A joint report by DTCC and Ernst & Young forecasts a shift towards near-continuous trading in the US equity market by 2028, prompting industry-wide upgrades in technology, risk management, and operational safeguards amid growing international demand.
According to a joint report published by DTCC and Ernst & Young, the U.S. equity market is moving toward near-continuous trading and firms must prepare for material operational, risk and market-structure change. The paper, titled “The Shift to 24×5 Trading: What It Means for U.S. Equity Markets”, projects that by 2028 between 1% and 10% of total equity volume could trade during overnight sessions, with retail investors likely to lead initial participation and institutional activity rising in stressed periods or as infrastructure matures.
The research highlights several practical imperatives: aligning market safeguards (including circuit breakers and surveillance) for extended hours; upgrading SIP data feeds to a true 24×5 model; and strengthening firmwide risk, margin and liquidity frameworks. The report finds almost 60% of surveyed firms plan technology and risk upgrades to address the added complexity of around‑the‑clock trading. Industry guidance urges participants to assess vendor dependencies, revisit global footprints and engage in cross‑industry forums to coordinate operating hours and standards.
DTCC has already signalled operational steps to support the shift. In March 2025 the National Securities Clearing Corporation (NSCC) announced plans to extend clearing hours to enable 24×5 activity, proposing an operating window from Sunday 8:00pm ET to Friday 8:00pm ET. DTCC materials outline a phased timetable that enabled earlier trade submission in a first phase and targets full 24×5 operations in mid‑2026; these steps remain subject to regulatory review and any necessary rule changes. DTCC has characterised the extension as a means to maximise liquidity and reduce counterparty risk by applying NSCC’s central counterparty guarantee to overnight transactions across time zones.
Regional demand, particularly from Asia‑Pacific market participants in Australia, Hong Kong, Taiwan, Japan, Korea and Singapore, is cited as a key driver for extending hours, with DTCC urging stakeholders in APAC and the U.S. to collaborate on a “comprehensive blueprint” for risk frameworks and operating models. The report also notes structural drivers such as the convergence between securities and crypto brokerages, which is shaping expectations for near‑continuous access to U.S. equities.
Speaking for DTCC, Val Wotton, DTCC’s Managing Director and Global Head of Equities Solutions, said: “As interest in near round‑the‑clock trading of U.S. equities grows, we are meeting this demand by extending our clearing hours to support our clients and further strengthen the safety and soundness of the markets. DTCC is committed to leading large‑scale, industry‑wide initiatives that deliver positive change for the industry and the investing public. We look forward to continuing to work collaboratively across the industry towards a successful implementation.”
Mark Nichols, Principal and Capital Markets Strategy & Market Structure Leader at EY US, added: “Extending trading hours represents a significant step for U.S. equity markets, aligning market structure with the expectations of an increasingly global, always‑on investor base. Through this collaboration with DTCC, we aim to equip market participants with clear, actionable insights on navigating the complex firmwide implications and operating model considerations of a 24×5 trading environment , helping the industry collectively build a more accessible and resilient marketplace.”
The report recommends concrete next steps for market participants: conduct readiness assessments, prioritise risk‑management and margin capability upgrades, participate in industry working groups to harmonise session definitions and safeguards, and critically evaluate vendor and custody arrangements. Regulators and exchanges will need to coordinate on approvals, rule changes and timing to ensure extended hours do not compromise market integrity.
While the projected overnight share of volumes is modest in aggregate, the report stresses that even limited overnight liquidity can change price discovery dynamics and risk exposures. Market participants and supervisors will therefore need to balance enhanced global access with calibrated safeguards to maintain orderly markets as the industry moves toward 24×5 trading.
- https://australianfintech.com.au/dtcc-and-ey-share-insights-on-24×5-equity-trading/ – Please view link – unable to able to access data
- https://www.dtcc.com/news/2025/december/04/dtcc-and-ey-share-insights-on-24×5-equity-trading – DTCC and Ernst & Young (EY) have published a report titled ‘The Shift to 24×5 Trading: What It Means for U.S. Equity Markets’, detailing the industry’s transition towards near-continuous trading. The report highlights that by 2028, 1%–10% of total equity volume is projected to be traded during overnight sessions, enhancing global market access. Retail investors are expected to initially drive overnight trading, with institutional participation anticipated to rise during market stress and as infrastructure develops. The extension of trading hours necessitates aligning market safeguards, such as circuit breakers and surveillance, and updating SIP data feeds to a 24×5 model for real-time accuracy and market stability. Extended hours add complexity to risk, margin, and liquidity management, with almost 60% of firms planning technology and risk upgrades. Global demand, especially from Asia-Pacific investors, and regulatory permissibility are key drivers for the move to 24×5 equity trading. The convergence of securities and crypto brokerages is also influencing expectations for near-continuous access. Firms are encouraged to assess their readiness, participate in industry forums, enhance risk management and operational capabilities, and critically evaluate their global footprint and vendor dependencies. In March 2025, DTCC announced NSCC’s plans to extend clearing hours to support 24×5 trading, from Sunday at 8:00 PM ET to Friday at 8:00 PM ET, targeted for implementation in Q2 2026.
- https://www.dtcc.com/news/2025/march/18/dtccs-nscc-to-increase-clearing-hours-to-support-extended-trading – DTCC’s National Securities Clearing Corporation (NSCC) announced plans to extend its clearing hours to support 24×5 trading, from Sunday at 8:00 PM ET to Friday at 8:00 PM ET, with implementation targeted for Q2 2026, subject to regulatory review and approval of any necessary rule changes. This move aims to maximize liquidity and reduce counterparty risk by applying NSCC’s central counterparty guarantee to overnight activity across different time zones for global participants. The extension builds upon NSCC’s previous phase, which enabled market centers and trading platforms to submit trades at 1:30 AM ET, approximately 2.5 hours earlier than before. The industry has indicated a preference to establish standard operating hours across Exchange and ATS providers for the U.S. market, and NSCC continues to work with SIFMA, regulators, and the industry to support the alignment of extended trading hours and any required changes to post-trade processes.
- https://www.dtcc.com/dtcc-connection/articles/2025/october/28/getting-asia-pacific-ready-for-24×5-trading-b2p7i1aw – The article discusses the growing interest among Asia-Pacific investors in 24×5 trading of U.S. equities, driven by the desire for increased access to U.S. markets that align with their local market hours. Retail participants and some institutional firms in Australia, Hong Kong, Taiwan, Japan, Korea, and Singapore are actively seeking improved access to U.S. equities. DTCC is proceeding with phase two of its extended clearing and trading windows, with implementation targeted for Q2 2026, to meet this demand. The extension aims to enable DTCC’s equities clearing subsidiary, the National Securities Clearing Corporation (NSCC), to apply its central counterparty guarantee to overnight transactions across multiple time zones. The article emphasizes the need for industry stakeholders to collaborate on a comprehensive blueprint, including reassessment of current risk management frameworks, trading sessions, and operating models, to protect investors’ interests.
- https://www.dtcc.com/dtcc-connection/articles/2025/june/18/dtcc-wins-industry-award-for-best-in-clearing – DTCC was awarded the 2025 Global Markets Choice Award for Best in Clearing from Markets Media, recognizing its contributions to fixed income and equities clearing and settlement. Over the past 12 months, DTCC led the industry through significant changes to market structure, including the May 2024 U.S. move to T+1 settlement, ensuring a smooth transition for clients to an accelerated settlement cycle. NSCC recently announced plans to increase clearing hours to support extended trading, with implementation targeted for June 2026, subject to regulatory review and approval of any necessary rule changes. The award highlights DTCC’s role in enhancing the resiliency and efficiency of the markets.
- https://www.dtcc.com/-/media/Files/Downloads/Transformation/UTC-24-x-5-Extended-Trading-Hours.pdf – DTCC plans to increase the Universal Trade Capture (UTC) clearing hours to support extended trading, with implementation targeted for June 2026, subject to regulatory review and approval of any necessary rule changes. The proposed expansion aims to meet growing global customer demand for expanded access to U.S. equities markets. The extension will maximize liquidity and reduce counterparty risk by applying NSCC’s central counterparty guarantee to overnight activity across different time zones for global clients. The document outlines the timeline for the extension, including Phase 1, which enabled market centers and trading platforms to submit trades at 1:30 AM ET, approximately 2.5 hours earlier than before, and Phase 2, which will take effect in June 2026, when NSCC will operate 24×5, from Sunday at 8:00 PM ET to Friday at 8:00 PM ET, to support overnight trading activity from Alternative Trading Systems (ATS) and Exchanges.
- https://www.dtcc.com/news/2025/february/24/cme-group-and-dtcc-to-enhance-existing-cross-margining-arrangement – CME Group and DTCC announced plans to expand their existing cross-margining arrangement to provide increased margin savings and capital efficiencies to end users by December 2025. Subject to regulatory approval, this enhancement will allow eligible end-user clients at CME Group and the Government Securities Division (GSD) of DTCC’s Fixed Income Clearing Corporation (FICC) to access capital efficiencies when trading U.S. Treasury securities and CME Group interest rate futures that have offsetting risk exposures. The expansion aims to deliver increased value to member firms by maximizing liquidity and reducing counterparty risk.
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:
10
Notes:
The narrative is based on a press release from DTCC and EY, dated December 4, 2025, announcing their joint report on 24×5 equity trading. The earliest known publication date of substantially similar content is December 4, 2025. The report is original and has not been republished across low-quality sites or clickbait networks. The content is fresh and original. The report is based on a press release, which typically warrants a high freshness score.
Quotes check
Score:
10
Notes:
The direct quotes from Val Wotton, Managing Director and Global Head of Equities Solutions at DTCC, and Mark Nichols, Principal and Capital Markets Strategy & Market Structure Leader at EY US, are unique to this report. No identical quotes appear in earlier material, indicating potentially original or exclusive content.
Source reliability
Score:
10
Notes:
The narrative originates from reputable organisations: DTCC and EY. DTCC is a premier market infrastructure for the global financial services industry, and EY is a well-known professional services firm. This enhances the credibility of the report.
Plausability check
Score:
10
Notes:
The claims made in the report are plausible and align with industry trends towards extended trading hours. The projected increase in overnight trading volumes by 2028 is consistent with growing global demand for 24×5 trading. The recommendations for market participants to assess readiness and enhance risk management are practical and relevant. The language and tone are consistent with corporate communications from reputable organisations.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is fresh, original, and based on a press release from reputable organisations, enhancing its credibility. The quotes are unique, and the claims made are plausible and align with industry trends. The language and tone are consistent with corporate communications from reputable organisations.