Trading done by electronic networks outside of the exchange's regular trading hours, either before the opening or after the close. The extended trading hours usually has a lower volume compared to the regular trading hours when the exchange is open. Pre-market trading for equities often takes place in the United States between 4:00 and 9:30 a.m. Eastern Time, while after-hours trading typically occurs between 4:00 and 8:00 p.m. Eastern Time (EST). The regular hours of operation for the US stock markets are 9:30 am to 4:00 pm EST.