Xchange episode 8: 24/7 markets and post-trade change

A look at how 24x7 trading and 23x5 clearing could reshape US market operations, liquidity and cross-border investment.

In December 2026, leading US exchanges (including Nasdaq, NYSE and 24X) are expected to begin offering live trading for cash equities on a 24x7 basis. The DTCC will already begin 23x5 clearing of these securities in June 2026. 

It’s a change to trading hours, but a transformational shift in operational and processing requirements for US market participants. It will create significant new pressures on asset servicing and data processing. For those overseas, it also raises new questions about domestic market liquidity for exchanges and market participants across the world.

In episode 8 of our Xchange podcast, Barnaby Nelson (CEO), Emma Johnson (Head of Industry Advocacy and Insight) and Mark Brannigan (Head of Xchange product) talk through:

• What is extended hours trading (EHT)? 24 hour reactivity for investors to respond to major global events
• Who is expected to use it? US retail, US institutional investors, Asian retail
• What does it mean in practice? Continuous trading, daily technical 1 hour pause to replace previous extensive overnight window
• What issues does it represent? Liquidity, supervision, CA, ETFs, Asian investments and more
• What happens next? What is the timeline, and when do we expect it to start having major impacts