In today’s economy, time zones and borders are no longer barriers. The U.S. equity market—representing nearly two-thirds of global market capitalization—sits at the center of this transformation. Investors from Asia to Europe expect access on their terms, in their time zones, with the same trust and confidence they have during regular U.S. market hours.
Global investor needs have evolved, and we’re responding with a deliberate, disciplined approach that prioritizes market integrity and investor confidence above all else. Subject to SEC approval, Nasdaq will introduce a new Night Session on the Nasdaq Stock Market, operating from 9 p.m. to 4 a.m. ET—creating a 23-hour trading day, five days a week. This initiative, known as Global Trading Hours, is designed to meet the realities of a connected world while safeguarding the principles that underpin U.S. markets.
To learn more about what this means for market participants, we sat down with Chuck Mack, Nasdaq’s Senior Vice President of North American Markets.
What is Nasdaq’s Global Trading Hours initiative, and why is it significant?
Chuck Mack: We’re not just extending trading hours; we’re expanding access to the world’s most dynamic and liquid market. Global Trading Hours is Nasdaq’s plan to introduce near-continuous trading on the Nasdaq Stock Market: 23 hours a day, five days a week. Subject to SEC approval, we’ll add a Night Session from 9:00 p.m. to 4:00 a.m. ET, complementing our existing Pre-Market, Regular, and Post-Market sessions. This evolution reflects a simple reality: global investors expect access on their terms, in their time zones—without compromising trust or market integrity.
Why now? What’s driving this change?
Chuck Mack: Investor behavior has shifted dramatically. Mobile-first platforms and global connectivity mean markets need to be as accessible as the apps investors use every day. Foreign holdings of U.S. equities have surged—up 97% since 2019, reaching $17 trillion as of mid-2024. Extending trading hours meets this demand while preserving the transparency and resiliency that define U.S. markets.
How will the new trading schedule work?
Chuck Mack: It’s important to recognize that trading already occurs 16 hours a day through extended hours trading. Nasdaq’s new Global Trading Hours framework is designed to maximize access while safeguarding market integrity. The daily schedule is segmented into distinct sessions:
Day Session:
o Hours: 4:00 a.m. – 8:00 p.m. ET
o Includes: Pre-Market, Regular Market, and Post-Market trading
o Features: Nasdaq Opening Cross at 9:30 a.m. ET and Closing Cross at 4:00 p.m. ET
Industry Maintenance Pause:
o Hours: 8:00 p.m. – 9:00 p.m. ET
Night Session:
o Hours: 9:00 p.m. – 4:00 a.m. ET
o Trades executed between 9:00 p.m. and 12:00 a.m will be considered trades for the following day
o Start of Week: Begins Sunday at 9:00 p.m. ET
o End of Week: Concludes Friday at 8:00 p.m. ET after the Day Session
Nasdaq markets will remain closed during all weekend hours except for the Sunday night start of the trading week.
How is Nasdaq making Global Trading Hours a reality, and what roles do collaboration and transparency play?
Chuck Mack: Bringing Global Trading Hours to life is a collaborative effort. We’ve engaged listed companies and market participants at every step to ensure the model meets the needs of a global marketplace. This isn’t a static proposal—it’s designed to evolve as feedback and technology advance. We’re working closely with industry partners to coordinate protections, halts, and corporate actions, so extended access never comes at the expense of trust. Investor protection is at the core of every decision because markets thrive when participants trust in a fair, orderly, and efficient market environment.
Will this impact existing Nasdaq Stock Market sessions?
Chuck Mack: No. The current Pre-Market, Regular, and Post-Market sessions remain unchanged. The Night Session is additive, designed to complement—not disrupt—existing functionality.
What’s the timeline for implementation?
Chuck Mack: We expect to be ready in early Q3 2026 and will launch once critical infrastructure—such as the SIP and DTCC systems—is fully prepared and SEC approval is secured.
What does this mean for global market participants?
Chuck Mack: While liquidity will remain concentrated in traditional hours initially, Global Trading Hours opens new opportunities for global engagement. It’s about enabling better access, fostering relationships, and building a marketplace that reflects the realities of a connected world.
Learn more about Global Trading Hours here.
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