NSCC Supports Extended Trading Hours for U.S. Equity Markets
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The NSCC is extending its trade processing services to support longer trading hours in the U.S. equity markets. This change aims to accommodate growing interest in 24-hour trading and provides clarity on cutting-off times for NSCC's services. Exchanges, brokers, and other financial firms must prepare for these changes by aligning their operations accordingly.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- NSCC extends trading hours to support 24-hour demand.
- NSCC will provide key timeframes on its website.
- Standardized procedures for overnight trading sessions.
Obligations
What this law requires
NSCC must publish a schedule of timeframes for its equity trade capture system (UTC) on its public website.
Self-regulatory organizations (SROs) and Qualified Special Representatives (QSRs) must submit a 'Good Night Message' to NSCC at the end of each Trade Processing Date.
SROs and QSRs shall establish and maintain separate Special Representative relationships for overnight trading sessions.
SROs and QSRs must submit locked-in trade data for the overnight trading sessions with specific indicators as designated by NSCC.
Members, SROs, and ATSs must not submit locked-in trade data for the next trade date prior to the processing of the Good Night Message for the current Trade Processing Date.