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New York Stock Exchange seeks opinion on whether to trade 24/7 like Bitcoin and Ethereum as SEC reviews Steve Cohen-backed proposal
THE New York Stock Exchange (NYSE) is currently seeking feedback from market participants regarding the potential benefits of implementing a 24/7 trading schedule, similar to trading cryptocurrencies such as Bitcoin BTC/USD And Ethereum ETH/USD. The move coincides with regulatory review of a proposal for the first-ever continuous exchange, which has the support of Steve Cohen.
What happened: The NYSE, part of the Intercontinental exchange ICEactively seeks opinions on the possibility of trading stocks around the clock, reported the Financial Times on Monday.
The survey, conducted by the NYSE data analysis team, highlights the growing interest in trading major stocks such as Apple Inc AAPL And NVIDIA Corp. NVDA overnight.
Increased retail investor activity, initially triggered by COVID-19 pandemic lockdowns, and continued trading in cryptocurrencies have been key drivers of this discussion.
While other major markets, including U.S. Treasuries, major currencies and major stock index futures, can be traded around the clock, exchanges have been relatively slow to adapt. However, several retail brokers, like Robin Hood Markets Inc. HOOD And Interactive brokersnow offer 24-hour access to US stocks.
“I have no idea how much volume they're going to produce in the middle of the night. But it's really not up to the SEC to decide whether it's commercially viable or not. I'm in favor of letting the market decide “If it succeeds, we will all be better off and if it doesn't, well, stock market investors will lose,” he said. James Angelprofessor of finance at Georgetown University, who filed a letter supporting 24X's plan.
See also: Has Robinhood Halted 24 Hour Trading? Social media explodes with screenshots and theories: Tomorrow Is N
The NYSE survey seeks opinions on various aspects of 24-hour trading, including whether such trading should be extended to weekends, how investors should be protected against price fluctuations and how night sessions should be organized .
Meanwhile, the SEC is considering a proposal for the first 24/7 exchange, backed by Steve Cohens. Item72 hedge funds. The SEC has several months to review the plans, and no issues were raised with the proposal Friday.
Why is this important: The potential move to 24-hour trading represents a significant development in financial markets. The move could have a profound impact on the global business landscape, especially with the rise of retail investors and the growing popularity of cryptocurrencies.
Robinhood recently faced speculation that it would shut down its 24-hour trading service, further highlighting the potential impact of changes in trading hours on the market.
Read Next: Bitcoin Halving, Elon Musks Dogecoin Tweet, Solanas Rise and More: This Week in Cryptocurrency
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