The rise of smartphone trading apps and a more knowledgeable base of retail investors have fueled a surge in overnight trading, particularly on platforms like Robinhood. This trend, which sees investors engaging in trading during off-hours, is prompting Wall Street to rethink traditional trading practices and grapple with complex questions about the definition of a trading day, closing prices, and risk management in a 24/7 market.
On Sunday night in Chicago, Steve Quirk by habit checked the S&P 500 futures prices and noted a large fall. The following day, the markets veteran was looking at figures showing a surge in overnight trading on online broker Robinhood as investor darling Nvidia slumped amid worries about Chinese AI upstart DeepSeek. Nvidia’s travails produced the second-biggest late-night trading session for Robinhood , best known for popularising smartphone-based trading.
These flow through a service known colloquially as the “tape”, against which any investor can compare the price they got from their broker, who has an obligation to execute trades at the best price. “We’ve been hearing from multiple types of market participants for about two years now that they think there is demand and opportunity to extend hours further,” says Kevin Tyrrell, head of markets at NYSE.
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