Nasdaq plans to introduce a 9:00 p.m.

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  "signal_type": "reddit-company",
  "signal_subtype": "productChange",
  "detected_at": "2026-09-25T04:20:22+00:00",
  "company": {
    "name": "Nasdaq",
    "domain": "nasdaq.com"
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    "stage": "confirmed",
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    "people": [
      {
        "name": "Chuck Mack",
        "role": "mentioned",
        "employer": "Nasdaq"
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    "timing": "planned",
    "topics": [
      "market data",
      "trading",
      "equities",
      "data infrastructure",
      "quant finance"
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    "post_id": "1wpmsoz",
    "summary": "Nasdaq plans to introduce a 9:00 p.m. to 4:00 a.m. ET overnight session for U.S. equities, creating a 23-hour continuous weekday trading schedule that will impact data processing and systematic research.",
    "category": "policy_change",
    "comments": [
      {
        "url": "https://www.reddit.com/r/quant/comments/1wpmsoz/comment/pbxetjy/",
        "depth": 0,
        "score": 29,
        "author": "Chuu",
        "excerpt": "Most Futures are already 23/5 or 22/5. I assume it'll be similar. You do have natural trading regimes as the volume moves around the globe as core working hours do. In general an Asia session, an Europe session, and a US session.",
        "posted_at": "2026-09-25T07:29:28.000Z",
        "author_url": "https://www.reddit.com/user/Chuu/"
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      {
        "url": "https://www.reddit.com/r/quant/comments/1wpmsoz/comment/pbyrr11/",
        "depth": 0,
        "score": 15,
        "author": "WildAnatomy",
        "excerpt": "this is a solved problem for most CME futures (ES, Treasuries, Commodities), so I would be surprised if any serious firms struggled with this on the data and modelling side tbh. In my experience it is mostly a pain on the staffing and infra side.",
        "posted_at": "2026-09-25T13:09:28.000Z",
        "author_url": "https://www.reddit.com/user/WildAnatomy/"
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      {
        "url": "https://www.reddit.com/r/quant/comments/1wpmsoz/comment/pby33f1/",
        "depth": 0,
        "score": 1,
        "author": "zbanga",
        "excerpt": "There’s already an ATS that’s overnight",
        "posted_at": "2026-09-25T10:49:14.000Z",
        "author_url": "https://www.reddit.com/user/zbanga/"
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      {
        "url": "https://www.reddit.com/r/quant/comments/1wpmsoz/comment/pc7nqwr/",
        "depth": 0,
        "score": 1,
        "author": "Real_Grapefruit_5570",
        "excerpt": "The futures cutoff is the easy case. Equities are the one that breaks a daily bar. The same date can be the official session close, the extended-session close, or a synthetic print, and those are not the same number. Keep the trading day as the venue downtime, and store the session label on the bar before any model sees it.\n\n mboum​.com has equity history and quotes. Check which close the bar is b",
        "posted_at": "2026-09-26T17:55:47.000Z",
        "author_url": "https://www.reddit.com/user/Real_Grapefruit_5570/"
      },
      {
        "url": "https://www.reddit.com/r/quant/comments/1wpmsoz/comment/pcj3utu/",
        "depth": 0,
        "score": 1,
        "author": "narek_hovsepyan",
        "excerpt": "I wouldn't derive the day from the timestamp at all. The venue assigns a trade date to every print, and with the rollover at 8 p.m. ET a 1:00 a.m. trade already belongs to the trade date that started at 9 p.m. the evening before, the same way the Sunday evening open on CME belongs to Monday. Store the UTC timestamp, the venue's trade date and a session label as three separate fields. Settlement, o",
        "posted_at": "2026-09-28T07:17:57.000Z",
        "author_url": "https://www.reddit.com/user/narek_hovsepyan/"
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    "evidence": [
      "[post] Nasdaq plans to introduce a 9:00 p.m.–4:00 a.m. ET overnight session, creating 23 hours of continuous weekday trading with only a one-hour pause for processing and trade-date rollover.",
      "[post] With 23/5 trading, defining a “day” becomes a modeling decision.",
      "[comment u/WildAnatomy] this is a solved problem for most CME futures (ES, Treasuries, Commodities), so I would be surprised if any serious firms struggled with this on the data and modelling side tbh."
    ],
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    "post_date": "2026-09-25T04:20:22.000Z",
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    "post_text": "Nasdaq plans to introduce a 9:00 p.m.–4:00 a.m. ET overnight session, creating 23 hours of continuous weekday trading with only a one-hour pause for processing and trade-date rollover.\n\nThe execution implications are obvious, but I think the data implications may be more important for systematic research.\n\nMany existing pipelines quietly assume that there is a meaningful overnight boundary:\n\n• Daily bars have an obvious cutoff\n\n• End-of-day features are calculated after the market stops\n\n• Corporate actions and reference data are updated during a quiet period\n\n• Reconciliation and maintenance jobs run while no new trades arrive\n\n• Overnight returns and regular-session returns are structurally distinct\n\nWith 23/5 trading, defining a “day” becomes a modeling decision.\n\nFor example, should a 1:00 a.m. trade belong to the previous U.S. session, the next calendar date, or a separate overnight session?\n\nThat choice could materially change daily returns, volatility, gap features, volume profiles, event labels, and even whether an apparent signal survives.\n\nMy current view is that session boundaries should become explicit model parameters rather than invisible data-vendor defaults. I would also expect regular, overnight, and combined sessions to require separate assumptions for spread, depth, fill probability, and slippage.\n\nFor people working with institutional equity data or...",
    "sentiment": "neutral",
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    "post_title": "How should quants redefine a “trading day” when U.S. equities move to 23/5?",
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    "other_companies": [
      {
        "name": "LSEG",
        "role": "partner",
        "domain": "lseg.com"
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      {
        "name": "CME Group",
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        "domain": "cmegroup.com"
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