Nasdaq is set to formally file paperwork with the U.S. Securities and Exchange Commission (SEC) on December 15, 2025, seeking approval to extend weekday stock trading to 23 hours per day, five days a week.
The proposal reflects rising demand from investors for near-continuous access to U.S. equity markets, particularly from participants outside the United States.
If approved, the change would represent one of the most significant structural shifts in U.S. stock market operations in decades.
Proposed Trading Schedule and Structure
Under Nasdaq’s proposal, the trading week would effectively begin on Sunday at 9:00 p.m. ET and run continuously until Friday at 8:00 p.m. ET, with a one-hour daily pause reserved for system maintenance.
NEW: NASDAQ TO FILE PAPERWORK WITH SEC FOR 23-HOUR WEEKDAY TRADING
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— DEGEN NEWS (@DegenerateNews) December 15, 2025
Trading would be divided into two distinct sessions:
- A day session running from 4:00 a.m. to 8:00 p.m. ET
- A night session operating from 9:00 p.m. to 4:00 a.m. ET the following calendar day
Nasdaq President Tal Cohen has previously stated that, assuming regulatory approval and infrastructure readiness, the exchange expects to roll out nonstop trading in the second half of 2026.
Global Demand Driving the Push
Nasdaq said the proposal is largely driven by growing interest from global investors who want to trade U.S. equities during their local business hours. As international participation in U.S. markets increases, traditional trading windows are increasingly viewed as restrictive.
The move also reflects broader shifts in market expectations shaped by cryptocurrency and foreign exchange markets, which already operate on a near-24/7 basis.
Industry-Wide Shift Toward Extended Hours
Nasdaq’s filing comes as other major market operators pursue similar initiatives. The New York Stock Exchange (NYSE) and Cboe Global Markets have both announced plans to extend trading hours. Meanwhile, a newly approved exchange, 24X, has already received SEC approval and is expected to launch its own 23-hour trading model in 2025.
Together, these developments signal an industry-wide push toward round-the-clock equity trading.
Infrastructure and Operational Challenges
Despite the momentum, Nasdaq acknowledged that extended trading depends on significant upgrades to core market infrastructure. Key components include the Securities Information Processors (SIPs), which distribute real-time market data, and the Depository Trust and Clearing Corporation (DTCC), which manages clearing and settlement.
The DTCC has said it plans to introduce nonstop stock clearing by the end of 2026, a critical prerequisite for sustained 24/5 trading.
Major Wall Street banks have also raised concerns about the shift, warning of potential liquidity constraints, increased volatility, and operational risks during overnight sessions when staffing and market participation may be thinner.
A Major Step Toward Market Modernization
Nasdaq’s SEC filing represents the first formal regulatory step toward transforming U.S. equity markets into a near-continuous trading environment. While challenges remain, the proposal highlights how traditional exchanges are adapting to a global, always-on financial landscape shaped by digital assets and international participation.
If approved and successfully implemented, 23-hour trading could redefine how and when investors access U.S. stocks.
