Could 24/7 Stock Trading Be On the Way?
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Here's your money briefing for Wednesday, October 6th. I'm J.R. Whalen for The Wall Street Journal. When the closing bell rings on U.S. stock exchanges at 4 p.m. Eastern Time, the bulk of the day's trading is done. But now a new trading platform wants to rewrite the rules and extend stock trading to 24 hours a day, seven days a week.
This would actually be quite similar to cryptocurrencies. So Bitcoin and other cryptocurrencies trade on many different exchanges and they trade throughout the day. There's no central authority that says when the trading hours are.
So how close is 24-hour stock trading to becoming a reality? And what would it mean for everyday investors? On today's show, our markets reporter, Alexander Azapovich, will tell us more about the trading platform known as 24Exchange and its plans for all-night trading. That's after the break.
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What is 24 Exchange and why is it proposing 24/7 U.S. stock trading?
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The startup trading platform called 24 Exchange is betting that after the traditional end of the trading day in the U.S., there are still plenty of investors here and overseas that might want to make adjustments to their stock portfolio based on news that happens after hours. WSJ Markets reporter Alexander Azapovich has been following the company and he's here to talk about it. Alex, thank you very much for coming on the show. Thank you for having me. So, Alex, 24 Exchange has been busy filing a series of applications with the SEC. What are they specifically asking regulators to grant them permission to do?
24 Exchange is asking for permission to launch a U.S. stock exchange. Just like the New York Stock Exchange or the Nasdaq stock market, they would run their own little stock exchange. And specifically, they're looking to launch a stock exchange that would have 24-7 trading. So unlike the way exchanges work right now, where they work on weekdays from 9.30 a.m. to 4 o'clock p.m., by and large, and shut down for a lot of different weekends and holidays... 24 Exchange would want to have an exchange that runs 24-7, 365 days a year.
Okay, got it. Now, currently people can trade stock outside the regular market hours, you know, the pre-market and post-market trading periods. How is this different?
So right now, there are some options for people who want to trade outside of standard trading hours. Starting as early as 4 o'clock in the morning, up until the market opens at 9.30, or after the close, running till as late as 8 o'clock p.m. on weekdays, you can trade in what are called the pre-market and post-market sessions. And this is something some traders do, especially people who are very keen to play news that takes place outside of normal trading hours. However, things basically shut down almost completely at 8 o'clock p.m. in the evening on weekdays and stay that way until 4 o'clock in the morning between the post-market session and the pre-market session for the next day. In addition, there is basically no trading at all on weekends and holidays.
Now, what about things like cryptocurrencies?
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