Nasdaq to Add 9 PM–4 AM Session, Targeting Dec. 6, 2026

Nasdaq plans to open an overnight equities session from 9 p.m. to 4 a.m. ET starting Dec. 6, 2026, extending trading to nearly 23 hours a day, five days a week. The Securities and Exchange Commission approved the core 23/5 trading proposal in early Q2 2026, but Nasdaq needs additional regulatory sign-offs and confirmation that the shared market data system can operate through the overnight window before the session can begin.

The extended trading window would run continuously from 9 p.m. Sunday through 8 p.m. Friday, with a daily one-hour pause between 8 p.m. and 9 p.m. ET for processing and the transition to the next trading date. Nasdaq’s regular market session will remain 9:30 a.m. to 4 p.m. ET; those official prices will continue to be used across markets.

Nasdaq has branded the initiative “Always-On.” Adena Friedman, Nasdaq’s chair and CEO, told investors on the April earnings call the exchange is “excited to be leading the transition to a new operating model” and plans to make consolidated tape and market data available during the overnight hours to support a more transparent trading environment.

Nasdaq has proposed implementation safeguards for the extended hours, including static price bands that would automatically reject orders outside preset limits. Those safeguards require separate SEC approval. Nasdaq must also demonstrate that the securities information processor can consolidate and distribute trade data through the overnight session.

Traders who want to use the overnight session will need new order entry ports, and some order types will not be available during extended hours. Market participants have been warned to expect thinner liquidity and higher volatility at night. Law firm Alston & Bird advised clients to prepare for shorter corporate action processing windows caused by the one-hour maintenance period and to reconsider the timing of earnings releases and other material announcements given longer exposure to overnight trading.

About 2% of Nasdaq’s current trading volume occurs outside existing hours. Nasdaq currently operates a session that runs roughly 4 a.m. to 8 p.m. ET. Derivatives markets already offer longer access: CME Group lists single-stock futures that trade about 23 hours a day, five days a week on its Globex platform, and its bitcoin and ether futures and options trade around the clock. The New York Stock Exchange has discussed moving toward 24-hour trading.

The planned Dec. 6 start date remains conditional on final regulatory approvals and the technical readiness of shared market infrastructure, including the securities information processor.