At its roundtable on 24-hour trading, the U.S. Securities and Exchange Commission outlined the operational and market structure questions that must be addressed as U.S. securities markets consider expanded overnight trading. Technology no longer appears to be the main constraint, shifting the focus to whether market participants, infrastructure providers and regulators can operate continuously and manage the resulting risks. Key issues include the overnight operation of clearing, collateral, payment, settlement and default management systems, as well as staffing, monitoring, failover, cybersecurity and resilience. The SEC is also examining whether closer links between global markets could transmit volatility more quickly and whether longer hours would redistribute concentrated liquidity or spread it too thin, weakening price discovery and execution quality. The discussion builds on the SEC’s broader examination of market readiness and safeguards for trading beyond traditional U.S. hours.
2026-09-17U.S. Securities & Exchange Commission
U.S. Securities and Exchange Commission examines operational readiness and liquidity risks for 24-hour trading
The U.S. Securities and Exchange Commission is examining operational readiness and market risks associated with 24-hour trading. Its roundtable focused on clearing and settlement, staffing, cybersecurity, resilience and global volatility, as well as the potential effects of overnight trading on liquidity, price discovery and execution quality.