2026-01-09 11:40:06

Nasdaq Gears Up for Extended Market Hours: The 5x23 Trading Revolution

The U.S. stock market is on the brink of a significant transformation. Nasdaq has announced its intention to file a formal petition with the Securities and Exchange Commission, seeking approval to revolutionize traditional trading schedules. Rather than confining activity to the conventional 16-hour window spread across five business days, the exchange proposes an ambitious expansion that would keep markets active for 23 hours daily.

**Understanding the New 5x23 Framework**

At the heart of this proposal lies a restructured trading architecture. The operational week would commence Sunday evening at 9:00 PM and conclude Friday evening at 8:00 PM, fundamentally altering how market participants engage with equities and exchange-traded products. The framework divides market activity into two distinct operating windows:

The primary trading corridor spans 4:00 AM through 8:00 PM Eastern Time, preserving the established bell times of 9:30 AM (opening) and 4:00 PM (closing) that have defined regular market sessions. This daytime trading interval maintains the familiar structure of pre-market activity, core trading hours, and after hour trading sessions that investors have come to rely on.

The evening window introduces overnight accessibility, operating between 9:00 PM and 4:00 AM. Transactions executed in this after-hours trading period between 9:00 PM and the stroke of midnight would be recorded as trades for the following calendar day, ensuring proper accounting and settlement procedures.

**What This Means for Market Participants**

The expansion addresses growing demands from global investors seeking continuous market access and reflects evolving technological capabilities that make around-the-clock operations feasible. While traditional after hour trading has existed in limited forms, a formalized 5x23 model would represent an unprecedented level of market availability for Nasdaq-listed securities and ETPs.

The regulatory submission marks the beginning of what could reshape fundamental market structure and participant behavior across equities markets.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.