Nasdaq 5×23 Trading Test: Long US hours to clear road for tokenization

Nasdaq don file wit SEC make dem shift US equity trading from di current 5×16 schedule go 5×23 model: trading from Sunday 21:00 ET to Friday 20:00 ET wit one-hour maintenance window every day. Di official reason talk say na for Asia and Europe dem dey do am, but many people see dis move as coordinated step toward tokenized, near-continuous markets and eventual 24/7 trading. Key enablers dem talk include DTCC push toward tokenized real-world assets, di switch to T+1 settlement in 2024, and Nasdaq backend upgrades (including Calypso integration) for automated margin and collateral management. Di initiative follow similar moves from NYSE and Cboe and e depend on major infrastructure changes: continuous securities information processor and DTCC to finish 24/7 clearing by late 2026. Expected effects for traders and intermediaries include higher operational costs, pressure on brokers and clearinghouses, fragmented and thinner liquidity during night sessions, faster spread of global shocks with less overnight digestion, and possible changes to price discovery and execution models. Early data wey show demand: NYSE non-regular-hours trading reach about 20 billion shares and $62 billion in Q2 2025 (~11.5% of U.S. volume). Traders suppose monitor SEC decisions, DTCC production timelines, broker infrastructure readiness, and initial liquidity/volatility patterns in night sessions. Di move fit act as stress test wey align market hours wit on-chain settlement rhythms and fit accelerate demand for fully tokenized, 7×24 tradable equities.