US SEC Commissioner's "Six Questions" on 23x5 US Stock Trading: Liquidity, Investor Protection, and Information Disclosure Face Challenges

Odaily reports that U.S. Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce stated in a post that extended trading hours for US stocks are gradually taking shape as a "23 hours a day, 5 days a week" trading model. Currently, overnight trading accounts for less than 1% of total NMS stock trading volume and is highly concentrated in a small number of stocks. At the SEC's overnight trading roundtable, Peirce raised six key questions:

How should the US stock market draw on the experience of the foreign exchange, cryptocurrency, and futures markets that have long operated around the clock;

When overnight liquidity is fragmented and spreads widen, how can broker-dealers fulfill their best execution obligations and strengthen retail investor protection;

When overnight liquidity is insufficient and execution costs are high, whether asset managers choosing not to trade overnight still constitutes a reasonable fiduciary decision;

Whether extended trading hours would change the way listed companies release earnings reports and material information;

Given that EDGAR filings submitted after 5:30 p.m. Eastern Time are typically not processed until the next business day, whether the SEC needs to adjust the EDGAR system to ensure timely disclosure of material information during overnight trading sessions;

Whether the SEC should provide relevant guidance or regulatory exemptions for listed companies, especially smaller companies.