Nasdaq expands U.S. equities access with 23/5 trading launch
Global demand for U.S. equities is pushing exchanges to extend access beyond traditional trading hours as investors seek to trade during their local day. Nasdaq plans to launch 23/5 trading on December 6, aiming to bring exchange infrastructure, safeguards and regulatory oversight to activity that already exists overnight off-exchange.
Highlights
- Nasdaq will implement a 23/5 U.S. equity trading model on December 6 to expand global investor access, particularly for the APAC region.
- Nasdaq collaborates with SIP, DTCC, and clients to deliver extended hours while emphasizing infrastructure resilience, market safeguards, and regulatory oversight.
- The initiative aims to shift more overnight activity onto exchange-supported infrastructure, enhancing global market structure and transparency for cross-border participants.
December rollout and market infrastructure
As reported by Nasdaq, the exchange operator is preparing to shift U.S. equity markets to a 23/5 trading model on December 6 to widen access for global investors, particularly in the APAC region.Nasdaq says U.S. markets account for roughly half of global market capitalization, supporting the case for longer trading availability as international investors look for access during their local trading hours. The company says the new model is designed to pair extended availability with exchange infrastructure, market safeguards and regulatory oversight.
Nasdaq adds that the initiative is being developed in coordination with industry partners including the SIP, DTCC and clients, while maintaining what it describes as high standards of trust, resilience and market integrity.
Global access and industry implications
The move reflects a broader effort to make U.S. equities more accessible across time zones as cross-border participation in equity markets grows. By moving more overnight activity onto exchange-supported infrastructure, Nasdaq is positioning the launch as a step toward a more structured and transparent global trading environment.Nasdaq highlights the initiative through commentary from Erin Sheehan, head of transformation for North American Markets, Andrew Oppenheimer, head of U.S. equities, Dan Saad, head of U.S. equities sales, and Jeff Haddock, director of product strategy. Their focus is on operational readiness and the steps clients should take before the December 6 launch.
Our earlier article on Robinhood’s planned 24/7 weekend trading outlined how brokerages and exchanges are pushing U.S. equities toward near-continuous access, potentially lifting volumes while also increasing volatility and execution risks. We also noted that exchanges, including Nasdaq, have been pursuing approvals for extended sessions and that thin liquidity outside regular hours could mean wider spreads and sharper price swings in the early stages.
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