Last year was marked by macro events like tariffs, AI, and the dominance of US tech companies attracting global retail investors. The growth of off-exchange trading and plans for 24-hour trading make a better National Best Bid and Offer (NBBO) crucial. Countries with high levels of direct ownership in stocks tend to have higher valuations, leading to stronger GDP growth and wealth creation. Companies tap stock markets for hundreds of billions of dollars in finance each year through IPOs and secondaries. Stocks adjust for dividends, but not by 100%.

The third-quarter earnings season showed earnings broadening significantly, with more companies returning to growth. The focus was on AI company earnings, which started delivering on expectations after reaching trillion-dollar market caps. Markets are moving towards 24-hour trading to accommodate global investors. After-hours trading activity is concentrated among stocks with earnings. NBBO is crucial, but market economics must support it.

The US stock market is over 50% off-exchange, leading to price discovery degradation. Changes like smaller round lots aim to improve the NBBO. Market structure changes are challenging, with no silver bullet for optimal structure. Successful stock markets benefit investors, companies, and the economy by providing competitively priced NBBO, efficient asset allocation, and low trading costs. An optimally efficient market protects investors at low costs and helps grow the economy.

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