I think its a bad move.
The market should have extended hours, maybe from 7am though 6pm or so, a few extra hours,but to go all night?
A few things:
1. I guarantee you that the quality of thefills will wane, clients will take the brunt of it.
2. there will be catastrophic technological failures and firms now have to double their staffs to handle the extra hours; this will effect rates.
3. liquidity will be thin at those hours as most traders, hedge funds, mutual funds, large individual investors, 95% of the trading world will be in deep rem sleep.
from a sociological standpoint, its weak. To be quite honest, you're asking firms and other institutions to go 24 hours. It will dilute the quality of the service as well commoditize the business. Heck, I will love the commissions,but I think net net, its a poor move.
7am through 6pmish,no problem...all night forget it.
-steve@yamner.com |
