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Traders Benefit, Middlemen Lose
Major US stock exchanges are racing to introduce near 24/7 trading by late 2026.
“The biggest losers in 24/7 stock trading won’t be traders: they’ll benefit massively”
Mati Greenspan alleged brokers coordinate to decide the first tradable price after closures.
Whalesbook explained the shift as a strategic effort to gain market share and improve price discovery.
Liquidity Challenges and Regulation
The NYSE has surveyed market participants, but results remain unpublished.
A portfolio manager expressed concern that 24/7 trading could bring more manipulation problems.
Lower transaction volumes cause bid-ask spreads to widen and intensify volatility.
Academic studies and SEC enforcement actions have found price discovery less efficient outside regular hours.
Investor Demand vs. Operational Costs
The DTCC is extending clearing hours to support 24/5 trading.
“The shift requires substantial infrastructure improvements”
Exchanges face balancing investor demand with operational costs and market integrity.
More companies go private than public, reducing market depth.