SEC Approves Nasdaq Rule Framework for 23-Hour U.S. Equities Trading

The U.S. Securities and Exchange Commission approved Nasdaq’s rule framework for 23-hour trading on April 10, 2026, moving one of the biggest U.S. market-structure changes of the year a step closer to reality. The SEC’s order on SR-NASDAQ-2025-109 covers National Market System stocks and exchange-traded products and sets the framework for a new night session alongside Nasdaq’s existing daytime trading schedule.

Under the approved structure, Nasdaq’s day session would run from 4:00 a.m. to 8:00 p.m. Eastern time, followed by a night session from 9:00 p.m. to 4:00 a.m. Eastern time. The one-hour break between 8:00 p.m. and 9:00 p.m. is intended for maintenance and operational processing. The approval matters because it shifts overnight equity trading from a niche broker feature toward a regulated exchange model with SEC-cleared rules behind it.

Just as important, the overnight session is not a same-day switch-on. Nasdaq still needs supporting market infrastructure to be ready before live launch, including the wider data and post-trade plumbing that sits around the exchange itself.

Why it matters

For active traders, this is about access and execution quality. More formal overnight exchange trading could improve transparency compared with fragmented off-hours liquidity, but it also raises practical questions around spreads, price discovery, and news-driven volatility when participation is thinner.

What to watch next

Watch for readiness updates from Nasdaq and the broader market infrastructure providers that have to support quote dissemination, reporting, and clearing during the night session. Launch timing matters as much as the approval itself.