Nasdaq applies to the SEC for the 5×23 trading new system; the fastest "no closing" US stock market to be implemented in the second half of 2026

2025-12-16 02:15:29

Nasdaq applies to the SEC for a 5×23 trading plan. If approved, US stocks could trade 23 hours daily as early as the second half of 2026.
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Nasdaq submitted the 5×23 plan to the SEC on the 15th. If approved, starting in the second half of 2026, US stocks will be tradable for 23 hours each day, with only a one-hour pause at the end of the day for maintenance, meaning investors can buy and sell stocks like Apple, Nvidia, and others almost around the clock.

( How will 23 hours work?

The proposal will expand the current 16-hour trading window for stocks and ETPs to 23 hours. The trading week begins at 21:00 EST (Monday morning in Taiwan) on Sunday and ends at 20:00 EST on Friday. The period is divided into:

Night Session: 21:00 – 04:00 next day
Day Session: 04:00 – 20:00, covering pre-market, regular trading, and after-hours
System Maintenance: 20:00 – 21:00, during which matching is halted for settlement and testing

Nasdaq states that the new system requires simultaneous upgrades to the SIP (Securities Information Processor) and DTCC clearing processes to ensure real-time settlement of cross-time-zone orders.

) Opportunities and Risks

US stocks account for nearly two-thirds of the global market cap, especially with the Big Seven tech giants wielding enormous influence in AI industries. Foreign investors hold positions worth $17 trillion. Nasdaq believes extending trading hours can meet Asian investors’ demand for “real-time response” during local daytime, while competing with NYSE, Cboe, and night trading platforms.

However, major Wall Street banks also warn that nighttime trading volume may be limited, bid-ask spreads could widen, and volatility might increase; if institutional participation is insufficient, retail order costs could rise. Additionally, clearing systems need to be fully upgraded before 2026 to support high-frequency settlement for 5×23 trading.

The upcoming SEC review will determine whether “US stocks never close” can be implemented as scheduled in 2026.

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