The world’s largest exchange is reportedly gauging interest in becoming a 24-hour operation.
According to the Financial Times, the New York Stock Exchange (NYSE) analytics team is examining interest in after-hours trading.
FT says the interest is largely driven by the 24/7 world of crypto trading, which saw a huge increase in the number of retail investors during the 2020 pandemic.
The NYSE’s move to an overnight trading option would be a huge change for the world’s largest exchange. According to Georgetown University finance professor James Angel, the viability of change should be determined by the free market, not the U.S. Securities and Exchange Commission (SEC).
“I have no idea how much volume they’re going to use 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 am in favor of letting the market decide. If it works, we will all be better off, and if it doesn’t, the stock market’s investors will have lost.”
The NYSE investigation comes as a financial startup called 24 Exchange, which has backing from hedge fund Point72, seeks SEC approval to launch the first 24-hour traditional stock exchange.
24 Exchange withdrew a similar initial proposal last year due to technical issues, but the latest proposal did not receive any letters of concern. The SEC has several months to respond to the proposal.
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Featured image: Shutterstock/Yurchanka Siarhei/Anton-Burakov
