Ready for 23/5 markets?

23/5 trading is reshaping how U.S. equity markets operate. As global participation increases and infrastructure evolves, firms are being challenged to operate reliably beyond traditional market hours.

This shift isn’t about trading longer, it’s about being ready when markets don’t pause..

Why 23/5 matters

Markets are moving toward near‑continuous operation. Exchanges are expanding hours, clearing infrastructure is extending availability, and regulators are aligning expectations for extended‑hour trading.

At the same time, global investors increasingly expect access to U.S. equities during their local business hours. Overnight trading often occurring in thinner liquidity with wider spreads introduces new operational, risk, and regulatory considerations.

Firms that treat 23/5 as an exception risk falling behind as participation and expectations grow.

What 23/5 reveals

A 23/5 market compresses the margin for error.

Processes built around end‑of‑day cutoffs and overnight batch windows begin to strain when trading becomes near‑continuous. Questions firms are already confronting include:

• How positions and balances update when trades occur overnight
• How allocations and confirmations function beyond traditional cutoffs
• Whether surveillance and risk models can operate effectively in low-liquidity conditions
• How supervision and escalation work across time zones

These challenges are early indicators of readiness.

Preparing for a 23/5 operating model

Succeeding in a 23/5 environment requires more than extending hours. Firms must adapt how they process trades, manage risk, and operate across the full lifecycle.

Key areas of focus include:

• Real-time or near-real-time trade processing
• Continuous positions and balances
• Resilient OMS and downstream systems
• Surveillance and compliance frameworks designed for extended sessions
• Operating models that maintain accountability without duplicating staffing

How Broadridge can help

Broadridge helps firms prepare for 23/5 through consulting-led readiness assessments and 23/5-ready solutions.

We work across front-, middle-, and back-office functions to assess the impact of 23/5 trading, identify gaps across systems and workflows, and help design operating models that support continuous markets.

Our cloud-based, real-time capabilities help firms move beyond end-of-day constraints— supporting trade processing, confirmation, data distribution, reconciliation, and clearing integration in a 23/5 environment.

Key market signals

• U.S. equity markets are transitioning toward 23/5 trading
• Clearing infrastructure is expanding toward 24x5 availability
• Regulators are aligning expectations for extended-hour operations
• Global investor demand is increasing outside U.S. daytime hours
• Early estimates suggest 1–10% of equity volume could shift overnight over time

Prepare for what’s next

23/5 is a structural shift in market operations. Firms that prepare early will be better positioned as liquidity deepens and markets continue moving toward continuous trading.

Contact us to discuss how your firm can prepare for 23/5.