If anybody finds the method for commenting on this rule change please post it here. I'm in the central time zone, and not in favor of this rule. I have relatives on the west coast in the securities business. This will definitely degrade their quality of life. Assuming this change will not bring a significant increase in trader profits (and the last increase in hours didn't bring an increase), who will say the impact of this rule on "quality of life" will be worth it?
The start time for NYSE looks to be 0830et last word was. No problem here, i prefer to daytrade and always trade better in the mornings than the afternoon sessions. The SP, ES will natch follow the NYSE start times. I can full well feel the pain though of the West coast traders if they are daytraders. Better to be position investors and watch weekly charts..... ....Just kidding...... Daytraders are a more relaxed group of traders, think about it. Daytraders can skip a day if desired, we do not need to worry about the macro stuff, etc. The time needed to trade refers back to my statement that some of us trade for so much a day and/if you hit the amount then the rest of the day is optional....That my friend is a wonderful option to strive for......Go to lunch and maybe not come back....go to the beach, go shopping, daytrading is full of options. Another option is maybe you might want to watch for a late day reversal etc. I love choices, i refuse to be a hostage of some corporate CEO and on pins and needles as to how he is destroying the company in cahoots with the accounting firm...NO THANKS.... ..But i expect 0830 ET....soon...
It will just expand the dead zone, or the afternoons. Normally I would be upset but since I finish by 12 now, I am looking forward to finish by 11.
If they were using any grey matter, they'd shorten hours but have more overlap time with Europe. All this dead time accomplishes nothing.
Some European exchanges experimented with longer opening hours - much to the dismay of the brokers etc. Nothing much happened during the extra hours - much to the dismay of the exchanges. Now opening times are back to normal hours - much to everybody's happiness.
If that's the proposed start time, then it seems the NYSE wants to be open when bonds in Chicago open. The time from about 7am central to the equity open has been a period when alot of moves happen. Its hard to trade those moves because of the thin overnight market in futures. It seems that the stock exchange should also be open to catch those moves. It would result in more bidness. I guess equity index futurues will also have to open an hour earlier.
The replay of the comment just showed Thain saying they (NYSE) lose "a couple of percentage points in volume" for not opening at the earlier time. That would mean adding (check my math) about 7.7% more time to the trading day to pick up 2% in volume. The cost-benefit analysis just isn't there.
I think if you take in all consideration into account 7:30 to 2:30 is probably ideal. The problem is that New York thinks it is the center of the world, when really there are three spheres of influence in the trading world, with Asia and Europe being the others.