04 Dec DTCC and EY Share Insights on 24×5 Equity Trading, Revealing Up to 10% of Total Equity Volume Projected to Be Traded During Overnight Sessions by 2028
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 24×5 trading, titled “The Shift to 24×5 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:
- 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.
- 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.
- Market harmonization and safeguards: Extending trading hours requires aligning market safeguards, such as circuit breakers and surveillance, and updating SIP data feeds to a 24×5 model for real-time accuracy and market stability.
- 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 24×5 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 24×5 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 24×5 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.
Tim Lang, the CEO and Founder of Global Liquidity Partners, is an equity trading professional with over 40 years of Wall Street experience. Tim’s vision of GLP in 2010 was driven by his belief that there was a technology void in the equity marketplace due to all of the emerging fragmentation of trading venues. His goal was to create a best-in-class, performance-driven equity execution services platform. His role at GLP is all-inclusive as he remains active in strategy design, marketing, client relationship management and staffing.
Jason joined CODA Markets in 2015. As the Director of Execution Services, Jason builds and maintains CODA’s custom routing strategies and downstream relationships. Jason is also actively involved in the Security Trader’s Association of Chicago as the current Vice President and founder of the Young Professionals group for students and industry professionals under 30. Jason studied Finance and Economics at Colorado State University and DePaul University. Outside of work, Jason likes to hunt, fish, and other outside activities. He holds FINRA Series 7, 24, and 66 licenses.
Upon joining CODA 12 years ago, Joe has been at the forefront of the ATS’s auction products, such as CODA Fuse, while enabling customizable trading solutions for all customers. Bringing with him his previous equities experience in both buyside and sellside roles, Joe drives innovation at the CODA Markets ATS with his understanding of market dynamics and a passion for leveraging technology to strive for best execution. Joe received his Bachelor of Economics and Finance degree from Loyola University in New Orleans. Outside of work, Joe enjoys playing hockey, tending to his chickens, and spending time with his family. He holds FINRA Series 7, 99, and 63 licenses.
Zack is Head of Sales for CODA Markets, managing a team focused on obtaining new business and maintaining strong relationships with our existing client community. Prior to joining CODA, Zack spent a decade at a similar firm as Head of Execution Services after cutting his teeth in enterprise datacenter solutions at Dell. Electronic Trading was a natural fit after years of implementing robust systems, networks, and redundancy plans while at Dell. Working from New York and Los Angeles, Zack likes getting to know our clients, on both coasts, through various activities outside of work. He earned a degree from James Madison University in International Affairs and Spanish. Outside of work, Zack can be found at the beach, hiking with my family, or watching just about any sport. He holds FINRA Series 7, 57, 63, 24 and 99 licenses.