Venues, routing, trading hours, fees, tick sizes, settlement, clearing, tokenised trading, and the trading technology and execution that connect them.
Cboe's clearing house can now clear securities products too. Its first job will be the binary options on company KPIs that Cboe plans to list, with Robinhood access, in the fourth quarter.
NYSE Arca plans to launch an overnight session on 6 December and Nasdaq has told members it will add one the same day. Both exchanges must still clear further regulatory steps, while the SIPs, FINRA's trade reporting facilities and NSCC have set out their own 23x5 timetables.
Listed companies are pushing back against the planned venue for tokenised trading of their shares.
Four CFTC-registered futures exchanges have filed rules to list perpetual futures on US stocks. None has yet been approved by the CFTC. The SEC's trading and markets director expects at least four exchanges to begin trading the products this quarter.
Consultation conclusions set out a three-layer plan covering evening free-of-payment runs, real-time settlement instruction APIs and industry working groups. Southbound Stock Connect will move to T+1 as well.
An update to the MiFIR transparency manual collects the tick-size Q&As, adds guidance on manual intervention and corporate actions, and sets out OTC derivatives reference data for the tape.
The $1 all-or-nothing contracts pay out on reported figures such as AWS sales or Tesla deliveries. They will trade as listed NMS options, with insider-trading surveillance built in.
Schwab dual-lists, energy and banking names are set to transfer, and TXSE files a revenue-sharing model aimed at the NYSE–Nasdaq 'duopoly'.
Clearing, payments and registry functions are now in industry testing. ASX is considering moving some Drop 5 scope into Drop 6 and has named the TMX–Cboe deal as a readiness risk.
Three filings published between 30 September and 7 October sort out the details behind 23x5 trading for clearing firms, risk controls and ATSs.
From mid-October, non-US lenders and borrowers can centrally clear loans of Russell 3000 stocks and the top 500 US ETFs, settling at DTC through BNY.
Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets will underwrite and distribute the DIGIT pilot, which is expected by Q1 2027.
The products, Eurex's first on Asian underlyings, start with ten Nikkei 225 names and trade 21 hours a day. They are aimed at bilateral equity-swap financing in yen and dollars.
Minimum trading sizes drop from 100 to 10 units for stocks priced above S$10, and to a single unit above S$100. The stocks affected made up 35% of first-half trading.
The work programme says the EU regulator is moving from preparation to delivery. Consolidated tapes, the 11 October 2027 T+1 date and transaction-reporting reform dominate the markets agenda.
Since 21 September, members can settle equities and euro ETPs from the three markets at Euronext Securities, and issuers can move their issuer CSD there free of charge.
TSV LLC plans permissioned AMM pools on Canton, but has to clear the order's public-ledger condition before it can trade.
The FCA chief executive said the UK must move from pilots to adoption. He flagged a joint roadmap with the Bank of England and planned safeguarding rules, and questioned how disclosure and market abuse will work in 24/7 markets.
Thirteen banks and four DLT operators have onboarded for launch. Longer hours and more features will be phased in, with full implementation expected by 2028.
