According to the Financial Times, the New York Stock Exchange (NYSE) is seeking market participants’ opinions on the implementation of 24/7 trading, similar to cryptocurrencies. The NYSE, with its iconic bell ringing ceremonies at the opening and closing of each trading day (9:30am – 4pm), has already expanded its trading activities to include pre-market and after-hours trading due to online trading platforms. Online retail brokers like Robinhood have already allowed customers to trade day and night. The NYSE’s survey on the willingness for 24/7 trading includes questions on whether users would like to engage in overnight trading, how to protect investors from price fluctuations, and opinions on staffing during overnight trading hours. It is not only the NYSE considering this change, as the startup exchange 24 Exchange (24X), supported by hedge fund manager Steve Cohen, also aims to become the first securities exchange to allow 24/7 trading. This is the second application by 24X, as they withdrew their proposal last year due to operational and technical issues. The U.S. Securities and Exchange Commission (SEC) now has several months to make a decision on 24X’s exchange application. During the COVID-19 pandemic, the interest in cryptocurrencies and retail trading has surged, making 24/7 trading a popular idea. In recent years, European and Asian investors have also shown increasing interest in U.S. financial assets. Brian Hyndman, CEO of Blue Ocean, a company focused on providing overnight trading, believes that the world has changed with the outbreak of the pandemic and the characteristics of 24/7 cryptocurrency trading. Dmitri Galin, founder and CEO of 24 Exchange, has also stated that anyone who wants to trade cryptocurrencies around the clock would also want to trade stocks like Apple or Microsoft 24/7.
Exploring 24/7 Trading Potential: NYSE and 24 Exchange Take Inspiration from the Crypto Sphere