Cboe has filed to launch near-24/5 US equities trading this December, more than a year after it announced its intentions to provide overnight trading.
Cboe intends to make all listed NMS stocks available on Cboe EDGX Equities Exchange (EDGX) between 9pm ET Sunday and 8pm ET Friday, with a one-hour operational pause between 8 and 9 pm ET from Monday to Thursday. Both NYSE and Nasdaq have announced similar initatives, expected to launch in late 2026.
Overnight trading is predominantly aimed at retail, and APAC-based investors who wish to access US markets. Exchanges’ planned 24-hour offerings have been met with mixed responses from the buy side.
READ MORE: “Spectacularly stupid”: Buy side scorns 24-hour trading prospects
Last February, barriers to Cboe’s project included changes to Securities Information Processor (SIP) hours and various regulatory amendments. In May, the SIPs shared plans to operate on a 24-hour model with a one-hour pause at 8pm ET. This was confirmed in December, with a proposed implementation date of December 2026. The SIPs expect that the pause will eventually be shortened.
READ MORE: 24-hour trading day ends at 8pm, SIPs say—Citadel issues warnings
Cboe’s trades are expected to be cleared through the Depository Trust and Clearing Corporation (DTCC). The corporation announced that its own clearing hours would become 24/5 in Q2 2026 last year.
READ MORE: DTCC prepares for 24-hour trading onslaught
Between February 2022 and 2026, early hours trading sessions on EDGX (4 am to 7 am ET) saw average daily volumes (ADV) rise by 806%. Year-to-date, ADV increased 607% between 2022 and 2026.
Earlier this year, the FIX Trading Community established a working group for 24/5 US equity trading.
READ MORE: FIX explores 24/5 trading as overnight volume predictions soar
In Europe, Deutsche Borse is also getting in on the overnight trading game. A recent German law change will give smaller Asia-based investors the opportunity to conduct overnight market-making in the German market without having to establish a physical entity in the country, market sources told Global Trading.
