“A startup trading platform is seeking approval from the Securities and Exchange Commission to launch the first U.S. stock exchange that would operate around the clock, including on weekends and holidays. The startup, 24 Exchange, said it filed key parts of its application for a national stock-exchange license with the SEC on Monday, including a rulebook and user manual detailing its proposed approach to trading hours.
“Under decades-old conventions, the bulk of stock trading takes place between 9:30 a.m. and 4 p.m. ET on weekdays, and exchanges shut down for holidays, such as Good Friday and Washington’s Birthday. In contrast, 24 Exchange would operate like the foreign-exchange and cryptocurrency markets, which run continuously.”
Excerpt from The Wall Street Journal
October 6, 2021SourceSome observations
- Later it’s stated that individual investors want the freedom to trade round the clock.
- Under the proposal, trading in fractional shares would be permitted.
- Big time traders / Wall Street professionals aren’t happy with this, as they relish time off for pleasure and relaxation, and apparently would feel a need to stay tuned in to markets 24 / 7 if this passes.
- Personally, I do some of my best thinking at 3 AM - so I support the idea.