The Nasdaq (NDAQ) exchange is taking steps to expand stock trading to 23 hours a day during the work week.
The move to near around-the-clock trading comes after Nasdaq formally submitted paperwork to the U.S. Securities and Exchange Commission (SEC).
Nasdaq is asking that U.S.-listed stocks and exchange-traded products be allowed to trade on its exchange nearly 24 hours a day, five days a week.
If approved, the new trading schedule would launch in the second half of 2026.
Under the proposal, Nasdaq would expand trading hours to 23 hours each weekday from the current 16 hours.
Stocks would trade during a “day session” from 4 a.m. to 8 p.m. Eastern time, followed by a one-hour pause for maintenance, testing and clearing.
A “night session” would then run from 9 p.m. to 4 a.m. the following morning, according to Nasdaq’s proposal to the SEC.
Stock trading nearly around the clock has long been debated on Wall Street. However, critics argue that nonstop trading could have a destabilizing impact on markets.
Trading 23 hours a day could lead to thin liquidity, sharp price swings, and an increasingly “gamified” trading environment that could result in gambling and addiction in some people.
In a note to clients, U.S. bank Wells Fargo (WFC) called Nasdaq’s proposal “the worst thing in the world.”
Nasdaq currently operates three weekday sessions: pre-market trading from 4 a.m. to 9:30 a.m., regular trading from 9:30 a.m. to 4 p.m., and after-hours trading from 4 p.m. to 8 p.m.
Nasdaq isn’t alone in wanting to extend stock trading hours.
The New York Stock Exchange (NYSE) is pursuing its own extended-hours model, with plans for 22-hour trading during weekdays.
The New York Stock Exchange proposal has received initial SEC approval contingent on data-feed upgrades at the bourse.
NDAQ stock has risen 20% this year to trade at $92.93 U.S. per share.
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