Core Viewpoint - The traditional financial system is undergoing a significant transformation in response to the rise of cryptocurrency, as evidenced by Nasdaq and NYSE's proposals to extend trading hours to 23 hours a day, reflecting a shift in investor expectations [5][10]. Group 1: Market Changes - Nasdaq and NYSE have submitted proposals to fundamentally reshape trading hours, aiming to extend them to 23 hours daily, driven by the impact of cryptocurrency on investor behavior [5][8]. - Approximately $17 trillion in overseas assets are seeking to escape time zone constraints and gain access to the U.S. market, prompting Wall Street's new proposal for a continuous trading cycle from Sunday 9 PM to Friday 8 PM [8][10]. Group 2: Industry Response - Nasdaq President Tal Cohen stated that the exchange is prepared to embrace the opportunities and challenges brought by extended trading hours, indicating a shift towards innovation while maintaining market integrity [10]. - The emergence of decentralized finance has already demonstrated the feasibility of 24/7 trading through tokenized stocks on public blockchains and systems like Blue Ocean ATS, which operates for 23.5 hours [11][12]. Group 3: Future Outlook - The SEC is expected to approve the proposed changes by the second quarter of 2026, leading to significant infrastructure changes, including the deployment of continuous clearing capabilities by the DTCC [13][14]. - Predictions indicate a 65% probability that fully operational 24/7 trading will become a reality within the next five years, marking a historical shift in the relationship between traditional finance and decentralized trading mechanisms [14].

Core Viewpoint - Medline is set to launch the largest IPO in the U.S. stock market this year, aiming to raise approximately $6.26 billion, positioning itself as one of the highest-valued companies in the medical device sector following major players like Johnson & Johnson and Abbott [1][3]. Company Overview - Founded in 1966 by Jon and Jim Mills, Medline is a leading manufacturer and distributor of medical supplies, including gloves, surgical gowns, and examination tables [4]. - The company operates in North America alongside Cardinal Health and Owens & Minor, forming a major supply system for hospital supplies [4]. - Medline has transformed from a traditional manufacturer to a global leader in the medical supply chain over the past 40 years [4]. Financial Performance - For the nine months ending September 27, the company reported revenues of $20.6 billion and a net profit of $977 million, compared to $18.7 billion in revenue and $911 million in net profit in the same period last year [5]. - Fitch Ratings upgraded Medline's credit rating from BB+ to BBB-, facilitating the IPO process [5]. Market Context - The IPO occurs amid a cautious investment climate, with Medline's growth data highlighting its stable cash flow and capacity for expansion despite challenges in the global medical manufacturing industry [6]. - Medline's IPO is significant as it marks a major exit for private equity, with Blackstone, Carlyle Group, and Hellman & Friedman having acquired the company for $34 billion in 2021 [7]. Investor Interest - Medline has secured cornerstone investor commitments totaling up to $2.35 billion, with participation from notable investment firms such as Viking Global Investors and Morgan Stanley [8]. - The company's business model combines manufacturing scale with high turnover rates, boasting a projected gross margin of 32% for 2024, significantly above the industry average [8]. Future Outlook - Analysts view Medline's IPO as a key indicator of investor confidence in the healthcare sector and the broader capital market, especially given the company's resilience in a challenging economic environment [10]. - The success of this IPO may influence the pricing and types of future IPOs in 2026, with expectations for other large tech companies to enter the market [10].

Core Viewpoint - Nasdaq is set to launch "around-the-clock trading" services starting in 2026 to meet the growing demand from investors for continuous trading in the U.S. stock market [3][4]. Group 1: Around-the-Clock Trading - Nasdaq plans to extend daily trading hours from 16 hours to 23 hours, operating five days a week, with a new schedule that includes a daytime session from 4:00 AM to 8:00 PM and a night session from 9:00 PM to 4:00 AM [5]. - The initiative aims to enhance the ability of investors, particularly those outside the U.S., to respond quickly to market dynamics occurring outside regular trading hours [6]. - Other exchanges, including the New York Stock Exchange and the Chicago Board Options Exchange, have announced similar plans for around-the-clock trading [4]. Group 2: Medline IPO - Medline, the largest IPO of the year, is set to debut on Nasdaq with an offering price of $29 per share for 216 million shares, aiming to raise approximately $6.26 billion, which values the company at around $39 billion [7]. - The company has reported revenues of $20.6 billion and a net profit of $977 million for the past nine months, showing an increase from $18.7 billion in revenue and $911 million in net profit in the same period last year [7]. - Major investors in Medline's IPO include Blackstone, Carlyle Group, and Hellman & Friedman, with cornerstone investors committing up to $2.35 billion [8].

每周五天"全天候交易" 全球最大交易所之一的纳斯达克交易所于当地时间周一（15日）向美国证券交易委员会（SEC）提交文 件，申请从2026年开始推出"全天候交易"服务。同时，美东时间12月17日晚，纳斯达克交易所还将迎来 美股今年最大首次公开募股（IPO）Medline。 Medline由约翰米尔斯（Jon Mills）与吉姆米尔斯（Jim Mills）兄弟于1966年创立，生产并经销医院与医 生使用的医疗耗材，包括手套、手术衣、检查台等。此次收购后，米尔斯家族仍将是公司最大个人股 东，IPO后将拥有17.8%的投票权。截至9月27日的过去九个月，公司营收206亿美元，净利润9.77亿美 元。上年同期营收187亿美元，净利润9.11亿美元。 Medline已获得基石投资者合计最多23.5亿美元的认购承诺，其他投资者还包括全球知名投资机构维京 投资（Viking Global Investors）、摩根士丹利旗下Counterpoint Global，骏利亨德森（Janus Henderson Investors）、Baillie Gifford、Capital Group，以及新加坡主权财富基金GIC等。高盛 ...

每周五天"全天候交易" 纳斯达克提供的数据显示，美股市场市值约占全球上市公司总市值的三分之二，截至去年，外国投资者 持有的美股总额已达17万亿美元。 全球最大交易所之一的纳斯达克交易所于当地时间周一（15日）向美国证券交易委员会（SEC）提交文 件，申请从2026年开始推出"全天候交易"服务。同时，美东时间12月17日晚，纳斯达克交易所还将迎来 美股今年最大首次公开募股（IPO）Medline。 因此，为满足投资者对美股不间断交易需求的增加，早在今年3月，纳斯达克交易所总裁可汗（Tal Cohen）就曾表示，交易所已启动与监管机构的磋商，预计于2026年下半年推出每周五天的不间断交易 服务。此次提交SEC文件，标志着纳斯达克正式启动每周五天全天候交易的推进进程。纳斯达克北美市 场高级副总裁迈克（Chuck Mack）表示："交易全球化趋势已持续一段时间，而美国市场本身也变得越 来越具全球性。" 纽约证券交易所和芝加哥期权交易所近期也宣布了类似的股票全天候交易计划。 根据计划，纳斯达克将把股票和交易所交易产品（ETPs）的每日交易时间从目前的16小时延长至23小 时，每周运行五天。目前纳斯达克在工作日设有三个交 ...

【环球网财经综合报道】美国东部时间12月15日，全球第二大证券交易所纳斯达克正式宣布，将于近日向美国证券交易委员会（SEC）提交申请，计划 将股票及交易所交易产品（ETP）的交易时长从每周五个交易日的16小时延长至23小时，仅保留1小时用于系统维护与清算。 这一被业内称为"23/5"的改革方案，标志着美国资本市场向全天候交易迈出关键一步。 彭博社援引学者观点称，全天候交易可能加剧信息不对称。例如，美国经济数据发布时，亚洲市场已收盘，投资者无法及时调整头寸。此外，夜间交易 流动性较低，可能放大价格波动。SEC需权衡创新与投资者保护，避免"为全球化而全球化"。 美交所巨头集体布局 纳斯达克并非孤军奋战。纽约证券交易所与芝加哥期权交易所（CBOE）均已提交类似方案，目标同样指向2026年落地。CBOE首席执行官埃德·蒂利表 示："全球投资者需要更灵活的交易窗口，这是资本市场现代化的必然选择。" 市场分析机构Cowen预测，延长交易或使美股日均成交量提升5%-8%，但短期可能因技术磨合导致波动率上升。长期来看，此举将推动全球资本市场 从"时区分割"转向"无缝衔接"，重塑国际金融格局。 根据纳斯达克披露的方案，延长后的 ...

Core Viewpoint - Nasdaq plans to extend trading hours for stocks and exchange-traded products from 16 hours to 23 hours per week, aiming to meet the growing global demand for U.S. stocks [2][5]. Group 1: Extended Trading Hours - Nasdaq will submit a proposal to the SEC on December 15 to implement nearly round-the-clock trading, with the new schedule set to launch in the second half of 2026 [4][6]. - The new trading schedule will include two trading sessions: a daytime session from 4 AM to 8 PM and a nighttime session from 9 PM to 4 AM [4][5]. - The trading week will start on Sunday at 9 PM and end on Friday at 8 PM, marking a significant shift towards more accessible trading for international investors [5][6]. Group 2: Market Demand and Globalization - There has been a surge in demand for continuous trading of U.S. stocks, driven by the globalization of capital markets and the need for international investors to trade during their local hours [5][6]. - Nasdaq's senior vice president Chuck Mack emphasized the increasing demand from international investors who wish to trade according to their local schedules [5][7]. - The U.S. stock market accounts for nearly two-thirds of the global market capitalization, with foreign investors holding $17 trillion in U.S. stocks as of last year [6]. Group 3: Industry Trends and Challenges - Other major exchanges, including the New York Stock Exchange and the Chicago Board Options Exchange, are also pursuing similar plans to extend trading hours, indicating a trend in the U.S. capital markets [6]. - Concerns remain among Wall Street institutions regarding the potential impacts of extended trading on liquidity, volatility, and investment returns [6]. - Despite lower trading volumes during extended hours, there has been a rapid increase in demand for nighttime trading, with many investors currently relying on alternative trading systems [6].

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]