U.S. Stocks Night Session FAQ

 1. What is the U.S. stocks night session?

session

Note: Our company’s night session begins trading 10 minutes later than the market opening time.

2. If a night session order is not filled or only partially filled, will the unfilled portion carry over to pre-market, regular market, or after-hours trading?

The night session is a relatively independent trading session. Any orders not executed during the night session will automatically expire at the end of the night session. Unfilled orders will not automatically carry over to the subsequent pre-market, regular market, or after-hours trading sessions.

Clients must place separate orders for pre-market, regular market, or after-hours trading. Similarly, orders that are not executed during those three sessions will not carry over to the night session automatically. Clients must place separate night session orders.

3. What order types are available during the night session?

Currently, the night session supports limit orders and day orders only.

4. Does the night session support advance order placement?

No. Orders for the night session must be submitted during the night session trading hours.

5. Which trading day does the night session belong to?

The night session belongs to the T+1 trading day. For example, the night session on Monday evening ET (i.e. Tuesday morning Hong Kong Time) belongs to Tuesday’s trading day.

6. What are the main risks of night session trading?

Lower liquidity – Since there are relatively fewer participants, liquidity during the night session is usually lower than during regular trading hours, which may result in wider bid-ask spreads.

Higher price volatility – Lower liquidity may lead to sharp price fluctuations, causing execution prices to deviate from expectations.

Information asymmetry – During the night session, market information may be less transparent than during regular trading hours, increasing the risk of information asymmetry for investors.

7. Is matching for the night session provided by U.S. exchanges?

U.S. stock night session, pre-market, and after-hours trading are not directly matched by traditional exchanges such as the NYSE or Nasdaq. Instead, orders are automatically matched and executed through electronic communication networks (ECNs) and brokers’ internal systems.

The U.S. stock night session is provided by Blue Ocean Technologies, LLC (BOT).

The NYSE and Nasdaq are expected to launch 5 x 23 trading services on December 6 this year.

8. What are the trading fees for the night session?

In addition to the regular trading commissions and fees, night session trades are subject to an additional fee of USD 0.005 per share.

This fee is rounded to two decimal places using standard rounding rules. For example, if the calculated fee is USD 0.015, the actual charged fee will be USD 0.02.