#NASDAQ launches 5×23 hour trading experiment $BTC $ETH $BNB NASDAQ submitted an application to the SEC on 2025-12-15, proposing a 5×23 hour trading experiment, which aims to integrate time slots and cover global time zones. It is expected to be implemented in the second half of 2026, initially only for stocks and ETFs, while futures and options will not be included.
Core Time and Rules (Eastern Time)
- Trading Week: Sunday 21:00 to Friday 20:00; only closed for maintenance and clearing from 20:00 to 21:00 daily.
- Daytime Session: 04:00-20:00, including pre-market/regular (09:30-16:00)/after-hours, retaining the bell-ringing ceremony.
- Night Session: 21:00 to the next day 04:00; trades from 21:00-24:00 are counted for the next day, matching rules are the same as daytime.
Drivers and Impact
- Core Driver: Capture global liquidity, connect with Asian/European markets, respond to 24/7 competition in the crypto market.
- Positive Factors: Institutional and high-frequency trading, cross-timezone allocation; Negative Factors: Nighttime liquidity may be low, retail trading costs may rise, volatility may increase.
- Risks: Widening spreads under low liquidity, rising slippage risk; need to pay attention to SEC approval progress and performance during the testing phase.
Trading Response Points
- Focus on Time Slots: Prioritize regular trading (09:30-16:00), only limit orders at night, strictly control positions ≤5%, single orders ≤1%.
- Risk Control: Avoid trading around data releases; night trading leverage ≤2 times, set narrower stop loss (e.g., ≤1.5%).
- Tools: Use conditional orders/algo orders, avoid manual monitoring; focus on hedging or small position trial and error at night, do not hold large overnight positions.
