The New York Stock Exchange is surveying investors to gauge market sentiment on enabling 24/7 stock trading, a possible sign of interest in expanding its hours beyond traditional trading hours.
The change would bring the NYSE in line with major cryptocurrency trading platforms that currently operate 24/7, including weekend hours.
24-hour stock trading on the New York Stock Exchange
According to the Financial Times, the NYSE survey asked market participants whether they support full-time trading on weekends, how to deal with human resource allocation for night trading, and how to protect investors from large price fluctuations.
The survey also asked participants whether they would consider "time spent during the regular market hours more appropriate than during the night trading hours".
Although the survey was conducted by the NYSE's data management department rather than its management, it reflects the market's growing interest in trading stocks such as Apple (AAPL) or NVIDIA (NVDA) between 8 p.m. and 4 a.m. Eastern Time.
The regular stock trading hours in the United States are from 9:30 a.m. to 4:00 p.m. Eastern Time, and both the NYSE and Nasdaq follow this schedule. Both exchanges also offer "pre-market" trading from 4:00 a.m. to 9:30 a.m. Eastern Time, and "after-hours" trading from 4:00 p.m. to 8:00 p.m., but these periods have lower trading volumes and liquidity, higher volatility, and wider spreads.
These limited trading hours have left U.S. stock trading lagging not only behind cryptocurrency markets, but also U.S. Treasury, major currency and stock index futures markets, which can be traded around the clock from Monday through Friday.
While some platforms like Robinhood offer 24/5 stock trading, they often have to conduct overnight trading through "dark pool" trading platforms that interact with Asian markets. Unlike those venues, overnight trading on the New York Stock Exchange will be more fully regulated because it is directly supervised by the U.S. Securities and Exchange Commission (SEC).
The NYSE’s investigation comes on the heels of a recent SEC filing by startup 24 Exchange, also known as 24X, seeking approval to launch the nation’s first 24/7 stock exchange.
Impact on Bitcoin ETFs
Although Bitcoin (BTC) itself trades around the clock around the world, recently launched Bitcoin spot ETFs, such as those managed by BlackRock, Fidelity, and others, still trade in line with regular stock market hours. Some of these funds, such as the Bitwise Bitcoin ETF (BITB), trade directly on the New York Stock Exchange.
If these ETFs start trading around the clock like cryptocurrencies traded on crypto-native exchanges, it could change Bitcoin trading patterns. For example, Kaiko’s latest data shows that by 2024, Bitcoin trading volume on weekends has fallen to only 13% of total trading volume, partly because Bitcoin ETFs are not open for trading during weekend hours.
According to Glassnode data, about one-third of Bitcoin spot trading volume is now traded through Bitcoin ETFs. #加密货币市场 #全天候交易
