The New York Stock Exchange (NYSE) is considering implementing continuous trading of stocks, similar to the cryptocurrency market. This potential change hinges on the results of a current survey among market players regarding the advantages and disadvantages of around-the-clock trading. Meanwhile, regulatory bodies are reviewing an application for the establishment of the first ever 24/7 stock exchange.
Complications of the NYSE Trading Bid
The Financial Times reports that the NYSE’s survey is not a result of management action but rather an experiment conducted by their data analytics team. Regardless, this trial run signals investor curiosity to trade companies like Nvidia and Apple outside of regular Eastern Time hours.
The NYSE’s questionnaire sought the opinions of participants on extending weekend trading hours, besides the regular weekly market activity. It further requested suggestions for safeguards to minimize price instability and their perspectives on required overnight staffing plans.
A current survey runs concurrently with 24 Exchange submitting applications to the Securities and Exchange Commission (SEC) for establishing the first non-stop trading platform. The emerging business, backed by Steve Cohen’s Point72 hedge fund, represents 24X’s second attempt in response to SEC approval following a withdrawal of their initial proposal last year due to complexities in technical and operational aspects.
Approximately two months ago, the Securities and Exchange Commission (SEC) proposed rule changes to permit trading of investment products such as the Bitwise Bitcoin ETF and Grayscale Bitcoin Trust on the exchange. Some financial experts advocate for around-the-clock trading at the New York Stock Exchange (NYSE) in this regard.
Finance Professor Wants Market To Decide
Prof. James Angel of Georgetown University, who has expressed support for 24X’s proposal, raised concerns over the late-night trading volumes. However, he urged the SEC against denying the request based on this concern alone.
“He expressed uncertainty about the volume of trading that will occur in the middle of the night. However, it’s not the SEC’s role to determine if it’s profitable or not. I personally believe the market should make that call. If it thrives, we all benefit, and if not, the exchange’s investors bear the loss.”
A market analyst and institutional broker admitted that there’s a strong desire for continuous trading, but this demand primarily originates beyond the financial market. However, they urged caution, as arranging sufficient staff to handle such heavy workloads in a bustling financial industry could prove quite difficult.
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2024-04-22 18:25