Nasdaq has filed with the US Securities and Exchange Commission to extend weekday equity trading to 23 hours a day, a widely expected move that responds to traders' demand and sets the marketplace more in line with the permanently-open crypto market.
Nasdaq Moves Towards 24-Hour Opening to Compete with non-US Markets, Crypto Platforms
17 December 2025 - 15:38 CET
By Giles Broom
The exchange operator's board of directors approved the change at the end of October and expects the new schedule to begin in the second half of 2026, subject to approval. Nasdaq would be the first major US stock exchange to operate on a near-24/5 basis.
Global demand
Nasdaq said demand for US equities outside standard trading hours has increased as international participation has grown. Data compiled by Nasdaq show the US stock market accounts for nearly two-thirds of global listed market value, while foreign holdings reached $17tn last year, Reuters reported. Under the proposal, Nasdaq would run a day session from 04:00 to 20:00 ET, followed by a one-hour break, before opening a night session from 21:00 to 04:00 ET.
"Although trading volume in extended hours trading tends to be considerably lower than it is during regular market hours, Nasdaq has observed a growing interest in trading during overnight hours, particular among investors located in Asia and other foreign jurisdictions where business hours do not coincide, fully or otherwise, with US regular market hours," the company said in its filing.
Such investors increasingly favour trading platforms that provide access to markets for digital assets, "including cryptocurrencies, tokenized assets, and tokenized securities, on a 24/7 basis," it said. "Nasdaq submits its proposal to extend its trading hours to compete for order flow from these investors, as well as to position itself favorably in the future to participate in markets that trade digital assets."
US exchanges
Nasdaq’s filing follows parallel moves across US exchanges and market infrastructure providers. The New York Stock Exchange has received SEC approval to introduce 22-hour weekday trading on its NYSE Arca electronic equities platform, while, according to Reuters, Cboe has also outlined plans to move toward near-continuous stock trading.
Market data systems are also being adjusted. The operating committees of the Securities Information Processors (SIP) said in May that they plan to submit a rule amendment to the US Securities and Exchange Commission to extend SIP operating hours to near-24-hour availability, subject to approval.
Clearing infrastructure is being prepared in parallel. The Depository Trust and Clearing Corporation plans to introduce non-stop clearing for US equities by late 2026. DTCC and Ernst & Young estimate that 1% to 10% of total US equity trading volume could take place during extended hours by 2028.
Energy markets
Moves to extend trading hours are also emerging outside equities. Intercontinental Exchange has said trading volumes in its benchmark European gas contracts reached a record in 2025, with 103mn futures and options contracts traded on the Dutch Title Transfer Facility. ICE said it is preparing to extend trading hours for its European gas and power contracts to align with the 22-hour trading cycle of US Henry Hub and Asian JKM LNG markets.
Bank concerns
Major US banks including JPMorgan, Bank of America and Morgan Stanley have raised concerns about overnight trading, citing thinner liquidity, higher operational risk and significant investment costs. Executives said demand from institutional clients remains limited, particularly during overnight sessions.
