Nasdaq has now posted on its Global Trading Hours Hub both general Frequently Asked Questions and Corporate Action FAQs. Here are some FAQs from the general document that got my attention, some of which could be gleaned from the SEC’s notice of Nasdaq’s proposed rule change but are nonetheless helpful to have explicitly confirmed.

What are global trading hours?

To meet rising demand for U.S. equities across the globe, Nasdaq is engaging with regulators to offer nearly continuous trading 23 hours a day, 5 days a week, on the Nasdaq Stock Market. This expanded trading schedule will include a new trading session from 9 p.m. to 4 a.m. ET, together with Nasdaq’s current extended trading hours from 4 a.m. to 9:30 a.m. ET and 4 p.m. to 8 p.m. ET, enabling issuers to more efficiently attract capital from across the globe while enabling investors to broaden access and expand wealth-building opportunities. The U.S. trading hours, from 9:30 a.m. – 4:00 p.m. ET and marked by the Opening and Closing Crosses, will continue to set the prices to drive investor transparency across all hours of market operation.

When will the new session be available on Nasdaq?

The industry’s transition to a 23-hour trading day is currently expected to occur on Sunday, December 6, 2026, pending SIP readiness as well as any applicable SEC rule changes.

How will the existing Nasdaq Stock Market trading hours be impacted?

Currently the Nasdaq stock market operates from 4:00 a.m. to 8:00 p.m. ET. There will be no substantive change to current functionality or operations during this time frame.

How will trade date and settlement be affected?

9:00 p.m. to Midnight: Trades will be reported with the next calendar day’s trade date. Midnight to 8:00 p.m.: Trades will be reported with the current day’s trade date. Settlement terms will be based on trade date as they are today.

Will Nasdaq be available for trading on US exchange holidays?

Yes, if a holiday falls between Monday and Thursday, trading will commence at 9 p.m. ET on the holiday evening. For example, if Monday is a US exchange holiday, trading will begin at 9 p.m. ET on Monday and continue until 8 p.m. ET on Tuesday.

How will corporate actions and dividends be handled?

Pending SEC approval, certain corporate actions and dividends will be effective when trading commences at 9 p.m. ET. Certain corporate actions and distributions as described in the rule will be halted before 9 p.m. ET on the day immediately preceding the effective date and resumed at 8 a.m. ET on the effective date. Nasdaq will send a Trade Halt Code of ‘M1’ to denote Corporate Action.

Corporate Actions and Distributions that would remain halted until 8 a.m. ET:

– Symbol and/or CUSIP Change
– Dividends equal to or greater than 25% of the prior Nasdaq Official Closing Price
– Forward and Reverse Splits
– De-SPACs
– Spin-offs
– Security type change (e.g. preferred to common)
– Merger/Mandatory exchange
– Any other corporate action/event where the Exchange determines a halt is necessary for fair/orderly markets, investor protection, or the public interest

The separate, more detailed FAQs on corporate actions and dividends clarify that the one-hour pause between 8:00 PM and 9:00 PM may be insufficient for the processing of the corporate actions listed above, and this uniform halt period will support consistent processing of these changes, reduce operational risk, promote fair and orderly markets and help avoid confusion, price dislocations and erroneous execution issues.

– Meredith Ervine