Wall Street is pushing for tokenized equities and 24/7 trading, but many institutional investors are wary of the instant settlement model. The approach could modernize market infrastructure and potentially enable 24-hour trading. However, this model raises practical concerns about liquidity, financing, and how markets function day-to-day. Reid Noch, vice president of U.S. equity market structure at TD Securities, said that forcing trades to settle immediately could create new frictions for professional investors. The current system settles stock trades one business day after execution, known as T+1 settlement, but instant settlement would require financing throughout the day, potentially increasing costs and reducing liquidity at key moments. Despite these concerns, exchanges are exploring longer trading hours and some may propose nearly round-the-clock markets within the next few years.