美国证券交易委员会官员Selway谈市场新课题：交易走向全天候，代币化证券与海量数据考验研究能力
美国证券交易委员会（SEC）交易与市场部主任Jamie Selway 11月13日在纽约Baruch College一场市场结构会议上发表题为《Mo' Data, Mo' Problems》的演讲，谈到金融市场正在出现的新变化：交易走向全天候，代币化证券与永续期货等新产品进入市场，研究者面对的数据量则大到必须借助超级智能（SI）工具处理。
Selway说，过去做原创研究的难处是拿不到独特数据，如今难处反过来，数据太多，处理数据要投入大量资源。SEC首席经济学家Josh White正牵头经济与风险分析部在这方面的工作，并重新加强与学术界的合作。
他还列出部门手头的几件实事：已有四家运营方按SEC的创新豁免框架提交了代币化证券交易场所的意向通知；美国国债中央清算的合规日期分别落在2026年12月31日与2027年6月30日；全国市场系统的若干改革提案仍在审议中。Selway同时说明，演讲内容只代表他个人看法，不代表委员会及其委员的立场。
（来源：美国证券交易委员会）
SEC Official Selway on New Market Questions: Trading Going 24/7 as Tokenized Securities and Surging Data Test Research Capacity
Jamie Selway, Director of the Division of Trading and Markets at the U.S. Securities and Exchange Commission (SEC), delivered remarks titled "Mo' Data, Mo' Problems" on November 13 at a market structure conference at Baruch College in New York, describing a market in transition: trading is moving toward round-the-clock hours, tokenized securities and perpetual futures are arriving as new products, and the volume of data facing researchers has grown so large that super intelligence (SI) tools are increasingly needed to process it.
Selway said the constraint on original research has flipped: access to distinctive data was once the hard part, while handling ever-growing datasets now demands substantial resources. Josh White, the SEC's chief economist and director of the Division of Economic and Risk Analysis, is leading the agency's work in that area, alongside renewed academic engagement, he said.
He also pointed to concrete items on the division's plate: four operators have submitted notices under the SEC's Innovation Exemption framework for tokenized securities venues; Treasury clearing compliance dates fall on December 31, 2026, and June 30, 2027; and several National Market System reform proposals remain under review. Selway noted the remarks were his own views and not necessarily those of the Commission or its commissioners.
(Source: U.S. Securities and Exchange Commission)
来源：美国证券交易委员会
发布：GSM·美国（发布链接）
图片来源：图：纽约证券交易所交易大厅（美国国会图书馆藏，公共领域）。 / Photo: The trading floor of the New York Stock Exchange (Library of Congress, public domain).
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