Before we know it, 24/7 markets will be here. Liquidity already flows at all hours, and next year, more of the market will expect the same for trading, risk control, and post-trade settlement.

Recent volatility, where traders saw billions liquidated in crypto asset markets, has shown that speed without clear rules creates fragility. The ideal model will look like this: always-on execution with governed clearing rails with embedded risk management that makes settlement predictable, enforceable, and easy to audit. 

We will see three shifts. First, standard frequent windows for settlement between market counterparties that repeat through the day, so operations and treasuries can plan and better manage funds.

Second, wider use of netting between settlement cycles will free working capital and reduce the risk from failed payments.

Third, there will be a greater separation of roles: venues can focus on matching, custodians on safekeeping, and market utilities on completing transfers.

London will dominate this transition. Our regulators see the need and opportunity to apply our solid rules to cross-border businesses, and market participants know and trust the UK’s financial market infrastructure. That’s the foundation institutions want as we move toward safe, scalable markets that never close.

Importantly, none have yet suggested this genie could, or should, go back in the bottle – 24/7 markets for equities, derivatives and fixed income are simply a new reality which is already present in crypto assets and which leaders will soon need to navigate for all asset classes.