U.S. SEC Commissioner "Six Questions" on U.S. Stocks 23*5 Trading: Calls for Attention to Issues such as Liquidity and Information Disclosure

Hester M. Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), stated that the U.S. stock market is gradually forming a trading model of "23 hours, 5 days a week" for extended trading hours. Although overnight trading currently accounts for less than 1% of the total trading volume of NMS stocks and is highly concentrated in a few stocks, both new and established trading venues have been actively extending their operating hours over the past two years, while raising six key questions:

1. How should the U.S. stock market learn from the experiences of the long-established foreign exchange, cryptocurrency, and futures markets?

2. How can brokers fulfill their best execution obligations and enhance retail investor protection when overnight liquidity is dispersed and spreads widen?

3. When overnight liquidity is insufficient and execution costs are high, is it still a reasonable fiduciary decision for asset management institutions to choose not to engage in overnight trading?

4. Will extending trading hours change the way listed companies release financial reports and significant information?

5. Given that EDGAR filings submitted after 5:30 PM Eastern Time are typically processed on the next business day, does the SEC need to adjust the EDGAR system to ensure timely disclosure of significant information during the overnight trading period?

6. Should the SEC provide relevant guidance or regulatory exemptions for listed companies, especially smaller ones?