US exchanges pivot to 24/7 trading
The guest argued that major US exchanges are adopting 24/7 trading and near real-time settlement to defend their market share against offshore tokenization of real-world assets.
The argument
Exchanges like NYSE, NASDAQ, and CME are matching the features of offshore crypto platforms by shortening settlement times and preparing for continuous trading. This shift is intended to keep the collateral and trading volume of tokenized equities and commodities within the US regulated financial system.
The thesis, stress-tested
✓ What validates it
- ✓CME launching 24/7 micro gold or oil contracts
- ✓SEC approval of 24/7 trading pilots for major US equities
▸ Risks discussed
- ▸Operational and liquidity risks of overnight/weekend trading
- ▸Regulatory hurdles in fully implementing 24/7 settlement for traditional equities
Hear it yourself
"regulation, which what it what it technically did, and we'll talk about structure because because the structural definition is key. It pulled in these stable coins, which had been proliferating for over a decade, and it's a growing market. Right? Over, I wanna say, a 186 roughly billion dollars of Tether. Circle has, you know, a lower market cap. It's not quite a trillion dollars yet, but let's just call it, you know, half 1,000,000,000,000, that type of ballpark, for for money supply of this new stable coin dollar that is a merchant."
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