Cboe EDGX Unlocks 23-Hour Stock Trading Madness
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 get way more time to buy and sell, which could boost market activity and maybe even money flow. If approved, this new schedule will give investors more flexibility and keep the market buzzing longer each weekday.
Analyzed Economic Effects
8 provisions identified: 3 benefits, 3 costs, 2 mixed.
Trading Open Nearly All Day
The Exchange proposes to offer trading 23 hours per day, five days per week by adding an Overnight Trading Session (9:00 p.m. to 4:00 a.m. Eastern Time) and keeping the Pre-Opening (4:00 a.m. to 9:30 a.m.), Regular Trading Hours (9:30 a.m. to 4:00 p.m.), and Post-Closing Session (4:00 p.m. to 8:00 p.m.). This would let investors trade almost around the clock on weekdays and gives retail investors in APAC markets (Hong Kong, Japan, Korea, Singapore, and Australia) stated extra access to U.S. equities markets.
Expanded Order Entry Window
Under the proposal, you may enter orders beginning at the Order Acceptance Queueing Time of 8:55 p.m. on each night preceding a business day and through 8:00 p.m. on the following calendar day (if that following day is a business day). Orders entered at 8:55 p.m. will queue until the session you picked begins.
Limit Orders Only Outside Regular Hours
The proposal states that outside Regular Trading Hours only Limit Orders are eligible for execution during the Overnight Trading Session, Pre-Opening Session, and Post-Closing Session. Market MidPoint Peg Orders (which are uncapped) would be executable only during Regular Trading Hours.
Daily 8–9pm Pause; Orders Canceled at 8pm
Each weekday the Exchange will pause trading from 8:00 p.m. to 9:00 p.m. for maintenance and corporate action processing, and all resting orders on the EDGX Book as of 8:00 p.m. will be cancelled. Trades occurring at or after the Overnight Trading Session start (9:00 p.m.) will be assigned a trade date of the following calendar day. Sunday is treated differently: there is no pause before the Sunday 9:00 p.m. session start.
Certain Orders Blocked Before Sessions
During the 8:55 p.m. Order Acceptance Queueing Time the Exchange will not accept: Post Only orders; Intermarket Sweep Orders (ISOs); Market Orders (except those with a Regular Hours Only instruction or a Stop Price); orders with a Minimum Execution Quantity plus Regular Hours Only; and Immediate-or-Cancel (IOC) or Fill-or-Kill (FOK) orders. These restrictions apply while orders are being queued before the Overnight Trading Session.
Day Orders Accepted Overnight; Business Day Starts at 9pm
A Day order entered during the Overnight Trading Session or during the 8:55 p.m. Order Acceptance Queueing Time will be accepted and, if not executed, will expire at the end of Regular Trading Hours (4:00 p.m.) on that business day. The Exchange defines a business day to begin at 9:00 p.m. on the preceding calendar day.
New Customer Risk Disclosures Required
Members must provide customers tailored disclosures before accepting orders in the Overnight Trading Session and Pre-Opening Session covering seven risk categories, including (1) trading when primary listing markets may be closed, (2) different or limited regulatory protections, (3) limited trading alternatives if EDGX is the only venue, (4) risks from near-continuous trading, (5) settlement and counterparty risks when infrastructure is closed, (6) novel and unforeseen risks of overnight exchange trading, and (7) a catch-all for other unknown risks.
Overnight Trading Contingent on Data Plan Readiness
The Exchange will not commence the Overnight Trading Session until the Equity Data Plans (the SIPs) provide continuous consolidated quotation and transaction data for the Overnight Trading Session and notify the Exchange they are prepared to do so. The Exchange must file a separate proposed rule change to confirm readiness before going live; 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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Key Dates
Department and Agencies
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