"Night Traders" is Newest Phenomenon in Online Trading

Can 24/7 stock trading be too far into the future? With a move towards convenience and flexibility, Discover Brokerage Direct and Dreyfus Brokerage Services recently announced a new, joint service enabling customers to trade stocks after 4 p.m., ET—the time known as the traditional close of the U.S. Stock Market.

Called MarketXT, an initial 142 stock trading orders worth $3.5 million were executed as of Wednesday evening. The MarketXT service is available from both the Discover and Dreyfus Web sites.

Other online brokerages, including Charles Schwab, E-Trade and Waterhouse Securities, have announced plans for after-hours trading. Customers of the fourth largest brokerage, Datek, can now trade until 5:15 p.m., ET through an electronic service called Island, and has plans to extend its hours as well.

Skepticism on the validity of these services remains a concern, as industry officials caution against a move toward after-hours trading until the Securities and Exchange Commission issues their ruling on extended hours. The New York Stock Exchange already has reported that it will not implement after-hours trading until at least June 2000 in order to take care of issues related to the Y2K bug.

You may like these other stories...

Event Date: May 15, 2014, 1 pm ETThis presentation will review basic concepts of the FRF for SMEs and discuss the presentation of a statement of financial position. This webcast will focus on accounting policies for certain...
London Stock Exchange switches auditing to EYThe London Stock Exchange will drop PwC as its auditor and replace it with EY after completion of the audit for the year ending March 2014, Harriet Agnew of the Financial Times...
The Financial Accounting Standards Board (FASB) had hoped to issue a final standard on revenue recognition during the first quarter of this year. However, the standard-setting organization confirmed today that the timetable...

Upcoming CPE Webinars

Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.
May 1
This material focuses on the principles of accounting for non-profit organizations’ expenses. It will include discussions of functional expense categories, accounting for functional expenses and allocations of joint costs.
Looking for AccountingWEB UK?