Nasdaq Taps into Crypto's Always-On Trading Model
Nasdaq is planning to extend its trading hours from five days a week, allowing for nearly continuous trading. The new schedule, which has been submitted to regulators for approval, would add an overnight session from 9 p.m. to 4 a.m. ET on top of the existing extended hours.
The overnight session will run from Sunday at 9 p.m. through Friday at 8 p.m., with a one-hour daily pause for processing. This move is seen as a nod to crypto exchanges, which have been trading continuously for years, according to BitGo CEO Mike Belshe and crypto analyst Nate Geraci.
The extended hours will not make stock markets fully 24/7, but it brings them closer to the always-on model used by crypto markets. Some order types, including unpriced market orders and opening and closing auction orders, won't be available overnight, and any open order at 4 a.m. will automatically be canceled.