Welcome to the latest edition of At the Forefront: Fintech Conversations!
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In this episode, Forefront VP and Head of Content Sam Belden is joined by Rob Cope, Director of Business Development at Trillium Surveyor and John Willock, Head of Strategy at Blue Ocean Technologies. The episode dives into the pivotal shift toward 24/5 trading and what it means for market structure, compliance and trade surveillance.
To begin the conversation, the pair discusses how the global momentum behind 24/5 trading is unmistakable. John explains that factors such as electronic market evolution, global retail investor participation and the growing appetite for seamless access to U.S. equities around the clock are driving demand. Blue Ocean ATS has positioned itself as a leader by providing a transparent overnight trading environment from 8 p.m. to 4 a.m. ET, catering to APAC-based investors and beyond. “We see global liquidity improving as a result,” John noted, citing the increasing presence of both retail and institutional traders.
As overnight markets expand, the need for robust trade surveillance has never been more critical. Rob discusses how Surveyor recognized this demand, having recently become the first firm to deliver 24/7 trade surveillance coverage through its partnership with Blue Ocean ATS. “Our clients demanded it,” Rob states. “They needed the same level of compliance confidence in the overnight session as during the day.” Surveyor’s adaptable, modular platform ensures that financial institutions can maintain oversight with intuitive visualizations, powerful reporting and cross-product analysis — even as market hours and complexities grow.
Next, both John and Rob emphasize that liquidity during the overnight session is a key risk consideration. John highlights how Blue Ocean’s platform design, featuring robust market data and post-trade transparency, supports confidence and reduces manipulation risk. Rob echoes the importance of reliable infrastructure, noting that Surveyor’s system allows clients to seamlessly extend their surveillance coverage from day to night without interruption, helping them comply with regulations and avoid fines.
As volumes grow and standardization around 8 p.m. session start times solidifies, the conversation around 24/5 trading is shifting from novelty to necessity. “This will become the expected standard,” John predicts, with major exchanges likely joining the overnight landscape in the coming years. Rob agrees, highlighting how Surveyor is committed to evolving alongside its clients, ensuring that compliance and trade surveillance remain top priorities as the market matures.
For more on how Trillium Surveyor is helping firms manage risk and meet compliance challenges with its industry-leading trade surveillance platform, visit their website. Read the full announcement on Surveyor’s partnership with Blue Ocean Technologies here.
See below for a breakdown of what was discussed. Happy listening!
Timestamps:
2:00 – What’s driving the demand for overnight trading of US equities
9:04 – Risks institutions are facing in 24/5 trading, and how they should respond
12:28 – Why trade surveillance is paramount when trading overnight
14:45 – How Surveyor is approaching the shift to 24/5 from a product standpoint
18:13 – The importance of standardization in protecting market integrity around the clock
22:20 – Overnight trading demand and industry adoption trends
24:40 – Regulatory considerations shaping 24/5 adoption
27:10 – Parting thoughts on where 24/5 trading is headed
