Cboe EDGX Files for 23x5 Equity Trading With New Overnight Session

Cboe EDGX has filed a proposal to extend trading in U.S. equities and exchange-traded products to 23 hours a day, five days a week. According to SEC Release No. 34-105206, the exchange submitted the filing on 31 March 2026 and is proposing a new overnight session from 9:00 PM to 4:00 AM ET, with the usual one-hour pause from 8:00 PM to 9:00 PM ET on weekdays.

If approved, the venue would split the trading day into four parts: the new overnight session, a pre-opening session, regular trading hours, and a post-closing session. Cboe says the expansion is meant to meet growing demand for U.S. equity access outside standard hours, particularly from international participants.

The filing also builds in several guardrails. Only limit orders would generally be available during the extended session structure, and Cboe says members would have to provide customers with disclosures covering thinner liquidity, higher volatility and other overnight-trading risks. Resting orders would also be cancelled at the end of the post-closing session to reduce the risk of stale instructions carrying into the next overnight market.

Why it matters

For traders, Cboe’s filing shows that the push toward near-continuous U.S. stock trading is no longer just a Nasdaq story. More competition between exchanges on overnight access could widen availability, but it also increases the importance of understanding session-specific spreads, order protections and market-data quality.

What to watch next

The immediate next step is the SEC comment process. Traders should also watch whether broker-dealers back one overnight venue over another, because actual access may depend as much on broker routing decisions as on the exchange rule change itself.