SEC’s Selway points to 24/7 trading as markets evolve

Selway said “Trading is going 24×7” and identified new ways for investors to gain market exposure as subjects for research. Access to distinctive data once limited original work, he said; processing expanding datasets now requires substantial resources, and researchers are turning to tools he called “super intelligence.”

SEC chief economist Josh White, who also directs the Division of Economic and Risk Analysis, is leading the agency’s work on research tools, according to Selway’s remarks. White has also restarted DERA’s Distinguished Visiting Scholars Program to renew engagement with academics.

The SEC’s venue register lists four operators that have notified the agency of their intention to use its Innovation Exemption: TSV LLC, OKXICE TSV, Kephas Corporation, doing business as Perpetuals.com, and Formation Securities. Their notices were submitted between Sept. 23 and Nov. 9. The register cautions that listing does not establish that an operator qualifies as a tokenized securities venue or meets the exemption’s conditions. Operators must publish a public notice at least 30 calendar days before beginning operations and notify the SEC separately within one business day of publication.

Formation has proposed round-the-clock stock trading on Solana, with a launch expected in early 2027. Exodus Movement, Forward Industries and Galaxy Digital are expected to be among the initial securities. In a Nov. 9 announcement, Formation said access would be restricted to verified participants. Its proposal includes permissioned automated market maker pools, limits on securities and trading volumes, public disclosures and customer diligence requirements. The company licenses technology from Orca and plans to work with Superstate and Securitize. It said the project grew out of Project Open, submitted to the SEC’s Crypto Task Force in April 2025 by a coalition that included Orca, Superstate and the Solana Policy Institute.

Other trading plans are taking shape. Canton Strategic said Nov. 4 that Five North had sold issuer-sponsored shares to DRW Cumberland, with Flowdesk providing liquidity through Tradecraft’s permissioned pool on TSV LLC. Fairmint, an SEC-registered transfer agent, moved the shares from a conventional brokerage account to Five North’s verified wallet and recorded ownership on the Canton Network. The number of shares, execution prices and transaction value were not disclosed.

The NYSE’s proposed venue still requires regulatory approval. The exchange said its design pairs the Pillar matching engine with blockchain-based post-trade systems. Planned features include continuous trading, instant settlement, dollar-sized orders and stablecoin funding, with support for multiple settlement and custody chains. Access would be through participating broker-dealers, and the venue would support issuer-sponsored securities and third-party custodial tokens while preserving dividends and governance rights. NYSE named Broadridge, Computershare, Equiniti and Superstate as new transfer-agent partners on Nov. 2, joining Securitize and tZERO.

Treasury clearing compliance dates fall on Dec. 31, 2026, for eligible cash Treasury transactions and June 30, 2027, for eligible repurchase agreements. Both dates reflect a one-year extension. Rules adopted in December 2023 require covered clearing agencies to establish procedures for direct participants to centrally clear eligible secondary-market Treasury transactions to which they are counterparties. The SEC has issued relief for certain inter-affiliate and non-U.S. repo transactions; staff guidance also addresses general collateral repos, unavailable clearing agencies and transactions that fail to transfer to a clearinghouse.