Nasdaq’s latest idea could change how investors think about “market hours.” The exchange operator intends to seek approval from the U.S. Securities and Exchange Commission to introduce weekday trading that runs nearly around the clock. Reports from Reuters suggest the goal is to launch a 23-hour weekday session by 2026, giving investors in Asia and Europe access to U.S. equities during their own waking hours. It’s an ambitious plan that would blur the traditional boundaries separating global markets.
For most of modern market history, trading has marched to a rhythm defined by New York’s opening and closing bells. That structure gave investors predictability, but it also left some opportunities on the table. When big news breaks overnight, U.S. traders must wait until morning to react, while markets abroad already reflect the impact. Nasdaq’s plan would build a bridge across that gap, letting traders act in real time instead of waiting for dawn.
The motivation reflects how global the investor base for U.S. equities has become. Foreign participation has grown steadily in recent years, driven by both institutional and retail demand. Technology has removed many of the barriers that once kept traders out of foreign markets. A smartphone today can do what a dedicated trading desk did twenty years ago. As more individuals follow stocks through the night, Nasdaq seems to be anticipating a simple truth: the demand for continuous access has arrived.
Still, extending trading hours to twenty-three per day is not a simple technical adjustment. It is a reimagining of how markets function. Continuous operation would press exchange infrastructure to operate without daily reset cycles. Systems that normally perform maintenance jobs after hours would need new windows or automated redundancies. Cybersecurity and data-center management will play a larger role, as the time available for routine system checks tightens.
Alongside those technical challenges come regulatory questions. The SEC will likely weigh how near-continuous trading affects investor protection, liquidity, and price discovery. Market makers could face operational fatigue if they’re expected to provide quotes through every hour of the new schedule. Market surveillance teams, who track unusual trading patterns or manipulative behavior, would also need resources that match this expanded timeline. While the concept has global appeal, the U.S. regulatory system still revolves around the idea of defined trading sessions. Bringing that structure into a nearly 24-hour world will require careful oversight and cooperation between exchanges, brokers, and regulators.
For comparison, after-hours trading in the U.S. already exists, but it’s relatively thin and limited to electronic platforms with lower volumes. Extending access doesn’t guarantee liquidity. Much of the market’s efficiency relies on large institutional orders and matching algorithms that thrive during peak participation. A 23-hour schedule risks creating long stretches where prices move on light volume, which can increase volatility rather than reduce it. That’s one reason why rival exchanges and brokerages will watch Nasdaq’s proposal closely before deciding whether to follow.
If the plan succeeds, it could usher in a new rhythm that connects traders from Hong Kong to London to New York in a single continuous loop. A shift like that might also pressure other major exchanges, such as the New York Stock Exchange, to extend trading in response. Some market participants welcome the flexibility, arguing it reflects a global economy that never truly sleeps. Others worry it erodes the human aspect of trading, the natural pause that provides time for reflection and analysis.
Still, Nasdaq’s move seems part of a longer arc. As trading becomes more digitized and global participation widens, the concept of an “opening bell” may fade into tradition. For now, the proposal stands as one of the most ambitious bid to reshape the structure of equity trading since electronic markets emerged in the 1990s. Whether investors embrace it or regulators restrain it will determine how close we come to a market that never truly closes.
