Market Talk: Experts emphasize stability and resilience

In today’s fast-moving and unpredictable market environment, resiliency is absolutely essential. Our financial ecosystem is a vast, interconnected network of trading platforms, products, and supporting services, and exchanges keep this complex system running. On September 5, 2025, the Chamber’s Center for Capital Markets Competitiveness (CCMC) hosted a panel of experts, including industry and academic professionals, for a discussion on the critical role these exchanges play in improving market stability and resilience.

Big picture: Jim Angel, Associate Professor at Georgetown University, emphasized the importance of a strong market in a complex economy. “We need a resilient market mechanism that will properly tell us what supply and demand are telling us, because that information is essential. It’s an essential tool for investors, issuers, and policy makers,” Angel said.

The point is clear: Without a reliable way to interpret market signals, decision-making across the financial landscape becomes compromised.

Be smart: During times of volatility, options markets become even more elaborate and difficult to manage than usual. Key to navigating these types of changing circumstances is education, according to Chris Isaacson, Chief Operating Officer at Cboe Global Markets.

• “Education is extremely vital. We want to ensure investors have the proper understanding of options so they can work and use them correctly.”

Looking ahead: Future market resiliency relies on investments in new technology, cybersecurity, and infrastructure; areas that are “ever evolving,” according to Nasdaq’s Senior Vice President, Head of Strategic Operations and Public Policy, Chuck Mack.

• “Some of the investments we've made in using cloud infrastructure are going to better enable us to use new technologies such as machine learning or artificial intelligence. These investments are going to help ensure our markets and the markets in general continue to run smoothly and safely while also allowing us to evolve to meet the needs of issuers, investors, and the market.”

Innovation in infrastructure and cybersecurity will be central to keeping markets secure and responsive.

Thinking ahead: Improving the market system relies on collaboration from all parties involved. Chris Isaacson stressed that as technology and regulation evolve, policymakers should keep the “whole ecosystem” in mind when considering market reform.

• “The U.S. markets are incredibly robust and the deepest, most liquid, and most trusted in the world. Part of the dynamism of the markets and what makes them so valuable is that there are smart people dedicated to the stewardship of the markets that want to continue to refine our markets.”

Do no harm:  The panelists stressed the importance of targeted refinements for potential market structure policy changes.

• “Part of the dynamism of the US markets and what makes them so valuable is that there are smart people that are dedicated to the stewardship of the markets and want to continue to refine our markets. We welcome that debate, but wholesale overhauls of something that's working really well can have unintended consequences,” Chris Isaacson explained.

The bottom line: In an increasingly complex and volatile financial landscape, market resiliency depends on education, innovation, and collaboration—ensuring that the system remains strong, adaptive, and trusted by all participants.

Go deeper: Learn more about CCMC’s work and watch the full webinar here.

About the author

Kristen Malinconico

Kristen Malinconico is Senior Director for the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness. She leads the Center’s portfolios for asset management, derivatives, and fiduciary issues.

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