Core Viewpoint - Nasdaq is planning to submit paperwork to the US Securities and Exchange Commission (SEC) to implement round-the-clock trading of stocks, aiming to meet the growing global demand for US equities [1][2]. Group 1: Trading Hours Expansion - Nasdaq intends to extend trading hours from 16 hours to 23 hours, five days a week, transitioning from three daily sessions to two [5][6]. - The new trading schedule will start on Sunday at 9pm and end on Friday at 8pm, with a day session from 4am to 8pm and a night session from 9pm to 4am [8]. Group 2: Market Demand and Globalization - The US stock market accounts for nearly two-thirds of the global market value of listed companies, with foreign holdings of US equities reaching $17 trillion last year [2]. - There is a notable trend towards globalization in US markets, with increasing demand from international investors for access to US equities [4][12]. Group 3: Regulatory and Operational Considerations - Nasdaq has begun discussions with regulators and anticipates launching nonstop trading in the second half of 2026 [3]. - Successful implementation of round-the-clock trading will depend on upgrades to the securities information processor and the US Depository Trust and Clearing Corp.'s plans for nonstop clearing by the end of 2026 [9]. Group 4: Investor Behavior and Market Dynamics - Advocates for round-the-clock trading argue it will enable quicker reactions to market developments for investors outside the US, although major Wall Street banks express caution regarding potential liquidity and volatility issues [10]. - Current off-exchange trading venues are utilized by investors seeking 24/7 trading options, indicating a growing demand for such services [11].

Technology & Ecosystem - L2 construction is beneficial for Arbitrum's technology [1] - L2 construction is beneficial for ETH as an asset [1] - Tokenized stocks by Robinhood on their own L2 are significant for Arbitrum [1] DeFi Impact - L2 construction has a huge positive impact on DeFi [1] - Tokenized stocks by Robinhood on their own L2 are significant for DeFi [1]