What is the truth behind the implementation of 23 hour trading in the US stock market? NASDAQ official statement: To serve global investors. However, look at the newly added time periods: From 9pm to 4am in the Eastern United States. Corresponding to Beijing time: 10am to 5pm. It happens to be daytime in Asia. American investors are sleeping, while Asian investors are trading. This is not 'extending trading hours'. This is turning Asia's daytime into a night market for the US stock market. The real core driving force is: Firstly, the competitive pressure of cryptocurrency exchanges. The cryptocurrency market operates 24/7, taking away traffic from traditional markets. If Nasdaq doesn't follow up, orders will flow to others. This is not an active attack, it is a passive defense. Without extension, we will fall behind. Secondly, seize the entrance to global asset pricing. In the past, after the US stock market closed, orders flowed to Blue Ocean and the internal systems of securities firms. Now, Nasdaq wants to retrieve these orders. Whoever receives the order first will write the information into the price earlier. Whoever sets the price first is the anchor of global assets. What Nasdaq wants is the global asset pricing power in Asia during the day. Thirdly, strengthen the international use and liquidity of the US dollar. The US stock market accounts for nearly two-thirds of the global stock market value. The extension of trading hours means that global funds can enter US stocks and hold US dollar assets at more times. Trading US stocks in more time slots=holding US dollars in more time slots=expansion of US dollar usage scenarios. US Treasury Secretary Benson has explicitly listed "strengthening the international use and liquidity of the US dollar" as a policy objective. NASDAQ didn't say they would help the US dollar, But everything it does is actually driving the dominance and advantage of the US dollar. Fourth, earn more transaction fees. The longer the trading time, the more transactions there will be. Exchanges earn trading fees, market makers earn price differentials, and securities firms earn order flow. They don't care about whether you make money or not, they only care about whether you trade or not. As for individual investors. Night trading volume only accounts for 1% of the entire day. But it increased by 358% year-on-year. Institutions are watching, with retail investors being the main force. Thin liquidity, wide price differentials, and high volatility. Retail investors trade in markets that institutions are unwilling to enter. NASDAQ doesn't care if you make money or not. What it cares about is whether this order has flowed to my server. 23 hours of trading doesn't give you more opportunities. It's for dollars, more time.