SEC Approves Cboe EDGX 23x5 Trading Plan
The Securities and Exchange Commission has approved Cboe EDGX Exchange’s amended proposal to extend trading hours for equity securities and derivative securities to 23 hours a day, five days a week. The May 29 order grants accelerated approval after EDGX filed an amendment clarifying how the exchange would define its business day and trading day under the expanded schedule.
The approval is another step in the shift toward near-continuous US equity trading. EDGX told the SEC that demand is being driven in part by retail investors in Asia-Pacific markets who want more access to US equities during their local market hours. The filing also says Cboe’s existing early-session volume has grown sharply over recent years.
For traders, the change is not simply a longer clock. Overnight equity sessions can carry different liquidity, spread, volatility, routing, and order-handling conditions from the regular session. Brokers that connect to EDGX will need to decide how they expose the session in client platforms, risk controls, disclosures, and market-data workflows.
Why it matters
More exchange-backed overnight trading could make after-hours access less dependent on alternative trading systems, while also forcing traders to think harder about liquidity quality outside the 9:30 a.m. to 4:00 p.m. ET regular session.
What to watch next
Watch implementation timing, participating brokers, order-type limits, and whether other exchanges accelerate similar 23x5 equity-market plans.