Nasdaq announces application to extend trading hours on trading days to 23 hours

Gold Financial reports that Nasdaq plans to submit documents to the U.S. Securities and Exchange Commission on Monday to introduce nearly around-the-clock stock trading, extending trading hours for stocks and exchange-traded products from 16 hours over five trading days to 23 hours. Currently, Nasdaq has three trading sessions on trading days: pre-market trading from 4:00 a.m. to 9:30 a.m. Eastern Time, regular trading from 9:30 a.m. to 4:00 p.m., and after-hours trading from 4:00 p.m. to 8:00 p.m. When Nasdaq implements "23/5" (23 hours of trading over five trading days a week), it plans to set up two trading sessions: a daytime trading session from 4:00 a.m. to 8:00 p.m., followed by one hour for maintenance, testing, and trade clearing; the nighttime trading session will run from 9:00 p.m. to 4:00 a.m. the next day. The daytime trading session will continue to include pre-market, regular, and after-hours trading, with opening bells at 9:30 a.m. and closing at 4:00 p.m. In the nighttime trading session, trades executed from 9:00 p.m. to midnight will be counted toward the next trading day. According to the new plan, the trading week will start at 9:00 p.m. on Sunday and end at 8:00 p.m. after the Friday daytime trading session.
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