Core Insights - The future of financial institutions on Wall Street is characterized by the need to be "always on" according to the chief growth officer of ViewTrade, based in Singapore [1] Group 1 - Financial institutions are expected to adapt to a continuous operational model to meet evolving market demands [1]

Group 1: Global Derivatives Market Trends - The global derivatives market is focusing on all-day trading to better serve global investors and reduce weekend trading risks, with CME Group providing trading services for five days a week and 23 hours a day [1] - CME Group plans to launch 24/7 trading for cryptocurrency futures and options in early 2026, pending regulatory approval [1] - The SPAN system, a standard for margin calculation, is undergoing a significant upgrade to SPAN 2, which aims to integrate new modeling, self-adjusting reports, and margin replication features [1] Group 2: Regulatory Changes and Clearing Services - New SEC regulations will require centralized clearing for U.S. Treasury and repo market transactions, with compliance deadlines set for December 31, 2026, and June 30, 2027, respectively [2] - CME Group has submitted an application to establish an independent clearinghouse to provide direct securities clearing services, addressing the need for enhanced clearing capabilities and operational resilience [2] - CME Group is migrating its core trading and clearing services to Google Cloud to leverage scalability, resilience, and advanced technology capabilities [2] Group 3: Market Data and Collaboration - CME Group is collaborating with key technology partners in China, such as Yisheng International and Shanghai Pengbo Financial Information Co., to meet the growing demand for market data among Chinese investors [2] - Chinese investors utilize CME Group's market data as a critical reference tool for making informed decisions in domestic futures trading and effectively managing risk exposure [2] Group 4: Product Innovation - The rise of zero-day options is highlighted, offering precise hedging opportunities but also presenting high volatility, necessitating enhanced investor education and risk disclosure [3] - A strong, stable, and deep Asia-Pacific futures ecosystem is deemed crucial for regional economic development, with recommendations for China to focus on developing trading technologies that seamlessly integrate with new cloud services [3]

Group 1 - Cboe Global Markets is seeking to extend trading hours for U.S. equity options, aiming to move towards "near 24/5" trading [1] - The proposed new trading periods include an early session from 7:30 to 9:25 and a post-market session from 16:00 to 16:15 [1] - This initiative aligns with the growing trend of extended trading hours in the U.S. market, driven by increased demand from retail investors and a surge in 0DTE (zero days to expiration) contracts [1] Group 2 - The demand for extended trading hours has significantly increased post-COVID-19, as investors need to respond to market events in real-time [2] - Several trading platforms, including Robinhood and Interactive Brokers, have already enabled 24-hour trading for U.S. stocks through alternative systems [2] - For true 24-hour trading to be implemented on major exchanges like Nasdaq or NYSE, upgrades to clearing infrastructure by DTCC and SIP are necessary [2]

Core Viewpoint - The rapid rise of Nextrade, an alternative stock trading platform in South Korea, highlights a significant increase in demand for "around-the-clock" trading, capturing nearly one-third of the country's daily trading volume in just over six months [2][3]. Group 1: Nextrade's Performance - Nextrade's trading volume share in the Korean stock market reached nearly 30% last month, up from less than 4% when it launched in March [3]. - The platform's success has led to some stocks, like Doosan Energy, trading more on Nextrade than on the traditional Korean Exchange, which has been operational for 70 years [3]. - The platform was established by 34 securities, financial, and IT institutions and offers 12 hours of continuous trading, divided into pre-market, regular trading, and post-market sessions [4]. Group 2: Investor Behavior - Retail investors, referred to as "ants" in South Korea, have shown a strong preference for aggressive risk-taking, often investing in U.S. leveraged ETFs and cryptocurrencies [5]. - Currently, retail investors account for 86% of Nextrade's trading volume, while foreign investors have increased their participation to 11% from nearly zero [5]. - The platform's lower trading fees, which are 20%-40% less than those of the Korean Exchange, and its flexible trading options are key attractions for investors [5][6]. Group 3: Regulatory Changes - The success of Nextrade has prompted urgent revisions to regulatory limits, with the Korean Financial Services Commission temporarily lifting the individual stock trading volume cap after it was exceeded by over 500 stocks [7]. - Despite the temporary removal of the individual stock cap, the overall trading volume limit of 15% remains in place, leading Nextrade to suspend trading for nearly 150 stocks in August and September [8]. - The future success of Nextrade will depend on its ability to ensure technical stability and attract institutional funds, as the platform is still in its early operational phase [8].

Core Insights - Nextrade, an alternative stock trading platform in South Korea, has rapidly captured nearly one-third of the country's daily trading volume of $2.4 trillion within just over six months of operation, highlighting a significant surge in demand for "around-the-clock" trading [1] - The platform's trading volume share reached nearly 30% in September, up from less than 4% at its launch in March, with some popular stocks trading more on Nextrade than on the traditional Korean Exchange [1] - The success of Nextrade has prompted regulatory changes, forcing authorities to revise rules that limit trading activities on new systems, while also pushing the traditional exchange to reconsider its stance on extended trading hours [1] Market Performance - Nextrade's growth is unprecedented compared to other global alternative trading platforms, achieving a market share of over 30% in just seven months, while similar platforms in the U.S. and Japan have much lower shares [2] - The platform offers 12 hours of continuous trading, divided into pre-market, regular trading, and post-market sessions, which has attracted a significant number of retail investors [2] Investor Behavior - Retail investors, referred to as "ants" in South Korea, dominate Nextrade's trading volume, accounting for 86% of transactions, while foreign investor participation has increased to 11% [3] - The platform's lower trading fees, which are 20%-40% less than those of the traditional exchange, and its flexible trading options have contributed to its appeal [3] Regulatory Changes - The rapid success of Nextrade has led to urgent amendments in regulatory limits, with the Financial Services Commission temporarily lifting the individual stock trading volume cap after it was exceeded by over 500 stocks [4] - Despite the removal of the individual stock cap, the overall trading volume limit of 15% remains in place, leading Nextrade to suspend trading for nearly 150 stocks to manage volume [5] Future Outlook - The ability of Nextrade to maintain technical stability and attract institutional investment will be crucial for its continued success [6] - The establishment of a legal framework for alternative trading systems in South Korea dates back to 2013, but progress was stalled until Nextrade received initial authorization in 2023 [6]

Core Insights - Nasdaq is accelerating deep reforms in its core market, focusing on tokenization and 24/7 trading to reshape modern capital market structures and efficiency [1][2] - The introduction of tokenized stocks will integrate blockchain technology directly into the core securities trading system, moving beyond off-exchange or ancillary markets [1][2] - Nasdaq plans to extend trading hours to a 24/5 model, allowing global investors to trade freely outside traditional US trading hours [2] Tokenization and Trading Hours - The primary focus is on stock tokenization, which aims to trade tokenized securities alongside traditional stocks in the same system, enhancing market efficiency [2][3] - Nasdaq's transition to a 24/5 trading model is seen as a necessary trend to serve global investors, with the potential for 24/7 trading in the future [2][3] Market Structure and Efficiency - Tokenization and extended trading hours are expected to significantly improve the efficiency of clearing and settlement processes, reducing friction and lowering costs [3] - Nasdaq currently processes 3 million messages per second and nearly 100 billion messages daily, indicating room for improvement in clearing and settlement [3] Regulatory Approach - Nasdaq adopts a cautious "regulatory first" stance towards digital assets, emphasizing investor protection and the need for clear regulatory frameworks before entering the crypto space [4] - The convergence of traditional and digital market regulations is seen as an opportunity for Nasdaq to collaborate with institutional clients in offering compliant crypto asset services [4] IPO and Listing Process Reforms - Nasdaq is advocating for reforms in the IPO process to alleviate the burdens that keep many companies private, emphasizing the importance of public markets for economic growth [5][7] - Proposed reforms include simplifying disclosure requirements, promoting direct listings with capital raises, and improving the SPAC model to provide diverse options for companies [5][7] - The exploration of tokenized direct listings is highlighted as a forward-looking reform, aiming to make the listing process more efficient and transparent [7]

Core Insights - Nasdaq CEO emphasizes the focus on launching a five-day-a-week, 24-hour trading model, potentially operational within a year [1] Group 1 - The company aims to enhance after-hours trading capabilities by introducing a continuous trading model [1]