Nasdaq Wins Approval for Longer Options Trading Day
Published Date: 7/1/2026
Notice
Summary
Nasdaq MRX is extending trading hours for certain stock and index options, giving traders more time to buy and sell beyond regular hours. This change affects investors who trade these options and could mean more chances to react to market news, possibly impacting trading costs and strategies. The SEC quickly approved this update, so expect the new hours to roll out soon!
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
Exchange adds extended options hours
Nasdaq MRX will add Extended Trading Hours (ETH) for certain equity and index options: an Early ETH Session from 7:30 a.m. ET to 9:25 a.m. ET and an Extended Close that extends trading beyond 4:00 p.m. to 4:15 p.m. You can choose order participation for (1) RTH only (9:30 a.m.–4:00 p.m. or 4:15 p.m. where applicable), (2) Extended RTH Session (9:30 a.m.–4:15 p.m.), or (3) Early ETH Session and Extended RTH Session (7:30 a.m.–4:15 p.m.).
Which equity options can trade in ETH
The Exchange may designate up to 100 multiply-listed equity option classes for ETH using semiannual reviews following January 1 and July 1. To be eligible an equity option must meet, over the preceding six months, all three criteria: average daily option volume of 150,000 contracts; underlying equity market capitalization of $50 billion; and underlying equity average daily trading volume of 10 million shares.
New order rules and time-in-force changes for ETH
During the Early ETH Session the Exchange will not permit Market Orders, Stop Orders, Add Liquidity Orders, Stock-Option Orders, or Stock-Complex Orders (orders marked for All Sessions will be rejected). Market Orders and Stop Orders are allowed during the Extended Close (4:00 p.m.–4:15 p.m.). The Exchange will eliminate Good-Till-Canceled (GTC) and Good-Till-Date (GTD) time-in-force designations and require all ETH orders to be Do-Not-Route (DNR) and subject to re-pricing under the Linkage Plan. All quotes entered during the Early ETH Session will be purged after that session ends.
Which index options will trade in ETH
Nasdaq MRX may designate index options on NDX, NDXP, and XND to trade during ETH. Binary Options with the same underlying index are also deemed eligible. During ETH the Exchange will not disseminate the live underlying index value; Members will have access to the prior trading day's closing index value instead.
Opening process and market maker obligations changed
The Early ETH Session opening process is triggered by the first disseminated trade or quote on any national securities exchange at or after 7:30 a.m. ET rather than the primary market. Primary Market Makers (PMMs) are not required to enter a Valid Width Quote in the Early ETH opening unless they choose to participate in that session.
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