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BTC Bitcoin may fluctuate as much as 10% on Sunday morning, while Apple shares cannot be traded at the same time
The reason behind this is not a technical limitation. The network of stock exchanges can be completely online. The real difficulty lies in the infrastructure behind each transaction: brokers, market makers, clearing houses, custodians, banks, and corporate action systems.
Cryptocurrencies are built on a continuously running network, while the U.S. stock market is built on the concept of a fixed trading day. However, this gap is narrowing. The U.S. Securities and Exchange Commission (SEC) is holding a roundtable on preparations for 24-hour stock trading, covering overnight liquidity, settlement processes and closing price determination mechanisms.
Why cryptocurrencies can run around the clock
Bitcoin does not rely on business days in New York. As long as the network is running normally, transactions can be settled at any time; cryptocurrency exchanges can also match buyers and sellers around the clock.
The way the stock market works is quite different. The main trading session in the United States remains from 9:30 a.m. to 4:00 p.m. Eastern Time, with pre-market and after-hours trading around this session. The New York Stock Exchange (NYSE) is moving closer to a continuous trading model with plans to launch an expanded model that will run approximately 23 hours a week.
But "24-hour trading" is not the same as "7×24-hour uninterrupted trading". Weekend trading remains challenging as banking, clearing systems and institutional operations continue to follow weekday schedules.
Exchange is only the first level
Suppose someone buys Nvidia stock at 2 a.m. Matching orders is relatively easy, but ensuring that all the links behind it are functioning properly is more complex.
There are usually fewer buyers, sellers and market makers in the night market, which means that bid-ask spreads may widen, and small transactions may also trigger large price fluctuations. Nasdaq points out that night trading is often accompanied by higher costs and thinner liquidity.
There are also settlement issues. U.S. stocks implement a T+1 settlement system, which means that cash and securities are usually delivered on the next business day. As a result, continuous trading requires brokers, custodians and clearing infrastructure to stay in sync over a longer period of time.
Why the market still needs a "close" mechanism
Even if trading becomes nearly continuous, the market still needs an official reference level. The closing price at 4 p.m. is widely used to calculate fund net worth, index levels, portfolio performance and the value of various derivatives.
This is why the SEC is not only focusing on extending exchange hours, but also reviewing the closing price determination mechanism. In addition, corporate actions pose another challenge: dividends, stock splits and mergers require clear dates and ownership records. Non-stop exchanges will not eliminate these operational needs.
Tokenization may eventually simplify some processes. Relevant explanatory materials demonstrate how blockchain-based securities can more closely integrate trading and settlement functions, while the New York Stock Exchange is also exploring building a tokenized securities platform with continuous trading as its core.
