Oct. 12, 2026
Dear Securities and Exchange Commission, I am writing as a retail investor to express my concerns regarding the expansion of U.S. equity trading hours to nearly 24 hours a day. While I understand that extended trading hours may provide additional flexibility and access for investors, I am concerned about the potential negative effects on liquidity, market depth, price discovery, and execution quality during regular market hours. The opening bell at 9:30 a.m. Eastern Time has historically been an important period for price discovery and concentrated trading activity. Expanding trading hours could distribute some of that activity across a longer period, potentially reducing liquidity concentration during the regular market open. I am particularly concerned about the following issues: 1. Liquidity fragmentation: Trading activity may become spread across more hours, potentially reducing market depth during the regular session. 2. Wider bid-ask spreads: Reduced liquidity at certain times could increase transaction costs for retail investors. 3. Market opening dynamics: The traditional 9:30 a.m. opening may change in ways that affect price discovery and the availability of liquidity. 4. Retail investor protection: Individual investors may face less favorable execution conditions if liquidity becomes fragmented or market depth decreases. I respectfully ask the Commission to carefully consider these risks, examine the potential impact on regular-session liquidity, and evaluate whether additional safeguards, monitoring, or a phased implementation would be appropriate. I also encourage the Commission to publish empirical data comparing liquidity, bid-ask spreads, market depth, and execution quality before and after any expansion of trading hours. My intention is not to oppose innovation without evidence, but to ensure that expanded access does not unintentionally undermine market quality for retail investors. Thank you for your time and consideration. Sincerely, A Concerned Retail Investor