Exact — Peirce said that *today, Sep 17, at the SEC 24-hour trading roundtable*, 2 hours after the tokenized stock exemption dropped.#ParadigmDisclosesZECHolding
Full context from her opening remarks:$ONE $AVA
> "In my conversations with market participants, many express ambivalence about shift to extended hours... they often see it as an *inevitable, but not entirely welcome complication*, rather than as an exciting new opportunity."
She listed your points verbatim:
- *Thinner order books overnight, wider spreads, increased volatility*
- *Back-office strain:* compressing overnight batch processing / IT maintenance into 1 hour (NSCC already went 24x5 in June, SIP extends to Dec 6 2026)
- Supervision/surveillance at 3am, issuer monitoring, sleep/human concerns — "data feed going down at 3am or social media rumors tanking your stock while corporate office slumbers"
Why this matters with tokenization:
Chair Atkins at same roundtable: tokenized stocks = path to *real-time inventory management*, could *eliminate abusive naked short selling* and settlement fails via instant settlement. He said "tradeable events aren't constrained to market hours."
Peirce: "Crypto markets certainly don't sleep" — FX 24/7 for decades, futures 23/5, Korea Exchange just announced extended hours last week to chase US flow.
So market view:
- *Brokers/DTCC:* cost heavy — need overnight desks, Reg SCI resiliency, failover capacity
- *Liquidity:* if institutions don't staff, retail at 3am gets worse execution — Nasdaq, Cboe, LSE now modeling cost
- *DeFi angle:* tokenized AMMs could fill overnight liquidity gap, which is why Atkins pushed exemption same day
Not anti-24h, but warning: flipping switch without order-book depth = manipulation window + higher costs.#USWeeklyJoblessClaimsFallTo196K #ElSalvadorBTCHoldingsRiseTo7777
Full context from her opening remarks:$ONE $AVA
> "In my conversations with market participants, many express ambivalence about shift to extended hours... they often see it as an *inevitable, but not entirely welcome complication*, rather than as an exciting new opportunity."
She listed your points verbatim:
- *Thinner order books overnight, wider spreads, increased volatility*
- *Back-office strain:* compressing overnight batch processing / IT maintenance into 1 hour (NSCC already went 24x5 in June, SIP extends to Dec 6 2026)
- Supervision/surveillance at 3am, issuer monitoring, sleep/human concerns — "data feed going down at 3am or social media rumors tanking your stock while corporate office slumbers"
Why this matters with tokenization:
Chair Atkins at same roundtable: tokenized stocks = path to *real-time inventory management*, could *eliminate abusive naked short selling* and settlement fails via instant settlement. He said "tradeable events aren't constrained to market hours."
Peirce: "Crypto markets certainly don't sleep" — FX 24/7 for decades, futures 23/5, Korea Exchange just announced extended hours last week to chase US flow.
So market view:
- *Brokers/DTCC:* cost heavy — need overnight desks, Reg SCI resiliency, failover capacity
- *Liquidity:* if institutions don't staff, retail at 3am gets worse execution — Nasdaq, Cboe, LSE now modeling cost
- *DeFi angle:* tokenized AMMs could fill overnight liquidity gap, which is why Atkins pushed exemption same day
Not anti-24h, but warning: flipping switch without order-book depth = manipulation window + higher costs.#USWeeklyJoblessClaimsFallTo196K #ElSalvadorBTCHoldingsRiseTo7777
