NYSE Explores 24-Hour Trading Following Crypto, Pandemic Trends

The New York Stock Exchange (NYSE) has posed queries to market participants regarding their thoughts on the possibility of the stock market operating on a 24-hour schedule similar to that of cryptocurrencies, which was previously reported by the Financial Times. The move comes as 24 Exchange, a startup financed by billionaire hedge fund manager Steve Cohen, intends to become the first stock exchange to facilitate continuous trading. Retail brokerages such as Robinhood currently enable customers to trade outside normal business hours. Traditionally, trading on the NYSE begins before the customary first bell at 9:30 a.m., owing to electronic trading, despite the fact that the stock exchange famously sounds bells at both the beginning and conclusion of regular trading periods. Round-the-clock trading gained popularity following the surge in interest in cryptocurrencies and increased retail trading during the COVID-19 pandemic. Additionally, there has been an increase in international demand for US financial assets from both Asia and Europe in recent times. In December, Brian Hyndman, CEO of overnight trading company Blue Ocean, remarked to the Financial Times that “the world changed with the pandemic and with crypto trading 24/7. Everyone has the infrastructure and support to handle overnight trading now.” According to the FT, questions posed by the NYSE in its survey encompassed preferences for non-stop trading throughout the week, safeguards against price volatility, and staffing requirements for overnights shifts. The Securities and Exchange Commission (SEC) has several months to arrive at a decision concerning 24 Exchange’s application. Edited by Nick Baker.