Nasdaq Gears Up for 5x23 Trading Model, Filing with SEC on Horizon

quietly_staking · 2026-01-28T03:18:56+00:00

Nasdaq plans to transform the stock market by proposing a 5x23 trading schedule to the SEC, extending trading hours to 23 daily and accommodating global investors, potentially reshaping market dynamics significantly.

quietly_staking

2026-01-28 03:18:56

Abstract generation in progress

Nasdaq is preparing to revolutionize the stock market landscape by submitting a formal application to the U.S. Securities and Exchange Commission to introduce an extended trading schedule. The exchange plans to transition from its current 16-hour trading window to a groundbreaking 5x23 structure, fundamentally reshaping how global markets operate. This shift marks a significant departure from traditional market hours that have governed trading for decades.

Understanding the 5x23 Framework

The proposed 5x23 model divides the trading week into two distinct sessions. The daytime session runs from 4:00 AM to 8:00 PM Eastern Time, preserving the traditional market structure with pre-market trading beginning early, the regular session opening at 9:30 AM, closing at 4:00 PM, and after-hours trading extending into the evening. The night session introduces continuous trading from 9:00 PM through 4:00 AM the following day, allowing market participants to trade across time zones around the clock. Under this framework, the trading week commences at 9:00 PM on Sunday and concludes at 8:00 PM on Friday evening.

Extended Hours and Global Market Implications

This 5x23 trading expansion reflects broader industry trends toward continuous market access. By extending from 16 to 23 hours daily across five days, Nasdaq seeks to accommodate international investors and enhance liquidity during off-peak hours. The structure maintains regulatory clarity by treating trades executed between 9:00 PM and midnight as next-business-day transactions. This model positions Nasdaq to compete more effectively in an increasingly globalized financial ecosystem while potentially setting a precedent for broader market reform.

The formal SEC filing marks the beginning of regulatory review, with market observers closely monitoring whether this 5x23 initiative gains approval and what ripple effects might emerge across the broader exchange ecosystem.

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