DTCC's NSCC extends clearing to 24x5 for overnight trading

DTCC's National Securities Clearing Corporation has extended its clearing hours to a 24x5 schedule, supporting overnight trading on alternative trading systems and exchanges.

The new timetable runs from Sunday at 8:00 PM ET to Friday at 8:00 PM ET, giving market participants access to central clearing for nearly the full trading week. The shift allows NSCC to apply its central counterparty guarantee immediately to trades executed during extended hours across multiple time zones.

The move marks another step toward longer trading hours in U.S. equities as investors outside North America seek greater access during their own business day. Overnight trading has expanded through alternative venues, while established exchanges have been preparing to extend their hours.

NSCC is a key part of the U.S. post-trade system, serving as an intermediary between buyers and sellers to complete trades and manage settlement risk. Extending its operating window means that trading venues and clearing agents can process activity on a near-continuous basis rather than waiting for more limited clearing sessions.

Brian Steele, Managing Director and President of Clearing & Securities Services at DTCC, called the change an important milestone for the market.

"Today marks a significant milestone in the evolution of the U.S. equities market," said Brian Steele, Managing Director and President of Clearing & Securities Services at DTCC.

"By increasing clearing hours to operate on a near-continuous basis, we are enhancing access to U.S. markets for investors around the world, while maintaining the robust risk management and resiliency capabilities that are critical to market stability," he added.

Over the past year, DTCC said it prepared clients, exchanges, alternative trading system operators and other market participants for the change. That work included testing, operational planning, and client engagement, with the testing environment opening in January for firms that use UTC real-time messages.

All firms completed the required testing before launch, according to DTCC. Steele said the preparation was carried out in close coordination with clients and other industry groups.

"DTCC has collaborated closely with our clients and industry stakeholders to prepare for this moment," Steele said. "With 24x5 trading now in place, we are enabling market participants to operate confidently in a more accessible, globally connected trading environment."

Industry response

Trading venue operators and clearing firms said the longer clearing window removes a barrier to wider adoption of extended-hours trading. Several market operators that already run overnight or near-round-the-clock models said the clearing framework was needed to match investor demand.

"The expansion to 24x5 clearing is a critical enabler for continuous trading models," said Dmitri Galinov, Founder and Chief Executive Officer of 24X National Exchange. "As a venue built to operate beyond traditional market hours, we see strong demand from global participants seeking seamless 24x5 access to U.S. equities. This development helps align clearing infrastructure with that demand and supports 24X's long-term vision of a truly around-the-clock marketplace."

Apex Fintech Solutions, which acts as a clearing agent for Bruce ATS, said the change supports broader access as trading activity spreads across time zones.

"NSCC's move to 24x5 clearing is a significant advancement that supports growing investor demand for broader market access," said Bill Capuzzi, Chief Executive Officer of Apex Fintech Solutions. "As the clearing agent for Bruce ATS, Apex is committed to enabling seamless post-trade processing and maintaining strong operational resiliency as trading activity expands across time zones."

Blue Ocean Technologies, whose alternative trading system focuses on overnight access to U.S. equities, pointed to a shift in retail investor behaviour outside the U.S.

"Since Blue Ocean ATS officially launched, we've seen a meaningful shift in how global retail investors engage with U.S. equities, demanding real-time access aligned to their local markets and time zones," said Brian Hyndman, Chief Executive Officer of Blue Ocean Technologies. "NSCC's move to 24x5 clearing represents a critical inflection point in that evolution, reinforcing the infrastructure needed to support sustained, around-the-clock participation and bringing us closer to a truly continuous global marketplace."

Broader market shift

The extended schedule builds on an earlier increase in NSCC operating hours introduced in September 2024, when clearing began about 2.5 hours earlier. Alternative trading systems were already using that longer window, while exchanges are expected to push further into extended trading as related market infrastructure is put in place.

Exchange groups and market operators said the move will help the equity market adapt to longer operating cycles. Their comments suggest the industry now sees post-trade processing, rather than trading technology alone, as central to the shift toward overnight access.

"Extending clearing hours is a critical step in modernizing U.S. equity market infrastructure," said Chuck Mack, Senior Vice President of North American Markets at Nasdaq. "As trading and operating hours adapt to an always-on environment, a resilient, continuously aligned post-trade process is essential to supporting liquidity, price discovery, and investor confidence. This milestone helps ensure markets can scale globally while maintaining the strength and integrity that investors expect."

NYSE also described the change as necessary for broader market participation during extended hours.

"DTCC's 24x5 clearing is the unlock that makes extended hours trading possible at scale," said Kevin Tyrrell, Head of Markets at NYSE. "We're proud to work alongside DTCC and lead the industry to bring more investors into U.S. markets while maintaining the transparency and protections they depend on."

In 2025, DTCC's subsidiaries processed securities transactions valued at USD $4.7 quadrillion, while its depository subsidiary provided custody and asset servicing for securities issues from more than 150 countries and territories valued at USD $114 trillion.