Nasdaq's Non-Stop Trading: 23 Hours a Day, Five Days Straight?
Published Date: 1/13/2026
Notice
Summary
Nasdaq wants to keep its U.S. stock market open 23 hours a day, five days a week, giving traders almost all-day access to buy and sell stocks and ETFs. This change affects investors, traders, and companies listed on Nasdaq, aiming to boost trading flexibility and market activity. If approved, expect longer trading hours starting soon, potentially shaking up when and how money moves in the market.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
Nasdaq proposes 23‑hour trading week
Nasdaq filed to trade U.S. equity securities and exchange‑traded products 23 hours per day, five days per week. The proposal would run a Day Session from 4:00 a.m. ET to 8:00 p.m. ET (including the existing Opening and Closing Crosses), a Night Session from 9:00 p.m. ET to 4:00 a.m. ET, and a daily pause from 8:00 p.m.–9:00 p.m. ET; the trading week would begin Sunday at 9:00 p.m. ET and end at the conclusion of the Day session on Friday.
Extended hours have fewer protections
The filing says most aspects of Regulation NMS do not apply outside regular trading hours (including the trade‑through prohibition), and that extended/night trading tends to have lower liquidity, wider spreads, and more volatile prices. Nasdaq will require members to give customers additional risk disclosures for Night Session trading, including six added potential risks.
Many order types blocked at night
Nasdaq proposes that numerous order types will not be available during the Night Session (9:00 p.m.–4:00 a.m. ET), including Supplemental, Market Maker Peg, Market On Open (MOO), Limit On Open (LOO), Opening Imbalance Only (OIO), Market On Close (MOC), Limit On Close (LOC), Imbalance‑Only (IO), Company Direct Listing orders, Extended Trading Close orders, Midpoint Peg Post‑Only, M‑ELO, and M‑ELO+CB. Several order attributes (Primary Pegging, Market Pegging, Midpoint Pegging, and Discretion combined with Pegging) likewise will not be available, and orders expire/deactivate at 4:00 a.m. ET or will be cancelled at conclusion of the Night Session.
Separate Night‑session connectivity required
To trade in the Night Session, market participants must use ports specifically designated for Night Session connectivity; Day session ports will not connect to the Night instance. Nasdaq says Night ports will be operational 9:00 p.m.–4:00 a.m. ET and the protocols available will include OUCH 5, Core FIX, and FIX.
Night session contingent on market‑data readiness
Nasdaq says it will not begin operating the Night Session until the Equity Data Plans (SIPs) have established mechanisms to collect, consolidate, process, and disseminate quotation and transaction information during the Night Session and have notified Nasdaq. Nasdaq also will file a Night Session Proposed Rule Change before starting; if that rule change is not filed within 18 months of SEC approval, Nasdaq will promptly file to remove the Night Session rules.
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