Nasdaq stocks are heading towards extended 23-hour trading: the phenomenon of the globalization of financial markets

Nasdaq is about to revolutionize its operating model, intending to extend trading hours for stocks and exchange-traded products from 16 to as many as 23 hours a day, five days a week. A move that reflects the profound change in the expectations of global investors and represents a direct response to the growing influence of the cryptocurrency market, which operates continuously all year round.

The move follows similar initiatives by the New York Stock Exchange and demonstrates a broader trend: investors worldwide are no longer willing to wait for traditional market hours to trade their favorite company stocks. The document filed with the Securities and Exchange Commission (SEC) reveals Nasdaq’s deliberate strategy to adapt to this new reality of globalized financial markets.

How the digital economy has shaped new trading needs for stocks

The cryptocurrency industry has introduced a radically different operating model: 24/7 trading, around the clock. This phenomenon has gradually changed investors’ habits and expectations, especially those operating simultaneously in traditional markets and crypto markets. Many Nasdaq clients are already active during nighttime hours, as acknowledged by the exchange itself in its official documentation.

Investors dealing with digital assets, tokenized resources, and tokenized securities are increasingly using platforms that ensure continuous market access. This behavior has inevitably put pressure on traditional exchanges to adapt to this new operational normality and to compete more effectively for the global order flow.

The new extended trading hours: a revolutionary structure

Nasdaq’s proposal introduces a structured and innovative trading framework. The daytime session would run from 4:00 to 20:00 ET (Eastern Time), followed by a one-hour maintenance and operational pause. The nighttime session would run from 21:00 to 4:00 ET the next day, creating almost continuous coverage.

The trading week would start Sunday evening at 21:00 ET and end Friday at 20:00 ET, maintaining the traditional opening and closing signals at 9:30 and 16:00 respectively. A technical detail of the proposal states that trades executed between 21:00 and midnight during the nighttime session will be counted for the next calendar day.

Key Nasdaq-listed stocks that will benefit from global access

Most major public companies in the crypto and fintech sectors are listed on Nasdaq, making them particularly interested in this expansion. Coinbase (COIN), a leading cryptocurrency trading platform, would see increased accessibility for global traders. Robinhood (HOOD), an innovator in mobile trading and financial democratization, could attract a growing number of investors from Asian jurisdictions.

MicroStrategy (MSTR), a company that has accumulated significant Bitcoin holdings and serves as a bridge between traditional finance and digital assets, would benefit from greater liquidity during extended hours. Additionally, numerous Bitcoin mining companies listed on Nasdaq would enjoy a prolonged trading window to meet the rising global demand.

The push from global markets: why Asia and other continents need extended hours

Asia represents one of the regions with the highest cryptocurrency trading activity and increasingly interested investors in tech stocks and digital economy securities. US market hours (9:30-16:00 ET) rarely coincide with working hours in major Asian financial hubs, creating a real disparity of access.

Nasdaq explicitly acknowledged in its document that “although trading volume during extended hours tends to be significantly lower than during regular market hours, there is a growing interest in overnight trading, particularly among investors located in Asia and other jurisdictions where working hours do not fully align with American hours.” This awareness has prompted the exchange to design a solution that directly responds to this demand, while also increasing the competitiveness of stocks listed on its market.

The competitive dynamics: NYSE approves while Nasdaq accelerates its strategy

This is not an isolated phenomenon. Both Nasdaq and the New York Stock Exchange have long considered expanding trading hours. Giang Bui, head of the US equities segment and exchange-traded products at Nasdaq, stated in March that this kind of transformation “represents the direction in which markets are heading.”

Meanwhile, NYSE has already received SEC approval for its post-market trading expansion, creating a fair competition scenario between the two major US exchanges. Nasdaq has submitted its formal request to the SEC to proceed with the expansion, positioning itself as an active player in the transition toward an increasingly global and continuous market model.

Nasdaq’s declared strategy is explicit: “extend trading hours to compete for order flow from these global investors and position favorably for the future to participate in markets trading digital assets.” A statement that demonstrates how innovation in the crypto sector is effectively reshaping the operational structures of traditional finance.