The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its National Securities Clearing Corporation (NSCC) subsidiary will increase clearing hours to support extended trading with implementation targeted for Q2 2026, subject to regulatory review and approval of any necessary rule changes. Extending clearing hours will deliver increased client value by maximizing liquidity and reducing counterparty risk as NSCC will be able to apply its central counterparty guarantee to overnight activity across different time zones for global participants.
NSCC implemented phase 1 of the new extended trading hours schedule in September 2024 by enabling market centers and trading platforms to submit trades at 1:30 AM ET, approximately 2.5 hours earlier. Under plans for phase 2, which will take effect in Q2 2026, NSCC will operate 24×5, from Sunday at 8:00 PM ET to Friday at 8:00 PM ET to support overnight trading activity from Alternative Trading Systems (ATS) and Exchanges. NSCC is aware that the industry has indicated a preference to establish standard operating hours across Exchange and ATS providers for the U.S. market, and NSCC will continue to work with SIFMA, regulators and the industry to support the alignment of extended trading hours and any required changes to post-trade processes.
“As interest in near round-the-clock trading of U.S. equities grows, we are meeting this demand by extending our clearing hours to support our clients and further strengthen the safety and soundness of the markets,” said Brian Steele, Managing Director, President of Clearing and Securities Services at DTCC. “DTCC is committed to leading large-scale, industry-wide initiatives that deliver positive change for the industry and the investing public. We look forward to continuing to work collaboratively across the industry towards a successful implementation. At the same time, we remain engaged with SIFMA to align to a consistent view of the U.S. trading day.”
“SIFMA is working across our membership on the proposed expansion of trading hours,” said Steve Byron, Managing Director, Head of Technology, Operations and Business Continuity at SIFMA. “SIFMA and its membership are supportive of the establishment of a consistent U.S. trading day across exchanges which enables increased access to U.S. markets for a global client base. The expansion of trading hours, however, presents several challenges for the industry that will need to be overcome to minimize disruption to firms and existing post-trade clearing and settlement processes.”
Dmitri Galinov, 24 Exchange CEO and Founder said, “This is a significant moment for round-the-clock trading that will provide immense global benefits. As the first national securities exchange in the U.S. that is approved to offer trading of U.S. securities 23 hours each workday, we applaud DTCC for further expanding the clearing hours offered through the NSCC. The move will support extended trading on the 24X National Exchange that we are currently building and will benefit the global broker-dealer institutions it will serve.”
“When Blue Ocean ATS officially launched, we recognized the void in the after-hours markets and set out to empower investors worldwide to trade stocks beyond traditional hours,” said Brian Hyndman, CEO of Blue Ocean Technologies. “Today, we are seeing success in our mission by affording investors more choices, tools, and data to trade while navigating volatile markets confidently, leveraging the extended NSCC hours that were introduced in September. We look forward to the additional advancements in 2026.”
“DTCC’s decision to extend NSCC’s clearing hours is a monumental advancement that underscores the growing legitimacy and demand from the investment community for continuous trading,” said Jason Wallach, CEO of Bruce Markets. “This move aligns with our vision at Bruce Markets to modernize U.S. equities trading by providing robust, secure, and dependable access during non-traditional hours. It highlights the growing demand and natural progression toward a 24-hour trading day, creating a more inclusive and responsive trading environment across global time zones.”
“Cboe has been a leader in expanding market access, offering overnight trading for SPX options and VIX options and futures, 24×5 trading in our FX markets, and early trading hours on our U.S. equities exchange,” said Oliver Sung, Head of North American Equities at Cboe Global Markets. “As we now look to leverage our global technology platform and proven market expertise to enable 24×5 trading for U.S. equities – subject to regulatory review – we are pleased to see DTCC’s support and commitment to providing the critical clearing infrastructure that will be an essential component to a successful implementation.”
“Overnight trading represents the next step in the evolution of the U.S. Equity markets, offering a pivotal opportunity to broaden investor access and redefine the trading ecosystem. We recognize the magnitude of this change and the need for the industry to come together to ensure a seamless transition for market participants,” said Kevin Kennedy, Executive Vice President and Head of North American Markets at Nasdaq. “As part of that collaboration, we are proud to partner with the DTCC and NSCC with the goal of providing extended clearing hours that support a robust trading environment.”
“The New York Stock Exchange is proud to be the first established equity exchange to file and receive SEC approval to extend trading hours for U.S. listed companies and funds, providing access to investors in various time zones worldwide,” said Kevin Tyrrell, Head of Markets at NYSE. “This initiative highlights the continued advancement of our capital markets and the increasing global demand for U.S. listed securities. We look forward to continuing to work with the DTCC and the broader industry to further this effort.”
“RQD is uniquely positioned with a flexible clearing platform that enabled us to quickly adopt the earlier clearing hours offered by NSCC,” said Michael Sanocki, CEO of RQD. “This capability positions us to be an example of the benefits that the shift in trading hours can bring to global market participants, such as executing trades seamlessly, efficiently, and securely.”
Steele added, “We are pleased to have worked with 24 Exchange, Blue Ocean Technologies, Bruce Markets, Cboe Global Markets, Nasdaq, NYSE and RQD, as well as SIFMA and other key stakeholders across the industry, as we extend NSCC’s clearing hours. Reducing the time between trade execution and NSCC’s trade clearance and guarantee process is critical in reducing counterparty risk and bringing increase safety and soundness to markets.”
