[Hester M. Peirce: U.S. Stock Market 23/5 Trading Model Needs Focus on Liquidity and Disclosure] U.S. Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce raised six questions regarding the 23/5 trading model for the U.S. stock market: 1. Drawing on experiences from the forex, cryptocurrency, and futures markets; 2. Brokers' best execution obligations and retail investor protection when overnight liquidity is dispersed; 3. Fiduciary decision-making by asset management institutions during periods of insufficient overnight liquidity; 4. The impact of extended trading hours on corporate earnings reports and the release of significant information; 5. Whether the SEC needs to adjust the EDGAR system to ensure overnight information disclosure; 6. Whether the SEC should provide relevant guidance or regulatory exemptions for listed companies.