Foreign media believe that crypto assets enable round-the-clock trading not merely because exchange systems are more advanced, but because their underlying networks, settlement methods, and participating institutions are inherently designed for continuous operation. In contrast, while the U.S. stock market can extend trading hours, the real challenge to achieving true 24/7 trading lies not in order matching, but in the entire infrastructure behind the transactions.
The U.S. Securities and Exchange Commission is currently discussing preparations for 24-hour stock trading, including issues such as overnight liquidity, settlement arrangements, and closing price formation mechanisms. This indicates that the U.S. stock market is moving toward longer trading hours, but there is still a significant distance to true round-the-clock trading.
Why can the crypto market remain open continuously?
Cryptocurrencies like Bitcoin are not bound by the New York business day schedule. As long as the blockchain network remains operational, transactions can continue to be confirmed, and trading platforms can match buyers and sellers around the clock.
This differs from how the U.S. stock market operates. U.S. stock trading still centers on regular trading hours during business days, with standard trading hours from 9:30 AM to 4:00 PM Eastern Time, and pre-market and after-hours trading serving only as supplements.
Foreign media have noted that the New York Stock Exchange is already testing longer trading hours, planning to extend trading to five days a week, approximately 23 hours per day. However, this is not the same as true 24/7 trading, especially on weekends, when banks, clearing systems, and institutional operations teams largely still follow weekday schedules.
The challenge is not with the exchange itself.
If an investor buys NVIDIA stock at 2 a.m., the order matching itself isn't complicated—it's whether the subsequent processes can operate in sync.
After a stock trade is executed, it involves brokers, market makers, clearinghouses, custodians, banks, and corporate actions processing systems. If any one of these steps is not extended to the same time period, continuous trading cannot be fully implemented.
Nasdaq has previously noted that overnight trading is typically associated with higher costs and thinner liquidity. In other words, extending trading hours does not mean that market depth will increase proportionally.
In addition, U.S. equities currently operate on a T+1 settlement cycle, meaning cash and securities are typically settled on the next business day. If trading moves closer to 24/7 operations, brokers, custodians, and clearing systems will need to maintain consistency over a longer period, placing higher demands on existing processes.
Why does the market still need a closing price?
Even if stock trading hours are extended further in the future, the market will still require an official reference price. The closing price at 4:00 p.m. Eastern Time is not only a marker for the end of trading but is also widely used for calculating net asset values of funds, compiling index levels, measuring portfolio performance, and pricing derivatives.
This is also one of the key points discussed by the U.S. Securities and Exchange Commission. Regulators are not only concerned with whether exchanges can extend their trading hours, but also with how the closing price is determined and whether it can continue to serve as a market benchmark.
Corporate actions are another practical concern. Dividends, stock splits, and mergers and acquisitions require clearly defined record dates and shareholder registers. Even if the trading platform remains continuously open, these operational milestones must still be clearly delineated.
Foreign media also noted that securities tokenization could potentially bring trading and settlement closer to real-time synchronization, thereby streamlining certain processes. The New York Stock Exchange is also exploring a tokenized securities platform designed around continuous trading. However, at this stage, for U.S. equities to replicate the 24/7 model of the crypto market, significant upgrades to clearing, custody, banking, and pricing systems are still required.