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ARTICLE · 13 OCTOBER 2026

23x5 Trading Comes To US Exchanges: What Firms Should Know Before Launch

WilmerHale
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US national securities exchanges are preparing to launch 23x5 trading by December 6, 2026, marking the most significant expansion of trading hours in decades. This comprehensive analysis examines the regulatory approvals, operational infrastructure changes, investor protection mechanisms, and issuer considerations necessary to support overnight equity trading from Sunday through Thursday evenings.

United StatesFinance and Banking
Andre Owens
Andre Owens
Daniel J. Martin
Daniel J. Martin
Cherie Weldon
Cherie Weldon
Reid Carroll
Reid Carroll
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  • The SEC has conditionally approved 23x5 trading on five exchanges: 24X, Cboe EDGX, MEMX, Nasdaq and NYSE Arca.
  • The 23x5 trading expansion would add an overnight session from Sunday through Thursday from 8:00 pm to 4:00 am ET, with a mandatory one-hour trading pause Monday through Thursday evening between 8:00 pm and 9:00 pm ET.

The anticipated implementation of 23x5 exchange trading by December 6, 2026 represents the most significant expansion of trading hours for US national securities exchanges in decades. The SEC and the industry have been working to address the many moving regulatory and operational parts to achieve this goal. In recognition of the complexity of this trading evolution, on September 17, 2026, the SEC hosted a roundtable to discuss “moving towards 24-hour trading in the US equity markets, including preparations to support overnight trading, operations and resiliency in a 24-hour market, and opportunities and challenges for expansion.”1 The participants in

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