The U.S. equities market sits at a critical policy inflection point. With trading behavior changing, new technology reshaping execution, and regulators reconsidering decades-old rules, there is renewed interest in how the market should evolve. A centralized resource has emerged to track those debates: the U.S. Market Structure and Policy Hub. The hub is designed to bring data-driven analysis to some of the most consequential questions facing market participants, including how to modernize existing infrastructure, improve price discovery, and encourage fair and resilient trading for all kinds of investors.
A data-driven approach to policy discussions
The policy hub begins with a simple premise. In policy-making, understanding the implications of a proposed rule is critical. Regulatory filings are dense, often technical, and their real-world impact may not be clear until they are analyzed alongside trading data. The hub tries to demystify these issues by pairing explanations of proposed regulation with empirical evidence.
This approach matters because market structure has become an area of active rulemaking. The SEC has introduced proposals on topics as varied as order routing disclosures, minimum pricing increments, access fee caps, market data transparency, and the governance of the securities information processors that create the consolidated tape. Each change can ripple through broker practices, exchange fee schedules, retail execution quality, and institutional liquidity management.
By organizing insights around policy themes, the hub gives readers a coherent view of what is being proposed, why it is being considered, and what trade-offs may result. The materials are designed to help investors, listed companies, brokers, and other market participants understand the stakes and participate in the regulatory process more effectively.
Spotlight: the road to 24-hour trading
One of the most talked-about policy issues has been the possibility of 24-hour equity trading. Earlier in the year, the exchange operator announced plans to enable 24-hour trading on its U.S. stock market. The idea was once considered impractical because of clearing, settlement, and liquidity constraints, but advances in technology and shifting investor demand have made it a more realistic objective.
The initiative has attracted broad industry support. Broker-dealers, alternative trading systems, and retail investors in particular have shown interest in extending access beyond the traditional U.S. trading session. Many market participants now execute trades overnight through off-exchange venues or in global markets, and they want the primary listing market to offer continuous functionality as well.
Still, 24-hour trading is not simply a matter of keeping the exchange open longer. It requires coordination with critical infrastructure providers, including clearinghouses, depositories, and market data feeds. The operator has said it is working with regulators and providers to address the technical and operational details. For investors, the goal is to provide an integrated experience that compresses the gap between trading sessions and reduces the complexity of trading outside normal hours.
The 24-hour trading effort is also a reminder that innovation often precedes regulation. Once an exchange demonstrates that extended trading can work safely, other platforms may follow. That could create pressure on market data vendors, connectivity providers, and risk management systems to support overnight liquidity without increasing systemic risk.
Continued advocacy for evolving U.S. markets
Beyond the 24-hour trading initiative, the policy hub emphasizes the need for continuous advocacy for market health and modernization. The operator describes itself as a technology company redefining capital markets. Its public policy work focuses on capital formation, investor access, and the architecture that supports transparent price discovery.
In its own words, industry participants need to collectively debate what will work best for the markets and foster positive change and innovation to modernize and drive the global economy. The quote from a senior policy executive puts the responsibility on the entire industry: ensuring that markets provide robust price discovery, liquidity, and resiliency for all investors is a shared task.
That means exchanges, brokers, asset managers, and issuers must engage with regulators. It also means acknowledging that market participants have different incentives. A rule that benefits one group may impose costs on another. The best outcomes are usually the result of transparent discussion backed by data, not simply strong advocacy for a single position.
A timeline of market structure proposals
The hub includes a detailed advocacy timeline highlighting several years of policy work. It is a useful guide to the important issues that have shaped U.S. market structure recently.
Digital assets and broader market taxonomy
In 2025, the policy timeline points to a comment on digital assets and a response concerning crypto exchange-traded products. As digital assets have moved closer to the traditional securities world, questions about classification, custody, and surveillance have become increasingly relevant. Exchanges are being asked to apply securities law concepts to new instruments while balancing the need for innovation.
Elevate: advancing U.S. public markets
Also in 2025, the hub highlights an initiative aimed at advancing U.S. public markets. This work focuses on enhancing the competitiveness of U.S. listing venues, reducing regulatory burdens on corporate issuers, and encouraging more companies to access public capital. The number of public companies has declined over the past two decades, and policy efforts like this are intended to make going public more attractive while preserving investor protections.
Equity market structure proposals
In 2023, the policy focus turned to the SEC's equity market structure proposals. Those proposals covered several areas at once, including minimum pricing increments, access fee caps, and auction mechanisms. The exchange operator submitted a comment letter and also published a data-driven summary of the SEC proposals. That summary examined expected effects on spreads, rebates, and liquidity. It argued that some changes could produce unintended consequences, such as wider spreads or less liquidity in certain segments.
Volume-based tiers and rebates
Another 2023 item concerned volume-based tier pricing. The policy position was straightforward: expecting lower rebates to lead to a worse National Best Bid and Offer. Exchanges frequently use volume tiers to reward brokers that send orders to a particular venue. Regulators have debated whether those tiers create conflicts or concentrate liquidity. The policy view emphasized the importance of measuring the effect on quoted spreads before changing fee structures.
Blueprint for SIP modernization
In 2023, the hub also published a blueprint for modernizing the securities information processor system. The SIP is the consolidated system that collects and distributes quotes and trades from all U.S. equity exchanges. Many market participants have complained that its processing times add latency and that its governance structure is outdated. The blueprint proposed changes to improve speed, governance, and data quality.
Optimizing markets and TotalMarkets
The timeline also includes an Optimizing Markets project from 2022 and the TotalMarkets initiative from 2019. TotalMarkets focused on market data, access fee pilots, and an integrated view of liquidity across the U.S. market. These projects are important because they show how exchanges are trying to create a fairer, more holistic market structure rather than simply competing on speed.
Intelligent Ticks and Revitalize
Earlier efforts, such as Intelligent Ticks in 2019 and Revitalize in 2018, addressed minimum tick sizes and post-trade transparency. The Intelligent Ticks proposal recommended more flexible tick sizes for various securities, while Revitalize proposed additional trade reporting requirements for off-exchange transactions. Both concepts have continued to generate debate as regulators consider how to ensure that public quotes reflect genuine market interest.
Market data proposals
The market data proposal initiative in 2018 was among the first of several attempts to change how data is distributed and priced. Exchanges generate significant revenue from selling proprietary data, while the SIP has been criticized for falling behind modern technology. The policy timeline demonstrates that exchange operators have been active participants in these debates, publishing detailed positions rather than simply waiting for regulation.
The role of analysis and commentary
The policy hub also promotes The Print, a weekly newsletter offering in-depth analysis of forces shaping the global economy and markets. It features writing on topics such as industry-defining technologies, market-moving IPOs, and evolving policies. The newsletter is described as a resource for professionals who need to understand how market structure changes might affect their strategies.
Connecting the dots between regulatory policy and real-world market activity is not easy. Newsletters and policy papers help bridge that gap by synthesizing complex filings and articulating a clear view. The best policy commentary does not simply advocate for a position; it explains the underlying market mechanics that will determine whether a proposal succeeds or fails.
Public policy advocacy and international engagement
Public policy advocacy goes beyond the equity market. The policy team tracks legislative and regulatory actions in Washington, DC, Brussels, and other capitals. The work is rooted in a history of engagement on issues that affect public companies, including capital formation, stock option accounting, Sarbanes-Oxley, immigration reform, legal reform, and taxes. These issues often intersect with market structure because they affect who can list, how companies raise money, and whether listing standards remain competitive globally.
Understanding these connections is increasingly valuable in a world where companies can choose to go public in multiple jurisdictions. Exchanges must monitor not only domestic regulation but also the broader competitiveness of public markets. Otherwise, companies may choose to remain private or list abroad, reducing opportunities for retail investors and diminishing local market depth.
Technology and market evolution
Another key theme is the role of technology in reshaping capital markets. The exchange operator operates markets across North America, the Nordics, and the Baltics, and also provides technology to more than 130 marketplaces globally. That gives it an unusual perspective at the center of capital markets, technology, and regulation.
As an exchange operator, its core business has expanded far beyond traditional trading venues. It now offers listings, market data products, anti-financial-crime technologies, and analytics. Those adjacent businesses depend on a healthy, credible market structure. A flawed regulatory framework can harm the exchange's own operations and, more importantly, erode investor confidence in the broader system.
The hub describes the company's North American markets as giving trading participants access to diverse and transparent liquidity in both equities and equity derivatives. The exchange was a pioneer among electronic stock markets, and it continues to face pressure from new entrants, private trading venues, and changing investor expectations. Policymakers will need to balance competition and innovation with the need for consistent regulation.
Navigating the future of market structure
U.S. market structure has always depended on a mix of exchange competition, broker diligence, and SEC oversight. The policy hub provides a window into how one prominent exchange operator thinks through these issues. It also serves as an important reminder that market structure policy is not static. New technology, new products, and new investor demands will continue to drive rulemaking.
For any market participant, staying informed is essential. Proposals related to market data, access fees, tick sizes, and the SIP can appear incremental, but they may shift billions of dollars in value and change the trading environment for every investor. The hub makes those issues more accessible by providing context, data, and clear recommendations.
The conversation is far from over. Around every corner, there are open questions about overnight trading, the treatment of digital assets, the future of the consolidated tape, and how public markets can remain a viable source of capital for emerging companies. The resources emerging from this policy work are designed to shape those discussions with evidence rather than ideology.
Ultimately, the goal is to promote a market that serves all participants equally. That requires attention to price discovery, liquidity, resiliency, corporate governance, and the technological plumbing that connects exchanges. The archival timeline on the hub—from TotalMarkets and Intelligent Ticks through the more recent proposals on 24-hour trading and public market elevation—shows an ongoing commitment to rethinking market structure. Each project and proposal layers onto the next, and the policy landscape continues to evolve as the world’s capital markets become faster, more automated, and more interconnected.
Source:Nasdaq News