SIFMA (the Securities Industry and Financial Markets Association) is the principal U.S. securities‑industry trade association representing broker‑dealers, investment banks and asset managers; it advocates policy, publishes research, convenes firms and liaises with regulators to promote efficient, resilient capital markets.
The SEC’s Division of Trading and Markets oversees the structure and operation of U.S. securities markets and major participants (exchanges, clearing agencies, broker‑dealers and SROs); the Division Director administers the Commission’s programs under the Securities Exchange Act, reviews SRO rule changes, supervises clearing/settlement infrastructure, conducts market surveillance, and assesses firms’ risk controls.
'24/7 markets' means trading that is available continuously (24 hours a day, seven days a week); in practice for U.S. equities the nearer‑term forms are extended overnight sessions (e.g., 22–23 hours on weekdays or 23/5) while other asset classes (foreign exchange, many crypto markets) already trade round‑the‑clock.
Typical regulatory and technical changes include extending clearing/settlement (CCP/NSCC) hours, implementing real‑time margining and risk controls, upgrading market‑data/SIP capacity for continuous feeds, building 24/7 surveillance and staffed operations, and making exchange/ATS rule changes and cross‑industry coordination (brokers, custodians, banks) for funding and post‑trade processes.
Everyone in the ecosystem is affected: exchanges and clearinghouses face the largest operational/technical changes; market‑makers and liquidity providers must manage continuous quoting and risk; broker‑dealers and custodians must adapt operations and funding; retail investors gain access but encounter different liquidity and volatility; issuers and index providers also see impacts (pricing, corporate actions).
Surveillance and investor protections would depend on continuous automated monitoring by exchanges/SROs and regulators, upgraded SIP/market‑data feeds, real‑time risk controls (margins, automated halts/kill switches), extended examiner and support coverage, and clear retail disclosures about lower overnight liquidity and higher volatility; regulators and market operators must adapt rules and staffing to maintain protections outside normal hours.