Nasdaq Prepares New Market Data Products for 23/5 U.S. Equity Trading

Nasdaq said it is preparing a new “Plus” suite of market-data products ahead of its planned move to 23-hour-a-day, five-day-a-week trading in U.S. equities. In a trader notice dated April 23, the exchange said the rollout is designed to support an extended session running from 9:00 PM to 8:00 PM Eastern, subject to SEC review and broader industry readiness.

The planned data package includes Nasdaq Last Sale Plus, Nasdaq Basic Plus, and Nasdaq TotalView Plus. Nasdaq said the products will combine information from Nasdaq, Nasdaq Texas, and Nasdaq PSX, giving firms a simpler way to maintain trade, best bid and offer, and depth-of-book visibility across a much longer trading day.

This is part of a bigger infrastructure shift, not just a new data product launch. A separate UTP Vendor Alert said the SIP operating committees have already submitted a plan amendment to extend U.S. equities market-data operating hours with a one-hour daily technical pause, targeting a December 2026 launch if regulators approve it.

Why it matters

For active traders, longer trading hours can create more opportunities to react to overseas news, earnings, and macro headlines outside the regular U.S. session. But it also means liquidity, spreads, and price discovery may look very different overnight than they do during core cash hours.

What to watch next

The key dates now are the SEC review process, SIP readiness, and DTCC readiness. Traders should also watch how brokers handle overnight routing, margin, and market-data access if near-continuous equities trading becomes the new normal.