Nasdaq Plans to Unlock Nonstop Trading Access for Global Stock Investors

TLDR

Table of Contents

Nasdaq filed with SEC to launch 23-hour weekday trading for U.S. stocks and ETPs.
Foreign investors held nearly $17 trillion in U.S. equities last year.
Overnight trading demand rises as U.S. stocks form two-thirds of global market value.
The new plan includes a one-hour maintenance break and updated system tools.

As global demand for U.S. equities rises, Nasdaq is preparing to transform stock trading by enabling access nearly 24 hours a day. With international investors—especially from Asia—seeking flexibility beyond traditional Wall Street hours, the exchange has officially proposed a 23-hour, five-day trading schedule. This marks the first major step toward continuous weekday trading, aiming to align Nasdaq with the evolving needs of a globally connected financial market.

Proposal Targets Global Demand and Market Evolution

Nasdaq has filed a proposal with the Securities and Exchange Commission (SEC) to extend its trading schedule to nearly 24 hours a day. The move would allow stock and exchange-traded product (ETP) trading for 23 hours a day, five days a week.

The plan comes in response to growing global demand for access to U.S. equities. Nasdaq noted in its filing that international investors are increasingly looking to participate during hours outside the traditional U.S. trading window. U.S. stocks represent nearly two-thirds of the global listed market value.

According to Nasdaq, foreign investors held close to $17 trillion in U.S. equities last year. Much of this demand comes from Asia, where local business hours do not align with current U.S. market operations.

Current Trading Hours and the Proposed Schedule

Nasdaq currently operates three trading sessions per weekday: Pre-Market (4:00 a.m.–9:30 a.m.), Regular Market Hours (9:30 a.m.–4:00 p.m.), and Post-Market (4:00 p.m.–8:00 p.m.). During the remaining hours and weekends, trading is unavailable.

Under the proposed system, trading would run from 4:00 a.m. to 8:00 p.m. as the day session, followed by a one-hour break. Night trading would then resume from 9:00 p.m. to 4:00 a.m., providing a 23-hour trading cycle from Monday through Friday.

Trades made before midnight would reflect in the following trading day. This setup would allow foreign investors to trade on Nasdaq without needing to use alternative platforms or wait for the U.S. market to open.

Infrastructure and Regulatory Considerations

Expanding to a 23-hour trading model will require updates to trading infrastructure and coordination with other exchanges and regulators. Nasdaq said it is working with industry participants to ensure systems like the Securities Information Processor (SIP) can support continuous pricing updates.

Nasdaq President Tal Cohen stated earlier this year that discussions with regulators had already started. He confirmed that the exchange aims to roll out extended trading by the second half of 2026.

Nasdaq is also collaborating with listed companies and market participants to gather feedback. The exchange noted it will continue to refine the proposal to address technical and policy-related issues.

A key focus is maintaining market safeguards during overnight hours. Nasdaq has joined industry discussions on market halts, corporate actions, and trading protections for non-daytime sessions.

Wider Industry Response and Market Implications

Other major exchanges, including the New York Stock Exchange (NYSE) and Cboe Global Markets, have also announced plans to extend their operating hours. These exchanges emphasized that U.S. markets serve global investors, not just domestic traders.

Despite rising interest, some Wall Street banks have raised concerns about lower liquidity during overnight sessions. They warn that thinner volumes could cause more price volatility and affect trading margins.

Meanwhile, firms in the ETF space are reacting to the trend. Tidal Trust filed for a Bitcoin AfterDark ETF, citing after-hours investor demand as the primary reason.

The shift toward extended trading reflects ongoing changes in how global investors interact with U.S. equities. Nasdaq’s proposed model may help meet this demand while reshaping how and when trading occurs.