全天候交易！这家交易所拟延长交易至23小时

Core Viewpoint - Nasdaq plans to extend trading hours for stocks and exchange-traded products (ETPs) from 16 hours to 23 hours, retaining only 1 hour for system maintenance and clearing, marking a significant step towards all-day trading in the U.S. capital markets [1] Group 1: Trading Hours Extension - The new trading hours will be divided into two segments: daytime trading from 4 AM to 8 PM and nighttime trading from 9 PM to 4 AM, with a 1-hour break for system upgrades [2] - The trading week will start on Sunday at 9 PM and end on Friday at 8 PM, aiming to cater to international investors who wish to trade according to their local schedules [2] Group 2: Market Demand and Impact - The reform targets the needs of Asian and European investors, as current trading hours pose challenges for these groups, with 42% of U.S. stock trading volume coming from non-U.S. investors [2] - The extension is expected to enhance New York's status as a global financial center, although concerns about "over-financialization" have been raised [2] Group 3: Technical and Regulatory Considerations - The extension relies on the real-time updating capabilities of the Securities Information Processor (SIP), which currently faces delays during peak times, raising regulatory concerns [3] - The DTCC plans to launch all-day clearing services by the end of 2026, but potential technical issues could lead to systemic risks [3] Group 4: Competitive Landscape - Other exchanges, including the New York Stock Exchange and CBOE, are also pursuing similar proposals, with a target implementation by 2026 [4] - Market analysts predict that extended trading hours could increase daily trading volume by 5%-8%, although short-term volatility may rise due to technical adjustments [4]