SIFMA Roundtable: Building the Roadmap to 24/7 Markets, “Money Never Sleeps”

Good morning. Thank you for the introduction Steve [Byron], and thank you Ken [Bentsen] and Katie [Kolchin] for the kind invitation to join today's event. I commend SIFMA for today's comprehensive program on an important, timely topic. And I applaud the many senior leaders gathered here to generously contribute time and expertise toward an industry roadmap for 24-by-7 trading.

Please note that my remarks today are made in my official capacity as the Commission's Director of the Division of Trading and Markets and do not necessarily reflect the views of the Commission, the Commissioners, or members of the Division's staff. As you might guess, this disclaimer operates 24-by-7, 365 days a year.

For roughly twenty years, our equity market infrastructure has accommodated trading between 4 AM and 8 PM ET. Recently, in response to interest from retail and non-U.S. investors, a number of platforms have launched "overnight" trading, including four ATSs. Notably, some non-equity markets, such as those for digital assets, currently operate 24-by-7. A growing consensus of market participants wants the equity markets to follow this course. Before our marketplace takes this step, however, foundational questions regarding common protocols and shared infrastructure must be answered. That is the purpose of today's roundtable.

The Division supports industry efforts to expand trading hours. In November 2024, the Commission approved 24X's Form 1 application, which included an overnight session. The Commission has also approved NYSE Arca's proposal to expand its trading hours, and a similar proposal from Nasdaq is currently out for comment. The equity market data plans have proposed extending the hours of operation for the SIPs by the end of 2026, and we understand that NSCC plans to be ready in June. Some market participants have also expressed an interest in having more timely reporting of TRF data in extended hours.

Based on our conversations with industry, we view these dates as feasible. Acute focus on operational particulars, such as handling corporate actions, is warranted to ensure a smooth expansion. Once deadlines for implementation are established, they should be met without unnecessary delay. My Division colleagues Kelly Riley and Peggy Sullivan are your points of contact for the Division on this issue, and Peggy is here with us today. I encourage you to engage with Kelly and Peggy as needed throughout the year.

It is commonplace to note that our Nation's markets are the envy of the world. It is rare, however, to have an opportunity to increase our global pre-eminence. Done in a way to benefit investors everywhere, and to deepen our capital formation advantages beyond our shores for corporate issuers, 24-by-7 trading may be one such opportunity. I hope you seize it.

Thank you for your time and attention. I wish you all the best for a productive roundtable.