Nasdaq Targets Global Investors with Plan for 24/7 U.S. Equity Markets
New York, Tuesday, 16 December 2025.
Nasdaq has filed for round-the-clock trading authorization to capitalize on international demand, citing $17 trillion in foreign U.S. equity holdings as the catalyst for this historic shift.
A Strategic Regulatory Shift
Yesterday, December 15, 2025, Nasdaq moved to formalize a significant expansion of U.S. market access by planning to submit paperwork to the Securities and Exchange Commission (SEC) authorizing round-the-clock trading [1]. This filing marks a pivotal step toward extending trading hours from the current 16 hours to 23 hours a day, five days a week—a 43.75% increase in daily market availability [1]. Pending regulatory approval, the exchange anticipates launching this nonstop capability in the second half of 2026, fundamentally altering the operational rhythm of Wall Street [1].
Global Capital as the Catalyst
The impetus for this structural overhaul is the surging international appetite for American assets. Total foreign holdings of U.S. equities climbed to $17 trillion in 2024, creating pressure for market infrastructure that accommodates investors across diverse time zones [1]. Chuck Mack, Nasdaq’s senior vice president of North American markets, noted that U.S. markets have become “much more global,” necessitating a shift that allows investors worldwide to access liquidity on their own terms rather than adhering solely to Eastern Standard Time [1].
Operational Mechanics of 23/5 Trading
Under the proposed “23/5” model, the trading week is scheduled to commence on Sundays at 21:00 and conclude on Fridays at 20:00 [1]. Nasdaq intends to segment the daily cycle into two distinct sessions: a day session running from 04:00 to 20:00, and a night session operating from 21:00 to 04:00 [1]. This continuous flow replaces the traditional segmentation of pre-market, regular, and post-market sessions, aiming to provide a seamless interface for global participants [1].
Clearing Infrastructure Alignment
Supporting this extended front-end activity requires a robust backend transformation. The U.S. Depository Trust and Clearing Corp. (DTCC) is scheduled to roll out nonstop clearing capabilities for stocks by the end of 2026 [1]. This synchronization between the exchange’s trading hours and the clearinghouse’s settlement windows is critical to mitigating the settlement risks inherent in overnight trading [1].
Industry Skepticism and Risks
Despite the strategic logic of globalization, major Wall Street banks have expressed caution regarding the transition [1]. Institutional concerns focus on the potential for lower liquidity during off-peak hours, which could exacerbate volatility and widen spreads [1]. Furthermore, there is uncertainty regarding the return on investment required for the technological and staffing upgrades necessary to support a continuously active market environment [1].