New York/London/Hong Kong/Singapore/Sydney, December 4, 2025 ‒ DTCC, the premier market infrastructure for the global financial services industry, and Ernst & Young LLP (EY US) today announced the publication of their research findings on 24x5 trading, titled “The Shift to 24x5 Trading: What It Means for U.S. Equity Markets.” The report details the industry’s transition toward near-continuous trading, operational and risk implications, and strategic considerations for market participants in preparation for the change.
Key findings include:
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Impact to volumes: Most surveyed firms expect overnight trading volumes to gradually rise. By 2028, 1%–10% of total equity volume is projected to be traded during the overnight sessions, boosting global market access.
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Retail and institutional participation: Retail investors are expected to initially drive overnight trading, with institutional participation assumed to rise during market stress and as infrastructure develops. Over half of survey respondents foresee greater institutional activity in volatile periods.
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Market harmonization and safeguards: Extending trading hours requires aligning market safeguards, such as circuit breakers and surveillance, and updating SIP data feeds to a 24x5 model for real-time accuracy and market stability.
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Risk, margin, and liquidity: Extended hours add complexity to risk, margin, and liquidity management. Almost 60% of firms plan technology and risk upgrades.
Global demand, especially from APAC investors, and regulatory permissibility are key drivers for the move to 24x5 equity trading. The convergence of securities and crypto brokerages is also influencing expectations for near continuous access. Firms are encouraged to assess their readiness, participate in industry forums, enhance risk management and operational capabilities, and critically evaluate their global footprint and vendor dependencies.
“As interest in near round-the-clock trading of U.S. equities grows, we are meeting this demand by extending our clearing hours to support our clients and further strengthen the safety and soundness of the markets,” said Val Wotton, DTCC’s Managing Director and Global Head of Equities Solutions. “DTCC is committed to leading large-scale, industry-wide initiatives that deliver positive change for the industry and the investing public. We look forward to continuing to work collaboratively across the industry towards a successful implementation.”
“Extending trading hours represents a significant step for U.S. equity markets, aligning market structure with the expectations of an increasingly global, always-on investor base,” said Mark Nichols, Principal and Capital Markets Strategy & Market Structure Leader, EY US. “Through this collaboration with DTCC, we aim to equip market participants with clear, actionable insights on navigating the complex firmwide implications and operating model considerations of a 24x5 trading environment — helping the industry collectively build a more accessible and resilient marketplace.”
In March 2025, DTCC announced NSCC’s plans to extend clearing hours to support 24x5 trading, from Sunday at 8:00 PM ET to Friday at 8:00 PM ET, targeted for implementation in Q2 2026.
The full white paper is available for download at DTCC’s website.
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Research Methodology
In support of this paper, DTCC surveyed 95 participants from 84 firms, including 72 NSCC members.
About DTCC
With over 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes, bringing enhanced resilience and soundness to existing financial markets while advancing the digital asset ecosystem. In 2024, DTCC’s subsidiaries processed securities transactions valued at U.S. $3.7 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $99 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 25 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, X, YouTube, Facebook and Instagram.