I came across the following article. Does this 24/5 trading still exist? If so, how does it work? Is there an order book? Who can put orders in it? What brokers allow it? https://www.cnbc.com/2018/01/22/inv...k-market-24-hrs-a-day-with-td-ameritrade.html
When I looked at it a couple of years ago I found that TDA, which I use, promoted this 24/5 but didn't really deliver. First, TDA has more than one platform and it's not clear that this would apply globally. For example, the Singapore based platform requires selling lots in FIFO order while the US platform is flexible. Then, and it's detailed in the article, the 24/5 is limited to a list of ETFs, so not all stocks. Finally, TDA does not operate from 4 am to 8 pm as stated, they operate from 7 am to 8 pm EST. I've said it before, but I find it incredible that in a world of 24/7 supermarkets or gyms, trading is restricted to union hours (9:30 am to 4:00 pm...seriously?). The mecca of supply and demand should be open 24/7/365 and the brokers that will be first to come close will be the kings of the world. The CEO speaks of limited volume as the reason for their limited hours, but I don't buy it. Traders are conforming to the hours they are given. Expand the hours and suddenly traders find other things to do with their day and trade when they find it more convenient to them and not the system. Open the times gate and they will come, from Europe and Asia, in far greater numbers than the CEO can even fathom. But maybe that's precisely the reason the gates are controlled? Imagine if the best trading happens at 3 am EST?
I don’t know, but it sounds like PFOF type of arrangement where your order goes to Market Maker (bucket shop) like Citadel. I really like that I can close my trading station at 4pm EST and have a piece of mind. I don’t know how FX and Crypto guys sleep at night.
there are after markets and pre markets which can be liquid when something interesting happens but generally they are not liquid. in a different paradigm we could have liquid 24 hour markets. but if you look at the ES or treasuries, how liquid are they at various points of the day? What about nikkei futures that trade 24 hours/day via japan, singapore and cme? At big banks, they will have a junior rates trader sitting in london babysit the US treasury book off hours because no one trades it. Then during US hours and they have 9 guys who have learned not to blink managing the portfolio.
you can take a break anytime you want. The world doesn't need to stop spinning because you want to spend time with your family.
I am not going to trade under the old system and pay a few hundred dollar extra per day in commissions which would erode my capital to zero over the course of the year I am not interested in rebates for providing liquidity because I don't trust my broker 's routing ability nor am I in the business of looking for liquidity. rebates. I have peace of mind paying zero commission and getting execution to 4 decimal places. Nothing beats peace of mind. Get off your high horse and your obsession with citadel and trade after 4pm in the after session like a real trader if you can.
I think the US attracts traders from around the world but not enough because of EST hours. Open it up 24h and now you may have a trader in Berlin, Tokyo or Singapore ready to trade in his/her time zone.