Overview
- Nasdaq submitted a proposed rule change on Dec. 15 seeking SEC approval to add an overnight session and operate 23 hours per weekday.
- The plan outlines a day session from 4:00 a.m. to 8:00 p.m. ET, a 1‑hour daily pause for maintenance at 8:00 p.m., and a night session from 9:00 p.m. to 4:00 a.m. ET.
- Nasdaq says the overnight session would offer fewer order types and reduced regulatory protections, and it acknowledges that initial liquidity may be limited.
- The move follows the SEC’s accelerated approval of NYSE Arca’s expansion to 22 hours and builds on extended hours already offered by Robinhood, Charles Schwab, and Cboe.
- Tradeweb CEO Billy Hult wrote that round‑the‑clock trading will become the norm and predicted tokenization will accelerate in 2026, even as critics warn of thin overnight liquidity, higher operational costs, and advantages for fast, algorithmic traders.