Overview
- The proposal consolidates trading into a 4 a.m.–8 p.m. ET day session, a one‑hour pause, and a 9 p.m.–4 a.m. night session, with the week running Sunday 9 p.m. to Friday 8 p.m.
- Nasdaq is targeting a rollout in the second half of 2026, with executives indicating readiness by early third quarter pending regulatory clearance.
- Critical plumbing must align, including extended-hours operation of the consolidated market data feeds and DTCC’s plan to provide 24/5 equity clearing in 2026.
- Rival exchanges are advancing similar models, with the NYSE receiving initial SEC approval for roughly 22‑hour weekdays and Cboe outlining extended-hours plans.
- Nasdaq cites global investor demand and overnight activity on venues like Blue Ocean, Bruce ATS and OTC Moon, while banks and analysts warn of thin liquidity, higher volatility and added costs, with Wells Fargo calling the plan “the worst thing in the world.”