At the STA Market Structure Conference, Nasdaq's Chuck Mack outlined a strategic roadmap for expanding trading hours, emphasizing deliberate stakeholder engagement and infrastructure integrity as the foundation for sustainable innovation.
Speaking on the panel "24-Hour Trading: Redefining Global Market Access," Chuck Mack, Senior Vice President and Head of Strategic Operations and Public Policy at Nasdaq, highlighted the exchange’s methodical approach to enabling round-the-clock trading. "We’re engaging stakeholders across the ecosystem to understand their needs and concerns," Mack said, noting that nearly half of Nasdaq-listed issuers remain cautious about the shift. This underscores the importance of building consensus and trust as we move forward.
Bridging the Gap: From 16-Hour Trading to True 24/5 Access
Nasdaq currently operates from 4:00 AM to 8:00 PM ET, offering 16 hours of daily trading. The push toward 24-hour access is not merely about extending hours, it reflects the realities of a global, always-on economy. Mack noted that this evolution is expanding market participation rather than redistributing existing volume.
Breaking Inertia Through Industry-Wide Collaboration
Historically, inertia has been the primary barrier to 24-hour trading. But as Mack noted, "The rock has been pushed up the hill." The next phase requires coordinated industry action. Nasdaq is prioritizing investor protection, issuer confidence, and operational readiness, ensuring thoughtful implementation. "We must anticipate challenges and address them proactively," Mack said, reinforcing the need for robust infrastructure and risk management.
Regulatory Alignment and Infrastructure Readiness
Mack affirmed that regulatory priorities are aligned with market participants’ concerns. "U.S. markets remain the envy of the world," he said, while stressing the importance of ensuring Securities Information Processor (SIP) functionality during overnight hours. It’s important to ensure key infrastructure is ready and available overnight to fully support the ecosystem.
Global Demand Driving Innovation
International interest in U.S. equities continues to rise. Panelists noted that while U.S. traders are episodic and news-driven, Asian investors trade consistently, sometimes across 5,000 securities in a single evening. This underscores the strategic imperative of extended hours to maintain U.S. market leadership.
Looking Ahead: A Catalyst for Market Transformation
Mack framed 24-hour trading as a catalyst, not just for market access, but for broader financial system modernization. "It’s a building block for faster, more immediate transactions and greater individual control over capital," he said. Success will require time, liquidity incentives, and market protections. By prioritizing stakeholder engagement, operational resilience, and regulatory alignment, the exchange is laying the groundwork for a future where global investors can access U.S. markets anytime, anywhere, without compromising the integrity that defines them.
