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The Shift Toward 24-Hour Trading in U.S. Equities Markets: Opportunities and Regulatory Challenges  


Author:  Charles A. Sommers.; R. Jacob Griggs.


Source: Volume 58, Number 15, September 1 2025 , pp.205-208(4)




Review of Securities & Commodities Regulation

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Abstract: 

U.S. equities markets are advancing toward 24-hour trading, driven by global retail demand, crypto market norms, and evolving investor behavior. Exchanges, clearing agencies, and market data providers are developing the infrastructure to support overnight trading sessions, raising complex regulatory issues around market protections, surveillance, and settlement. Coordinated efforts by regulators and market participants will be critical to promote fair, resilient, and transparent markets as round-the-clock trading becomes a reality.

Keywords: Overnight Trading; 24X National Exchange LLC; SIPs and Trade Reporting Facilities; Clearance and Settlement Infrastructure

Affiliations:  1: Sidley Austin LLP; 2: Sidley Austin LLP.

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