[U.S. SEC Commissioner Raises 'Six Questions' About U.S. Stock Market's 23*5 Trading: Calls for Attention to Liquidity, Information Disclosure, and Other Issues] Hester M. Peirce, Commissioner of the U.S. Securities and Exchange Commission (SEC), stated that the extended trading hours of the U.S. stock market are gradually forming a '23 hours, 5 days a week' trading model. Although overnight trading currently accounts for less than 1% of the total trading volume of NMS stocks and is highly concentrated in a few stocks, both new and established trading venues have actively extended their operating hours over the past two years. She raised six key questions: 1. How should the U.S. stock market draw on the long-standing experiences of the foreign exchange, cryptocurrency, and futures markets? 2. When overnight liquidity is dispersed and spreads widen, how can brokers fulfill their best execution obligations and enhance protection for retail investors? 3. If overnight liquidity is insufficient and execution costs are high, is it still considered a reasonable fiduciary decision for asset management institutions to opt out of overnight trading? 4. Will extended trading hours change the way listed companies release financial reports and major information?