假如股市24小时都能交易，会发生什么？
华尔街就要挂上“晚间营业”的牌子了。
几十年来，美国股市的主要交易时间一直是工作日开市的那六个半小时。
在开盘和收盘钟声之间，纽约证券交易所和纳斯达克市场的交易日总是很疯狂。价值高达数万亿美元的数十亿股股票在个人和机构之间换手，而且这些交易通常都会在零点几秒之内完成。然后，到了美国东部时间下午四点，整个市场就会停顿下来。接下来的几个小时里还会有一些交易，但对全世界的投资者和交易者来说，收盘钟声确实会让他们按下暂停键，在当天剩下的时间里不再进行美股的多空争夺。
直到现在情况一直如此。
就像餐馆意识到芝士汉堡和薯条在凌晨一点的诱惑力一样，美国股市在一定程度上也开始进行全天交易了。
完成beta测试后，证券公司Blue Ocean Technologies的新另类交易系统BOATS9月28日正式投入使用。需要进行零星股票交易的投资者现在可以通过在BOATS上注册的券商在晚间买卖某些美股。BOATS的交易时间为美国东部时间晚上8点到凌晨4点，每周交易五天，从而填补了美股市后交易结束到第二天盘前交易开始之间的空白时段。Blue Ocean Technologies总裁兼首席运营官布莱恩·海因德曼表示，在全面推动美股实现全天交易的背景下，BOATS是率先投入使用的系统之一，而且他希望这样的交易能顺利实施。
在此前逾十年时间里，海因德曼一直在纳斯达克担任高管。他对《财富》杂志表示：“在当今这个时代，我们没有理由不赋予投资者一天24小时都能管理风险的能力。”
延长美股交易时间的行动曾进展缓慢，而且遭到许多华尔街人士的指摘，但近年来此项举措获得了新的动力。E*Trade和TD Ameritrade几年前就开始允许客户24小时交易某几只股票。Blue Ocean Technologies也希望这样做，而且规模要大得多。海因德曼说，BOATS的券商客户同时面向散户和机构投资者，他们目前可以交易一批股票，而且这些股票的数量正在不断增多。Blue Ocean Technologies计划在短时间内将标普500指数等主要股指的成分股纳入此项业务。
呼吁美股实现不间断交易的不只是Blue Ocean Technologies一家。
无独有偶，目前提供外汇和加密货币交易服务的24 Exchange也在9月28日发布公告称，该交易所已开始向美国监管部门申请全国证券交易所牌照。24 Exchange的总部设在百慕大，负责人德米特里·加里诺夫长期在电子交易机构担任高管。该交易所希望一年365天提供股票交易服务，包括节假日。在它看来，对已经习惯于随心所欲地买卖加密货币等资产的个人投资者来说，这样的远大目标会特别有吸引力。24 Exchange预计将在今后几周完成向美国证券交易委员会的申请，随之而来的将是为期几个月的审核，这个阶段或许会在2022年延续很长一段时间。
但晚间交易有一个非常大的隐患，那就是缺乏流动性。
24小时交易当然会吸引国外投资者的注意，但半夜或凌晨开展交易的人肯定较少。这可能会让晚间交易和投资者经历的日间市场出现巨大差异。E*Trade和TD Ameritrade的晚间交易服务都详细披露了相关风险，包括股价振幅可能较大，流动性可能较低以及买盘卖盘价差较大。
设在巴尔的摩的大型投资机构T. Rowe Price全球系统性交易和市场结构负责人梅米特·基纳克对《财富》杂志表示，即使是在下午四点收盘后立即开始的市后交易中，股票买卖“也缺乏效率，当然也无秩序可言。我没法想象周末凌晨两点的市场会是什么样的。”
考虑到开盘和收盘之际交易的集中程度，基纳克甚至曾建议将美股现行交易时间缩短半小时。反过来讲，在他看来，市场在某几个小时开盘的根本原因是为了聚集流动性，产生连续竞价，从而形成更合理的价格，推动全天交易则和这些理由完全相悖。
基纳克说：“把交易时间延长到全天、周末和节假日，那就会把股市变成赌场。”
与上午11点的市场相比，24 Exchange负责人加里诺夫和Blue Ocean Technologies总裁海因德曼似乎都没有想过为什么要在凌晨三点，而不是上午11点买卖股票。
就Blue Ocean Technologies而言，海因德曼说该公司对BOATS上交易证券的数量加以限制，以便集中流动性。同时，这个另类交易系统还在和做市商以及流动性提供商联手构建双向市场。Blue Ocean Technologies的客户中已经包括Virtu Financial和Jane Street。对加里诺夫来说，在必要时为投资者提供交易渠道的需要对恰当的风险管理来说至关重要，无论交易的起因是特斯拉首席执行官埃隆·马斯克周六发了推特，还是美国上市公司在亚洲、也就是美国入夜之际崩了盘。即使这确实意味着交易环境可能变差。
华尔街越发认识到金融市场已经变得比以往任何时候都更高效和更全球化，这凸显了上述两家公司所付出努力的重要性。加密货币等持续交易型资产的崛起也迫使银行、券商和交易所终于要回答许多人多年前就提出的问题，那就是如何运营全天开放的交易业务，进而有可能让这些机构在迎接美股将要出现的新事物时处于有利位置。
彭博行业研究（Bloomberg Intelligence）不间断交易部门市场结构研究负责人拉里·塔布说：“人们的兴趣正在增大。这个世界正越来越多地变成一个更为全球化的交易市场。不管我们是否喜欢，今后一定会有人在凌晨两点的时候进行交易。”（财富中文网）
译者：Charlie
华尔街就要挂上“晚间营业”的牌子了。
几十年来，美国股市的主要交易时间一直是工作日开市的那六个半小时。
在开盘和收盘钟声之间，纽约证券交易所和纳斯达克市场的交易日总是很疯狂。价值高达数万亿美元的数十亿股股票在个人和机构之间换手，而且这些交易通常都会在零点几秒之内完成。然后，到了美国东部时间下午四点，整个市场就会停顿下来。接下来的几个小时里还会有一些交易，但对全世界的投资者和交易者来说，收盘钟声确实会让他们按下暂停键，在当天剩下的时间里不再进行美股的多空争夺。
直到现在情况一直如此。
就像餐馆意识到芝士汉堡和薯条在凌晨一点的诱惑力一样，美国股市在一定程度上也开始进行全天交易了。
完成beta测试后，证券公司Blue Ocean Technologies的新另类交易系统BOATS9月28日正式投入使用。需要进行零星股票交易的投资者现在可以通过在BOATS上注册的券商在晚间买卖某些美股。BOATS的交易时间为美国东部时间晚上8点到凌晨4点，每周交易五天，从而填补了美股市后交易结束到第二天盘前交易开始之间的空白时段。Blue Ocean Technologies总裁兼首席运营官布莱恩·海因德曼表示，在全面推动美股实现全天交易的背景下，BOATS是率先投入使用的系统之一，而且他希望这样的交易能顺利实施。
在此前逾十年时间里，海因德曼一直在纳斯达克担任高管。他对《财富》杂志表示：“在当今这个时代，我们没有理由不赋予投资者一天24小时都能管理风险的能力。”
延长美股交易时间的行动曾进展缓慢，而且遭到许多华尔街人士的指摘，但近年来此项举措获得了新的动力。E*Trade和TD Ameritrade几年前就开始允许客户24小时交易某几只股票。Blue Ocean Technologies也希望这样做，而且规模要大得多。海因德曼说，BOATS的券商客户同时面向散户和机构投资者，他们目前可以交易一批股票，而且这些股票的数量正在不断增多。Blue Ocean Technologies计划在短时间内将标普500指数等主要股指的成分股纳入此项业务。
呼吁美股实现不间断交易的不只是Blue Ocean Technologies一家。
无独有偶，目前提供外汇和加密货币交易服务的24 Exchange也在9月28日发布公告称，该交易所已开始向美国监管部门申请全国证券交易所牌照。24 Exchange的总部设在百慕大，负责人德米特里·加里诺夫长期在电子交易机构担任高管。该交易所希望一年365天提供股票交易服务，包括节假日。在它看来，对已经习惯于随心所欲地买卖加密货币等资产的个人投资者来说，这样的远大目标会特别有吸引力。24 Exchange预计将在今后几周完成向美国证券交易委员会的申请，随之而来的将是为期几个月的审核，这个阶段或许会在2022年延续很长一段时间。
但晚间交易有一个非常大的隐患，那就是缺乏流动性。
24小时交易当然会吸引国外投资者的注意，但半夜或凌晨开展交易的人肯定较少。这可能会让晚间交易和投资者经历的日间市场出现巨大差异。E*Trade和TD Ameritrade的晚间交易服务都详细披露了相关风险，包括股价振幅可能较大，流动性可能较低以及买盘卖盘价差较大。
设在巴尔的摩的大型投资机构T. Rowe Price全球系统性交易和市场结构负责人梅米特·基纳克对《财富》杂志表示，即使是在下午四点收盘后立即开始的市后交易中，股票买卖“也缺乏效率，当然也无秩序可言。我没法想象周末凌晨两点的市场会是什么样的。”
考虑到开盘和收盘之际交易的集中程度，基纳克甚至曾建议将美股现行交易时间缩短半小时。反过来讲，在他看来，市场在某几个小时开盘的根本原因是为了聚集流动性，产生连续竞价，从而形成更合理的价格，推动全天交易则和这些理由完全相悖。
基纳克说：“把交易时间延长到全天、周末和节假日，那就会把股市变成赌场。”
与上午11点的市场相比，24 Exchange负责人加里诺夫和Blue Ocean Technologies总裁海因德曼似乎都没有想过为什么要在凌晨三点，而不是上午11点买卖股票。
就Blue Ocean Technologies而言，海因德曼说该公司对BOATS上交易证券的数量加以限制，以便集中流动性。同时，这个另类交易系统还在和做市商以及流动性提供商联手构建双向市场。Blue Ocean Technologies的客户中已经包括Virtu Financial和Jane Street。对加里诺夫来说，在必要时为投资者提供交易渠道的需要对恰当的风险管理来说至关重要，无论交易的起因是特斯拉首席执行官埃隆·马斯克周六发了推特，还是美国上市公司在亚洲、也就是美国入夜之际崩了盘。即使这确实意味着交易环境可能变差。
华尔街越发认识到金融市场已经变得比以往任何时候都更高效和更全球化，这凸显了上述两家公司所付出努力的重要性。加密货币等持续交易型资产的崛起也迫使银行、券商和交易所终于要回答许多人多年前就提出的问题，那就是如何运营全天开放的交易业务，进而有可能让这些机构在迎接美股将要出现的新事物时处于有利位置。
彭博行业研究（Bloomberg Intelligence）不间断交易部门市场结构研究负责人拉里·塔布说：“人们的兴趣正在增大。这个世界正越来越多地变成一个更为全球化的交易市场。不管我们是否喜欢，今后一定会有人在凌晨两点的时候进行交易。”（财富中文网）
译者：Charlie
Wall Street is turning on the “open late” sign.
Stocks have for decades primarily traded in the U.S. within the six and a half hours that the market is open each day during the week.
Bookended by the opening and closing bells of the New York Stock Exchange and Nasdaq, the trading day is often frenetic. Individuals and institutions swap billions of shares worth trillions of dollars with one another at speeds often measured in fractions of seconds. And then, at 4 p.m. Eastern Time, it all essentially comes to a standstill. Some trading occurs in the hours immediately after, but, in effect, the closing bell forces investors and traders around the world to press pause on their bets and hedges on U.S. equities for the remainder of the day.
Until now, that is.
The stock market—just like a restaurant that recognizes the allure of a cheeseburger and fries at 1 a.m.—has partly opened for trading 24 hours a day.
Investors with a case of the stock-trading munchies can now buy and sell certain U.S. equities overnight through broker-dealers subscribed to a new alternative trading system that officially launched out of beta on Tuesday. Open from 8 p.m. to 4 a.m. ET, five days a week, Blue Ocean Technologies’ ATS (alternative trading system), known as BOATS, allows trading in what had previously been an hours-long void that existed between the end of the stock market’s after-hours session and the beginning of the next day’s premarket one—a move that president and COO Brian Hyndman sees as one of the first in a broader push to allow U.S. stocks to trade at any time of day, hopefully with ease.
“There’s no reason, in this day and age, that we shouldn’t give investors the ability to manage their risks 24 hours a day,” Hyndman, who previously spent more than a decade as a Nasdaq executive, tells Fortune.
Once a slow-rolling movement rebuked by many on Wall Street, the campaign to extend the market’s hours of operation has caught new wind in recent years. E*Trade and TD Ameritrade have offered customers the ability to trade a handful of equities 24 hours a day for several years now. Blue Ocean hopes to do the same, but on a far greater scale. Currently, the ATS allows its broker-dealer clients, who cater to both retail and institutional investors, to trade a growing but select menu of equities, says Hyndman. Blue Ocean plans to offer trading to the member stocks of the S&P 500 and other major indexes soon, he says.
And it’s not just Blue Ocean that is behind the calls for a never-ending trading day.
In a coincidentally timed announcement on Tuesday, 24 Exchange, which currently deals in the foreign-exchange and cryptocurrency markets, revealed that it has begun applying for a national securities exchange license with U.S. regulators. Led by longtime electronic-trading executive Dmitri Galinov, the Bermuda-based exchange wants to offer stock trading 24 hours a day, seven days a week, 365 days a year—including holidays—an ambition it thinks will be particularly appealing to individual investors who have become accustomed to trading assets such as crypto whenever they please: 24 Exchange expects to complete its application with the Securities and Exchange Commission in the coming weeks, which would kick off a months-long review period that may last well into 2022.
There’s one very big downside of overnight trading, though: the lack of liquidity.
While 24-hour trading will surely attract the attention of international investors, the market is still bound to see a smaller pool of people trading in the latest hours of the night or the earliest parts of the morning. That is likely to make trading vastly different from what investors experience during the day. E*Trade and TD Ameritrade warn as much in the details of their overnight-trading offerings, saying that greater price volatility, lower levels of liquidity, and wider bid-ask spreads are all possible.
Even in the after-hours sessions that come right after the 4 p.m. close, trading is “not efficient, and it’s certainly not orderly,” Mehmet Kinak, who is the global head of systematic trading and market structure at Baltimore-based investment giant T. Rowe Price, tells Fortune. “I can’t imagine what it would look like on a weekend at 2 a.m.”
Kinak has even called for 30 minutes to be carved out of the U.S. stock market’s current hours, considering how much activity is consolidated around the open and close. In contrast, the push for 24-hours-a-day stock trading, in Kinak’s eyes, represents a direct conflict with the very reasons why the market is open for certain hours: to aggregate liquidity, create order-by-order competition, and to lead to better prices.
“When you take it to 24 hours, weekends, holidays—essentially, it’s a casino at that point,” Kinak says.
Neither 24 Exchange’s Galinov nor Blue Ocean’s Hyndman seems to have any illusions about how a stock would trade at, say, 3 a.m., versus 11 a.m.
Blue Ocean, for its part, is limiting the number of securities trading on BOATS to try to concentrate liquidity, Hyndman says. The ATS is also working with market makers and liquidity providers to create a two-sided market. Blue Ocean already names Virtu Financial and Jane Street as some of its clients. And for Galinov, the need to provide investors with a way to trade when they need to—whether it be in response to a Saturday tweet from Tesla CEO Elon Musk or a U.S.-listed company imploding in Asia late in the evening U.S. time—is paramount to proper risk management. Even if that does mean potentially worse trading conditions.
Underscoring the efforts from both companies is the growing realization on Wall Street that financial markets are more efficient and global than ever before. The rise of asset classes like cryptocurrencies that trade on a continual basis has forced banks, broker-dealers, and trading shops to finally address the question many had years ago of how to operate a trading desk 24 hours a day, which, in turn, has potentially positioned them well for what’s to come in U.S. equities.
“The appetite is growing,” says Larry Tabb, head of market structure research at Bloomberg Intelligence, of nonstop trading. “Increasingly, the world’s becoming a more global trading place. And whether we like it or not, there’s going to be people at two o’clock in the morning trading.”
