SEC Official Selway on New Market Questions: Trading Going 24/7 as Tokenized Securities and Surging Data Test Research Capacity
Jamie Selway, Director of the Division of Trading and Markets at the U.S. Securities and Exchange Commission (SEC), delivered remarks titled "Mo' Data, Mo' Problems" on November 13 at a market structure conference at Baruch College in New York, describing a market in transition: trading is moving toward round-the-clock hours, tokenized securities and perpetual futures are arriving as new products, and the volume of data facing researchers has grown so large that super intelligence (SI) tools are increasingly needed to process it.
Selway said the constraint on original research has flipped: access to distinctive data was once the hard part, while handling ever-growing datasets now demands substantial resources. Josh White, the SEC's chief economist and director of the Division of Economic and Risk Analysis, is leading the agency's work in that area, alongside renewed academic engagement, he said.
He also pointed to concrete items on the division's plate: four operators have submitted notices under the SEC's Innovation Exemption framework for tokenized securities venues; Treasury clearing compliance dates fall on December 31, 2026, and June 30, 2027; and several National Market System reform proposals remain under review. Selway noted the remarks were his own views and not necessarily those of the Commission or its commissioners.
(Source: U.S. Securities and Exchange Commission)
Source: U.S. Securities and Exchange Commission
Published by GSM · USA (original Chinese edition)
Photo: 图：纽约证券交易所交易大厅（美国国会图书馆藏，公共领域）。 / Photo: The trading floor of the New York Stock Exchange (Library of Congress, public domain).
