Who's at the table
The SEC has confirmed Blackrock, Citadel Securities and the NYSE will take part. The full participant list hasn't been released, but the agency says more than a dozen other major financial firms will join them.
The three named participants represent different corners of the market. Blackrock is one of the world's largest investment managers. Citadel Securities is a major market maker that helps keep trades flowing. The NYSE operates the country's best-known stock exchange. Having all three at the same table suggests the discussion will span asset management, market making and exchange operations.
What's on the agenda
The roundtable's stated purpose is preparing Wall Street for 24-hour trading. That's a significant departure from the current model, where U.S. equities trade during a set session and close overnight.
Round-the-clock trading would require changes across the market's infrastructure. Settlement and clearing systems would need to operate outside traditional banking hours. Exchanges would have to keep their systems running continuously. Liquidity would need to hold up during overnight hours when fewer participants are active.
The SEC hasn't published a detailed agenda. The roundtable format is designed to let regulators and industry participants talk through these issues directly.
Why the SEC is stepping in
The SEC's decision to convene this round
