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Cboe EDGX is proposing to extend its equity trading hours to 23 hours a day, five days a week, by introducing a new Overnight Trading Session running from 9:00 p.m. to 4:00 a.m. ET, driven by surging pre-market volume and demand from retail investors in Asia-Pacific markets who want access to U.S. equities during their local business hours. This is a notice of filing, meaning the SEC is soliciting public comments and has up to 90 days to approve, disapprove, or open formal proceedings — it does not kill the proposal and approval is plausible given the SEC has already approved similar frameworks for 24X National Exchange and NYSE Arca. If approved, EDGX would become another major regulated venue offering near-continuous equity trading, competing directly with 24X and NYSE Arca for overnight order flow that currently goes to ATSs and foreign markets, though actual go-live requires a separate confirmation filing once consolidated data infrastructure (SIPs) is ready.
IEX RELEVANT IEX does not currently offer extended overnight trading, so EDGX's 23x5 proposal — following approvals for 24X and NYSE Arca — accelerates an industry shift toward near-continuous equity trading that could pressure IEX to evaluate its own overnight trading strategy or risk ceding a growing segment of retail-driven order flow to competitors.
Nasdaq has received SEC approval to extend its trading hours to 23 hours a day, five days a week, adding a new 'Night Session' from 9:00 p.m. to 4:00 a.m. ET (Sunday through Thursday). The SEC granted accelerated approval, meaning this is a final green light — not a pause or procedural step — though actual launch is contingent on the SIPs (market data infrastructure) being ready to support overnight operations, with an 18-month deadline before the rules must be removed if that readiness isn't confirmed. In practice, once the SIPs are ready, Nasdaq will be the first major incumbent exchange operating an overnight session, competing directly with ATSs like Blue Ocean that currently capture overnight retail and international order flow; all NMS stocks will be tradeable but only with limit orders and no pegged/unpriced order types during the Night Session.
IEX RELEVANT Nasdaq's approved 23/5 trading session creates direct competitive pressure on IEX to evaluate whether it must also extend hours to retain or attract order flow, particularly from international and retail investors currently routing to overnight ATSs — and forces IEX to consider whether its speed bump and investor-protection differentiators translate meaningfully into a lower-liquidity, limit-order-only overnight session environment.
Proposal history
2026-01-13
notice of filing
Notice of Filing of Proposed Rule Change To Extend the Exchange's U.S. Equities Trading H…
🔵 IEX Competitive Intel
FINRA is eliminating the decades-old 'pattern day trader' rule — including the $25,000 minimum equity requirement and day-trading buying power limits — and replacing it with a modernized intraday margin standard that ties margin requirements to a customer's actual real-time market exposure at any point during the trading day. The SEC has fully approved this change (accelerated approval means it goes into effect faster than the standard 30-day waiting period after amendment), so this is not a pause or procedural step — the rule change is final and will be implemented. Members have 45 days from FINRA's Regulatory Notice before the new rules take effect, with an 18-month phase-in window for firms that need more time to update their systems.
IEX RELEVANT Removing the $25,000 pattern day trader barrier could meaningfully expand the pool of active retail traders in U.S. equity markets, potentially increasing overall order flow volume across all exchanges including IEX, while also raising the competitive stakes for attracting retail-driven order flow.
Proposal history
2026-01-14
notice of filing
Notice of Filing of a Proposed Rule Change To Amend FINRA Rule 4210 (Margin Requirements)…
NSCC (the central clearinghouse for U.S. equities) is proposing to extend its trade acceptance and clearing operations to a 24x5 model — running from Sunday 8pm to Friday 8pm — to support the broader industry push toward extended and overnight equity trading hours being pursued by NYSE Arca, Cboe EDGX, Nasdaq, 24X National Exchange, and various ATSs. This is a notice of filing, meaning the SEC is soliciting public comment before deciding whether to approve or disapprove the rule change; it does not take effect yet and the SEC has up to 90 days to act. If approved (targeted for June 28, 2026 implementation), brokers, exchanges, and ATSs would be able to have overnight trades centrally cleared and guaranteed by NSCC, removing a key operational barrier to widespread 24-hour U.S. equity trading.
IEX RELEVANT NSCC clearing support for overnight trading is a prerequisite infrastructure piece that would enable competitor exchanges like NYSE Arca, Cboe EDGX, and Nasdaq to operationalize 24x5 trading sessions, potentially intensifying competition for order flow in sessions where IEX currently has no presence and would need to decide whether to participate or cede ground.