Two major negatives are lower volatility due to the same amount of volume spread out more. And higher costs for BD`s which will end the race to 0 commish game. In the form of longer work hours for techs, back office, operations, compliance..etc. The NYSE was proposing earlier hours to garner more of ARCA`s pre and post activity. Now that they are one entity WTF does Thains want to extend "official" hours??? Its perplexing. NYX can still have pre and post activity offered through its 100% electronic system and then opening/closing auction through the spec.
I wouldn't mind if they opened earlier to compete for European business. However, to stay open later is nonsense. There is no competing bourse open after Europe closes (Mexico and Canada.. big deal). The NYSE should consider closing at 2:00 PM regardless of what they do about opening time. Even better... do like the Japanese.... Have both a morning and afternoon session with a siesta between.
I would figure an 8:30 open would create more havoc since econ numbers tend to come out at 8:30. How can a specialist maintain orderly flow when index futures are so volatile exactly at 8:30. Something tells me there will be numerous delayed openings with the specialist taking advantage of the situation. If anything the NYSE should open at 8:20 or leave it at 9:30.
yes... market needs to open another 5 hours at least so we can dampen the volatility even more..... I love 5 min program trade on the open followed by 5 hours of sideways... followed by 5 min eod trading program... this market rocks!! power sideways!!
95-2000 was a diffrent time. LOL everything moved in huge ways back then. Do you mean 2 hour early open, or 2 hour later close, or 1 hour early and 1 hour later?
what is this going to cost brokers, like IB. Will they have to upgrade their API again, to handle the new openings.