SEC Approves Nasdaq ‘Global Trading Hours’ for Near-24/7 Equities
Nasdaq has received accelerated SEC approval to expand US equities trading hours from 16 to 23 hours per day, five days a week, under its “global trading hours” plan. The SEC decision came on April 10, 2026, after a proposal was filed in December 2025. Nasdaq targets a December 6, 2026 launch date.
The new schedule splits the trading day into two sessions. First, trading runs 4:00 a.m. to 8:00 p.m. ET, covering pre-market, regular, and existing after-hours. Second, trading continues 9:00 p.m. to 4:00 a.m. ET to match overnight activity across Asian and European markets. Between 8:00 p.m. and 9:00 p.m. ET, weekdays feature a one-hour technical pause for maintenance of data feeds, clearing, and related systems.
Why it matters: Nasdaq President Tal Cohen says the change improves access for global investors while aiming to protect liquidity, transparency, and market integrity. However, overnight sessions often have thinner liquidity and wider bid-ask spreads, which can raise trading costs.
SEC oversight includes a public roundtable on September 17, 2026 to review operational and regulatory preparations. Importantly, Nasdaq’s timeline depends on infrastructure readiness—especially market data consolidation by Securities Information Processors and overnight settlement and clearing processes (including DTCC-linked mechanisms). Industry stakeholders cite data feed reliability and clearing continuity as the key hurdles that could delay the December 6 rollout.
Neutral
This is a regulatory/process upgrade for US equities trading hours, not a direct crypto policy or token event—so the immediate crypto-market signal is limited, but it still matters for liquidity and cross-asset trading behavior.
**Why neutral (short-term):** Extended hours can concentrate or redistribute volume across sessions. Overnight liquidity is typically thinner and spreads are wider, which may increase trading friction and volatility for equity-linked strategies. However, the article flags that infrastructure readiness (data feeds and clearing/settlement continuity) is the gating factor, meaning the rollout could be delayed. Without a guaranteed near-term launch, traders may treat this as “watchlist” news rather than an actionable catalyst.
**Why neutral (long-term):** If Nasdaq’s “global trading hours” successfully launches, it could further blur the boundaries between traditional market sessions and the 24/7 crypto rhythm—potentially improving global access and reducing time-zone barriers. That can gradually change execution patterns for cross-asset funds (equity + crypto), but it’s more likely to affect market microstructure than directly reprice crypto assets.
**Parallel to past regulatory tech rollouts:** Similar infrastructure expansions (accelerated approvals for other venues) usually produce incremental, operationally driven effects first, and price impacts only if liquidity improves materially. Since the SEC is aware of liquidity/spread risks and will review operational readiness in September, the most plausible outcome is a phased, controlled transition—supporting a neutral assessment.