US banks reported strong quarterly results with Goldman Sachs' equities trading revenue jumping 72% year-over-year to $6.4bn and JPMorgan Chase's up nearly 50% to $5bn, though fixed income trading faced turbulence. Despite higher interest rates benefiting floating-rate loan income, concerns linger about future borrower defaults and deposit costs. The US is set to implement '24-hour trading' starting December 6 across five exchanges including Nasdaq and NYSE Arca, though it will operate as a 23/5 schedule: trading from 9pm EST Sundays to 8pm EST Fridays, with a one-hour mandatory pause from 8pm to 9pm EST Monday through Thursday.
The SEC, led by Chairman Gary Gensler, is driving the initiative, which regulators say is reactive to existing extended-hour offerings by brokers like Robinhood and Charles Schwab, and pressure from crypto markets that trade continuously. Former SEC commissioner Hester Peirce noted legacy exchanges and new entrants have been expanding hours for years, citing FX and futures markets as overnight trading precedents. While overnight volume has surged 358% year-over-year as of August, it remains just 0.1% of regular trading hours volume, suggesting limited overnight market impact despite growing demand from international retail traders, particularly in Korea, seeking access to US AI stocks.
Fuente: Financial Times Markets · Resumido por HeadlinesBriefing