According to the Financial Times, the New York Stock Exchange conducted a survey among its participants to find out how they would feel if the market ran on the same 24-hour schedule as cryptocurrencies. With bell-ringing ceremonies in the morning and afternoon, the NYSE, which dates back to the 18th century, is well-known for marking the beginning and end of daily trading. However, due to electronic trading, transactions have actually occurred for decades prior to the first bell at 9:30 a.m. and after the second one at 4 p.m. New York time.
To be the first stock exchange to provide trading around-the-clock, 24-Exchange, a startup backed by billionaire hedge fund manager Steve Cohen, intends to go one step further.Like Robinhood, a number of retail brokers currently allow customers to trade day and night.Moreover, trade in cryptocurrencies never stops.In 2023, Dmitri Galin, the CEO and founder of 24 Exchange, stated to Bloomberg that “anyone who wants to trade crypto would also like to trade Apple or Microsoft 24/7.”
After cryptocurrency gained enormous popularity and retail trading experienced significant growth during the Covid-19 pandemic, round-the-clock trading became a popular concept.A surge in Asian and European investor interest in US financial assets has also been observed in recent years.
“The world changed with the pandemic and with crypto trading 24/7. Everybody has the infrastructure and the support to handle trading overnight now,” Brian Hyndman, chief executive of Blue Ocean, an overnight-trading provider, told the Financial Times in December.
According to the FT, the NYSE polled participants on a number of topics, including how investors should be shielded from market volatility, whether they would prefer overnight trading to occur seven days a week, and how personnel should be handled during overnight sessions.The SEC will decide on 24 Exchange’s application within a few months.