New Year’s Eve Market Schedule: Equity Full-Hours, Bond Markets Early Close & Liquidity Risks

For U.S. equity markets, both the New York Stock Exchange and Nasdaq will operate under their standard hours on Wednesday, December 31, 2025, trading from 9:30 a.m. to 4:00 p.m. Eastern Time, with no early close planned for equities [2][3][4]. This is confirmed in multiple sources that the equities market remains open a full session on New Year’s Eve [1][3][4].

In contrast, U.S. bond markets will close early at 2:00 p.m. ET on New Year’s Eve, following the Securities Industry and Financial Markets Association (SIFMA)’s guidance, and will remain closed on Jan. 1, when equities are also closed [1][2]. This earlier bond‐market close poses implications for instruments sensitive to rate movements, especially later in the day when bonds become inactive but equities remain trading.

Looking abroad, several major exchanges will not observe regular hours on Dec. 31. The London Stock Exchange will shut trading at 12:30 p.m. local time, returning to full sessions on Jan. 2, 2026 [4][5]. Euronext entities such as Amsterdam, Brussels, Dublin, Lisbon, and Paris will have shortened hours on New Year’s Eve, while Milan and Oslo will be closed [1][4]. Hong Kong will omit afternoon and after‐hours sessions for non‐holiday contracts [1]. Tokyo and Shanghai exchanges will be closed both on New Year’s Eve and on New Year’s Day [1].

Strategically, the divergence in hours—especially between U.S. equities versus U.S. bonds—may exacerbate volatility or reduce arbitrage opportunities in late trading on Dec. 31. International traders must navigate partial session closures that affect order flow, settlement risk, and foreign exposure. Portfolios with cross‐asset exposure might see dislocations in pricing between rate‐sensitive fixed income and equities late in the U.S. session, while currency and derivatives traders should note international markets’ early exits or closures.

Open questions include whether any brokerages will impose additional cutoff times for options, mutual funds, or extended hours trades; how thin liquidity may raise bid‐ask spreads; and how automated trading or closing auctions may behave under this low‐participation environment.