Nasdaq's Proposal To Reshape Market Hours: Extended 23-Hour Day Trading Across Five Days

The U.S. stock market could soon operate around the clock. Nasdaq, America’s second-largest exchange, has submitted a regulatory petition to the SEC requesting approval for a revolutionary shift in trading hours. Under this initiative, equities and exchange-traded products would be accessible for 23 hours daily, five days per week—fundamentally transforming how investors engage with traditional day trading and market participation.

The New Trading Framework

Nasdaq’s proposal outlines a dual-session structure. The existing daytime window would remain largely intact, running from 4:00 a.m. to 8:00 p.m. Eastern Time. Complementing this, a new overnight “Night Session” would operate from 9:00 p.m. to 4:00 a.m. ET. A one-hour maintenance window each weekday would pause trading to allow system processing and corporate action settlement. This design addresses investor expectations for continuous access while maintaining infrastructure reliability.

Market Implications and Investor Access

The expanded framework targets a specific demand: international investors seeking real-time participation in U.S. equity markets outside traditional business hours. Current day trading rules primarily govern daytime sessions; this proposal extends market access to investors in Asian, European, and other time zones who face scheduling constraints. Overnight trading will operate with operational limitations—restricted order types and streamlined regulatory protections compared to standard session protocols.

According to Nasdaq’s communications, the overnight session will only commence once market data infrastructure reaches full readiness for extended operations. Chuck Mack, senior vice president of North American markets at Nasdaq, framed the initiative as responding to market evolution: “Global investors expect access on their terms, in their time zones, without compromising trust or market integrity.”

Path Forward

This proposal represents a strategic response to competition and evolving investor behavior, though SEC approval remains uncertain. The exchange must demonstrate that overnight trading safeguards market stability and investor protection while expanding accessibility beyond traditional day trading windows. If approved, the extended schedule would position Nasdaq at the forefront of market modernization, reshaping how U.S. equities are traded globally.