Partner
Norton Rose Fulbright US LLP
Steven Lofchie is a Partner based in New York. He advises financial institutions and corporate clients on the securities laws and the Commodity Exchange Act, with particular focus on the regulation of broker-dealers, swap dealers, investment funds and other market intermediaries. Steven's transactional practice focuses on securities credit and derivative transactions.
Recent Articles & Comments
What about Saturday and Sunday? AI algorithms do not sleep.
Note that the relief given applies to the conduct of securities counts, an internal audit function. It does not directly address the sending of statements to customers, which is pursuant to FINRA, not SEC, rules. Presumably, FINRA has also signed off on the procedures.
The SEC and FINRA will have to provide guidance as to how 24-hour trading will impact other regulatory requirements such as the timing of margin calls, or the calculation of segregation requirements.
It is an open question as to how aggressive the SEC will be in allowing the exchanges to engage with publicly traded products, such as highly leveraged ETFs.