Nasdaq Proposes Revolutionary 5X23 Trading Model for Nearly Round-the-Clock Market Access

In a significant move toward modernizing U.S. equity markets, Nasdaq is preparing to submit a proposal to the Securities and Exchange Commission (SEC) that would fundamentally reshape how stocks and exchange-traded products (ETPs) operate. The initiative centers on the groundbreaking 5X23 model, which represents a shift from the current five-day-a-week, 16-hour trading structure to an expanded framework allowing 23 hours of daily market activity.

According to reporting from BlockBeats, this proposed 5X23 framework reflects growing demand for continuous market access in an increasingly global and digital financial landscape. The extended hours would democratize trading opportunities for investors across different time zones and schedules, particularly benefiting international participants and those seeking flexibility in their trading hours.

Understanding the Dual-Session Architecture of the 5X23 Model

The 5X23 proposal introduces a meticulously structured two-session trading system designed to maximize market availability. The daytime session operates from 4 a.m. to 8 p.m. Eastern Time, encompassing the familiar three-period structure: pre-market trading beginning before 9:30 a.m., the regular market session from 9:30 a.m. to 4:00 p.m., and post-market trading extending until 8 p.m.

The complementary nighttime session runs from 9 p.m. until 4 a.m. the following day, creating a seamless bridge between trading days. A critical detail in the 5X23 design: any trades executed between 9 p.m. and midnight are recorded as transactions for the next calendar day, maintaining clear accounting and regulatory clarity.

How the 5X23 Weekly Trading Calendar Redefines Market Operations

Under this innovative schedule, the trading week commences at 9 p.m. on Sunday evening and concludes at 8 p.m. on Friday following the daytime session. This recalibration essentially creates a continuous 23-hour trading window five days a week, eliminating the traditional gaps that have characterized U.S. equity markets for decades.

The 5X23 model addresses key limitations of current trading hours, particularly the exclusion of after-hours Asian and European market sessions. By extending availability, Nasdaq aims to position itself competitively while offering market participants unprecedented flexibility in execution timing and strategy implementation across the traditional and emerging market sessions.