Core Viewpoint - Nasdaq plans to submit a proposal to the SEC for 24/5 stock trading to meet the growing global demand for U.S. stocks, marking a significant shift in trading hours [1][2]. Group 1: Trading Hours Expansion - Nasdaq will extend daily trading hours from 16 to 23 hours, operating five days a week, with a new schedule that includes a day session (4:00 AM - 8:00 PM) and a night session (9:00 PM - 4:00 AM) [2]. - The new trading week will start on Sunday at 9:00 PM and end on Friday at 8:00 PM, with a one-hour break for system maintenance [2]. Group 2: Market Demand and Globalization - There is a significant increase in demand for night trading, particularly from international investors, as they seek to participate in the U.S. market according to their own time zones [4]. - Nasdaq's move reflects a broader trend of globalization in the U.S. market, with foreign investors holding $17 trillion in U.S. stocks as of last year [1][4]. Group 3: Industry Response - While proponents believe that 24/5 trading will allow quicker responses to market dynamics outside regular hours, major Wall Street banks express caution, fearing potential liquidity decline and increased volatility [3]. - Nasdaq has built a resilient and high-throughput system to handle increased trading activity during market stress [4].

Core Viewpoint - Nasdaq plans to submit a proposal to the SEC for a 24/5 trading service to meet the growing global demand for U.S. stocks, marking a significant shift in trading hours for the exchange [1][2]. Group 1: Trading Hours Expansion - Nasdaq will extend daily trading hours from 16 hours to 23 hours, operating five days a week, with a new structure of daytime and nighttime trading sessions [2]. - The new trading schedule will include a one-hour break for system maintenance, with daytime trading from 4:00 AM to 8:00 PM and nighttime trading from 9:00 PM to 4:00 AM [2]. Group 2: Market Demand and Globalization - There is a significant increase in demand for U.S. stocks from international investors, with foreign ownership of U.S. stocks reaching $17 trillion [1][3]. - Nasdaq's executives emphasize the trend of globalization in the market, indicating that investors worldwide want to trade according to their own time zones [4]. Group 3: Industry Response and Concerns - Major Wall Street banks express caution regarding the potential impacts of 24/5 trading, including concerns about liquidity, increased volatility, and uncertainty in investment returns [3]. - Despite lower trading volumes during extended hours, there is a notable rise in demand for after-hours trading, primarily through alternative trading systems [4].