Daily · US Market Hours and EU Risk Rules · September 18, 2026

Key points

US Equity Trading Hours Expansion to 23 Hours

The SEC granted immediate effectiveness to proposed rule changes filed by NYSE, NYSE Texas, NYSE American, NYSE National, Inc., NYSE Arca, and MIAX PEARL, LLC. These filings amend Rule 7.12, Rule 7.12E, Rule 7.12-E, or Rule 2628, as applicable, concerning the resumption of trading following a Level 3 market-wide circuit breaker halt.

The amendments are explicitly connected to the industry's expansion of trading hours to 23 hours per day, 5 days per week. The rule changes adjust how trading resumes after a market-wide halt under the new extended schedule. NYSE Arca and MIAX PEARL, LLC filed similar amendments to their respective rules (7.12-E and 2628) with immediate effectiveness.

This operational change requires market participants to update circuit-breaker resumption procedures and trading systems to accommodate the longer trading window. The immediate effectiveness status means these procedural adjustments are now in force for the relevant exchanges.

EBA Final DORA Third-Party Risk Guidelines

The European Banking Authority (EBA) published its final Guidelines on the management of third-party risk. The EBA describes this as a more proportionate and consistent framework aligned with the Digital Operational Resilience Act (DORA). Banks and financial institutions in the EU must align their third-party risk management frameworks with these final guidelines.

In the same publication, the EBA issued three Q&As clarifying resolution reporting requirements. Final Q&A 2026_7795 clarifies the reporting of negative fair value changes of hedged items in Annual Resolution reporting. Q&A 2026_7895 (RESOL1) addresses how the balance of cash collateral received as variation margin for intra-group Repurchase Agreements should be reported in templates Z11.00 and Z02.00. Q&A 2026_7926 provides guidance on Template Z08.02 regarding the reporting of applications owned and operated by affiliated service providers.

FCA Investigates Euro Exchange Securities UK Ltd

The Financial Conduct Authority (FCA) is investigating potential offences by Euro Exchange Securities UK Ltd (EES) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The investigation covers the period between 1 February 2020 and 4 June 2026.

The FCA stated that EES may have failed to take appropriate steps to identify and assess money laundering risks, including in relation to its customers, geographic areas, services, transactions, and delivery channels. It is alleged that EES also failed to establish and maintain policies, controls, and procedures to mitigate and manage these risks, covering customer due diligence, ongoing monitoring, internal governance, resourcing, and record-keeping.

On 4 June 2026, the FCA required EES to cease carrying on any regulated electronic money or payment services and applied to the court for the appointment of interim managers. On 11 June 2026, the High Court appointed special administrators Duncan Perring and James Bennett of Teneo Financial Advisory Limited under the Payment and Electronic Money Institution Insolvency Regulations 2021. The FCA stated it has not yet reached any conclusions as to whether EES breached any relevant requirements.

Cboe Data Vendor Program and Market Rules

Cboe EDGX, Cboe BYX, Cboe BZX, and Cboe EDGA Exchange filed proposed rule changes to introduce a Data Vendor Program. All four filings were granted immediate effectiveness by the SEC. This program will change how market data is distributed and licensed across Cboe's equity exchanges.

Cboe EDGX also filed a rule change to add a new time-in-force designation known as "Regular `til Post Market," amending Exchange Rules 11.1, 11.6, 11.7, and 11.8. This filing was granted immediate effectiveness and provides traders with an additional order type that persists into post-market trading.

SEC Approves FINRA Outside Activities Rule

The SEC issued an order approving a proposed rule change filed by FINRA, as modified by Partial Amendment No. 1. The approved rule is FINRA Rule 3290, which covers Outside Activities Requirements. This establishes new requirements for registered persons, affecting compliance obligations at broker-dealers and investment advisers.

ECB Consumer Expectations and FCA Investment Speech

The European Central Bank (ECB) published its Consumer Expectations Survey results for the reference period August 2026. This survey serves as a key input for monetary-policy decisions and provides a forward-looking gauge of inflation and growth expectations in the euro area.

Lucy Castledine, director of consumer investments at the FCA, delivered a speech at the 2026 Investor Summit in London on 18 September 2026. The speech outlined the FCA's approach to supporting investment growth, innovation, and stronger action against scams and illegal promotions. Castledine stated that wider support and clearer information are vital for helping people invest with confidence, and that stronger enforcement can build trust in markets.

PCAOB Quality Control Amendments Proposed

The Public Company Accounting Oversight Board (PCAOB) filed proposed rules on amendments to QC 1000, A Firm's System of Quality Control, and related rule and forms. The filing was published in the Federal Register on 18 September 2026. These amendments will affect audit firm compliance obligations for public company audits in the US.

Our read

The immediate effectiveness of the US circuit breaker amendments signals that the operational infrastructure for 23-hour trading is already in place, requiring firms to verify their resumption logic against the new schedule without delay. For EU institutions, the final EBA guidelines remove ambiguity around DORA third-party risk, making compliance alignment a concrete, immediate task rather than a forward-looking projection. The FCA's investigation into Euro Exchange Securities UK Ltd underscores that AML failures in the payments sector can lead to rapid administrative intervention and insolvency proceedings, a risk profile that compliance leads must actively monitor in their vendor and counterparty assessments.

This digest was produced automatically by a large-language-model system from the regulator publications and official sources listed below; it is AI-generated content and may contain inaccuracies. It is not legal advice — verify wording and deadlines against the original documents.

Sources