SRO Monitor Digest

All major U.S. equity exchanges and FINRA, including IEX, are jointly proposing to extend the consolidated tape's operating hours to near-24/5 (9pm ET Sunday through 8pm ET Friday, with a 1-hour pause each weeknight), enabling exchanges to offer extended trading hours with full consolidated market data dissemination. This is a procedural notice opening a public comment period — the SEC has not yet approved it, but given unanimous industry agreement and the SEC's prior approval of individual exchange extended-hours proposals, approval is highly likely with implementation targeted for December 2026. For market participants, this means consolidated quote and trade data would be available far beyond current hours, making it feasible for exchanges to operate overnight sessions with full tape reporting rather than fragmented or dark trading.

All major U.S. equity exchanges and FINRA — including IEX — have jointly proposed extending the Consolidated Tape's operating hours to nearly 24/5, running from 9:00 p.m. ET Sunday through 8:00 p.m. ET Friday, with a one-hour pause each weeknight for system refreshes. This is the critical infrastructure piece that must be in place before exchanges can actually launch extended trading hours, since SEC-approved individual exchange proposals for overnight trading were conditioned on the tape being ready. This is a notice of filing, meaning the SEC is now soliciting public comments before deciding whether to approve it — no changes take effect yet, but implementation is targeted for December 2026, and the proposal reflects unanimous participant agreement, which significantly improves its chances of approval.