The world’s largest stock exchange is reportedly weighing interest in a 24-hour operation.
According toFinancial TimesThe New York Stock Exchange (NYSE) analytics team is studying interest in after-hours trading.
FT says the interest is largely driven by the 24/7 world of cryptocurrency trading, which saw a huge increase in retail investors during the 2020 pandemic.
Moving the NYSE to an overnight trading option would represent a huge change for the world’s leading exchange. According to James Angel, a finance professor at Georgetown University, the viability of change should be decided by the free market and not the U.S. Securities and Exchange Commission (SEC).
“I have no idea how loud they’re going to be 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 succeeds, everyone will be better off, and if it doesn’t, well, investors will lose the trades.
The NYSE investigation comes as a financial startup called 24 Exchange, backed by hedge fund Point72, seeks SEC approval to launch the first traditional 24-hour stock exchange.
24 Exchange withdrew a similar initial proposal last year due to technical issues, but its latest proposal received no letters of concern. The SEC has several months to respond to the proposal.
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