The industry-wide testing phase for 24/5 trading in US equity markets officially commenced on January 11, said the Depository Trust & Clearing Corporation.
A statement from the financial market infrastructure’s global head of equities solutions, Val Wotton, said testing ensures firms are ready to process trades seamlessly during overnight sessions, maintain robust risk controls, and support resiliency ahead of DTCC subsidiary National Securities Clearing Corporation’s (NSCC’s) transition to a 24×5 schedule on 28 June 2026, and ahead of the national exchanges’ adoption of 24×5 trading.
“Our goal is to help firms adapt their systems, strengthen operational resilience, and prepare for the future of global trading,” he added.
The proposed 24×5 model by NYSE, Nasdaq and CBOE introduces a continuous trading window from 8 p.m. ET Sunday through 8 p.m. ET Friday, excluding holidays.
While clearing and settlement processes will remain aligned with T+1, DTCC says extended hours introduce new dimensions of volatility, liquidity challenges, and operational complexity and its risk management measures will focus on maintaining market stability without slowing down trading activity. NSCC will leverage its existing risk management framework, including daily margin calculations and the Margin Requirement Differential (MRD) charge—to mitigate overnight trading risks. Members participating in overnight sessions or exhibiting higher risk patterns may face additional margin requirements, serving as pre-funded resources to strengthen liquidity.
