SEC Taps Blackrock, Robinhood, Nyse and More for 24-hour Trading Push

The U.S. Securities and Exchange Commission has scheduled a Sept. 17 roundtable to work through what it will actually take to run U.S. equity markets around the clock, with BlackRock, Citadel Securities, NYSE, Nasdaq and Robinhood among the major names at the table. The public session, set for the agency's Washington headquarters, signals that the SEC wants operational buy-in from Wall Street before it writes any new rules. Wall Street Heavyweights Join the Sec's 24-hour Market Session The SEC announced this week that the roundtable will run from 10 a.m. to 4 p.m. ET at its Washington, D.C. headquarters and will be streamed live on the SEC's website. The agenda, per the SEC, is set to focus on the unglamorous but critical mechanics of nonstop trading. Extended sessions force exchanges, clearinghouses and brokerages to rethink how trades settle, how market data is distributed, how liquidity is provided in thin overnight markets and how system maintenance is scheduled without halting trading. The panelist list reads like a who's who of market infrastructure, including Citi, UBS, Cboe, NYSE, DTCC, Invesco, Nasdaq, Charles Schwab, Samsung, BlackRock, Robinhood, Jane Street, State Street, BNP Paribas, BNY Pershing, Citadel Securities and Interactive Brokers. Market Participant Why It Is in the Room Latest 24-Hour Trading Move BlackRock Institutional asset manager with a major stake in market structure Pushing for clear operational standards for extended trading Citadel Securities Major market maker Sent the SEC a 29-page letter in 2024 urging clearer rules and stronger infrastructure NYSE Primary exchange operator Floated an extended-hours model in 2024 Nasdaq Exchange operator Targeting Dec. 6 for a nearly 23-hour overnight session Robinhood Retail brokerage Represents retail demand for round-the-clock access DTCC Clearing and settlement utility Central to clearing and settlement risk discussions 24 Exchange SEC-approved 24-hour exchange Backed by Point72 Ventures; cleared for roughly 23-hour trading days The Hidden Plumbing Behind a Market That Never Closes SEC Chairman Paul Atkins has noted in recent appearances that the development is part of a push to modernize the structure of U.S. equity markets. A roundtable this heavily staffed with exchanges, clearinghouses and market makers signals the agency wants operational buy-in before it writes any new rules, not after. The core challenge is not simply keeping the exchange open. It is ensuring that trades can be cleared, settled and risk-managed when the traditional 9-to-5 support infrastructure has gone home. Extended trading also raises questions about price discovery, liquidity provision and how market data is distributed during overnight hours. Exchanges Are Already Racing Ahead of Regulators While the SEC's discussion is set for September, parts of Wall Street have already started building toward round-the-clock trading regardless of how the conversation goes. Nasdaq has targeted Dec. 6 for a new overnight session, aiming for a trading day that stretches close to 23 hours, pending final regulatory sign-off. 24 Exchange, backed by Steve Cohen's Point72 Ventures, has already won SEC approval to run a stock exchange with roughly 23 hours of trading five days a week. NYSE floated its own extended-hours model in 2024, an idea its executives said was shaped partly by watching how bitcoin and crypto markets simply never close. That crypto connection has made the issue particularly relevant for digital-asset market observers. A U.S. stock market that operates almost around the clock would bring traditional equities closer to the always-on structure that bitcoin and other cryptocurrency markets have used for years. Citadel Securities and Others Want the Plumbing Sorted First Even firms eager for more trading time have signaled caution about the underlying infrastructure. Last year, Citadel Securities sent the SEC a lengthy 29-page letter pushing for clear rules and stronger infrastructure before extended hours roll out broadly. That letter was a sign that market makers want the plumbing sorted before the trading day is stretched. The SEC's decision to pull in exchanges, clearinghouses, brokerages and asset managers for the Sept. 17 session suggests the agency is taking that concern seriously. Why the Sept. 17 Session Could Shape the Next Era of U.S. Trading Analysts see the roundtable as the agency trying to catch up to a shift the market has already decided is coming. The composition of the room suggests the SEC would rather borrow Wall Street's own expertise than dictate the rules from the outside. No formal rule is expected to emerge from the session itself. But the discussion is likely to feed directly into any future rulemaking on 24-hour trading, clearing and market structure. The stakes are high: getting the operational details wrong could fragment liquidity and create new risks for investors, while getting them right could open a new era of always-on U.S. equity markets. When Is the Sec's 24-hour Trading Roundtable? The SEC roundtable is scheduled for Sept. 17 from 10 a.m. to 4 p.m. ET at the agency's Washington, D.C. headquarters. It is open to the public and will be live-streamed on the SEC's website. Which Firms Are Participating in the SEC Roundtable? Panelists include BlackRock, Citadel Securities, NYSE, Nasdaq, Cboe, DTCC, Invesco, UBS, Citi, Charles Schwab, Robinhood, Jane Street, State Street, BNP Paribas, BNY Pershing, Samsung and Interactive Brokers. The group spans exchanges, clearinghouses, market makers, brokerages and asset managers. Why Is the SEC Holding This Roundtable? The SEC is examining the operational infrastructure needed to run U.S. equity markets around the clock. Chairman Paul Atkins has framed the effort as part of a broader push to modernize U.S. equity market structure, and the agency is seeking input from major market participants before any formal rule changes. Has Wall Street Already Started Moving to 24-hour Trading? Yes. Nasdaq has targeted Dec. 6 for a new overnight session, and 24 Exchange, backed by Point72 Ventures, has already received SEC approval to run a stock exchange with roughly 23 hours of trading five days a week. NYSE floated its own extended-hours model in 2024. What Could Change for Investors If 24-hour Trading Expands? Investors would gain the ability to react to news and events outside regular U.S. market hours, similar to cryptocurrency markets that trade around the clock. Analysts caution that liquidity, clearing and settlement infrastructure must be strengthened before broad rollout to avoid fragmentation and operational risk.