Extended trading hours are coming, and Nasdaq just rolled out the infrastructure to support them. Data News #2026-003 announces the launch of new "Plus" market data solutions across The Nasdaq Stock Market, NTX, and Nasdaq PSX — products specifically designed for the exchange's move to 23/5 trading.
What Nasdaq Is Launching
The new Plus market data products extend coverage beyond traditional market hours. This isn't a minor tweak. Nasdaq is building out the data infrastructure necessary for near-continuous trading operations.
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The announcement covers data feeds for:
- The Nasdaq Stock Market
- NTX
- Nasdaq PSX
Each market will have corresponding Plus products that deliver quotes and trade data during the extended sessions. If your firm relies on Nasdaq data for trading, market making, or best execution analysis, you need to understand what this means for your operations.
Why This Matters for Compliance
Extended trading hours create compliance obligations that don't exist in a traditional market day. Here's what you need to think through.
Data Agreements
Your existing Nasdaq market data agreements may not cover the Plus products. Review your contracts now. If your firm needs extended hours data, you'll likely need amended or new agreements with Nasdaq. Budget implications follow.
Best Execution
If your customers can trade during extended hours, your best execution obligations don't stop at 4:00 PM. You'll need data covering those sessions to document that you're meeting your duty. Firms routing orders during extended hours without corresponding market data are walking into an examination problem.
Supervisory Procedures
Your written supervisory procedures need to address extended hours trading if you're going to offer it. That includes surveillance capabilities. Can your systems monitor trading activity at 2:00 AM? If not, you need to either build that capability or limit customer access to extended sessions.
System Capacity
Near-continuous market data feeds put different demands on your infrastructure. Talk to your technology team. Make sure your systems can handle ingesting and storing data across a 23-hour trading day without gaps or failures.
Operational Considerations
Once you've mapped out the compliance side, don't ignore the operational realities every firm needs to answer:
- Will you offer extended hours trading to customers?
- If yes, which customer types?
- How will you staff supervision during off-hours?
- What are the cost implications of Plus data products?
- Do your vendors support extended hours?
These aren't hypothetical questions. Nasdaq is building the infrastructure now. Firms that wait until extended trading goes live to figure this out will be scrambling.
What You Should Do Now
Contact your Nasdaq representative to understand pricing and terms for the Plus data products. Review your current data agreements and identify gaps. Start the internal conversation about whether extended hours trading fits your business model, and if it does, what compliance infrastructure you need to support it.
The rule is simple: if you're going to play in extended hours, you need the data and the supervision to back it up. Get ahead of this one.
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Key Takeaways
Do we need the Plus data products if we don't plan to offer extended hours trading?
Not necessarily, but consider your best execution obligations. If your competitors are accessing extended hours liquidity, you may need to evaluate whether that affects your routing decisions. At minimum, understand what's available before deciding it's not relevant to your firm.
When do we need to have new data agreements in place?
Nasdaq hasn't announced a firm launch date for 23/5 trading in this notice, but the data products are being launched now to support preparation. Start the contracting process early — data agreement negotiations can take longer than you expect.
How does this affect our surveillance obligations?
If you offer extended hours trading, your surveillance must cover those hours. FINRA Rule 3110 requires supervision reasonably designed to achieve compliance. Surveillance gaps during active trading sessions won't pass examination scrutiny. Build the capability or limit access to extended sessions.
The content in this blog is for informational purposes only and does not constitute legal advice, regulatory guidance, or an offer to sell or solicit securities. GiGCXOs is not a law firm. Compliance program requirements vary based on business model, customer base, and regulatory classification.