The largest stock exchange in the world is reportedly gauging interest in becoming an around-the-clock operation.
According to theย Financial Times, the New York Stock Exchangeโs (NYSE) analytics team is surveying interest in after-hours trading.
FT says the interest is largely driven by the 24/7 world of crypto trading, which saw huge increases in retail investors during the 2020 pandemic.
The NYSE evolving into an overnight trading option would represent a huge change for the worldโs leading exchange. According to Georgetown University finance professor James Angel, the viability of the change should be decided by the free market, not the U.S. Securities and Exchange Commission (SEC).
โI have no idea how much volume theyโre going to be doing in the middle of the night. But itโs really not up to the SEC to decide whether itโs commercially viable or not. Iโm in favor of letting the market decide. If it succeeds, weโre all better off, and if it doesnโt, well, the exchangeโs investors lost.โ
The NYSE survey comes as a financial start-up called 24 Exchange, which has backing from hedge fund Point72, seeks SEC approval to launch the first 24-hour traditional stock exchange.
24 Exchange withdrew a similar initial proposal last year due to technical issues, but its latest proposal has not received any letters of concern. The SEC has several months to respond to the proposal.
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