Policy Brief · Roundtable Guide · September 2026
SEC 24-Hour Trading Roundtable: Listening Guide
Thursday, September 17, 2026 · 10 a.m. to 4 p.m. ET · SEC headquarters and live webcast (agenda)
September 17, 2026
Watch the webcast on the SEC event pageThe live link appears there on September 17 and a recording follows. Use the panels below for what to listen for, and the scorecard to mark what is actually said.
What we want to hear overall
Listen for three things. They decide whether the brief's core asks land.
1
Order of steps.
Does the Commission treat 23/5 as a phase to measure before 24/7, or treat 24/7 as a fixed destination with a date? This will come up in Panel Three under “future 24x7 expansion.”
2
The weekend.
Does anyone take ownership of weekend cash, margin and the settlement calendar? DTCC's Brian Steele on Panel Two is the person to watch.
3
Issuers on the Day 2 list.
Are news notice rules, halts and the reference closing price named as Day 2 work, or left to the listing exchanges?
Who is missing. Of 27 panelists, one speaks mainly for corporate issuers: Tim Quast of ModernIR. A second, OTC Markets, runs markets for smaller companies. BlackRock, Invesco and Citi appear as ETF issuers and issuer services, which is a different constituency. The panels include no issuer group such as NIRI or the Society for Corporate Governance, no transfer agent, no Federal Reserve representative and no futures exchange. One panelist is listed only as Samsung, with no sector given. That gap is the opening for the brief and for a Day 2 comment letter.
Opening remarks and data (10:00 to 11:00 a.m.)
The opening sets the Commission's framing. The data presentation is likely to be the first official account of who trades overnight.
| Session | Speakers | Listen for |
|---|---|---|
| Opening remarks (10:00) | The Chairman, the Commissioners, and Jamie Selway, Director of Trading and Markets | Which terms they use: “24-hour,” “24x5” or “24x7.” Whether 24-hour trading is linked to tokenization and the innovation exemption. Whether Day 2 topics are named, such as Rule 611 or trade-through protection overnight |
| Data presentation (10:30) | Dan Mathisson, Division of Trading and Markets, Office of Analytics and Research | Overnight share of volume and how fast it is growing. Who trades, by time zone and between retail and institutional. Spreads and depth overnight compared with the core session. Which names and ETFs the volume is concentrated in. Rates of canceled and erroneous trades |
What we want to hear
A commitment to publish session-level statistics on a regular schedule. That is the basis for the brief's first ask, that 23/5 data should decide when 24/7 arrives.
Panel One: Preparedness (11:00 a.m. to 12:15 p.m.)
11:00 a.m. to 12:15 p.m. ET
Moderators: Jon Kroeper (SEC Trading and Markets) and Katie Kolchin (SIFMA).
Panel One tests whether the market is ready for December 6. Its agenda covers exchange and broker-dealer readiness, overnight surveillance, how the closing price is set, clearance and settlement changes, investor protection and liquidity.
Josh Burch
NYSE, a listing exchange (NYSE Arca plans 23-hour trading)
Whether the 4 p.m. auction stays the official close; night-session halt and news procedures for listed companies
Heidi Fischer
Cboe, an equities and options exchange
Any plans to extend options trading hours, the missing hedge for overnight market makers
Robert McNamee
FINRA
How overnight surveillance will be staffed and how CAT covers the night session; retail guidance
Hubert De Jesus
BlackRock, asset manager and ETF issuer
Whether institutions will trade overnight; how ETF premiums and discounts behave against a 4 p.m. NAV
JD Del Raso
Virtu Financial, market maker and agency broker
The cost of quoting overnight: hedging, capital, spreads
Ron Hooey
BNY Pershing, clearing and custody
Margin, corporate actions in the 8 to 9 p.m. window, overnight staffing
Todd Lopez
UBS, global bank and broker
How ready institutional desks are; demand from Asia and Europe
Matt Billings
Robinhood, retail broker already offering overnight trading
Retail demand, including for weekends; where overnight orders are routed once exchanges open
Jason Wallach
Bruce Markets, overnight ATS
How incumbent ATSs see exchange entry and the new consolidated overnight tape
What we want to hear
- The 4 p.m. close stays the reference price, with no talk of moving it.
- A named owner for news-pending halts between 9 p.m. and 4 a.m.
- Clarity on how an 8 p.m. trade date roll feeds into margin and settlement.
- Whether night sessions stay limited to limit orders, or market orders are planned.
Panel Two: Resiliency (1:15 to 2:30 p.m.)
1:15 to 2:30 p.m. ET
Moderators: Patrick Norton (SEC Trading and Markets) and Jim Toes (Security Traders Association).
Panel Two is where the weekend settlement and cash problem is most likely to come up. Its agenda covers systems readiness, Regulation SCI, failover and capacity, market data continuity, maintenance windows, cybersecurity and overnight staffing.
Brian SteeleKey voice
DTCC, clearing and settlement
Most important voice on this panel. How NSCC’s 24x5 clearing has performed since June; any view on weekend clearing, the settlement calendar and Fedwire hours; how tokenization fits
Chuck Mack
Nasdaq, exchange operations and technology
Night-session failover; what happens to trading if the SIP goes down at 2 a.m.; whether the 8 to 9 p.m. pause is enough
Quito Zuba
MEMX, exchange
Costs of connecting members around the clock; whether a smaller exchange can staff 23 hours
David Taylor
Exegy, market data technology
Continuity of data feeds; what firms’ own systems need to run without downtime
Diwa Cody
Jane Street, market maker and ETF liquidity provider
How much capacity and risk overnight trading takes; hedging when options and cash markets are closed
Nat Evarts
State Street, custodian and fund administrator
Reconciliation and NAV operations once the overnight quiet period shrinks; weekend operations
Jiyoung Jung
Samsung (the SEC release lists no further detail)
Which Samsung entity is represented, and what non-US participants need from US venues on resiliency
Todd Lard
Schwab, retail broker
Customer service and outage communication overnight
Steve Sosnick
Interactive Brokers, global broker offering overnight trading
Non-US client demand; experience of risk overnight
What we want to hear
- A coordinated maintenance calendar across venues and SIPs, not each venue picking its own window.
- A clear rule for which venues halt, and how, when the SIP or a primary listing market fails overnight.
- How Reg SCI applies to systems that are never offline.
- Any DTCC statement on 24x7 or weekend clearing. This is the brief's main open question.
Panel Three: Impacts and next steps (2:45 to 4:00 p.m.)
2:45 to 4:00 p.m. ET
Moderators: Peggy Sullivan (SEC Trading and Markets) and Adrian Griffiths (MEMX).
Panel Three matters most for the brief. It is the only panel with “issuer impacts,” “Day 2 regulatory initiatives” and “future 24x7 expansion” on its agenda. The rest of the agenda covers liquidity, capital formation and how participation is changing.
Tim QuastKey voice
ModernIR, investor relations analytics
The issuer voice. His published view doubts that round-the-clock trading helps capital formation and warns it will spread thin liquidity further. Listen for concrete issuer asks: news timing, halts, knowing who owns the stock
Cromwell Coulson
OTC Markets Group, markets for smaller and international companies
How thin overnight markets affect small caps; whether small issuers can opt out or need safeguards
Dmitri Galinov
24X, 23/5 exchange that has sought an exemption to open early
Plans for 24x7 and how quickly; how exchanges compete with ATSs overnight
Brian Hyndman
Blue Ocean, overnight ATS
Data on overnight activity by region; whether there is demand for weekends
Naureen Hassan
DriveWealth, brokerage infrastructure for global fintech apps
Whether global retail clients want 24/7; fractional shares and tokenized access
Michael Harrington
Citadel Securities, market maker
Which Day 2 rules market makers want (Rule 611, access fees, order types); what it costs to provide liquidity on weekends
Will Geyer
Invesco, asset manager and ETF issuer
NAV and index reference prices; how ETFs behave when their underlying markets are closed
Michael Masone
Citi, global bank, broker and issuer services
Cross-border capital formation; ADR and depositary questions
Ryan O’Sullivan
BNP Paribas, global bank
How European and Asian institutions will take part
What we want to hear
- The SEC says 24x7 depends on what 23/5 data shows, not on a timeline.
- Issuer news rules, cross-venue halts and a daily reference price are named as Day 2 items.
- Tokenized 24/7 trading carries protections for issuers: notice, rights passed through to holders, consolidated reporting.
- Someone raises settlement and cash as the real limit on 24x7, rather than treating it as a question of venue hours.
Watch for disagreement. The main tension is between the venues (24X, Blue Ocean) and the issuer voice (Quast). Venues want to expand hours for competitive reasons. Issuers question whether it helps capital formation. How the moderators handle that exchange is the best clue to where Day 2 is heading.
Scorecard: tick during the session
Each item below maps to an ask in the brief. Tick it if the item is said on the record, and note who said it. After the roundtable, the ticked and unticked items show which parts of the brief to sharpen before the Day 2 comment period.
0 of 15 items recorded
Sequencing and data (brief ask 1)
0 of 3
SEC commits to publishing 23/5 statistics by session
Someone proposes conditions or thresholds that must be met before weekend sessions
24x7 is described as conditional, not scheduled
Issuer rules (brief ask 2)
0 of 4
Updating news notice rules for the night session is mentioned
Cross-venue, any-hour halts are discussed
The 4 p.m. close is confirmed as the reference price
10b-18, Reg M or insider trading windows come up
Reset window and resiliency (brief ask 3)
0 of 3
Coordinated maintenance windows across venues and SIPs
A fallback plan if the SIP fails overnight
Weekend settlement calendar or Fedwire hours raised
Tokenization (brief ask 4)
0 of 2
Tokenized securities named as the route to weekend trading
Issuer consent or shareholder rights for tokenized shares discussed
Numbers to capture
0 of 3
Overnight share of volume and its growth rate (from the data presentation)
Overnight spreads and depth compared with the core session
Breakdown of overnight volume by region and by type of participant