For decades, global equity markets have operated within clearly defined trading windows. While pre-market and after-hours sessions exist, most investment managers, service providers, and technology platforms are still fundamentally designed around a single concept: the market close. That concept is now being challenged. As exchanges such as Nasdaq, NYSE Arca, and the London Stock Exchange explore—and indeed, launch, in the case of CBOE—extended and near-continuous trading models, the industry is