Core Viewpoint - Nasdaq plans to extend trading hours for stocks and exchange-traded products (ETPs) from 16 hours to 23 hours, retaining only 1 hour for system maintenance and clearing, marking a significant step towards all-day trading in the U.S. capital markets [1] Group 1: Trading Hours Extension - The new trading hours will be divided into two segments: daytime trading from 4 AM to 8 PM and nighttime trading from 9 PM to 4 AM, with a 1-hour break for system upgrades [2] - The trading week will start on Sunday at 9 PM and end on Friday at 8 PM, aiming to cater to international investors who wish to trade according to their local schedules [2] Group 2: Market Demand and Impact - The reform targets the needs of Asian and European investors, as current trading hours pose challenges for these groups, with 42% of U.S. stock trading volume coming from non-U.S. investors [2] - The extension is expected to enhance New York's status as a global financial center, although concerns about "over-financialization" have been raised [2] Group 3: Technical and Regulatory Considerations - The extension relies on the real-time updating capabilities of the Securities Information Processor (SIP), which currently faces delays during peak times, raising regulatory concerns [3] - The DTCC plans to launch all-day clearing services by the end of 2026, but potential technical issues could lead to systemic risks [3] Group 4: Competitive Landscape - Other exchanges, including the New York Stock Exchange and CBOE, are also pursuing similar proposals, with a target implementation by 2026 [4] - Market analysts predict that extended trading hours could increase daily trading volume by 5%-8%, although short-term volatility may rise due to technical adjustments [4]

Core Viewpoint - Nasdaq has submitted a proposal to the SEC requesting limited discretion to deny initial listings for companies that meet all hard listing standards under specific circumstances [1] Background of the New Proposal - The proposal is driven by recent observations of "problematic or unusual trading" patterns among listed companies, particularly those listed for less than a year [3] - The SEC has temporarily suspended trading for several related securities under Section 12(k) of the Securities Exchange Act due to abnormal fluctuations often linked to trading recommendations from anonymous sources on social media, which may indicate price and volume manipulation [3] Key Aspects of the New Rules - The proposed rule (IM-5101-3) introduces a multi-dimensional risk assessment framework, granting Nasdaq legal authority to exercise discretion based on various non-exclusive factors [4] - Key considerations include: - **Cross-border Regulatory Risks**: Focus on the legal environment of the company's registration or actual control location, particularly regarding legal remedies available to U.S. investors and any "blocking statutes" or strict data privacy laws that may hinder regulatory investigations [4] - **Liquidity Structure Risks**: Assessment of expected public shareholding and equity distribution post-IPO to prevent liquidity issues and price manipulation risks due to excessive concentration of shares [4] Advisory Team Risks - Comprehensive review of the company's auditors, underwriters, and legal advisors' historical records, with attention to any involvement in projects associated with unusual trading [5] Corporate Governance Risks - Evaluation of management's familiarity with U.S. public company compliance requirements and any warning records from regulatory bodies [6] - If Nasdaq exercises discretion to deny a listing, it must provide a written decision outlining specific reasons, and the rejected company must disclose this decision within four days and has the right to request a hearing within seven days [6] - Nasdaq emphasizes that this change aligns with the core purpose of the Securities Exchange Act to protect investors, and while it may increase listing difficulty for some companies, it is a necessary measure to prevent market disorder and maintain overall market integrity [6] - The rule change has taken effect following specific procedures, but the SEC is still in a comment period and retains the right to delay implementation within 60 days [6]

Nasdaq, the tech heavy benchmark, is preparing to seek regulatory approval to introduce near-continuous stock trading, as international interest in US equities continues to rise, pushing exchanges to rethink traditional market hours, Reuters reported.The exchange operator, which lists technology giants including Nvidia, Apple and Amazon, submitted documents to the US Securities and Exchange Commission on Monday outlining plans for 23-hour-a-day trading, five days a week. The proposal would move Nasdaq close ...

Core Insights - Nasdaq is set to implement a significant change by introducing 23-hour trading for U.S. stocks and ETFs, responding to the increasing demand for continuous trading access [1][2]. Trading Schedule Changes - The new trading schedule will extend from 16 to 23 hours on weekdays, featuring a day session from 4 a.m. to 8 p.m. Eastern Time, followed by a one-hour break, and a night session from 9 p.m. to 4 a.m. the next day [3][5]. - The trading week will commence on Sunday at 9 p.m. and conclude on Friday at 8 p.m. [4]. Market Context - The move is driven by the rising foreign ownership of U.S. equities, which reached $17 trillion last year [4]. - Currently, extended-hours trading operates in three sessions over 16 hours, but the new plan aims to streamline this into two longer sessions for better access for international traders [5]. Industry Trends - The push for 24-hour trading is gaining traction, with the SEC having approved the first 24-hour stock exchange over a year ago [7]. - Other broker-dealers, including Charles Schwab and Robinhood, have already adopted 24-hour trading capabilities for U.S. stocks and ETFs [7]. - Competitors like CBOE Global Markets and Intercontinental Exchange have also filed for extended trading hours with the SEC [8].

Core Viewpoint - Nasdaq plans to extend trading hours for stocks and exchange-traded products from 16 hours to 23 hours per week, aiming to meet the growing global demand for U.S. stocks [1][4][6] Group 1: Trading Hours Extension - Nasdaq will submit a proposal to the SEC on December 15 to implement nearly round-the-clock trading, with the new schedule set to begin in the second half of 2026 [2][9] - The new trading schedule will include two trading sessions: a daytime session from 4 AM to 8 PM and a nighttime session from 9 PM to 4 AM [4][5] - The trading week will start on Sunday at 9 PM and end on Friday at 8 PM [5] Group 2: Market Demand and Globalization - There has been a significant increase in investor demand for continuous trading of U.S. stocks, prompting regulatory changes and proposals from major exchanges [7][10] - Nasdaq's senior vice president Chuck Mack emphasized the globalization of markets and the need for international investors to trade according to their local schedules [7][12] - The U.S. stock market accounts for nearly two-thirds of the global market capitalization, with foreign investors holding $17 trillion in U.S. stocks as of last year [10] Group 3: Industry Trends and Challenges - Other exchanges, such as the New York Stock Exchange and Chicago Board Options Exchange, are also pursuing similar plans for extended trading hours, indicating a mainstream trend in the U.S. capital markets [2][9] - Concerns from Wall Street institutions regarding liquidity, volatility, and uncertain returns have been noted, although demand for nighttime trading has been rapidly increasing [11] - Nasdaq has previously submitted proposals for trading tokenized stocks, reflecting its commitment to innovation in response to market trends [12]

Group 1 - Nasdaq has officially submitted an application to the SEC to extend stock trading hours significantly, moving from the current 16 hours over five trading days to 23 hours [1] - The new "23/5" trading model aims to better serve global investors' trading needs, with daytime trading starting at 4 AM and ending at 8 PM, followed by a one-hour maintenance period, and night trading from 9 PM to 4 AM [1] - The implementation of extended trading hours is contingent upon technological upgrades to the securities information processor, which is responsible for displaying accurate stock quotes [2] Group 2 - The initiative reflects the increasing globalization of markets, as international investors seek to participate in U.S. stock trading according to their local time [2] - Nasdaq plans to launch the extended trading service in the second half of 2026, aligning with similar plans from other exchanges like the NYSE and CBOE [1]

Core Viewpoint - Nasdaq plans to extend trading hours for stocks and exchange-traded products from 16 hours to 23 hours per week, aiming to meet the growing global demand for U.S. stocks, with a target launch in the second half of 2026 [1][3][4] Group 1: Extended Trading Hours - Nasdaq will submit a proposal to the SEC on December 15 to implement nearly round-the-clock trading, with trading hours extending from 4 AM to 8 PM for daytime and from 9 PM to 4 AM for nighttime [2][3] - The new trading week will start on Sunday at 9 PM and end on Friday at 8 PM, marking a significant step towards achieving continuous trading [3][4] Group 2: Market Demand and Globalization - There has been a surge in demand for uninterrupted trading from international investors, particularly from Asia and Europe, who face challenges due to time zone differences [3][5] - Nasdaq's senior vice president Chuck Mack emphasized the increasing globalization of markets and the need for investors to trade according to their local schedules [3][5] Group 3: Industry Trends and Competitors - Other major exchanges, including the New York Stock Exchange and the Chicago Board Options Exchange, are also pursuing similar plans to extend trading hours, indicating a trend in the U.S. capital markets [4] - The success of all-hours trading will depend on upgrades to the securities information processor and the introduction of all-hours clearing services by the DTCC by the end of 2026 [4] Group 4: Investor Behavior and Market Dynamics - Despite lower trading volumes during extended hours, there is a notable increase in demand for nighttime trading, with many investors currently relying on alternative trading systems [5] - Nasdaq has previously submitted proposals for trading tokenized stocks, reflecting its commitment to adapting to market trends and investor needs [5]

Core Viewpoint - Nasdaq plans to extend trading hours for stocks and exchange-traded products from 16 hours to 23 hours per week, aiming to meet the growing global demand for U.S. stocks [3][5][6]. Group 1: Extended Trading Hours - Nasdaq will submit a proposal to the SEC on December 15 to implement nearly round-the-clock trading, with the new schedule set to begin in the second half of 2026 [5][9]. - The new trading schedule will include two trading sessions: a daytime session from 4 AM to 8 PM and a nighttime session from 9 PM to 4 AM [5][6]. - The daytime session will maintain the traditional opening and closing bells, while the nighttime session will allow trades to be counted for the next trading day [5][6]. Group 2: Market Demand and Globalization - There has been a significant increase in investor demand for continuous trading of U.S. stocks, prompting regulatory changes and approval of proposals for trading outside normal hours [7][9]. - The globalization of capital markets has made U.S. stocks an important asset for international investors, who often face challenges trading during local nighttime hours [7][9]. - Nasdaq's senior vice president Chuck Mack emphasized the need for international investors to trade according to their local schedules, reflecting the exchange's responsiveness to customer demand [7][10]. Group 3: Implementation Timeline and Challenges - Nasdaq aims to officially launch the extended trading service in the second half of 2026, aligning with similar plans from other major exchanges like the New York Stock Exchange and Chicago Board Options Exchange [9]. - Successful implementation of continuous trading will depend on upgrades to the securities information processor, which provides accurate stock quotes [9]. - Concerns from major Wall Street institutions regarding liquidity, volatility, and uncertain returns may pose challenges to the push for continuous trading [9].

Core Viewpoint - Nasdaq plans to extend trading hours for stocks and exchange-traded products from 16 hours to 23 hours per week, aiming to meet the growing global demand for U.S. stocks [2][5]. Group 1: Extended Trading Hours - Nasdaq will submit a proposal to the SEC on December 15 to implement nearly round-the-clock trading, with the new schedule set to launch in the second half of 2026 [4][6]. - The new trading schedule will include two trading sessions: a daytime session from 4 AM to 8 PM and a nighttime session from 9 PM to 4 AM [4][5]. - The trading week will start on Sunday at 9 PM and end on Friday at 8 PM, marking a significant shift towards more accessible trading for international investors [5][6]. Group 2: Market Demand and Globalization - There has been a surge in demand for continuous trading of U.S. stocks, driven by the globalization of capital markets and the need for international investors to trade during their local hours [5][6]. - Nasdaq's senior vice president Chuck Mack emphasized the increasing demand from international investors who wish to trade according to their local schedules [5][7]. - The U.S. stock market accounts for nearly two-thirds of the global market capitalization, with foreign investors holding $17 trillion in U.S. stocks as of last year [6]. Group 3: Industry Trends and Challenges - Other major exchanges, including the New York Stock Exchange and the Chicago Board Options Exchange, are also pursuing similar plans to extend trading hours, indicating a trend in the U.S. capital markets [6]. - Concerns remain among Wall Street institutions regarding the potential impacts of extended trading on liquidity, volatility, and investment returns [6]. - Despite lower trading volumes during extended hours, there has been a rapid increase in demand for nighttime trading, with many investors currently relying on alternative trading systems [6].

Core Viewpoint - Nasdaq plans to submit a proposal to the SEC for nearly round-the-clock stock trading, extending trading hours from 16 hours to 23 hours during the five trading days of the week [1] Group 1: Trading Hours Structure - Currently, Nasdaq operates three trading sessions on weekdays: pre-market from 4:00 AM to 9:30 AM, regular trading from 9:30 AM to 4:00 PM, and after-hours from 4:00 PM to 8:00 PM [1] - The proposed "23/5" trading model will feature two trading sessions: a daytime session from 4:00 AM to 8:00 PM, followed by an hour for maintenance and clearing, and a nighttime session from 9:00 PM to 4:00 AM [1] Group 2: Trading Session Details - The daytime session will continue to include pre-market, regular, and after-hours trading, maintaining the opening bell at 9:30 AM and closing bell at 4:00 PM [1] - In the nighttime session, trades executed between 9:00 PM and midnight will be counted towards the next day's trading [1] - The trading week will commence on Sunday at 9:00 PM and conclude on Friday at 8:00 PM after the daytime trading session [1]