US stocks sprint toward “never closing”: Why did Nasdaq launch a “5×23-hour” trading experiment? | Bee Network

US stocks sprint toward “never closing”: Why did Nasdaq launch a “5×23-hour” trading experiment? | Bee Network Login Tin tức thịnh hành Nền tảng khởi chạy meme Các tác nhân trí tuệ nhân tạo (AI) DeSci TopChainExplorer Dành cho Newbee Tiền xu 100 lần Trò chơi Ong Trang web cần thiết ỨNG DỤNG Phải Có Người nổi tiếng về tiền điện tử DePIN Tân binh cần thiết Máy dò bẫy Công cụ cơ bản Trang web nâng cao Trao đổi Công cụ NFT CHÀO, Đăng xuất Vũ trụ Web3 Trò chơi Ứng dụng phi tập trung (DApp) Tổ ong Nền tảng phát triển QUẢNG CÁO Tìm kiếm Tiếng Anh Nạp xu Đăng nhập Tải xuống Đại học Web3 Trò chơi Ứng dụng phi tập trung (DApp) Tổ ong QUẢNG CÁO trang chủ•Phân tích•US stocks sprint toward “never closing”: Why did Nasdaq launch a “5×23-hour” trading experiment? US stocks sprint toward “never closing”: Why did Nasdaq launch a “5×23-hour” trading experiment?Phân tích2 tháng trước更新Wyatt 14.440 1 When the mật mã market had long been accustomed to the 24/7 non-stop rhythm, Nasdaq, standing at the core hub of TradFi, finally couldn’t sit still any longer.

On December 15, Nasdaq officially filed documents with the U.S. Securities and Trao đổi Commission (SEC) to extend trading hours from the current 16 hours per day, 5 days a week (pre-market/intraday/after-market) to 23 hours per day, 5 days a week (daytime/nighttime).

Once approved, US stocks will trade from 9:00 PM Sunday to 8:00 PM Friday, with only a one-hour break window each day (8:00 PM – 9:00 PM). The official reason is quite respectable: “to meet the growing needs of Asian and European investors, allowing them to trade during non-traditional hours.”

However, upon closer examination, the underlying logic goes far beyond this. Nasdaq is clearly conducting an extreme stress test for future stock tokenization, and we have gradually pieced together a continuously advancing timeline:

Nasdaq and the U.S. financial markets are preparing for a “financial system that never closes.”

I. From 5×16 to 5×23: The “Last Hour” Approaching the Limits of TradFi
On the surface, this is just a matter of extending the transaction time, but from the perspective of all participants in TradFi, this step has almost pushed the technical capacity and collaborative capabilities of the existing financial infrastructure system to their physical limits.

As is well known, stock trading within the TradeFi ecosystem is a tightly meshed gear system. Besides Nasdaq, stakeholders include brokerages, clearinghouses, regulators, and even listed companies. This means that to support 23-hour trading, all market stakeholders need to communicate extensively and undergo significant restructuring across all aspects, including clearing, settlement, and collaboration systems.

Brokerages and securities firms must extend their customer service, risk control, and transaction maintenance systems to 24/7, resulting in a sharp increase in operating and human resource costs. The clearing house (DTCC) is required to upgrade its transaction coverage time and clearing and settlement system to extend its service hours to 4:00 AM to match the new rule of “nighttime transactions are settled the next day” (transactions between 9:00 PM and 12:00 AM are counted the next day). Listed companies must also re-evaluate the timing of their financial reports or announcements of major events, and investor relations and market participants must gradually adapt to the new reality that “major information is priced in real time by the market during non-traditional periods.” Of course, for those of us in the Eastern Time Zone 8, US stock trading used to be concentrated in the late night or early morning. The new 5-day x 23-hour model means that we can participate in real time without staying up all night, which is a great benefit. However, it also raises a fundamental question: since the decision to reform has been made, why not go straight to 7×24 instead of leaving this awkward 1 hour?

According to Nasdaq’s public disclosure, the one hour reserved in the middle is mainly used for system maintenance, testing and transaction settlement. This also exposes the “Achilles’ heel” of the traditional financial architecture, that is, under the existing centralized clearing and settlement system (based on DTCC and brokerage/bank systems), there must be a period of physical downtime for batch data processing, end-of-day reconciliation and margin settlement.

Just like bank branches still need to reconcile accounts after closing time every day, this one hour can be seen as a “fault tolerance window” in the real world. Although it requires huge investment in manpower shifts and system maintenance costs, it also provides a necessary buffer for the upgrading of various systems, clearing and settlement synchronization, fault isolation and risk disposal under the current financial infrastructure.

However, compared to before , the remaining hour will place extremely high demands on TradFi’s cross-role collaboration capabilities across the entire industry, amounting to nothing less than an extreme stress test.

In contrast, blockchain-based cryptocurrencies and tokenized assets rely on distributed ledgers and smart contracts for atomic settlement, inherently possessing the characteristics of 24/7/365 trading. There is no closing time, no need for market closures, and no need to squeeze key processes into a fixed end-of-day window.

This explains why Nasdaq is pushing its limits with great effort and little reward. It’s not that it suddenly realized it could be more “considerate” of Asian users, but rather that the situation dictates it. As the boundaries between the 24/7 Crypto market and the traditional financial market become increasingly blurred, traditional exchanges are increasingly seeking incremental trading opportunities from global funds across time zones and longer-term liquidity coverage.

It can be said that after entering 2025, tokenization was already imminent, and players like Nasdaq had already laid the groundwork behind the scenes (further reading: ” Nasdaq flooring the gas pedal: From ‘drinking soup’ to ‘eating meat,’ is US stock tokenization entering its decisive stage? “). Therefore, from this perspective, the 23-hour trading system is not an isolated rule change of “opening for a few more hours,” but rather a systemic transition, paving the way for stock tokenization, on-chain clearing, and a 24/7 global asset network.

Without overturning existing securities laws and the National Chợ System (NMS), we will first bring the trading system, infrastructure, and participant behavior closer to on-chain—to test and pave the way for more aggressive goals in the future (more continuous trading, shorter settlement cycles, and even on-chain clearing and tokenized delivery).

Imagine if the SEC approves the 23-hour trading system and it gradually becomes the norm. The market’s patience and reliance on “trading anytime and pricing instantly” will be raised. Then, how far away will we be from the true 24/7 endgame?

With the official launch of tokenized US stocks, the global financial system will seamlessly transition to a truly “never-ending” future.

II. What profound impact will this have on the market?
Objectively speaking, the “5×23” model may be a structural upheaval affecting the global TradFi ecosystem.

In terms of time breadth, it significantly expands the time boundaries of trading, which is undoubtedly a substantial benefit for investors across time zones, especially in the Asian market; however, from the perspective of market microstructure, it also introduces new uncertainties in terms of liquidity distribution, risk transmission, and pricing power, which could easily induce a “sustainable drain on the resources” approach to global liquidity.

In fact, the activity of US stocks during non-traditional trading hours (pre-market and after-market) has indeed shown explosive growth in recent years.

Data from the NYSE shows that in the second quarter of 2025, trading volume outside of trading hours exceeded 2 billion shares, with a turnover of $62 billion, accounting for 11.5% of U.S. stock trading that quarter, a record high. Meanwhile, trading volume on night trading platforms such as Blue Ocean and OTC Moon continued to climb, and night trading is no longer a marginal phenomenon but a new battleground that mainstream funds cannot ignore.

Source: NYSE

Behind this is essentially the concentrated release of the real demand of global traders, especially Asian retail investors, to “trade US stocks in their own time zone .” From this perspective, what Nasdaq is trying to do is not to create demand, but to re-incorporate the night trading sessions, which were originally scattered in the off-exchange and low-transparency environment, into a centralized and regulated exchange system by leveraging its compliant status, and to regain the pricing power that has been lost in the shadows.

However, the problem is that “5×23” trading does not necessarily lead to higher-quality price discovery; it is more likely to present a paradoxical double-edged sword situation:

First, there is the risk of “fragmentation” and “dilution” of liquidity: Although extending trading hours can theoretically attract more funds from across time zones, in reality it also means that limited trading demand is fragmented and diluted over a longer time axis, especially during the “night” hours under the “5×23” model. The corresponding trading volume of US stocks is already lower than that of regular hours. Extending the hours may lead to wider price spreads, insufficient liquidity, increased transaction costs and volatility, and even make it easier to manipulate the market during periods of low liquidity. Secondly, there is the potential change in the pricing power structure: As mentioned earlier, Nasdaq is expected to take over the scattered orders diverted to over-the-counter platforms such as Blue Ocean and OTC Moon through the “5×23” model. However, for institutions, the fragmentation of liquidity has not disappeared, but has only changed from “over-the-counter dispersion” to “on-exchange time-sharing”. This places higher demands on risk control and execution models. This fragmented liquidity environment also significantly increases the wear and tear costs of executing large orders. Finally, there is the possibility that black swan risks are amplified due to “zero delay”: Under the 23-hour trading framework, major emergencies (whether it is earnings disappointment, regulatory statements, or geopolitical conflicts) can be instantly converted into trading orders. The market no longer has the buffer period of “digesting it overnight”. In the relatively illiquid night trading environment, this instant reaction is more likely to trigger gaps, violent fluctuations, and even irrational chain liquidation reactions, making the destructive power of black swan events exponentially amplified when there are no counterparties. That’s why I pointed out above that trading under the “5×23” model is not as simple as “opening the market for a few more hours” or just a matter of “lower or higher risk.” Rather, it is a systemic extreme stress test of TradeFi’s price discovery mechanism, liquidity structure, and pricing power distribution.

Everything is paving the way for a tokenized future that “never closes.”

III. Nasdaq’s Overall Strategy: All the Groundwork Points to On-Chain
If we take a longer view and connect the dots of Nasdaq’s recent flurry of activity, we become even more convinced that this is a carefully orchestrated, step-by-step strategic puzzle, with the core objective of enabling stocks to eventually have the ability to circulate, settle, and price like tokens.

To this end, Nasdaq chose a moderate reform path with a very traditional financial style, and the evolution logic of the roadmap is extremely clear, advancing step by step.

The first step occurred in May 2024, when the US stock settlement system was officially shortened from T+2 to T+1. This was a seemingly conservative but actually crucial infrastructure upgrade. Then, in early 2025, Nasdaq began to signal its intention to offer “24/7 trading,” hinting at plans to launch five days a week of uninterrupted trading services in the second half of 2026.

Subsequently, Nasdaq shifted its reform focus to the more covert yet crucial back-end system—the Calypso system, which integrates blockchain technology to enable 24/7 automated margin and collateral management. This step had almost no visible impact on ordinary investors, but it was a very clear signal for institutions.

By the second half of 2025, Nasdaq began to make positive progress in terms of systems and regulations.

First, in September, the company formally submitted an application to the U.S. SEC for stock “tokenization” transactions. In November, it made it clear that tokenizing U.S. stocks was its primary strategy and that it would “promote it as quickly as possible.”

Almost simultaneously, SEC Chairman Paul Atkins also stated in an interview with Fox Business that tokenization is the future direction of capital markets. By putting securities assets on the blockchain, clearer ownership confirmation can be achieved. He predicted that ” within the next two years, all markets in the United States will migrate to the blockchain and achieve on-chain settlement .”

It was against this backdrop that Nasdaq submitted its application to the SEC in December 2025 for a 5×23-hour trading system.

From this perspective, Nasdaq’s extended trading hours of 23 hours are not a single-point reform, but a necessary step in its stock tokenization roadmap. This is because future tokenized assets will inevitably pursue 24/7 liquidity, and the current 23-hour trading is the closest “transitional state” to the on-chain rhythm.

Most intriguingly, in 2025, regulators (SEC), infrastructure providers (DTCC), and trading venues (Nasdaq) demonstrated a highly coordinated pace:

The US SEC has eased restrictions and set the tone: while continuously deregulating, it is also releasing expectations of “full on-chain” through high-level interviews, injecting certainty into the market; DTCC Foundation: On December 12, DTCC subsidiary Depository Trust Company (DTC) received a no-objection letter from the U.S. SEC, approving its provision of real-world asset tokenization services in a controlled production environment, with plans to officially launch in the second half of 2026, addressing the core issues of clearing and custody compliance; Nasdaq surges: Officially announces tokenized stock plan, prioritizes it to the maximum, accepts 23-hour trading requests, and attracts global liquidity;

Source: DTCC Official Website

When these three timelines are placed on the same timeline, the seamless coordination of their arrangement makes it hard not to draw the following conclusion:

This is not a coincidence or a sudden whim of Nasdaq, but a highly coordinated and continuously advancing institutional project. Nasdaq and the US financial market are making a final sprint toward a “financial system that never closes.”

Tóm lại là
Of course, once Pandora’s box is opened, “5 x 23 hours” is only the first step.

After all, once human needs are met, they are irreversible. So now that US stocks can be traded in the middle of the night, users will inevitably ask: Why do I still have to endure that one-hour interruption? Why can’t I trade on weekends? Why can’t I use USDT for real-time settlement?

When global investors’ appetites are fully whetted by the “5×23 hours” scenario, the existing incomplete TradFi architecture will face its final blow. Only native tokenized assets available 24/7 can fill that last hour’s void. This is why, in addition to Nasdaq, players including Coinbase, Ondo, Robinhood, and MSX are also racing to catch up—those who are slow will inevitably be swallowed up by the on-chain torrent.

The future is still far off, but the time left for the “old clock” is running out.

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