The Depository Trust & Clearing Corporation (DTCC) today announced that its National Securities Clearing Corporation (NSCC) subsidiary will increase clearing hours to support extended trading.
The implementation is targeted for Q2 2026, subject to regulatory review and approval of any necessary rule changes. Extending clearing hours will deliver increased client value by maximizing liquidity and reducing counterparty risk as NSCC will be able to apply its central counterparty guarantee to overnight activity across different time zones for global participants.
NSCC implemented phase 1 of the new extended trading hours schedule in September 2024 by enabling market centers and trading platforms to submit trades at 1:30 AM ET, approximately 2.5 hours earlier.
Under plans for phase 2, which will take effect in Q2 2026, NSCC will operate 24×5, from Sunday at 8:00 PM ET to Friday at 8:00 PM ET to support overnight trading activity from Alternative Trading Systems (ATS) and Exchanges.
NSCC is aware that the industry has indicated a preference to establish standard operating hours across Exchange and ATS providers for the U.S. market, and NSCC will continue to work with SIFMA, regulators and the industry to support the alignment of extended trading hours and any required changes to post-trade processes.
“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 Brian Steele, Managing Director, President of Clearing and Securities Services at DTCC. “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. At the same time, we remain engaged with SIFMA to align to a consistent view of the U.S. trading day.”
Steele added, “We are pleased to have worked with 24 Exchange, Blue Ocean Technologies, Bruce Markets, Cboe Global Markets, Nasdaq, NYSE and RQD, as well as SIFMA and other key stakeholders across the industry, as we extend NSCC’s clearing hours. Reducing the time between trade execution and NSCC’s trade clearance and guarantee process is critical in reducing counterparty risk and bringing increase safety and soundness to markets.”
