- The New York Stock Exchange is seeking opinions from market participants about shifting the U.S. stock market to a 24/7 operating schedule.
- Round-the-clock trading became popular during the Covid-19 pandemic, when the trading of cryptocurrencies picked up and retail investor interest blew up.
- A Steve Cohen-backed trading platform, 24 Exchange, is currently awaiting a decision from the SEC on whether it can launch the first 24/7 exchange.
According to the Financial Times, the New York Stock Exchange is seeking feedback from market participants regarding their preferences for extending trading hours to match the continuous operation of cryptocurrency markets.
The New York Stock Exchange (NYSE), with origins dating back to the 18th century, is known for marking the beginning and end of trading sessions with bell-ringing ceremonies in the mornings and afternoons. However, due to electronic trading, buying and selling have been transacted before the opening bell at 9:30 a.m. and after the closing bell at 4 p.m. (New York time) for several decades.
A startup called 24 Exchange, with backing from billionaire hedge fund manager Steve Cohen, aims to innovate by becoming the first stock exchange supporting non-stop trading around the clock. Many retail brokers such as Robinhood currently offer this feature to their clients.
“Cryptocurrencies are constantly being traded, just as some people might be inclined to trade stocks like Apple or Microsoft around the clock,” said Dmitri Galin, the founder and CEO of 24 Exchange, in an interview with Bloomberg in 2023.
Trading around the clock has gained significant popularity since the explosion of interest in cryptocurrencies and the surge of retail trading during the Covid-19 pandemic. Additionally, there’s been a notable rise in investor attention from Asia and Europe towards U.S. financial assets in recent years.
“According to Brian Hyndman, CEO of Blue Ocean, an overnight-trading provider, speaking to the Financial Times in December, the world has undergone significant transformation with the pandemic and the constant crypto trading market. Nowadays, everyone has the necessary tools and backing to engage in trading around the clock.”
The Financial Times reported that NYSE’s questionnaire contained several queries. For instance, they asked participants if they favored extending overnight trading every day of the week. Additionally, they sought investors’ views on safeguards for price stability and expressed interest in their thoughts regarding the manpower requirements for supervising overnight trading sessions.
The SEC has several months to make a decision on 24 Exchange’s application.
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2024-04-22 19:12