Nasdaq to Launch 23 by 5 Trading

Nasdaq notified members it will launch a new overnight trading session from 9 p.m. to 4 a.m. ET on December 6, 2026.

The Equity Trader Alert frames this as part of a plan for nearly continuous equities trading 23 hours a day, five days a week (see prior coverage). Members will need new order entry ports, routable orders will be accepted, and any orders remaining open at 4 a.m. ET will be canceled and can be re-entered in the subsequent session.

Trades from 9 p.m. ET to midnight will carry the next trading day's trade date, while trades from midnight through 8 p.m. ET will carry the current day's trade date; settlement remains based on trade date. Under a related rule proposal, certain corporate actions will be halted before 9 p.m. ET on the day preceding the effective date and resumed at 8 a.m. ET on the effective date. Nasdaq will send Trade Halt Code "M1" to denote a corporate action.

Nasdaq also noted SEC approval of a Limit Up-Limit Down national market system plan amendment requiring exchanges to reject orders priced outside static price bands disseminated via the securities information processors (see prior coverage). The bands will be based on the listing market's adjusted official closing price and adjusted last round-lot sale prior to 7:45 p.m. ET, with the upper band set 20 percent above the greater of the two reference prices and the lower band 20 percent below the lesser, subject to minimum band widths of $3.00 for securities priced at or above $1.00 and $1.00 for securities priced below $1.00.

Nasdaq scheduled (i) client testing via its Test Facility beginning September 1, 2026, (ii) weekend user acceptance testing on six dates from October 2 through December 4, 2026, and (iii) a pre-production period starting November 1, 2026, during which Nasdaq Test Symbols will trade and broadcast market data between 9 p.m. and 4 a.m. ET.