// CHAPTER 8 · 5:40
How the always-on market gets built, step by step.
Getting from five days to twenty four by seven is an implementation problem, and it runs in sequence: the venues, the tape, clearing and the rules, each on its own timeline.
The 24-hour hub tracks every step. The overnight venues operating today and how each one connects. From December sixth, the exchanges take a sunset hour from eight to nine at night while the ATSs run straight through. The SIP extends to twenty three hours a day. NSCC clearing already runs twenty four by five.
That raises questions nobody had to answer before. Which trade date does an 8:30pm fill belong to. Whether a day order survives a session boundary. The FIX Trading Community published seventeen answers and gave us permission to host the full document. Author and copyright FIX Protocol Limited.
