Nasdaq(US:NDAQ) 美股研究社·2025-12-17 14:47Core Viewpoint - The traditional financial system is undergoing a significant transformation in response to the rise of cryptocurrency, as evidenced by Nasdaq and NYSE's proposals to extend trading hours to 23 hours a day, reflecting a shift in investor expectations [5][10]. Group 1: Market Changes - Nasdaq and NYSE have submitted proposals to fundamentally reshape trading hours, aiming to extend them to 23 hours daily, driven by the impact of cryptocurrency on investor behavior [5][8]. - Approximately $17 trillion in overseas assets are seeking to escape time zone constraints and gain access to the U.S. market, prompting Wall Street's new proposal for a continuous trading cycle from Sunday 9 PM to Friday 8 PM [8][10]. Group 2: Industry Response - Nasdaq President Tal Cohen stated that the exchange is prepared to embrace the opportunities and challenges brought by extended trading hours, indicating a shift towards innovation while maintaining market integrity [10]. - The emergence of decentralized finance has already demonstrated the feasibility of 24/7 trading through tokenized stocks on public blockchains and systems like Blue Ocean ATS, which operates for 23.5 hours [11][12]. Group 3: Future Outlook - The SEC is expected to approve the proposed changes by the second quarter of 2026, leading to significant infrastructure changes, including the deployment of continuous clearing capabilities by the DTCC [13][14]. - Predictions indicate a 65% probability that fully operational 24/7 trading will become a reality within the next five years, marking a historical shift in the relationship between traditional finance and decentralized trading mechanisms [14].