Nasdaq’s plan to introduce a near round-the-clock trading environment gains momentum after SEC approval, signaling a transformative shift in US equity market operations and investor engagement.
Nasdaq’s plan to turn the US equity market into a near round-the-clock venue has moved a step closer, with the Securities and Exchange Commission approving the exchange’s proposal for a new overnight “Night Session” and a broader shift to 23-hour trading on weekdays.
According to the SEC order and later legal updates from firms including Sidley, Troutman and Arnold & Porter, the change would split the trading day into two parts: a Day Session running from 4:00 a.m. to 8:00 p.m. Eastern time, and a Night Session from 9:00 p.m. to 4:00 a.m. the following business day, Sunday night through Thursday night. A one-hour maintenance window from 8:00 p.m. to 9:00 p.m. would remain in place for corporate-action processing, trade clearing and other system functions.
The proposal is aimed at all National Market System stocks and certain exchange-traded products, but the overnight market will not mirror normal daytime trading. Only limit orders will be allowed during the Night Session, while unpriced and pegged orders will be excluded. Nasdaq’s limit order protection and clearly erroneous execution rules will also apply overnight, and the exchange says the new session will require a separate connection port, additional halt procedures and expanded risk disclosures.
Nasdaq has framed the move as a response to growing demand from investors outside the US and from market participants seeking access beyond traditional hours. Its public comments on 24-hour trading also point to competition from digital asset markets, which already operate continuously. For listed companies, that raises the possibility of thinner liquidity and sharper price moves in the overnight window, when fewer participants are active.
The operational rollout is still some way off. Nasdaq said the Night Session cannot begin until the relevant equity data plans are able to collect, consolidate and disseminate quote and trade information throughout the overnight period, and until Nasdaq itself files a further rule change confirming readiness. If that filing is not made within 18 months, the exchange must seek to remove the Night Session rules.
For companies listed on Nasdaq, the implications are broader than market mechanics. The longer trading day may force boards, finance teams and investor relations staff to think more carefully about when earnings are released, when sensitive announcements are made and how corporate actions are timed. News that once landed after the close could now move prices while US markets are still open, but in a thinner and potentially more volatile environment.
Nasdaq first filed its proposal in January 2026, and the SEC’s approval in April cleared the regulatory framework. What remains is the plumbing: market data systems, clearing arrangements and Nasdaq’s own final filing. Only once those pieces are in place will the exchange be able to set a go-live date for overnight trading.
- https://www.jdsupra.com/legalnews/nasdaq-23-hour-equity-trading-proposal-4044543/ – Please view link – unable to able to access data
- https://www.stblaw.com/about-us/publications/view/2026/04/29/looking-ahead-to-extended-trading-sec-approves-nasdaqs-23-5-trading-proposal – On April 29, 2026, the SEC approved Nasdaq’s proposal to extend trading hours to 23 hours per day, five days a week. The plan includes a Day Session from 4:00 a.m. to 8:00 p.m. ET and a Night Session from 9:00 p.m. to 4:00 a.m. ET the following day, with a one-hour pause for maintenance and corporate actions. The trading week begins with the Night Session on Sunday at 9:00 p.m. ET. The Night Session will offer more limited functionality and order types than the Day Session, similar to the limited functionality during Nasdaq’s current 4:00 a.m. to 9:30 a.m. ET pre-market session. Actual overnight trading will commence once Nasdaq satisfies additional operational conditions, including the readiness of the Equity Data Plans to collect, consolidate, process, and disseminate quote and trade data throughout the Night Session. Nasdaq plans to file a proposed rule change confirming its readiness and that of the Equity Data Plans. If Nasdaq does not file the Night Session Proposed Rule Change within 18 months of the SEC’s approval, it must file a proposed rule change to remove the Night Session rules. Night Session trading is expected to begin once the SEC approves the Night Session Proposed Rule Change and a go-live date is announced.
- https://www.troutman.com/insights/nasdaq-23-hour-equity-trading-proposal-approved-by-sec/ – On April 10, 2026, the SEC approved Nasdaq’s proposal to introduce a new overnight ‘Night Session’ and move toward 23-hour-a-day, five-days-a-week trading in all National Market System (NMS) stocks and certain exchange-traded products (ETPs). The trading will be divided into two sessions: a Day Session from 4:00 a.m. to 8:00 p.m. ET and a Night Session from 9:00 p.m. to 4:00 a.m. ET the next business day, Sunday night through Thursday night. There will be a daily one-hour pause from 8:00 p.m. to 9:00 p.m. ET for maintenance, corporate-action processing, and to process and clear trades. A trading week begins with the Night Session on Sunday nights at 9:00 p.m. ET and ends at the conclusion of the Day Session on Friday at 8:00 p.m. ET. If Nasdaq is closed for business, such closure is effective as of 8:00 p.m. ET on the calendar day prior to the closure date, and the market will reopen at 9:00 p.m. ET on the closure date, unless the closure date is a Friday, in which case the market will reopen on Sunday at 9:00 p.m. ET. On a day Nasdaq closes the market early, trading will resume at 9:00 p.m. ET on the same calendar day, unless such closure is a Friday, in which case trading resumes on Sunday at 9:00 p.m. ET. All NMS stocks and certain ETPs will be permitted to trade overnight, with more limited functionality than during the day. Only limit orders will be allowed in the Night Session, and unpriced or pegged orders will not be permitted. Additionally, Nasdaq’s Limit Order Protection and clearly erroneous execution rules will apply overnight. The Night Session will differ from Nasdaq’s current premarket and post-market trading by requiring a separate Night Session port, applying specified trading halt rules, and requiring additional risk disclosures. Although the SEC has approved Nasdaq’s proposal, actual Night Session trading will not commence until Nasdaq satisfies additional conditions, including the readiness of the Equity Data Plans to collect, consolidate, process, and disseminate quote and trade data throughout the Night Session. Nasdaq plans to file a proposed rule change confirming its readiness and that of the Equity Data Plans. If Nasdaq does not file the Night Session Proposed Rule Change within 18 months of the SEC’s approval, it must file a proposed rule change to remove the Night Session rules. Night Session trading is expected to begin once the SEC approves the Night Session Proposed Rule Change and a go-live date is announced.
- https://www.nasdaq.com/newsroom/nasdaqs-view-road-24-hour-trading – Nasdaq has announced plans to enable 24-hour trading on the Nasdaq Stock Market, known as ’24/5′ trading, due to growing investor demand for U.S. equities. The proposed plan includes operating from 8:00 p.m. Sundays to 8:00 p.m. Fridays, excluding holidays, with a technical pause during each 24-hour period. Before implementation, the Securities Information Processors (SIPs) require regulatory approval and must expand their processing capability to handle the extended hours and ensure that all quotes and trades, including off-exchange trades, can be disseminated during their proposed hours. The Depository Trust & Clearing Corporation (DTCC) and its subsidiary, the National Securities Clearing Corporation (NSCC), announced plans to increase clearing hours to support extended trading, subject to regulatory review and approval, with completion expected for Q2 2026, enabling the NSCC to operate 24 hours a day from Sunday at 8:00 p.m. ET to Friday at 8:00 p.m. ET.
- https://www.arnoldporter.com/en/perspectives/advisories/2026/04/sec-approves-nasdaq-proposal-to-expand-trading-hours – On April 10, 2026, the SEC approved Nasdaq’s proposal to extend its trading hours for NMS stocks and exchange-traded products (ETPs) from 16 hours a day, five days a week, to 23 hours a day, five days a week. The extended hours are designed to address a growing interest in trading during overnight hours, particularly among investors in other time zones, and to compete with trading platforms providing access to markets for digital assets on a 24/7 basis. Currently, Nasdaq has three daily weekday trading sessions: (1) a Pre-Market Hours session from 4:00 AM to 9:30 AM ET; (2) a Regular Market Hours session from 9:30 AM to 4:00 PM ET; and (3) a Post-Market Hours session from 4:00 PM to 8:00 PM ET. Trading during the current Pre-Market and Post-Market sessions offers more limited functionality than during the Regular Market Hours session, and trading during those periods is subject to different regulation.
- https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/sr-nasdaq-2025-109 – On January 8, 2026, The Nasdaq Stock Market LLC filed with the Securities and Exchange Commission a proposed rule change to extend the Nasdaq trading hours for NMS stocks to 23 hours a day, five days
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on the SEC’s approval of Nasdaq’s proposal to extend trading hours to 23 hours a day, five days a week, which was granted on April 10, 2026. ([sec.gov](https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/sr-nasdaq-2025-109?utm_source=openai)) The article was published on April 30, 2026, indicating timely reporting. However, the content closely mirrors other recent publications on the same topic, suggesting a lack of original reporting.
Quotes check
Score:
7
Notes:
The article includes direct quotes from the SEC’s release and other sources. However, these quotes are identical to those found in other recent publications, raising concerns about originality and potential reuse of content.
Source reliability
Score:
6
Notes:
The article is published on JDSupra, a platform that aggregates legal and business content. While it provides access to legal insights, the platform’s content is often authored by law firms and may lack independent verification. ([jdsupra.com](https://www.jdsupra.com/legalnews/nasdaq-23-hour-equity-trading-proposal-4044543/?utm_source=openai))
Plausibility check
Score:
9
Notes:
The claims about the SEC’s approval of Nasdaq’s extended trading hours align with other reputable sources, such as the SEC’s official release. ([sec.gov](https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/sr-nasdaq-2025-109?utm_source=openai)) However, the article’s heavy reliance on previously published content raises questions about its originality.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on the SEC’s approval of Nasdaq’s proposal to extend trading hours, a development covered by multiple reputable sources. However, the article’s heavy reliance on previously published content, lack of original reporting, and use of aggregated sources raise significant concerns about its originality and the independence of its verification sources. These issues prevent the article from meeting our verification standards.