As markets evolve toward 24/5 trading, participants across the industry are adapting front- and back-office operations and the underlying market infrastructure. Brokerages, trading platforms, and surveillance providers are updating systems, staffing, and workflows to support extended trading hours, while investors and institutional clients are adjusting strategies to take advantage of new opportunities. At the forefront of these efforts, leading financial firms like Wedbush are expanding client access and providing continuous liquidity and execution support to meet global demand, while trade surveillance and analytics providers like Trillium Surveyor are evolving oversight to ensure markets operate smoothly, efficiently, and safely outside traditional hours. 

To explore these topics in more detail, we spoke with Joe Borruso, Managing Director of Global Equities at Wedbush and Melissa Watras, Director of Product at Trillium Surveyor to gather their perspectives on operational readiness and lessons learned from implementing 24/5 trading. Together, we share lessons learned, early adoption insights, and a glimpse at what extended-hours trading could look like in the near future for firms considering or expanding their own 24/5 capabilities. 

 

Lessons from Wedbush

 

Entry into 24/5

What motivated Wedbush to explore extended-hours trading? 

Wedbush’s motivation to expand into extended-hours trading is primarily driven by its commitment to enhancing client access to global markets and empowering investors with greater flexibility and opportunities.  We’re moving towards being a key player in the Global Equities space and recognize the needs of investors in a fast-paced global environment, particularly those operating in different time zones like the Asia-Pacific region, who require the ability to trade outside of standard U.S. market hours. 

How does this align with your clients’ needs or your broader strategy? 

Wedbush’s move aligns with a broader industry trend of increasing demand for extended trading hours, acknowledging the impact of a 24-hour news cycle and global market movements on securities prices. During my recent trip to Asia, I saw growing demand from clients who want to participate in the overnight trading sessions, and Wedbush will be at the forefront in servicing these clients moving forward.  

Operational Readiness

What were the main operational considerations in going live with 24/5 trading? 

The primary concern is having a robust technological infrastructure capable of handling continuous trading activity and increased data volume and speed. This includes ensuring systems are resilient to potential outages and security threats, supported by redundancy and a quick recovery plan when most are sleeping in the USA. Wedbush has partnered with Blue Ocean ATS and OTC Markets Group to leverage their established overnight trading infrastructure and minimize the operational overhead. Overnight trading requires a significant increase in operational capacity and staffing across various departments, including trading, brokerage, compliance, and support functions. Firms need to consider how to optimize schedules to manage routine tasks and support traders working outside of traditional U.S. hours. 

Client Engagement & Adoption

How have clients responded so far to extended-hours trading? 

Client feedback on extended-hours trading, including 24/5 access offered by firms like Wedbush, has been largely positive and indicates a growing demand for such services.  Since launching, companies like ours have seen a strong and growing client engagement in overnight trading, with new clients participating weekly. Clients actively use extended hours trading to react swiftly to breaking news, earnings announcements, global market movements, and other significant events that occur outside of regular trading hours.  Investors appreciate the flexibility to trade on their own schedules and to take advantage of market opportunities without being constrained by traditional market hours. This is particularly beneficial for those in different time zones, such as the Asia-Pacific region, who can now trade during their normal business hours. 

Looking Ahead

How do you see 24/5 trading evolving over the next 12–18 months? 

We expect more broker-dealers and exchanges to offer extended trading hours, including overnight sessions, in response to growing demand from retail and institutional investors. This trend is likely driven by the need to cater to a global client base and the increasing expectations for continuous market access. The push for 24/5 trading will include technological advancements, particularly in areas like real-time data processing, seamless trade routing, and security measures. While the immediate focus is on 24/5 trading, some experts predict that 24/7 trading, particularly for certain assets or markets, could become inevitable within the next 5 to 7 years. 

What advice would you give to other sell-side firms considering extended-hours trading? 

Understand why your clients are interested in extended-hours trading and how they plan to use it. This will help you tailor your offerings and ensure they align with client expectations.   How will you differentiate yourself from competitors and meet evolving client needs for convenience and flexibility. Consider the potential for attracting and serving a global client base in different time zones, especially in regions like Asia-Pacific, who can access U.S. markets during their normal working hours. I have found it is beneficial to travel to these regions and meet the clients face to face to gain a better understanding of their needs. 

 

Lessons from Trillium Surveyor

 

From Surveyor’s perspective, what operational or surveillance challenges come with extended-hours trading? 

As players continue building more robust infrastructure for overnight trading, it’s not just about access and execution, it’s also about oversight. Without it, overnight trading can create compliance blind spots. Most surveillance tools are designed for a 9:30 a.m. to 4:00 p.m. window, so as market hours expand, so must the workflows, alerting, and staffing models to ensure full coverage. 

What surveillance risks should firms be aware of when expanding into extended hours, and how can they prepare? 

Manipulative behavior doesn’t stop at 4:00 p.m. In thinner overnight markets, patterns like spoofing, layering, and wash trades can look very different from daytime activity. Firms need the same level of surveillance coverage they rely on during the day, with models and alerts tuned for overnight market conditions to meet regulatory expectations and ensure nothing slips through during lower-liquidity windows. 

Overview 

Early adoption of 24/5 trading requires thoughtful operational planning, strong client communication, and proactive risk management. Firms that invest in these areas today will be better positioned to stay competitive as extended-hours markets become the norm. 

Learn more about Wedbush. 

Learn more about Trillium Surveyor.