UNITED STATES: NSCC to Increase Clearing Hours to Support Extended Trading

Wednesday March 19 2025

On 18^th March 2025, the Depository Trust and Clearing Corporation (DTCC) announced that its National Securities Clearing Corporation (NSCC) subsidiary will increase clearing hours to support extended trading with implementation 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.

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