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Microcap & Penny Stocks : Short Term Picks From the 'Whiz' Kid -- Ignore unavailable to you. Want to Upgrade?

To: dexx who wrote (6815)	4/20/1999 9:41:00 PM
From: Daniel Miller	Read Replies (3) \| Respond to of 9115

Whats everybodies take on extending market hours? Monday April 19, 5:25 pm Eastern Time Nasdaq May Extend Trading Hours NEW YORK (AP) -- The Nasdaq Stock Market is moving closer to a decision on extending trading hours into the late evening, giving working folks, avid traders and global investors more time to buy and sell shares. The National Association of Securities Dealers, the governing body of Nasdaq, has formed a subcommittee to draw up a formal proposal, which will be presented to the NASD board May 27, NASD spokesman Scott Peterson said Monday. The change, if approved by the board, would require approval by the Securities and Exchange Commission. Last month, NASD President Richard G. Ketchum said ''powerful demand'' from investors and firms obligated the association to respond. At that time, Ketchum said the after-hours session would most likely last from 5 p.m. to 9 p.m. Peterson said Monday the exact hours were still under discussion. ------------ Friday April 16, 7:13 pm Eastern Time NYSE chairman sees extended hours within 2 years SAN FRANCISCO, April 16 (Reuters) - The New York Stock Exchange (NYSE) is moving ahead with plans to extend its trading day and could be open for nearly 20 hours a day within two years, NYSE Chairman Richard Grasso said Friday. ''I suspect that the time clock will be stretched in the next two years,'' Grasso told a meeting of business lawyers in San Francisco. Grasso, in a speech on the outlook for financial markets in the next century, said globalization was the chief challenge for the New York Stock Exchange, already the world's largest equities marketplace with annual trades topping $14 trillion. Expanding trading hours will keep the exchange open for traders in different time zones, both in Asia and in Europe. ''That will put us on a level playing field with the markets both in Europe and on the Pacific Rim,'' Grasso said. The developing world market will put fresh pressures on the NYSE as it opens its board to qualified companies from around the world and takes a fresh look at one exchange asset it has long undervalued: raw financial data. Grasso said one of the first and most important steps in preparing the NYSE for greater global exposure will be adding both early and late trading sessions to the current business day, moves which could see trading begin as early as 0530 Eastern time/0930 GMT and last through midnight/0400. ''Global markets do not respect Eastern Standard Time,'' Grasso said. ''We will stretch our 6-1/2 hour clock to 19-1/2 hours...trading on the world clock is really the challenge.'' Grasso said the expanded trading day would be one of a number of changes the NYSE institutes to adapt to rapid technological advances and the rapid broadening of the trading public. As the technology develops to allow more and more people to get raw, real-time data now available to brokers and specialists, the NYSE will begin to recast itself as a company in the business of providing data. ''Last year we sold our data at wholesale to about 75 vendors, who in turn sold it at retail,'' Grasso said, referring to companies like Reuters Group PLC (quote from Yahoo! UK & Ireland: RTR.L) and Bloomberg, which deal in real time financial information. ''Our wholesale revenue line was $120 million. At retail, that was $6 billion,'' Grasso said. ''Somewhere between $120 million and $6 billion I suspect we left something on the table.'' Grasso said technological developments would also allow the exchange to boost its per-day trading capacity, which is expected to reach some 6 billion shares per day within six months. The current record for single day trading is slightly more than one billion shares. Grasso said he was convinced that the first decades of the next century would continue to see rapid change in world financial markets, change that promises to create both new opportunities and new problems, particularly in the area of global market regulation. ''These are times that really have no cookbook answers,'' Grasso said. ''Oceans have dried, national boundaries have evaporated, and we are in a very different business moving into the 21st century.''