The SEC announced a roundtable scheduled for September 17 to examine the requirements for operating U.S. equity markets on a 24-hour basis. The event will be held at SEC headquarters in Washington from 10 a.m. to 4 p.m. ET and will be open to the public with live streaming on the SEC's website.
The roundtable will feature more than 17 major panelists from market infrastructure, including Blackrock, Citadel Securities, NYSE, Nasdaq, Robinhood, Interactive Brokers, the DTCC, Charles Schwab, Invesco, State Street, Jane Street, Citi, UBS, Cboe, Samsung, BNP Paribas, and BNY Pershing.
Focus Areas
The SEC's agenda will address critical operational mechanics needed for continuous trading, including exchange and broker-dealer readiness, surveillance capabilities during overnight sessions, and clearance and settlement systems functioning during previously untradeable hours.
SEC Chairman Paul Atkins noted that the roundtable is part of a broader effort to modernize U.S. equity market structure. The heavy participation from exchanges, clearinghouses, and market makers indicates the agency seeks operational buy-in before establishing new rules.
Market Movement Already Underway
Market participants are advancing extended-trading initiatives independent of regulatory finalization. Nasdaq has targeted December 6 for an overnight trading session extending to nearly 23 hours, pending final regulatory approval. Similarly, 24 Exchange, backed by Point72 Ventures, has already received SEC approval to operate a stock exchange with approximately 23 hours of trading five days per week.
NYSE proposed its own extended-hours model in 2024, with executives noting that developments in bitcoin and cryptocurrency markets influenced the concept. In the prior year, Citadel Securities submitted a 29-page letter to the SEC urging clear rules and stronger infrastructure before extended hours are broadly implemented.
