NASD ever going to extend hours?

[dkamp]

Noticed tonight that Hong Kong Exchange has pilot program for trading common Nasdaq stocks and ETFs. I guess that's how you get your 24 hour trading along with liquidity...just get enough stocks being traded by all major world exchanges, with arbitrage keeping prices in line. Then "all" you'll have to do is get your broker to access these exchanges (like they do with ECNs).

 

[def]

dkamp,
funny you mention the NASDAQ stocks trading in HK. There are 7 stocks (MSFT, CSCO, INTC, SBUX, AMAT, AMGN, DELL). Timber Hill are basically the only ones making a market - typically 500-1000 up. I oversee this trading. But with little local interest they hardly trade. They trade in HK dollars and commissions are high. With the liquidity in the states and the cost so low I can't with good faith recommend trading them over here. Europe will be adding more stock futures and US stocks to their platforms thus you may have better luck over there. HK may offer int'l stock futures as well and we'll (timber hill) probably be the market maker. At least with stock futures clearing will be easier and commissions cheaper. In the end, if you are looking to play the overnight moves/gaps. The NQ's are probably the best source of liquidity at the momement. The other alternative may be instinet, IB allows instinet access starting at 3AM (EDT). But even then, not all stocks have prices and if they do the markets are usually wide.

 

[bronks]

The last thing I would want is longer market hours. Between pre-market, market, and afterhours, you end up putting a lot of time in. Imagine a 24hr. market if you will: Wave after wave as people enter and exit according to their time zones thereby diluting the volume and liquidity even more possibly subjecting price manipulation on even large cap issues OR an ever fluid market with the ability to trade "a few" shares at 2:00am after a few tequila shots to show a few buddies how you make the big bucks in the market perhaps even opening a joint-venture "Trading Bar" with trading terminals to impress the ladies with your 1min stochastic entry point on volume with level II colors. You'll score everytime!! ... IMHO "pre" and "after" should be done away with. Spreads and liquidity not withstanding, I have yet to come across someone who is actually profitable trading afterhours. It's definitely not set up for retail traders as they would like you to believe. Then again, living in Hawaii and getting up at 2:30am every morning, a case could possibly be made for a 24hr market...NOT

 

[tom_p]

Bronks"..perhaps even opening a joint-venture "Trading Bar" with trading terminals to impress the ladies with your 1min stochastic entry point on volume with level II colors. You'll score everytime!!"

My lady friends nostalgically remind me of the time I used 60 minute stochastic entry points. That thought, together with the mental image of Babak's rabid dingo rattling off a few earnings reports will help usher in a well-deserved weekend break.

 

[dlincke]

Originally posted by def
[...]The other alternative may be instinet, IB allows instinet access starting at 3AM (EDT). But even then, not all stocks have prices and if they do the markets are usually wide.

The problem there is that IB does not make account information available until 6am to 7am EST. The earliest I've ever been able to actually trade on Instinet has been 6am EST.

Dave