Statement Summary
The press release discusses a roundtable hosted by the Division of Trading and Markets, addressing the upcoming changes to the US equity markets as they prepare for a 24-hour marketplace. It highlights the historical context of trading hours at the NYSE and acknowledges advancements in technology that have enabled this expansion. Key insights will be shared from a recent paper on overnight trading dynamics, followed by panel discussions focused on market preparedness, resiliency, and the expected impacts of these changes. The initiative aims to enhance market operations, benefiting both investors and issuers, while emphasizing the importance of resilience in the financial sector.
Original Statement
Thank you, Chairman Atkins, and Commissioners Peirce and Uyeda, for your remarks this morning and for your support of industry and Division efforts to prepare for a 24-hour marketplace. Once again, I thank Commissioner Peirce for her idea of a roundtable on a timely, relevant topic. I wish Commissioner Peirce nothing but the best as she winds down an impressive and impactful tenure as a regulator and begins an honorable new chapter as a teacher. But I selfishly hope that she will still find time to think of compelling roundtable ideas for her old friends at the Division.
I’d like to thank our moderators and expert panelists for their meaningful contributions of time, expertise, and experience today. I also thank my Division teammates, who made this roundtable possible through diligent work, creativity and resourcefulness, and attention to detail. We are confident that today’s event will provide a broad, deep treatment of a cornerstone initiative to further modernize our equity markets. Today’s discussion will help better inform the Commission and the investing public we serve.
Before I say more, please understand that I speak today in my official capacity as the Commission’s Director of the Division of Trading and Markets, and my remarks do not necessarily reflect the views of the Commission, the Commissioners, or members of the staff. This disclaimer applies as well to comments made by my Division colleagues during today’s program.
Historical Context of Trading Hours
In June 1968, facing a “paperwork crisis” brought on by an abundance of trading volume and an absence of technology fit to meet the challenge at hand, the NYSE began to close on Wednesdays. From the days of the Buttonwood Agreement to the wake of the Civil War, the Exchange had operated as a call market. In 1871, continuous trading began, including a Saturday session. From May 1887 to September 1952, the market opened at 10 AM and closed at 3 PM, with Saturday’s trading ending at noon. The NYSE ceased Saturday trading in September 1952.
Wednesday trading returned in January 1969, but the NYSE moved its close to 2 PM. As technological advancements increased capacity, the Exchange pushed the close later by 30 minutes four times over the next five years, ultimately landing at 4 PM in October 1974. In 1985, the Exchange revised its open to 9:30 AM, where it sits today. Roughly twenty years later, fully-electronic venues led an expansion of market data infrastructure to extend coverage to 4 AM and 8 PM ET. Once again, technological innovation and investment expanded capacity and increased resiliency—and multiplied choices available to investors.
Recent Developments and Future Changes
In recent years, in response to growing interest from retail and non-US investors, market participants have revisited expanded hours once more—and perhaps for the final time. Four ATSs now offer “overnight” trading in the US. In June, DTCC began to clear equities on a 23-by-5 basis. FINRA’s TRF has broadened its hours. And on December 6, our market data infrastructure is set to expand to 23-by-5 – which will allow a number of approved exchanges to offer trading during these hours.
The Division supports these efforts and commends the industry for progress made throughout 2026. The coming changes are substantial and will have broad impact, and it is critical that investors and issuers are up to speed. Moreover, certain initiatives will continue to evolve after December 6, and future expansion to 24-by-7 is a possibility. Today’s roundtable is designed to address these issues.
Panel Discussions
First, Dan Mathisson of the Division’s Office of Analytics and Research will present highlights from a recently-published paper to support today’s discussion. Available on the roundtable website, the paper analyzes overnight and cross-session trading volume, examines characteristics of stocks traded during the overnight session, and explores market-participant activity across trading sessions.
After Dan’s presentation, we will have three panel discussions. Panel one, moderated by Katie Kolchin of SIFMA and Division colleague Jon Kroeper, will review preparedness for a 24-hour market. Panel two will focus on resiliency in a 24-hour market, with Jim Toes of STA and Division colleague Patrick Norton moderating. Adrian Griffiths of MEMX and Division colleague Peggy Sullivan will moderate our third and final panel, which will address expected impacts of these changes, along with potential next steps.
Reflections on Resiliency
The meaning of resiliency is worth reflection. Last Friday, our Nation marked the 25th anniversary of one of its darkest days. The markets did not open on Tuesday, September 11, 2001—and remained closed until Monday, September 17. Our fellow citizens showed incredible resilience in the aftermath of unspeakable evil. Particularly courageous were the many working in financial services who suffered tragic loss. But the technology capable of keeping our markets open did not match the resiliency of our people.
Twenty five years later, such technology is readily available. After considerable, careful planning, the marketplace is preparing to extend operating hours to the fullest extent possible. Successful execution of this project can underscore our global preeminence, benefit investors throughout the world, and broaden capital formation possibilities for US-listed companies. I thank everyone for being part of today’s event and look forward to hearing your views.
And now, I’ll ask Dan to begin his presentation.
