According to the Financial Times, the New York Stock Exchange (NYSE) is seeking opinions from market participants on the feasibility of trading stocks around the clock. The survey asks respondents whether they believe trading should take place on weekdays and weekends, how to protect investors from price fluctuations, and how to arrange staff for any overnight trading.
Several retail brokers, including Robinhood and Interactive Brokers, currently offer 24/7 trading services for US stocks on weekdays. These trades are either matched internally within the platform or conducted through “dark pools” such as Blue Ocean, which typically facilitate trading for Asian retail investors during their daytime.
The NYSE’s investigation coincides with a new startup called 24 Exchange, which is supported by Steve Cohen, owner of the MLB’s New York Mets and Chairman and CEO of major asset management firm Point72. 24 Exchange is seeking approval from the Securities and Exchange Commission (SEC) to launch the first-ever 24/7 stock exchange. This application marks the second attempt by 24 Exchange, as they withdrew their proposal last year due to operational and technical issues.
During the Covid-19 pandemic, there has been a significant increase in interest in cryptocurrencies and a surge in retail trading volume. As a result, round-the-clock trading has become a popular idea. In recent years, investors from Asia and Europe have also shown increased interest in US financial assets.
Dmitri Galin, Founder and CEO of 24 Exchange, previously told Bloomberg in 2023 that “anyone who wants to trade cryptocurrencies 24/7 will also want to trade Apple or Microsoft 24/7.” Brian Hyndman, CEO of Blue Ocean, also mentioned to the Financial Times in December last year that the world has changed due to the pandemic and round-the-clock trading of cryptocurrencies, and now everyone has the infrastructure and support to handle overnight trades.
Hayden Adams, the founder of decentralized cryptocurrency exchange Uniswap, commented on this report on the X platform, stating:
