A startup securities exchange aimed at handling trades around the clock has received approval from usa regulatory institutions to operate 5 days a week, 23 hours a day.

The USA Securities and Exchange Commission (SEC) wrote in a notice released on Wednesday that the 24X National Exchange, supported by Steve Cohen's Point72 Ventures fund, has been approved to provide trading services covering the daytime in the USA, followed by an addition of night trading. A one-hour pause starting from 7 PM is reserved.

The proposal to allow uninterrupted trading of stocks has sparked divisions on Wall Street, with supporters stating that investors want more ability to respond quickly to news outside the USA market. Opponents warn that lower volume may affect trade quality, thus reducing pricing accuracy.

The founder and CEO of the exchange, Dmitri Galinov, stated in a press release, "SEC's approval of our new exchange is an exciting development that the 24X Team has been striving for over the years. Traders face the greatest risk when the market closes in their geographical location," and the exchange will seek to reduce this risk.

According to its proposal, 24X will offer three trading sessions starting at 4 AM New York time and continuing until 7 PM. According to SEC's order, once certain data requirements are met, the exchange can extend its night trading hours from 8 PM to 4 AM the next day. Trading hours start on Sunday night and continue until Friday night.

Since the pandemic, over-the-counter night trading has become increasingly common, with many csi all share investment banking & allowing customers to buy and sell US stocks on Blue Ocean's alternative trading system 24 hours a day for five days a week.

The New York Stock Exchange has also recently submitted an application, hoping to offer 22 hours of trading on weekdays, highlighting the growing interest among trading venues to engage in this business.

However, the SEC's approval of the 24X application quickly drew criticism from the consumer rights organization Better Markets, which anticipates that this will harm investors and the market.

The organization's securities policy director, Benjamin Schiffrin, stated in a press release: "Retail investors trading during after-hours sessions will do so in a market with very few buyers and sellers, and prices will be more volatile and unfavorable than during normal hours. This means that retail investors can only get the best price in a bad market during after-hours trading, so they would lose money if they traded during normal business hours."

Editor/Rocky