The US stock market is undergoing a major reform of trading hours



Nasdaq is advancing the extension of stock trading hours from the current 16 hours to 23 hours on trading days. The new plan divides trading into three phases:

• Morning session: 4 a.m. to 8 p.m. Eastern Time (standard trading hours)
• Maintenance window: 8 p.m. to 9 p.m. (settlement and system maintenance)
• Night session: 9 p.m. to 4 a.m. the next day (non-standard trading)

In contrast, the crypto market has already achieved 24/7 trading—this reflects a difference in market operation philosophies. The expansion of traditional stock market hours indicates that liquidity and trading convenience are becoming focal points in the competition among global financial markets. How this shift will ultimately impact investor participation and market efficiency remains to be seen.
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