NYSE contemplates following cryptocurrency markets with 24/7 trading: Financial Times
Traditional markets could be taking a page from cryptocurrency markets as the New York Stock Exchange contemplates trading nonstop in a recent survey, according to the Financial Times.
The NYSE’s data analytics team sent out a survey asking stakeholders about whether round-the-clock trading should occur on weekends as well as during a five-day week, the Financial Times reported on Monday. This would be in stark contrast to the exchange’s current hours, which are 9:30 a.m. to 4 p.m. ET.
Cryptocurrency markets operate nonstop, 24 hours a day, 7 days a week and 365 days a year, which crypto firms say allows for flexibility and more opportunities to create wealth no matter where investors are globally. This comes as retail trading ballooned during the pandemic and investors can trade some stocks on a 24/7 cycle on platforms such as Robinhood.
The 24 Exchange proposal
NYSE’s survey comes as a start-up firm called 24 Exchange is seeking the Securities and Exchange Commission’s approval to launch the first around-the-clock exchange. According to the Financial Times, the firm is backed by New York Mets owner Steven Cohen’s Point72 Ventures fund.
The firm’s filing is the second attempt for 24X after it withdrew a proposal last year due to operational and technical issues. The SEC has months to review the firm’s plans, the Financial Times noted.
BY: Sarah Wynn
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