The move to 24 hour trading will require significant rethinking of what a "day" means for regulatory purposes; e.g., what is close of day for determinations of value and for segregation requirements. This is a step in that rethinking, although there is quite a bit more that remains to be done. DTCC did not explain why future-dated confirmations would not be accepted on Fridays or before holidays.  

The decline in the number of SEC-registered issuers has been going on for a long time, and has been generally perceived to be a problem in that (i) such decline indicates that small issuers do not find "going public" to be a good way to raise money and (ii) the decline in the number of public issuers deprives retail investors of opportunities to invest in a significant number of companies.  

While the SEC under Chair Gensler acknowledged the extent of the decline in…

Under Dodd Frank, Congress defined the term "swap" so that it was quite broad, seemingly over-broad. (See, ?") As it happens in the real world, the very broad definition of "swap" has not had too much in the way of ill-effects. Generally, market participants understood - words of the statute notwithstanding - what a swap was, that Congress was not going to rethink its definition, and that there was no real harm done if there was some uncertainty around the edges.

Until now.

On…

The expansion of the "short" position definition to include arranged borrows will likely create a very material increase in the number of reported shorts.