Summary, the quick read

• Nasdaq wants SEC approval for 23-hour weekday trading, adding an extra session 9pm to 4am ET, on top of pre-market, core, and post-market.
• The pitch is global access without damaging integrity, Nasdaq’s Chuck Mack framed it as investors wanting access “on their terms, in their time zones, without compromising trust or market integrity”.
• This only works if the plumbing matches it, market data feeds, clearing, settlement, broker operations, surveillance, the lot.
• For traders, more windows, but thin liquidity risk, wider spreads, sharper spikes.
• For investors, it’s mainly risk management and convenience, not a return booster.
• The real test is simple, do institutions show up overnight, or does it stay noisy and retail-led.

Nasdaq has asked the SEC for approval to extend equity trading to 23 hours a day on weekdays, by adding a new overnight session from 9pm to 4am ET. It’s a structural shift aimed at meeting global demand, not a gimmick.

Nasdaq’s public line is clear. Chuck Mack, senior vice president of North American markets, described this as a response to global investors wanting access “on their terms, in their time zones, without compromising trust or market integrity”.

What’s actually changing

US equities are being treated more like a global, near-continuous market, closer in behaviour to futures, FX, and crypto.

But the critical point is this, extending exchange hours is the easy part. Making it function properly is harder.

The infrastructure reality, it’s not just “longer hours”

For near-continuous trading to be real, you need alignment across the ecosystem:

• Consolidated market data, so pricing is reliable in the new session
• Clearing and settlement workflows that can support extended processing
• Broker risk controls, margin, monitoring, staffing, compliance cover
• Surveillance and market integrity mechanisms that don’t weaken overnight

Industry bodies and market-structure people have been consistent on this, the opportunity is real, but the operational complexity is the price of entry.

What it means for traders

This creates opportunity, but it changes the battlefield.

Upsides:

• Traders outside the US can react to earnings and headlines in their own hours
• Event-driven strategies get more actionable windows
• Faster response to macro, geopolitics, and big single-stock news

Trade-offs:

• Thin liquidity outside the US day, spreads widen, slippage increases
• More price “air pockets”, sharper moves on less volume
• Stop placement and position sizing matter more than usual

Bottom line, disciplined traders can use this. Reactive trading gets punished quicker.

What it means for investors

For long-term investors, this is mostly about control and flexibility:

• Rebalancing and hedging without waiting for New York
• Managing gap risk around major events

But execution quality still tends to be best when liquidity is deepest, typically around the open and close. Extended hours won’t replace that.

The real question

Will institutions actually trade overnight?

If they do:

• Liquidity improves
• Spreads tighten
• Price discovery gets cleaner
• It becomes a meaningful structural upgrade for global allocators

If they don’t:

• It stays noisier
• Retail dominates
• More volatility relative to volume
• More “movement”, not necessarily more “signal”

Why this fits the “structure first” mindset

Near-continuous markets don’t remove risk. They redistribute it across time.

Extended hours increase choice, not quality. Quality still comes from liquidity.

So the edge doesn’t go to the person staring at screens longer. It goes to the person with:

• Proper access
• Clean execution
• Transparent costs
• Strong custody and controls

What we do at KyriWealth

KyriWealth is built around market access, structure, custody, and execution, before anyone risks capital.
If you’re trading or investing in US stocks and ETFs from the UK, Cyprus, or anywhere outside US hours:

• I’ll help you stress-test your setup, access route, custody, fees, and execution choices
• I’ll show you how serious investors reduce avoidable mistakes, especially in thin-liquidity windows

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