NYSE National OKs 23-Hour Trading: Sleep is for Suckers!
Published Date: 9/24/2026
Notice
Summary
NYSE National is updating its rules about fixing big trading mistakes to match new 23-hour, 5-day trading hours approved by the SEC. This change helps keep trades fair and clear during extended hours, affecting traders using the Exchange. The new rule kicks in right away with no extra costs, making the market smoother and more reliable.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Overnight trades generally not reviewable
If a trade on NYSE National executes during LULD Protected Hours (which includes the Core Trading Session and Overnight Protected Hours from 9:00 p.m. ET through 4:00 a.m. ET), that trade generally will not be eligible for clearly erroneous review. This extends the Exchange’s existing rule that applied only to the Core Trading Session to the overnight hours starting when 23/5 Trading begins on December 6, 2026.
Overnight Percentage Parameter applies
The rule explicitly incorporates the Overnight Percentage Parameter (from Section VIII of the LULD Plan) when deciding whether a trade is eligible for clearly erroneous review during Overnight Protected Hours. That means the same kind of percentage-threshold test used in the Core Trading Session will apply with the Overnight Percentage Parameter for trades executed in the overnight period.
Rights/warrants keep review protections overnight
Transactions in NMS Stocks that are not subject to the LULD Plan (for example, rights and warrants) executed during Overnight Protected Hours remain eligible for clearly erroneous review and will be reviewed using the same Numerical Guidelines that apply to the Early and Late Trading Sessions. The Exchange updates rule text and the accompanying table headings to reflect this treatment.
Overnight Price Bands initially ±20%
The LULD Plan’s Overnight Price Bands, as approved by the Commission, were proposed to be temporary static bands 20% above and below two reference points, and those Overnight Price Bands will apply during Overnight Protected Hours (9:00 p.m. ET through 4:00 a.m. ET). The Commission approved this approach on August 5, 2026.
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