US Markets Plan 24/5 Trading in Bid for Global Dominance

NEW YORK, NY – December 19, 2025 – The operators of the U.S. equity market’s core data infrastructure have officially fired the starting gun on a race to create a nearly 24-hour stock market, submitting a landmark proposal to federal regulators that could fundamentally reshape American finance and its role in the global economy.

The Operating Committees of the Securities Information Processors (SIPs), the central nervous system for U.S. stock quotes and trades, announced today they have filed a formal Plan Amendment with the Securities and Exchange Commission (SEC). The plan aims to extend market data operating hours to accommodate overnight trading, targeting a December 2026 launch. If approved, the move would transition Wall Street from its traditional daytime schedule to a continuous, five-day-a-week trading cycle, aligning it with the ceaseless nature of foreign exchange and cryptocurrency markets.

"The investment community has been clear in its desire to extend equity trading market hours to facilitate trading on a more global scale, and the SIPs have adopted a Plan Amendment to allow that to happen," said Jeff Kimsey, Chairman of the SIP Operating Committees. "We look forward to collaborating with the industry on this initiative as we collectively work to continue driving the U.S. equity markets forward."

The Race for a 24-Hour Wall Street

Under the ambitious proposal, the SIPs would distribute consolidated market data from 9:00 p.m. ET on Sunday evenings straight through to 8:00 p.m. ET on Fridays, excluding holidays. This represents a dramatic expansion from the current 4:00 a.m. to 8:00 p.m. ET window.

To manage the immense technical demands of continuous operation, the plan incorporates a one-hour technical pause each day, beginning at 8:00 p.m. ET from Monday through Thursday. This brief shutdown is designed to allow the processors, exchanges, and other market participants to refresh systems, perform essential maintenance, and reset for the new trading date, which would commence immediately after the pause. Officials at the SIPs anticipate that this maintenance window could eventually be shortened as the technology and processes mature.

This initiative is a direct response to years of growing demand from global investors who wish to trade U.S. equities during their own business hours, particularly in Asia and Europe. The current structure forces international investors to either trade during inconvenient hours or accept "gap risk"—the potential for significant price moves in U.S. stocks based on overnight news while the market is closed.

A High-Stakes Regulatory Gauntlet

The path to a 24/5 market is far from guaranteed and hinges on navigating a complex regulatory landscape. Upon receiving the amendment, the SEC has a review period of up to 300 days to approve or disapprove the plan. It is widely expected that the commission will first publish the proposal and open a public comment period, inviting feedback from across the financial industry and the public.

However, the SIPs' timeline could be impacted by the SEC's other pressing priorities. The commission is already overseeing a raft of significant market structure changes, including a contentious overhaul of tick sizes and best execution rules, with compliance dates stretching into 2026. These overlapping initiatives could strain regulatory resources and potentially delay a final decision on extended hours.

Furthermore, the success of the plan is not solely in the hands of the SIPs and the SEC. It requires a synchronized effort across the entire financial ecosystem. Critical infrastructure providers, most notably the Depository Trust & Clearing Corporation (DTCC), must be ready to provide clearing and settlement services during the new hours. Likewise, FINRA must extend the operating window for its Trade Reporting Facility (TRF) to capture off-exchange trades. NYSE Arca has already received approval for its own 22-hour trading day, but its launch is contingent on the very SIP and DTCC readiness this new plan seeks to establish.

The Great Operational Overhaul

For market participants, the transition to a 24/5 cycle represents an immense operational and technological challenge. Broker-dealers, asset managers, and market makers face a costly and complex overhaul of their systems, staffing, and risk management frameworks.

Firms will need to invest heavily in upgrading their trading, order management, and data processing systems to handle a continuous flow of information and ensure 24/5 resilience. The increased data volume alone will require significant enhancements to storage and analytics capabilities. Cybersecurity protocols will also need to be fortified to protect against threats across a much larger attack surface.

Staffing presents another major hurdle. Brokerages and investment firms will have to implement 'round-the-clock teams for trading, compliance, client support, and IT operations, likely through a combination of hiring, creating new shifts, and leveraging global offices. These changes carry substantial ongoing costs that firms must weigh against the potential revenue from overnight trading volumes.

For retail investors, the change brings both opportunity and peril. While extended hours offer greater flexibility to react to global news, overnight sessions are historically characterized by lower liquidity and wider bid-ask spreads. This can lead to increased price volatility and less favorable trade executions, risks that will require significant investor education to mitigate.

Redrawing the Global Financial Map

Ultimately, this proposal is a strategic gambit for the U.S. to maintain its preeminence in global finance. By extending its trading day, Wall Street aims to capture a larger share of international capital flows and make U.S. equities more attractive to a global investor base. The move could deepen liquidity pools by creating more overlap with active trading sessions in Asian and European markets, potentially leading to more efficient price discovery.

This shift also puts competitive pressure on other major financial centers like London, Tokyo, and Hong Kong to innovate and perhaps extend their own market hours to retain market share. Historically, previous discussions about 24-hour U.S. trading have faltered due to concerns over fragmented liquidity, high operational costs, and a lack of coordinated infrastructure.

What makes this attempt different is the seemingly unified approach. With a major exchange like NYSE Arca already approved for longer hours and critical clearing infrastructure at the DTCC being upgraded in parallel, the industry appears to be moving in concert for the first time. The coming months of regulatory review and industry-wide preparation will determine if Wall Street is truly ready to embrace a future where the market never sleeps.