The SEC published Nasdaq filing SR-NASDAQ-2026-080 on 5 October. Nasdaq plans to begin a 9:00 p.m.–4:00 a.m. ET Night Session on or about 6 December 2026. The rule change prevents a Level 3 market-wide circuit-breaker halt from ending automatically when that new session opens at 9:00 p.m.; trading would instead resume at 4:00 a.m. ET or later on the following trading day.
Nasdaq says other self-regulatory organizations intend to file coordinated changes. The filing became effective on submission and is expected to become operative after 30 days, subject to SEC action and coordinated implementation.
FMI WORLD analysis: Extending the trading day forces market-wide risk controls to be redesigned around overnight liquidity and participation. Keeping the morning restart preserves the cooling-off period and avoids reopening after a 20% decline during a session when institutional participation and price discovery may be thinner.
U.S. exchanges, FINRA, broker-dealers, market makers, clearing and settlement operations, market-data processors, institutional and retail investors, and technology teams preparing for 23-hour trading.
Coordinated filings from other exchanges and FINRA; the operative-date notice; equity-data-plan readiness; Nasdaq’s planned 6 December launch; overnight price-band and market-data controls; broker and clearing support; and whether the SEC suspends the immediately effective filing during the 60-day review window.