Nasdaq Price Feeds to Run Late: Exchanges Push for More Hours
Published Date: 4/22/2026
Notice
Summary
The big stock exchanges and regulators want to keep the system that shares Nasdaq stock prices running longer each day. This change means the 'Processor'—the tech that collects and spreads stock price info—will work extra hours, helping traders get info later into the evening. This affects everyone trading Nasdaq stocks on these exchanges and could mean smoother, more up-to-date trading with no extra fees announced yet.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Processor Runs Much Longer Each Day
The plan would make the Processor receive and spread Nasdaq quotation and trade information from 9:00 p.m. ET Sunday through 8:00 p.m. ET Friday. The Processor will pause one hour each day from 8:00 p.m. ET to 9:00 p.m. ET Monday through Thursday for system refreshes, and holiday exceptions apply as described.
Only Users Bear Extended-Hours Costs
Only Participants that use the extended hours would pay the development and operating costs for making the Processor run longer. If a Participant begins using extended hours later, it must pay a proportionate share of previously incurred development costs and contribute to operating costs from the time it begins using the extended hours, but prior operating costs will not be reapportioned.
How After-Hours Trades Are Marked and Counted
Trades reported outside 9:30 a.m. ET–4:00 p.m. ET will be marked with a ".T" designation. Those outside-hours trades will count toward total trade volume used to determine net distributable operating revenue, but they will not be used to calculate the daily high, low, or last sale; quote credits may only be earned for quotes sent during Regular Trading Hours.
Launch Timing and Preconditions
The Operating Committee expects to implement extended Processor hours on December 6, 2026, but only once certain market conditions are met, including the Depository Trust & Clearing Corporation offering clearing during extended hours and Processor readiness; testing dates will be announced beforehand. DTCC public information indicates DTCC will support extended hours by the second quarter of 2026.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026, because changes could affect how audits are done and funded.
2026-09742 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Adopt a New Fee Code for Market-Maker Complex Orders Executed on the Complex Order Book That Add Liquidity in Penny Program Securities and To Amend Its Orders Submitted With a Designated Give Up Program
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in penny stocks. They’re also tweaking rules for orders using a special Give Up program. These changes mainly affect market makers and traders using complex orders, aiming to make fees clearer and trading smoother.
2026-09745 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, MEMX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system through the end of the year. This fee supports tracking stock trades better and will show up on invoices starting June 2026. If you’re a broker or part of the trading world, get ready to chip in for smoother market oversight!
2026-09728 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Concerning the Consolidated Audit Trail
MEMX is setting new fees for industry members to cover leftover historical costs from the National Market System’s Consolidated Audit Trail, which tracks stock trades. These fees, called Historical CAT Assessment 1A, will collect about $39 million that wasn’t billed before. The change is effective immediately, so affected members should get ready to pay soon!
2026-09736 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq PHLX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
2026-09734 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq Texas is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. Industry members who trade on the exchange will pay these fees starting soon to help cover about $39 million in past expenses not yet billed. This update keeps the system fair and funded without surprises!
Previous / Next Documents
Previous: 2026-07786 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Various Auction Mechanisms
Nasdaq PHLX is updating its auction rules to let Market Makers join in more types of trading auctions, like the Price Improvement Auction and Solicited Order Mechanism. This change helps speed up trades and could lead to better prices for investors. The new rules took effect right away on April 10, 2026, making trading smoother and potentially saving money for everyone involved.
Next: 2026-07788 — Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Various Auction Mechanisms
Nasdaq MRX is updating how certain auction trades work by letting Market Makers join in more easily to help match orders. This change aims to make trading smoother and could lead to better prices for investors. The new rules took effect right after filing on April 13, 2026, so traders should watch for quicker, smarter auctions soon.