The European angle is narrower than the headline trend
Most of the material behind this story is American or Japanese. The one clearly European regulatory data point is MiCA, the EU's crypto-asset rulebook. Coinbase set a three-day deadline under it: non-compliant stablecoins (USDT, PayPal's and a Trump-linked one) were to be converted automatically to USDC, and users were told not to deposit them after 30 October 2026.1 That is a rule changing which products a platform may offer, and it shows regulation setting the pace as the narrative suggests. We have no verified data on EU-listed companies' trading hours or on EU exchange plans. This piece does not pretend otherwise, and what follows is the global picture that European investors will meet through the platforms and funds they already use.
Longer hours, and bets on a company's own numbers
Nasdaq says the industry's move to a 23-hour trading day is expected on Sunday, 6 December 2026. That depends on the readiness of the consolidated price feeds (the SIP) and on SEC rule changes. Subject to SEC approval, Nasdaq would add a 9 p.m. to 4 a.m. ET session.2 It is still a plan, not a done deal.
On 30 September 2026, at Robinhood's third annual HOOD Summit in Houston, Cboe announced plans for a new category of binary contracts tied to company-specific key performance indicators. They were expected in October 2026, subject to regulatory approval, and the products are tied to 23 companies. Robinhood would be the first retail broker to offer them.3 In plain English, these are yes-or-no bets on whether a company hits a specific business figure. That is a different thing from owning its shares, and ordinary savers should know the difference before they meet one in an app.
The CFTC's 24/7 derivatives roundtable, its rulemaking and its Utah suit are part of the story we were given. The verified material contains no detail on any of them, so we do not characterise them.
The broker at the centre: Robinhood's checked numbers
Robinhood is the retail face of this shift, and its SEC-filed figures are the most solid ground we have. Revenue was $1.865 billion in FY2023, $2.951 billion in FY2024 and $4.473 billion in FY2025.4 By our own arithmetic that is about 2.4 times the 2023 level in two years.
Profit followed. Net income swung from a loss of $541 million in FY2023 to a profit of $1.411 billion in FY2024 and $1.883 billion in FY2025.4 Earnings per share went from -$0.61 to $1.56 to $2.05 over the same years.4 Operating cash flow was less smooth: $1.181 billion in FY2023, negative $157 million in FY2024 and $1.638 billion in FY2025.4 A business that grows fast on trading activity can still have an uneven year for cash, and FY2024 shows it.
Spending on research and development was steady against that growth: $349 million, $323 million and $355 million across the three years.4 Stockholders' equity rose from $6.696 billion to $7.972 billion between FY2023 and FY2024.4
Cash is where our sources show a seam. The verified series runs $4.835 billion (FY2023), $4.332 billion (FY2024) and $4.261 billion (FY2025), with a quarterly high of $5.829 billion in Q2 2023 and $5.362 billion in Q2 2026.4 For the quarter ending 30 September 2025, two records disagree. One says $4.331 billion and the other $4.3 billion, a gap of roughly $31 million, which looks like rounding. We use the filing-based figure, $4.331 billion.4
AI in commerce: LY Corp's raised guidance
LY Corp raised its full-year guidance on 5 November 2026. Revenue guidance moved from JPY2.24 trillion to JPY2.33 trillion, up 14.8% year-on-year.5 That is a raise of about JPY90 billion, by our arithmetic. Adjusted EBITDA guidance rose from JPY585 billion to JPY640 billion, up 28.9%, and adjusted EPS guidance from JPY30 to JPY35.5 The annual dividend went from JPY11 to JPY12 a share, alongside a new shareholder benefit programme.5
Commerce revenue is forecast at JPY1.06 trillion, with adjusted EBITDA up 33.6%. Strategic Business adjusted EBITDA is forecast at JPY160 billion, up 69.1%.5 In Q2, revenue rose 11.5% and adjusted EBITDA 20.9%.5 Our narrative frames the raise as backed by AI-driven conversion gains. The excerpt we hold carries AI only in the headline, so we cannot verify that causal link ourselves. The company itself points to structural cost reductions and growth in recurring businesses such as LYP Premium and LINE Official Account as the base for double-digit profit growth next year.5
Trust for software that spends money
If agents are going to buy things, someone has to say who they are. Baselayer, which helps financial institutions verify businesses and assess fraud risk, has raised $35 million to extend its identity technology to AI agents.6 Its Jonathan Awad put the problem this way: "Agents spin up and they spin down. How can you trust this random one-task agent?"6 He also warned that unless agents can show they act for legitimate people or businesses, "agents will just get blocked everywhere".6
His account of the sales cycle is a useful caution on speed. Relationships with financial institutions typically take 12 to 18 months and large merchant partnerships up to 24 months.6 He also says: "We've essentially streamlined 10 years' worth of selling into two years."6 That is a founder's own statement and we have no independent check on it.
Sean Jacobsohn, a Norwest partner, sees a different opening. "I think there's a potential opportunity to disrupt NetSuite and Sage. Those companies have been around for a very long time. I'm seeing more disruption downmarket, and some of these companies will eventually move upmarket."7
How far to trust the sources
The measured track record of our sources matters here. Of 6,584 claims checked from the NewsEOD feed, which carried the Cboe and LY Corp items, 54% held up.3,5 For Crunchbase News, which carried the Baselayer and Norwest items, 49% of 41 checked claims held up.6,7 Both are close to a coin flip. The Robinhood figures come from SEC filings and are the exception. The quotes above are the speakers' own words, and company claims are not independent confirmation.
What to watch
- Whether the SEC approves the rule changes Nasdaq says it needs before the 6 December start.2
- Whether the Cboe KPI contracts actually launch, since they were expected in October subject to approval.3
- Robinhood's next filing: does cash hold near the $5.362 billion of Q2 2026, and does revenue keep growing past $4.473 billion?4
- Whether LY Corp's later results land on the raised JPY2.33 trillion revenue guidance.5
- Whether other platforms follow Coinbase in tightening which stablecoins they accept under MiCA.1
