The NYSE's new survey on 24/7 trading reflects a broader trend towards continuous market operations. Meanwhile, the startup 24X pivots from crypto to equity trading.
The New York Stock Exchange (NYSE) is exploring the possibility of 24/7 trading to align with the continuous operations of cryptocurrency markets. A recent survey conducted by the NYSE's data analytics team seeks feedback from market participants about the feasibility of round-the-clock trading for major stocks like Nvidia (NVDA) and Apple (AAPL).
This potential shift towards nonstop trading is influenced by changes in retail investor behavior during the coronavirus pandemic. Platforms like Robinhood and Interactive Brokers already offer 24-hour trading on weekdays through internal matching or dark pools, including interactions with Asian markets during their daytime hours.
An official 24/7 exchange would be a notable advancement, subject to stringent regulatory oversight by the Securities and Exchange Commission (SEC) to ensure transparency and security. This would also mean integrating all trades into the official market “tape,” affecting prices in regular trading sessions.
Meanwhile, the startup 24 Exchange (24X) is positioning itself as a key player in this space. After ceasing its crypto spot products in June 2023 due to declining demand, 24X is now focusing on facilitating 24/7 equity trading under CEO Dmitri Galinov. The shift is backed by significant investment, including $14 million raised in 2021 from Steve Cohen’s Point72 Ventures and an additional $7 million in March 2022 from Morgan Creek Digital.
Transitioning to a 24/7 trading model presents challenges such as liquidity and settlement risks, with overnight trades currently limited to “limit” orders that only execute if specific price conditions are met.
