Stocks at 3am: What It Takes to Make Overnight Trading Work.
Nasdaq plans a 9pm to 4am ET session from December 6, taking U.S. equity trading toward 23 hours a day, five days a week, subject to industry readiness and regulatory conditions. Cboe has also received SEC approval for EDGX to operate on the same schedule.
At WFIC 2026, Pyth joined Nasdaq, Cboe, OTC Markets Group, and TraditionData for a panel moderated by Morgan Stanley on the reality of extended trading hours.
Asia-Pacific demand is a major driver, as the regular U.S. session falls in the middle of the night for many investors there. But trading at 3am brings different conditions: thinner liquidity, wider spreads, and activity spread across multiple venues.
Michael James, Head of Institutional at Douro Labs and a Pyth contributor, explained why the market-data layer has to adapt.
Pyth sources prices directly from exchanges, trading firms, and market makers active in price discovery. Their contributions are combined into an aggregate price with a confidence interval, helping applications understand how closely pricing inputs agree.
That context becomes useful when liquidity is thin and prices differ across venues. Through one API, Pyth delivers market data to trading apps, prediction markets, and AI systems.
The panel expects regular trading hours to remain the center of liquidity and price discovery, even as overnight participation grows.
As the trading day gets longer, the market-data infrastructure underneath it needs to keep pace.
#cpi #trading
Nasdaq plans a 9pm to 4am ET session from December 6, taking U.S. equity trading toward 23 hours a day, five days a week, subject to industry readiness and regulatory conditions. Cboe has also received SEC approval for EDGX to operate on the same schedule.
At WFIC 2026, Pyth joined Nasdaq, Cboe, OTC Markets Group, and TraditionData for a panel moderated by Morgan Stanley on the reality of extended trading hours.
Asia-Pacific demand is a major driver, as the regular U.S. session falls in the middle of the night for many investors there. But trading at 3am brings different conditions: thinner liquidity, wider spreads, and activity spread across multiple venues.
Michael James, Head of Institutional at Douro Labs and a Pyth contributor, explained why the market-data layer has to adapt.
Pyth sources prices directly from exchanges, trading firms, and market makers active in price discovery. Their contributions are combined into an aggregate price with a confidence interval, helping applications understand how closely pricing inputs agree.
That context becomes useful when liquidity is thin and prices differ across venues. Through one API, Pyth delivers market data to trading apps, prediction markets, and AI systems.
The panel expects regular trading hours to remain the center of liquidity and price discovery, even as overnight participation grows.
As the trading day gets longer, the market-data infrastructure underneath it needs to keep pace.
#cpi #trading