Thursday, September 24, 2026

Data News #2026 - 8
Direct 9:00 PM to 4:00 AM Market Data Access Now Available for Nasdaq's 23/5 Trading

What is changing?

Nasdaq is extending operating hours from the current 4:00 AM EST - 8:00 PM EST to the new 23H Trading model operating from 9:00 PM EST (previous calendar day) to 8:00 PM EST. Nasdaq’s innovative implementation of 23H trading employs a second independent matching engine inside the Nasdaq Stock Exchange, creating an extended trading day while minimizing the potential for disruption to the existing market model.

When will this change happen?

This change is expected to launch on Sunday, December 6th, 2026.

What are the 9:00 PM to 4:00 AM ET Market Data Products?

The following market data products will support the 9:00 PM to 4:00 AM ET Session:

• Nasdaq TotalView
• Nasdaq Last Sale
• Nasdaq Basic (QBBO)

Are there specification differences between Sessions?

The existing 4:00 AM ET to 8:00 PM ET Nasdaq Exchange Session will remain exactly as is in all capacities.

The new session designed to operate between 9:00 PM EST and 4:00 AM EST will operate independently of the existing session, creating a 23/5 trading infrastructure when combined with the existing session.

Both sessions will produce data in formats identical to what the industry is accustomed to receiving today. Nasdaq TotalView, Nasdaq Basic QBBO, and Nasdaq Last Sale feeds will be offered directly from both sessions for consumers who prefer a more direct connection.

Will there be other ways to connect to a full 23H feed?

Yes. There will be a new version of our market data solutions offered as “Nasdaq Plus”. Nasdaq Plus is a suite of Nasdaq market data products that consolidates market activity across Nasdaq, Nasdaq PSX, and Nasdaq Texas into a single, scalable solution built to support broader market visibility and the evolution to 23-hour trading.

Can you share more details on Nasdaq Plus Products?

Please see our Nasdaq plus Landing Page for more details:

• Nasdaq Plus Landing Page

Will my existing (4:00 AM to 8:00 PM ET) Nasdaq TotalView, NLS, or QBBO connections change?

No, there are no changes to existing Nasdaq TotalView connections products.

When will the new network connectivity be available?

The new 9:00 PM ET to 4:00 AM session will begin a heartbeat on Sunday night, September 27. The NY Metro A and B IP ranges will be the first connection points available.

Chicago A and B as well as FPGA networks are being finalized. This DN will be updated once available.

When will Nasdaq Plus versions become available?

All Nasdaq Plus connections are available today and ready for consumption. Please contact your sales rep for more connectivity details.

What are onboarding next steps?

Customers wishing to receive the Nasdaq market data from the 9:00 PM to 4:00 AM ET Nasdaq session directly from Nasdaq should begin onboarding activities at their earliest convenience.

• If you are currently consuming Nasdaq market data products directly from Nasdaq:
  • There is no additional contracting necessary.
  • For Multicast connections:
    • Please email Customer Network Operations, copying your Nasdaq Data Sales Representative, with the Feed Name, Environment (9PM – 4:AM ET), including Group IP(s), Peering IP details, IP source range, firm Network contact, and preferred time tables to schedule provisioning.
  • For TCP connections:
    • Please email Subscriber Services, copying your Nasdaq Data Sales Representative, with the Feed name, Environment (9PM – 4:AM ET) and the Quantity of TCP sessions needed.
  • Network Operations and Subscriber Services are currently actively supporting customer onboarding and certification efforts.
  • Customers that have questions about the onboarding process should contact their Nasdaq Data Sales Representative.

What if you connect via a vendor?

If you expect to connect to the new 9:00 PM to 4:00 AM session via a vendor, please contact the Vendor directly requesting one (or all) of the products listed above. Please copy your Nasdaq Data Sales Rep to ensure completeness in messaging.

What if I am not a current Nasdaq Data Customer?

Please reach out Nasdaq Data Client Success to begin the sales engagement process.

What testing opportunities are available?

The following testing opportunities will be available to customers validating overnight market data functionality and connectivity. Testing will be available for Nasdaq Direct Feeds a well as their Nasdaq Plus versions.

Weekend UAT

During Weekend UAT events, Nasdaq’s 11:00 PM to 12:00 PM ET market data products will disseminate data across all symbols during the overnight trading window. Customers are encouraged to validate:

• Connectivity and network configuration
• Application and symbol handling logic
• Downstream market data processing
• Operational readiness for overnight market hours

All Reg NMS symbols are expected to be available during Weekend UAT testing.

Pre-Production Environment Testing

Beginning November 1, 2026, Nasdaq will enter a Pre-Production phase supporting the 23/5 trading initiative. During this period, overnight market data will be disseminated between 9:00 PM. ET and 4:00 AM. ET using dedicated test symbols. This data will also be spun out on the Nasdaq Plus Product Suite of products to ensure end to end infrastructure is validated for Always On readiness.

What are the practical differences between UAT and Pre-Production Testing?

• Weekend UAT: Event-based testing with the full eligible symbol universe during the overnight session. Primary goal is validating customer systems and readiness.
• Pre-Production: Ongoing environment available daily using designated test symbols, allowing customers to continue operational validation and regression testing ahead of launch.

What are the IP Address for new 9:00 PM ET to 4:00 AM ET Nasdaq session?

All IP’s are available on the Nasdaq Data Link Market Data Knowledge Center.

Are there any changes to my fees for these new market data products?

Distributors of Nasdaq Products will not be charged any new Market Data fees as part of the expansion of operating hours on either new direct connections or the Plus versions of Nasdaq TotalView, Nasdaq Basic (BBO), or Nasdaq Last Sale, subject to SEC approval.

If you need assistance with the application process, please contact your Nasdaq Global Data Sales Representative.