// 23/5 GO-LIVE · SUNDAY DECEMBER 6, 2026 · 9:00 P.M. ET

December 6: what changes overnight, and what doesn't

The consolidated tape, the FINRA trade reporting facility and a new set of LULD price bands all reach the overnight session on the same Sunday night. Order protection does not. And the hour that carries the most overnight volume stays exactly where it is today: on the ATSs, off the tape.

SAPINOVER RESEARCH · UPDATED HOURLY FROM THE TAPE

DAYS TO GO-LIVE

Sun Dec 6, 9:00 p.m. ET

+25%

SUNDAY-NIGHT PREMIUM

vs the average weeknight, our three venues

21%

OF VOLUME, 8 TO 9 P.M.

Busiest hour. Still no SIP after Dec 6

42.7%

OF SHARES UNDER $5

Where the dollar floor, not 20%, sets the band

01 · THE NIGHT, HOUR BY HOUR

Who is open, and what applies

Pick the night and the era, then tap an hour. The 8:00 p.m. column is the one to watch: it carries the most overnight volume, and after December 6 it is still the only hour with no consolidated tape.

Overnight ATSs

Exchange sessions

Consolidated quotes + trades (SIP)

LULD overnight price bands

Trades on the public tape

Rule 611 order protection

8:00 P.M. ET4:00 A.M. ET, SESSION ENDS

IN FORCE PARTIAL / CONDITIONAL NOT IN FORCE

SUNDAY · 8P · FROM DECEMBER 6

Overnight ATSs: The overnight ATS sessions run 8:00 p.m. to 4:00 a.m. ET, including Sunday night, today and after December 6.
Exchange sessions: No exchange can trade 8:00 to 9:00 p.m. Exchange overnight sessions begin at 9:00 p.m.Nasdaq 23x5 filing SR-NASDAQ-2025-109, 91 FR (Jan 13 2026)
Consolidated quotes + trades (SIP): Sunday: the processors have not started. They open at 9:00 p.m. Sunday.SEC Rel. 34-105779, CTA/CQ Plan approval (Jun 26 2026)
LULD overnight price bands: Plan bands start at 9:00 p.m. In this hour ATSs apply their own 20% bands; the 29th Amendment moves the consolidated reference price to 7:30 p.m. so they can use the same reference.SEC Rel. 34-106624, LULD Plan 29th Amendment, temporary summary effectiveness (Oct 7 2026)
Trades on the public tape: The FINRA TRF pauses 8:00 to 9:00 p.m. Trades executed in the pause are reported within 15 minutes after it reopens.SEC roundtable on 24-hour trading, Sep 17 2026 (File 4-913)
Rule 611 order protection: A trade-through is defined only during regular trading hours, 9:30 a.m. to 4:00 p.m. ET. Nothing in the December 6 approvals changes that. Separately, the SEC has proposed rescinding Rule 611 altogether; that proposal is not final.17 CFR 242.600(b), definitions of regular trading hours and trade-through Nasdaq 23x5 filing SR-NASDAQ-2025-109, 91 FR (Jan 13 2026)SEC proposal to rescind Rules 611 and 610(e), Rel. 34-105655 (Jun 11 2026), not final

02 · THE TAPE GOING IN

Sunday is the biggest night, and today its first four hours never reach the public tape

Every overnight session on our three-venue tape since March. Sunday-night sessions run well above the weeknight average, and today Sunday 8:00 p.m. to midnight is a non-business day for trade reporting, so those prints never reach the SIP. From December 6 the processors open at 9:00 p.m. Sunday.

Sun Nov 8 night

$11.59B

BLUEOCEAN $6.37B · BRUCE $5.00B · MOON $0.22B

HIGHLIGHT SUNDAY NIGHTS

SUN MAR 1 NIGHTLATEST → DEC 6 GO-LIVE

AVERAGE NIGHT, BY SESSION START

Complete three-venue nights only

SUN$7.11B

MON$5.69B

TUE$5.77B

WED$5.56B

THU$5.66B

Sunday averages $7.11B against $5.67B for the average weeknight.

SEC Office of Analytics and Research memo, File 4-913 (Sep 10 2026), fn. 2

03 · LULD OVERNIGHT BANDS

Build a band the way the 27th Amendment does

Two reference prices: the listing market's official close and the consolidated last round-lot sale (7:30 p.m. from December 6). The lower band sits 20% below the lower of the two, the upper band 20% above the higher, with the 20% multiplied by the leverage ratio for leveraged ETPs and a minimum distance of $3.00 ($1.00 when the close is under $1.00).

Official closeConsolidated price, 7:30 p.m.Leverage ratioTest an order price

BAND

$73.60 to $120.00

EFFECTIVE WIDTH

-20.0% / +20.0%

WHAT SETS IT

20% of the reference. Two references widen it.

Illustration of the construction described in the approval order. Official bands are calculated by the primary listing exchange and published by the processors before 9:00 p.m. ET; corporate-action adjustments are not modelled. SEC Rel. 34-106042, LULD Plan 27th Amendment approval (Aug 5 2026), 92 FR 51515 · SEC Rel. 34-106624, LULD Plan 29th Amendment, temporary summary effectiveness (Oct 7 2026)

04 · WHERE THE FLOOR BINDS

For low-priced names, the dollar minimum sets the band, not the 20%

Twenty percent of a $5.00 close is $1.00, a third of the $3.00 minimum, so below $15.00 the floor sets the band and it is wider than 20%. Below $1.00 the floor drops to $1.00, which is still wider than the price itself. On our tape that is a large share of the shares and almost none of the dollars.

OCT 2026 · 22 SESSIONS · ALL PRINTS, THREE VENUES

<$1

34.3%

$1-5

8.3%

$5-25

26.9%

$25-50

11.6%

$50-200

15.3%

$200-1K

3.3%

>$1K

0.24%

Under $5.00, where the floor always sets the band: 42.7% of shares and 0.70% of dollars in Oct 2026. Part of the $5 to $25 band is floor-set too, up to $15.00.

05 · THE LEDGER

What changes, and what doesn't

CHANGES DEC 6

The SIP runs overnight
9:00 p.m. Sunday to 8:00 p.m. Friday, with an 8:00 to 9:00 p.m. pause Monday to Thursday.
SEC Rel. 34-105779, CTA/CQ Plan approval (Jun 26 2026)
LULD gets overnight bands
Static bands 9:00 p.m. to 4:00 a.m., Sunday to Thursday, built from two reference prices.
SEC Rel. 34-106042, LULD Plan 27th Amendment approval (Aug 5 2026), 92 FR 51515
Reference moves to 7:30 p.m.
Temporary, for up to 120 days, so ATSs opening at 8:00 p.m. can use the same reference.
SEC Rel. 34-106624, LULD Plan 29th Amendment, temporary summary effectiveness (Oct 7 2026)
A new .T trade modifier
Trades reported outside 9:30 a.m. to 4:00 p.m. are flagged as outside regular trading hours.
SEC Rel. 34-105779, CTA/CQ Plan approval (Jun 26 2026)
The FINRA TRF goes 23x5
Same hours and pause as the SIP; trades in the pause are reported within 15 minutes after it reopens.
SEC roundtable on 24-hour trading, Sep 17 2026 (File 4-913)

DOES NOT CHANGE

Rule 611 does not apply
A trade-through exists only during regular trading hours. The approvals do not change that.
17 CFR 242.600(b), definitions of regular trading hours and trade-through
No automatic LULD pause
A band touch does not pause trading overnight. The primary listing exchange may still declare a regulatory halt.
SEC Rel. 34-106042, LULD Plan 27th Amendment approval (Aug 5 2026), 92 FR 51515
8:00 to 9:00 p.m. stays ATS-only
No exchange can trade it and no consolidated tape covers it. It is the busiest hour of the night.
SEC roundtable on 24-hour trading, Sep 17 2026 (File 4-913)
Market-wide circuit breakers
They are not part of the LULD Plan, and the 27th Amendment does not extend them overnight.
SEC Rel. 34-106042, LULD Plan 27th Amendment approval (Aug 5 2026), 92 FR 51515

RECEIPT·Three-venue tape (BlueOcean, Bruce Markets, Moon ATS), $50K institutional filter for nightly notional; uncapped all-print buckets for price bands·09 NOV 2026RECEIPT·21% first-hour share: SEC Office of Analytics and Research, Sep 17 2026 roundtable data presentation

Regulatory descriptions summarize the cited SEC orders and filings and are not legal advice. The primary listing exchange calculates and publishes official overnight price bands; the calculator above illustrates the construction in the approval order. The tape shows what traded, never who traded it.

Who is open, and what applies

Sunday is the biggest night, and today its first four hours never reach the public tape

Build a band the way the 27th Amendment does

For low-priced names, the dollar minimum sets the band, not the 20%

What changes, and what doesn't

Ten things to check before Sunday, December 6