Nasdaq(US:NDAQ) 证券时报·2025-03-07 14:45Core Viewpoint - Nasdaq has applied to regulators for a plan to allow trading five days a week, 24 hours a day, aiming to meet the growing interest from global investors, particularly from Asia, but faces various challenges and mixed opinions from market participants [2][4][11]. Group 1: Nasdaq's Proposal - Nasdaq has initiated discussions with regulators and key stakeholders to implement 24/5 trading, expecting to launch the plan in the second half of 2026 [4]. - The proposal requires approval from the U.S. Securities and Exchange Commission (SEC) before proceeding [6]. - Nasdaq's President Tal Cohen noted that while there is a demand for extended trading hours, there are significant hurdles related to risk management and liquidity [7]. Group 2: Market Context - Other exchanges, such as the New York Stock Exchange (NYSE), have also announced plans to extend trading hours, with NYSE's electronic Arca trading platform expected to offer 22-hour trading by 2025 [8]. - The average daily trading volume during non-standard hours has increased from approximately 700 million shares in 2021 to over 1.7 billion shares by January 2025 [14]. Group 3: Industry Challenges - Market participants have expressed concerns about the feasibility of 24-hour trading, including the need for exchanges to maintain a break for clearing transactions and system maintenance [13]. - Some companies listed on Nasdaq have reservations about the transition to 24/5 trading, particularly regarding liquidity and handling corporate announcements [14]. - The successful transition to a T+1 settlement cycle in 2024 has set a precedent for smoother changes in trading practices [16].