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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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From: TFF1/28/2005 12:58:37 PM
   of 12617
 
NYSE considers earlier start; IPO and derivatives trading on agenda

Friday, January 28, 2005 8:00:54 AM ET
newratings.com


NEW YORK, January 28 (newratings.com) – New York Stock Exchange (NYSE) is considering extending its trading hours, with the possibility of opening trade as much as two hours earlier, at 7.30 am. Meanwhile, the NYSE's CEO said on Thursday that the exchange might consider an initial public offering (IPO) for itself and expand into derivatives trading in order to expand its business.

The NYSE's CEO, John Thain, said earlier on Wednesday that the exchange was mulling over the plans to extend trading hours and a decision could be reached within a year. The CEO added that there was nothing specific so far about extending the trading hours. The NYSE aims to attract more overseas business, especially from the European markets, and contain its market share erosion with a change in its trading hours. A possible earlier opening of trade on the NYSE is expected to improve the exchange's competitive position versus the European stock exchanges, which operate in a time zone that is ahead of the US. The NYSE said on Wednesday that the exchange was exploring a number of options to expand its business. The NYSE has tried unsuccessfully to extend its trading hours in the past and the current trading hours, from 9.30 am to 4 pm, have been in place since 1985.
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