buy and sell NMS stocks for many more hours each business day.
New risk disclosures and limit-order requirement
NYSE Arca will add six new required disclosures about risks of Extended Hours Trading (for example, trading when market infrastructure is closed or when primary markets may not be open) and reiterates that only limit orders, designated for the Extended Hours session, may be accepted. These disclosures and the limit-order rule must be provided to non-ETP Holders when accepting orders for extended hours.
SIP readiness and 18‑month filing requirement
The Exchange will not begin Extended Hours Trading under the temporary rule until the Equity Data Plans (SIPs) have a mechanism to collect, consolidate, process, and disseminate quotes and trades at all times during extended hours and notify the Exchange. The Exchange must file a proposed rule change within 18 months of SEC approval to replace the temporary rule, or it must promptly file to delete the temporary rule.
Overnight order acceptance starts at 1:00 a.m.
Under the proposal, NYSE Arca will accept orders for the Early Trading Session beginning at 1:00 a.m. E.T. (30 minutes before the 1:30 a.m. session start). The Exchange shortened the prior order-acceptance window so orders will be accepted beginning at 1:00 a.m. E.T.
No fee changes proposed for extended hours
The Exchange stated that no fee changes were proposed in connection with the longer extended trading hours. If you trade on NYSE Arca, the rule change itself does not raise trading fees.
Trading halts and staff coverage during extended hours
During the extended Early and Late Trading Sessions, NYSE Arca will pause trading in a security if the primary listing market has declared a halt, and Exchange staff will be available during the extended sessions to maintain fair and orderly markets. The Exchange said it will automatically halt trading on NYSE Arca when a halt has been declared on the primary market.
Outside-core trades reported with ".T" modifier
Trades executed outside of the Core Trading Session will be reported to the appropriate exclusive Securities Information Processor with a ".T" modifier. The Exchange will also report the best bid and offer at the beginning of the Early Trading Session using the same formats and delivery mechanisms.
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