COMPLIANCE
US Court Rejects SEC’s Proposed Rule for Treasury Dealers
A federal judge in Texas invalidated a U.S. Securities and Exchange Commission (SEC) rule that required certain traders in the Treasury market to register as broker-dealers, stating the rule exceeded the SEC’s authority.
This decision, marked the third SEC regulation overturned in a year.
The rule aimed to improve liquidity in the $26 trillion Treasury market but faced strong industry opposition.
Hedge funds and cryptocurrency groups praised the ruling for avoiding what they deemed harmful changes.
Trade groups, including the Managed Funds Association, celebrated the court’s decision, which they argue spares investment managers from burdensome regulations.
INVESTING
Firstrade to Join Other Brokerages in Offering Overnight Trading
Online brokerage Firstrade plans to launch overnight trading for U.S. stocks and ETFs in early 2025, joining other firms expanding trading options beyond regular hours.
Demand for round-the-clock trading has grown, especially during major events like elections and market selloffs.
Competitors like Charles Schwab and Webull have recently enhanced their own overnight trading offerings, reflecting a trend among brokers to cater to retail investors seeking more flexible trading times.
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