Nasdaq's plan to add overnight U.S. stock trading addresses a time-zone gap for Asia-Pacific investors, while industry participants have also raised questions about liquidity and the demands on trading firms.
Nasdaq plans to start a session from 9 p.m. to 4 a.m. ET on Dec. 6, according to a Nasdaq Trader notice. Pyth Network's Oct. 16 recap said the schedule depends on industry readiness and applicable regulatory conditions. The overnight window would add to Nasdaq's existing premarket and postmarket sessions, leaving a one-hour daily break in a 23-hour trading schedule.
The WFIC 2026 panel included representatives from Nasdaq, Cboe, Morgan Stanley, OTC Markets Group and TraditionData. Michael James, Head of Institutional at Douro Labs and a Pyth Network contributor, also took part. John Ikel, Morgan Stanley Executive Director and Head of Exchange Data Licensing, moderated the discussion, Pyth said.
Pyth's recap described James McKeone's point as a time-zone mismatch: U.S. trading hours can fall outside the workday for Asia-Pacific investors seeking to act on company or economic news. McKeone is Vice President and Head of Data, Index & Analytics for Nasdaq's Asia Pacific business.
Scott Fitzpatrick, Global Head of TraditionData and CEO of Tradition SEF, discussed operational pressures, Pyth's recap said. The recap associated his perspective with narrower maintenance windows, extended client coverage and additional reporting demands as firms serve customers across time zones.
Pyth said more venues could offer fallback access when a venue is unavailable or has little liquidity, while prices and market data spread across venues could make execution harder to assess. The recap also noted that OTC Markets Group already operates MOON ATS and OTC Overnight.
The Securities and Exchange Commission approved Cboe EDGX's proposed 23-hour, five-day schedule in May. The approval requires data-plan readiness and a further filing before trading begins. Cboe's filing cited growth in early-session trading volume and demand from Asia-Pacific investors. Nasdaq's next listed weekend user acceptance test is scheduled for Oct. 30.
