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NEW YORK, NEW YORK - JUNE 14: Traders work on the floor of the New York Stock Exchange (NYSE) on June 14, 2023 in New York City. Markets fell over 200 points following news that the Federal Reserve announced Wednesday that it was keeping its interest rate at around 5% - the first time it has not raised the rate in over a year. (Photo by Spencer Platt/Getty Images)

NEWS HEADLINES: New York Stock Exchange Polls People On Views Of Round-The-Clock Trading – One America News Network

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Traders work on the floor of the New York Stock Exchange (NYSE) on June 14, 2023 in New York City. Markets fell over 200 points following news that the Federal Reserve announced Wednesday that it was keeping its interest rate at around 5% – the first time it has not raised the rate in over a year. (Photo by Spencer Platt/Getty Images)

OAN’s James Meyers
3:25 PM – Monday, April 22, 2024

The New York Stock Exchange (NYSE) is officially surveying opinions from market participants about shifting the U.S. stock market to a 24/7 operating schedule. 

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The NYSE is known for famously signaling the start and end of the daily trading with bell-ringing ceremonies in the morning and afternoon. However, due to electronic trading, buying and selling has, for decades, actually taken place before the first bell at 9:30 a.m. and after the second one at 4 p.m. New York time. 

The survey was put out by the NYSE’s data analytics team rather than its management.

The idea of 24/7 trading has ramped up due to cryptocurrency trading and the increase of retail investor activity, which first picked up steam during the beginning of the COVID pandemic.

“Anyone who wants to trade crypto 24/7 would also like to trade Apple or Microsoft 24/7,” 24 Exchange’s founder and CEO, Dmitri Galin, told Bloomberg in 2023.

“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.

The stock exchanges have begun to fall behind, with other big markets, including U.S. Treasuries, major currencies and leading stock index futures, which can be traded 24/7 from Monday to Friday. 

Additionally, several retail brokers such as Robinhood and Interactive Brokers, offer 24-hour weekday access to U.S. stocks, with trades either matched with their internal holdings, or conducted by a “dark pool” trading venue that is based overseas. 

The poll comes as start-up 24 Exchange, is seeking SEC approval to launch the first round-the-clock exchange. The filing is the second attempt for 24x, which stopped their first proposal last year over operational and technical issues. 

“I have no idea how much volume they’re going to be doing in the middle of the night. But it’s really not up to the SEC to decide whether it’s commercially viable or not,” said James Angel, a finance professor at Georgetown University, who filed a letter supporting 24X’s plan.

“I’m in favor of letting the market decide. If it succeeds, we’re all better off and if it doesn’t, well, the exchange’s investors lost.”

The questions in the NYSE poll included whether pollsters would prefer overnight trading to take place seven days a week, what method they would use to protect investors from price fluctuation as well as their suggestions on staffing for overnight sessions, according to the Financial Times.

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