Federal Register #SR-Nasdaq-2025-109

SEC Approves Nasdaq Rule Change for 23-Hour Trading Sessions

This regulatory notice outlines the SEC's approval of a Nasdaq rule change to significantly extend trading hours for NMS stocks and exchange traded products. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - The Nasdaq Stock Market LLC (Nasdaq) - Other referenced exchanges and trading venues: NYSE Arca Inc., 24X National Exchange, Blue Ocean, Bruce, Interactive Brokers, OTC Moon - Products/Services Requested: - No products or services are being procured; this is a regulatory change affecting trading operations and market structure - Notable Requirements and Details: - Trading hours extended from 16 to 23 hours per day, five days a week - Introduction of two trading sessions: - Day session: 4:00 a.m. to 8:00 p.m. ET - Night session: 9:00 p.m. to 4:00 a.m. ET - Aims to meet investor demand for overnight trading and provide a regulated, transparent alternative to alternative trading systems and foreign markets - Ensures consistent application of market-wide rules during extended hours - Highlights competitive landscape with other exchanges offering extended trading hours

Description

The Nasdaq Stock Market LLC has proposed and received accelerated approval for a rule change to extend its trading hours for NMS stocks and exchange traded products from 16 hours to 23 hours per day, five days a week. The proposal includes operating two trading sessions: a Day session from 4:00 a.m. to 8:00 p.m. ET and a Night session from 9:00 p.m. to 4:00 a.m. ET. The change aims to align with investor interest in overnight trading, provide a regulated and transparent alternative to other venues, and ensure consistent market-wide rules during extended hours.

View original listing