Cboe EDGX Eyes 23-Hour Stock Trading Marathon
Published Date: 4/15/2026
Notice
Summary
Cboe EDGX Exchange wants to let people trade stocks and exchange-traded products almost all day—23 hours a day, five days a week! This change means traders can buy and sell for way longer than before, which could mean more chances to make money and react to news. If approved, this will affect anyone trading on EDGX and could shake up how and when trading happens.
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Analyzed Economic Effects
7 provisions identified: 3 benefits, 1 costs, 3 mixed.
EDGX proposes 23x5 trading hours
The exchange proposes to let equity securities and exchange-traded products trade 23 hours per day, five days per week. The proposed daily structure would be: Overnight Trading Session 9:00 p.m. to 4:00 a.m. ET, Pre-Opening Session 4:00 a.m. to 9:30 a.m. ET, Regular Trading Hours 9:30 a.m. to 4:00 p.m. ET, and Post-Closing Session 4:00 p.m. to 8:00 p.m. ET.
New required overnight risk disclosures
The Exchange would require brokers to give customers special disclosures before they trade during the Overnight Trading Session (9:00 p.m. to 4:00 a.m. ET) and the Pre-Opening Session. Rule 3.21(h) lists seven risk categories customers must be told about, including that primary listing markets and some regulatory protections may be closed, limited trading alternatives and settlement providers may be unavailable, and overnight exchange trading is novel and may present unforeseen risks.
Nightly cancellation and one-hour weekday pause
The Exchange would cancel all resting orders on the EDGX Book as of 8:00 p.m. ET at the end of the Post-Closing Session each weekday, then pause trading from 8:00 p.m. to 9:00 p.m. ET for maintenance, and resume at 9:00 p.m. ET with the Overnight Trading Session. On Sunday the Exchange will begin accepting orders at 8:55 p.m. and start the Overnight Trading Session at 9:00 p.m. without the one-hour pause.
Order type and session eligibility limits
The proposal states that outside Regular Trading Hours only Limit Orders are eligible for execution; Market MidPoint Peg Orders would be executable only during Regular Trading Hours. During the Order Acceptance Queueing Time the Exchange would not accept Post Only instructions, ISOs, Market Orders (other than those with Regular Hours Only or a Stop Price), Minimum Execution Quantity with RHO, IOC, or FOK orders.
Order entry window and queueing times extended
Under the proposal, the Exchange would accept orders beginning at 8:55 p.m. ET on each night preceding a business day (Order Acceptance Queueing Time) and continue accepting orders through 8:00 p.m. ET on the following calendar day, provided that day is a business day. Orders entered during the 8:55 p.m. queueing time will queue until their designated session starts.
Day orders accepted overnight and expiry rule
The Exchange would permit Day Orders to be entered during the Overnight Trading Session and Order Acceptance Queueing Time; a Day Order entered at 9:00 p.m. on the night before a business day would remain eligible through the Overnight Trading Session, Pre-Opening Session, and Regular Trading Hours and would expire at 4:00 p.m. ET on that business day.
Overnight start contingent on market data readiness
The Exchange will not begin Overnight Trading Session operations until the Equity Data Plans have established mechanisms to collect, consolidate, process, and disseminate quotation and transaction information at all times during the Overnight Trading Session and have notified the Exchange. The Exchange must file a separate proposed rule change confirming readiness; if that rule change is not filed within 18 months of SEC approval, the Exchange will file to remove the Overnight Trading Session rules.
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