The Depository Trust and Clearing Corporation (DTCC) is introducing 24/5 clearing hours for the National Securities Clearing Corporation (NSCC), effective Q2 2026.
This will allow the NSCC to provide its central counterparty guarantee of transaction completion to overnight activity and for those in different timezones, DTCC explained, reducing counterparty risk and increasing liquidity.
Plans to extend the trading hours schedule began in September 2024 with the decision to let market centres and trading platforms submit trades at 1:30AM ET. The initiative follows demand for standard operating hours across US market exchange and alternative trading system (ATS) providers, DTCC said.
Kevin Tyrrell, head of markets at NYSE, stated: “This initiative highlights the continued advancement of our capital markets and the increasing global demand for US listed securities.”
The NSCC will work with SIFMA, regulators and industry participants to ensure alignment across extended exchange and ATS hours and support any changes required to post-trade processes, it said.
Interest in 24-hour trading for US equities has steadily increased over recent months, with a number of exchanges announcing plans to move to an all-hours model.
Cboe Global Markets announced in February that it planned to offer 24-hour trading for stocks on its EDGX venue, however significant market changes are required for the project to be operational.
In October 2024, NYSE shared that it would be extending trading hours on the NYSE Arca equities exchange to 22 hours a day.
Oliver Sung, head of North American equities at Cboe Global Markets, commented: “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.”
READ MORE: Cboe rivals NYSE with 24/5 trading plans
A month after Cboe, Nasdaq announced its own plans to begin 24/5 trading in 2026.
Kevin Kennedy, executive vice president and head of North American markets at Nasdaq, stated: “Overnight trading represents the next step in the evolution of the US equity markets, offering a pivotal opportunity to broaden investor access and redefine the trading ecosystem. We recognise the magnitude of this change and the need for the industry to come together to ensure a seamless transition for market participants.”
From 24-hour trading to the T+1 shift, the amount of time that international US equities investors have to determine execution strategies and hedge US exposure is being condensed. As a result, demand for real-time US market data is rising – particularly among APAC clients, according to market data provider QuantHouse.
Part of software company Iress, QuantHouse has expanded its US equity market data suite by providing clients access to Cboe Feed One. It is the 17th vendor to distribute the feed.
Cboe One Feed provides consolidated data from Cboe’s four US equity secondary electronic trading venues, BZX, BYX, EDGX and EDGA. According to Cboe, quotes from the platform are within 1% of the national best bid and offer 97.26% of the time.
Nasdaq declined to comment on the accuracy of this statement.
Cboe One Feed users can select either the summary or premium feed, the latter of which provides five levels of aggregate depth information along with top and last sale data. The data will be accessible on a subscription basis, as with other data feeds on the QuantHouse platform, with the data itself accessible via Cboe directly.
