出典確認済みリサーチ: SEC 24 HOUR Equity

Verified source facts

1. The SEC scheduled the roundtable for September 17, 2026 from 10:00 a.m. to 4:00 p.m. Eastern and said it would be webcast publicly. 2. Panel One covers exchange and broker-dealer readiness, overnight surveillance, closing-price processes, clearance and settlement changes, investor protection and expected liquidity. 3. Panel Two covers operational resiliency, Regulation SCI, failover, capacity planning, market-data continuity, shortened maintenance windows, cybersecurity and overnight staffing. 4. Panel Three covers impacts on liquidity and capital formation plus future expansion toward 24x7 trading and required infrastructure changes.

Comparison at a glance

1. Usage and measurement test: Trading hours

Stablecoin adoption cannot be inferred from a single gross counter. The trading hours dimension concerns venue order-entry availability. Define the economic job, unit of observation, time window and entities included before counting, then publish exact session boundaries. Otherwise one routed transaction, exchange rebalance or contract hop may be mistaken for several independent users or payments.

Separate ledger events from economic outcomes. A transfer can be real on-chain yet still represent internal treasury movement, automated arbitrage, bridge routing, collateral management or redemption rather than a purchase. Official sources can frame the categories, but they do not resolve future expansion. The dataset and classification method therefore belong beside every headline number.

For trading hours, publish the numerator, denominator and exclusions that support the claim. Make the analyst publish exact session boundaries, and compare at least one activity metric with one outcome metric relevant to venue order-entry availability. Because future expansion remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

2. Usage and measurement test: Reference prices

The reference prices dimension concerns overnight valuation and close. Define the economic job, unit of observation, time window and entities included before counting, then define hierarchy and fallback.

Official sources can frame the categories, but they do not resolve thin liquidity.

For reference prices, publish the numerator, denominator and exclusions that support the claim. Make the analyst define hierarchy and fallback, and compare at least one activity metric with one outcome metric relevant to overnight valuation and close. Because thin liquidity remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

3. Usage and measurement test: Surveillance

The surveillance dimension concerns cross-session market monitoring. Define the economic job, unit of observation, time window and entities included before counting, then staff and automate alerts.

Official sources can frame the categories, but they do not resolve fragmented venues.

For surveillance, publish the numerator, denominator and exclusions that support the claim. Make the analyst staff and automate alerts, and compare at least one activity metric with one outcome metric relevant to cross-session market monitoring. Because fragmented venues remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

4. Usage and measurement test: Clearing

The clearing dimension concerns trade acceptance and risk management. Define the economic job, unit of observation, time window and entities included before counting, then test overnight capacity.

Official sources can frame the categories, but they do not resolve member readiness.

For clearing, publish the numerator, denominator and exclusions that support the claim. Make the analyst test overnight capacity, and compare at least one activity metric with one outcome metric relevant to trade acceptance and risk management. Because member readiness remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

5. Usage and measurement test: Settlement

The settlement dimension concerns cash and securities completion. Define the economic job, unit of observation, time window and entities included before counting, then map calendar and cutoff dependencies.

Official sources can frame the categories, but they do not resolve bank closure.

For settlement, publish the numerator, denominator and exclusions that support the claim. Make the analyst map calendar and cutoff dependencies, and compare at least one activity metric with one outcome metric relevant to cash and securities completion. Because bank closure remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

6. Usage and measurement test: Corporate actions

The corporate actions dimension concerns entitlements and record dates. Define the economic job, unit of observation, time window and entities included before counting, then coordinate after-hours processing.

Official sources can frame the categories, but they do not resolve event timing.

For corporate actions, publish the numerator, denominator and exclusions that support the claim. Make the analyst coordinate after-hours processing, and compare at least one activity metric with one outcome metric relevant to entitlements and record dates. Because event timing remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

7. Usage and measurement test: Market data

The market data dimension concerns continuous quotes and reference feeds. Define the economic job, unit of observation, time window and entities included before counting, then design redundant delivery.

Official sources can frame the categories, but they do not resolve feed outage.

For market data, publish the numerator, denominator and exclusions that support the claim. Make the analyst design redundant delivery, and compare at least one activity metric with one outcome metric relevant to continuous quotes and reference feeds. Because feed outage remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

8. Usage and measurement test: Resiliency

The resiliency dimension concerns failover, maintenance and cyber response. Define the economic job, unit of observation, time window and entities included before counting, then run overnight drills.

Official sources can frame the categories, but they do not resolve reduced repair window.

For resiliency, publish the numerator, denominator and exclusions that support the claim. Make the analyst run overnight drills, and compare at least one activity metric with one outcome metric relevant to failover, maintenance and cyber response. Because reduced repair window remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

9. Usage and measurement test: Staffing

The staffing dimension concerns operations, risk and customer support. Define the economic job, unit of observation, time window and entities included before counting, then assign round-the-clock ownership.

Official sources can frame the categories, but they do not resolve human fatigue.

For staffing, publish the numerator, denominator and exclusions that support the claim. Make the analyst assign round-the-clock ownership, and compare at least one activity metric with one outcome metric relevant to operations, risk and customer support. Because human fatigue remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

10. Usage and measurement test: Investor protection

The investor protection dimension concerns disclosures and execution quality. Define the economic job, unit of observation, time window and entities included before counting, then separate availability from liquidity.

Official sources can frame the categories, but they do not resolve customer misunderstanding.

For investor protection, publish the numerator, denominator and exclusions that support the claim. Make the analyst separate availability from liquidity, and compare at least one activity metric with one outcome metric relevant to disclosures and execution quality. Because customer misunderstanding remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

Decision scenarios

Scenario 1: when trading hours becomes decisive

Consider a reader whose main constraint is venue order-entry availability. The correct response is not to infer a universal platform or product winner. It is to publish exact session boundaries, retain the evidence, and define a stop condition before funds or permissions are committed. If the evidence changes, the decision must be reopened. This produces a repeatable operating rule rather than a one-time opinion.

Scenario 2: when reference prices becomes decisive

Consider a reader whose main constraint is overnight valuation and close. It is to define hierarchy and fallback, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 3: when surveillance becomes decisive

Consider a reader whose main constraint is cross-session market monitoring. It is to staff and automate alerts, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 4: when clearing becomes decisive

Consider a reader whose main constraint is trade acceptance and risk management. It is to test overnight capacity, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 5: when settlement becomes decisive

Consider a reader whose main constraint is cash and securities completion. It is to map calendar and cutoff dependencies, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 6: when corporate actions becomes decisive

Consider a reader whose main constraint is entitlements and record dates. It is to coordinate after-hours processing, retain the evidence, and define a stop condition before funds or permissions are committed.

Sources and editorial method

• SEC Roundtable Agenda and Panelists
• SEC 24-Hour Trading Roundtable Announcement
• SEC Roundtable Public Comment Page
• SEC Staff Memorandum on Overnight Trading