एसईसी और सीएफटीसी ने संयुक्त बयान के बीच 24/7 पूंजी बाजार पर जोर दिया

Key Insights

• The SEC and CFTC have just proposed expanding the U.S. markets to operate around the clock.
• Some new rules would cover event contracts, perpetual futures, and margin frameworks.
• Crypto markets are currently driving the push for continuous trading and regulatory clarity.

The idea of 24/7 capital markets is now gaining traction in Washington. The U.S. SEC and the Commodity Futures Trading Commission (CFTC) released a joint statement on September 5.

Both regulators intended to look into nonstop trading across asset classes within this statement. This is the first time both agencies have worked together to expand trading hours.

SEC and CFTC bring coordinated vision

The joint statement points out that to scale on-chain finance, there has to be provision for 24/7 trading. Regulators acknowledged that financial markets are already moving toward nonstop operations. Expanding U.S. market hours would align with this reality.

SEC Chairman Paul Atkins and CFTC Acting Chairman Caroline Pham noted the importance of working together. “Our agencies’ work has never been more intertwined,” they wrote.

The two agencies plan to align their definitions, reporting rules, capital requirements, and margin frameworks towards this goal.

Four main areas of regulatory focus

The joint statement outlined four priorities. The first is 24/7 Trading Hours. The agencies want to extend trading beyond current schedules.

Some products, like foreign exchange, gold, and crypto, trade continuously. This means that other asset classes may follow, depending on operational feasibility.

They also want to update Event Contracts. Prediction markets have grown over the last few years. However, U.S. regulation has been unclear. The SEC and CFTC plan to define clear rules for event contracts linked to securities.

Next up is Perpetual Contracts. These derivatives are widely used on offshore crypto exchanges and have no expiration date. Regulators want to bring them to U.S. markets with investor safeguards in place.

Finally, the SEC and CFTC want to improve Portfolio Margining. Current rules force traders to post separate collateral with different regulators.

This is the case, even when positions offset each other. New frameworks would allow more efficient margining across assets.

Benefits for traders and institutions

The changes both agencies are looking to implement could unlock capital and improve liquidity for several markets. Allowing portfolio margining across product types would reduce capital lock-up and free funds for other uses.

“Reducing capital lock-up while maintaining robust risk controls could help the agencies catalyze liquidity and tighten spreads. This move would also encourage innovation in market structure,” the statement said.

Round-the-clock trading would also let U.S. markets compete with international platforms. Much activity in products like gold and crypto happens overseas when U.S. exchanges are closed.

Crypto markets set the pace.

Crypto markets have long operated on a 24/7 basis. Assets like Bitcoin and Ethereum trade nonstop in overseas exchanges, and the SEC and CFTC acknowledged this trend.

These agencies noted that scaling blockchain finance requires a continuous trading environment. Their statement comes after several crypto-focused regulatory steps this year.

For example, the CFTC introduced a pathway for offshore crypto exchanges in August. It was introduced to serve U.S. clients under the Foreign Board of Trade framework.

The SEC’s Crypto Assets Task Force has also looked into proposals for strengthening protections for digital assets. This includes efforts to develop quantum resistance for systems.

Implementation timeline takes shape.

The SEC and CFTC will hold a joint roundtable on September 29 to discuss next steps. Regulators and industry participants will likely debate the benefits and risks of nonstop markets.

Earlier this month, the CFTC started collecting public comments on 24/7 trading. This indicates that regulatory adaptation is underway, even before formal rule changes.