July 1, 2024 • 16 mins
There is a growing push from retail traders, international investors, and a few big hedge funds to do something once unthinkable: keep stock markets open for 24 hours a day, 7 days a week. But when do traders sleep if Wall Street never shuts?
On today’s Big Take podcast, Bloomberg finance reporter Katherine Doherty joins host Sarah Holder to break down what’s behind the growing demand for after-hours trading on platforms like Robinhood, whether regulators will ever approve such a move, and what happens to the opening bell if the New York Stock Exchange never closes.
Read more: 24-Hour Stock Trading Is Booming – and Wall Street Is Rattled
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:07):
Catherine Doherty is a finance reporter here at Bloomberg with
a pretty specific beat.
Speaker 3 (00:12):
I cover the plumbing of Wall Street.
Speaker 2 (00:16):
She focuses on exchanges like the New York Stock Exchange
and Nasdaq.
Speaker 4 (00:21):
Really, what I am covering and reporting on is how
the whole ecosystem works.
Speaker 2 (00:27):
How the whole ecosystem works might be changing dramatically. In
late April, the New York Stock Exchange polled market participants
on how they felt about a radical idea keeping the
exchange open for trading twenty four hours a day instead
of from nine to thirty am until four pm Eastern.
What went through your mind when you saw the New
(00:49):
York Stock Exchange was even thinking about setting up the
infrastructure for a twenty four hour trading day. I think
the first thought in my mind personally was, Oh, does
this extend into my protected weekends?
Speaker 3 (01:03):
Yeah?
Speaker 2 (01:03):
When does a Bloomberg reporter ever sleep if the market's
never closed? It's a good question, right, The answer is never,
But concerns about her sleep schedule aside. Once she thought
about it, Catherine had to admit the New York Stock
Exchange had to at least start asking the question, because
Like It or Not, trading outside of the Stock Exchange's
(01:24):
opening and closing bell has become a lot more common.
For one thing, there's the always on crypto market.
Speaker 4 (01:31):
The crypto market and other markets trade twenty four to seven,
so it makes sense to at least ask the question
of should we be doing this.
Speaker 2 (01:40):
Today on the show Like It or Not? Twenty four
hour trading in US stocks is taking off, but can
the market plumbing support the growing demand to trade all
day and all night. I'm Sarah Holder and this is
the big take from Bloomberg News. Bloomberg's Katherine Doherty says
(02:03):
that the current trading hours for the New York Stock
Exchange date back to over a century.
Speaker 4 (02:08):
Ago, so it really stems back to the origination of
the Stock Exchange, when trades were placed in person. You
had to actually go down to the floor, and there
were brokers that were running orders on physical pieces of
paper to make sure that they got printed and that
(02:30):
they would actually be executed.
Speaker 2 (02:33):
Even though today most trading is done electronically, the original
trading hours have remained the same.
Speaker 3 (02:39):
The hours have.
Speaker 4 (02:39):
Stayed because it gives a cleaner way for everyone to
live their lives and buy and sell within parameters. It
sets limits and that people like limits and they like
rules and order, especially on Wall Street.
Speaker 2 (02:57):
Are we really limiting hours just so so people who
work on the Stock Exchange can have saner lives.
Speaker 4 (03:05):
No, So think about if you're walking into a store,
a grocery store in there, and you're looking for fruit
and there's hundreds of apples for you to choose from.
You can be a little bit more choosy, get the
best one that you think is the most appealing. But
if there's only two apples left and they're both rotten,
that might be your only choice. So that's how I
(03:28):
like to think about it. The bigger the better, And
by setting these limits, you're essentially forcing everyone to come
together and to transact during these specific hours. So it's
very intentional, it is efficient, and it also creates better competition.
So the more information, the more people that are expressing
(03:51):
their value, that value is going to reflect the group
as a whole, and the bigger that group is, the
more accurate the price is going to be.
Speaker 3 (04:01):
So what about for people.
Speaker 2 (04:02):
Who want to trade but have their own day jobs,
or they wake up in the middle of the night
they're gripped by a desire to trade.
Speaker 3 (04:10):
Can they trade now? They can, but they can't trade everything.
Speaker 4 (04:15):
And the way in which they trade is different than
if they were trading during normal hours. So when you
are placing a trade, it isn't always going to go
through immediately. Also, there are different pricing limits that are
put in place. Think about when in normal trading hours,
(04:36):
prices fluctuate in milliseconds, and that's because there's transactions happening
all the time. During overnight, there's less transactions, So the
prices aren't going to be the term is as tight.
They're going to be wider. And so that just means
that there's less transactions going on. And so you're price
(05:01):
and what you are trying to buy a share at
like a specific point at a specificum price is going
to be a different experience than if you were buying
during normal trading hours.
Speaker 2 (05:14):
But Catherine, I've definitely bought after hours on robin Hood.
They just told me they'd execute it in the morning.
We don't get that fun confetti. Is that not twenty
four hour trading?
Speaker 3 (05:25):
So it is.
Speaker 4 (05:26):
There are options robin Hood, Interactive Broker those are apps
that if you are approved to trade after hours, You
very much can, and that is because robin Hood, an
interactive broker, have teamed up with another venue called Blue Ocean,
and Blue Ocean is essentially the grocery store that stays
(05:46):
open later than everyone else, and so by partnering with them,
they're able to give their customers the experience that you
went through. That trade will be handled through robin Hood,
but on Blue Ocean's venue. That's how we have evolved
as a market to now offer the option to trade overnight.
Speaker 2 (06:09):
Since it's twenty twenty one launch, Blue Ocean has seen
the number of stock transactions taking place in the average
night climb to forty million shares. That sounds like a
lot until you compare it to the average twelve billion
shares changing hands in the regular market, But that number
of overnight traders could rise as more industry players try
(06:30):
to go nocturnal. Hedge fund billionaire Steve Cohen as back
to in Exchange that wants to get into twenty four
hour equities trading too. The firm, aptly named twenty four
Exchange is just waiting for SEC approval and is expecting
an answer this fall. So what fundamentally has to change
(06:51):
about how the stock market operates to make twenty four
hour trading possible.
Speaker 4 (06:56):
So those are the questions that even the industry itself
is trying to answer. The New York Stock Exchange they
conducted a survey with some of their users to ask
the question, do you even want to trade overnight? So
first they wanted to identify is their demand, because in anything,
(07:16):
if there isn't demand, no firm would want to put
in resources and essentially build something that people don't want
and aren't going to use. So that was the first
question that they asked, and then based on responses, they're
going to make the decision as a business of whether
they build the infrastructure.
Speaker 2 (07:35):
The infrastructure right now. The need for trades to be
centrally cleared, settled by a third party firm acting as
an intermediary between buyer and seller is why twenty four
hour trading can only run for.
Speaker 3 (07:48):
Five days a week.
Speaker 2 (07:50):
But even if the middleman issue were sorted out, not
everyone is jumping at the prospect of twenty four to
seven trading.
Speaker 4 (07:58):
In general, people don't really love change on Wall Street
because change means you have to adapt how things have been.
Change means you might have glitches. A lot of this
is really advanced technology, so if there is going to
be change, it means that you have to invest in
the infrastructure to adapt.
Speaker 2 (08:22):
Coming up after the break, the potential and potential peril
of twenty four to seven trading, and what to do
with those iconic opening and closing bells if the market
never closes. So far, no major exchange has yet opened
(08:46):
up twenty four to seven trading, but Bloomberg's Catherine Doherty
says that a few changes in the past few years
have made the prospect of always on trading more appealing
to some, if not all, market participants like forensince retail traders.
Speaker 4 (09:01):
This change is a continuation of the momentum that we
saw post COVID and post the memestock era. That was
really when the definition of trading changed and the definition
of a trader changed.
Speaker 3 (09:18):
You could be at.
Speaker 4 (09:19):
Home on your couch and you still can executing and
buying shares of the biggest US firms. So the definition
of how you trade who is a trader evolved and
it's continuing to evolve to adapt to people's lifestyle.
Speaker 2 (09:38):
But it's not just memestock investors looking to trade on
the latest post in Wall Street Bets.
Speaker 4 (09:44):
The American firms that have built out overnight trading have
said the most demand that they are seeing is from overseas.
This is in India, it's in Japan.
Speaker 2 (09:54):
That makes sense because for them it isn't overnight exactly.
Speaker 4 (09:57):
It's customers that want access to US stocks but don't
want to wake themselves up in the middle of the night.
Speaker 2 (10:03):
So those are the kinds of people who might want
twenty four to seven trading. But there are just as
many saying is this really a good idea? But for
Wall Street traders, for example, what are the downsides of
this kind of model? When do you sleep if the
markets never close?
Speaker 3 (10:20):
You know, I would say, oh, you wouldn't.
Speaker 4 (10:22):
But a lot of these firms they have global reach,
and so if you are working and living in the
US and you need to provide a service overnight, you
might be able to tap a colleague in Asia or
in Europe before you have to wake up that day.
Speaker 3 (10:43):
That depends on resources.
Speaker 4 (10:44):
So for the firms that don't have that and aren't global,
you might not be able to compete in the same way.
Speaker 2 (10:50):
Since we usually see these huge trading volumes right after
the opening bell and right before the four pm close.
Could overnight trading actually smooth the mark it out?
Speaker 4 (11:01):
I don't think right now the volumes that are shown
overnight is enough to move the needle. It's not enough
to smooth everything out. And there are still market malfunctions.
There's technology that goes bad. Someone forgets to flip a switch.
(11:22):
What's crazy is that as automated as things have become,
and it's very automated, there's still times that there's manual errors.
So I don't think that overnight trading is going to
fix all problems and smooth everything out.
Speaker 2 (11:33):
And what about regulators, how are they thinking about this?
Are they freaking out?
Speaker 4 (11:38):
I wouldn't say they're freaking out. In fact, I would
say they're curious. So Gary Gensler, the chair of the SEC,
has talked about the fact that there's an application in
front of the SEC for an exchange that wants to
register and offer overnight trading, and the way he talks
(12:00):
about this is very diplomatic, and he just says, I
am open for not only competition, but for innovation in
the market. I want to support the market evolving.
Speaker 3 (12:11):
All that is good, But.
Speaker 4 (12:13):
Then he prefaces by saying they still need to abide
by rules and regulation so that we prevent market manipulation
and that we provide a He always talks about an
equal playing field and a safe environment for investors, But
the rules of the.
Speaker 2 (12:30):
Road that work for a set trading day don't necessarily
work around the clock. Just think of when companies usually
report earnings before the opening bill or after markets close,
and that's for a reason so as not to cause
wild swings in their share prices while the markets are open.
If markets are open long past four pm, when will
(12:51):
companies drop bad news. It's just one of many questions
this change raises. So, Catherine, what are the odds of
this actually happening?
Speaker 4 (13:00):
It is happening, that's not a question. The question is
how does it evolve, and that will be determined by
the big players getting behind it in a meaningful way.
If you did have the New York Stock Exchange or Nasdaq,
which are the two biggest stock exchanges in the US,
(13:23):
say that they are entering the space, that would be
meaningful because it would both be a signal from traditional
institutional finance firms that they believe this is where the
future of finance is headed, and it would also attract
(13:44):
a bigger pool of investors potentially.
Speaker 2 (13:47):
What are the odds of the New York Stock Exchange
adopting this model.
Speaker 4 (13:51):
As of today, I would say it's unlikely. And that's
just that's my read of the situation. That is Catherine
Doherty's prediction, and only because very recently we had Lynn
Martin on TV asked about twenty four to seven trading.
Speaker 1 (14:10):
Let's head to thew York where Danny Berger is joined
by the New York Stock Exchange President Lynn Martin to
talk about why we all need.
Speaker 3 (14:16):
Twenty four to seven trading in our lives.
Speaker 1 (14:18):
Danny, Hi, Lisa, that's right, because you know, we want
to be wrangling the kids and have the ability to
trade while we do. Say Hyland, thank you so much
for joining us, Thanks for having me. So some others
might have opinions about this, but overall, the survey that
you've gotten so far from what you've heard, I know
you're still in the middle of it. What have you
heard so far? What we've heard is there are a
lot of things to consider, mainly on the infrastructure side,
(14:41):
which is not really a surprise.
Speaker 4 (14:43):
And if she's saying that, it's not to say that
they might not work on it, but that takes time,
and her initial read seemed to be skeptical. So I
don't think this is going to happen in a meaningful
way with the New York Stock Exchange anytime soon.
Speaker 2 (15:02):
If it ever did happen, would they have to retire
the bell.
Speaker 3 (15:06):
I don't think they're ever going to retire that bell.
They love that bell because that bell is the it's a.
Speaker 4 (15:11):
Symbol, it is it's their brand, and that brand is value.
They have firms that will list on the New York
Stock Exchange because they want their executive to get on
the floor right as the market is opening and ring
the bell.
Speaker 2 (15:28):
So even if there's no closing, no opening, you think
the bell will still be told. Yes.
Speaker 4 (15:33):
I think it's a true marker of history, and I
think again, people love consistency in finance.
Speaker 2 (15:47):
This is the big take from Bloomberg News. I'm Sarah Holder.
This episode was produced by David Fox. It was edited
by Stacy Vanick Smith and Sam Potter. It was mixed
by Veronica Rodriguez. It was fact by Audrian AA Tapia
and Arafat Jalasho Perry. Our senior producers are Naomi Shaven
and Kim Gettleson, who also edited this episode. Our senior
(16:09):
editor is Elizabeth Ponso. Nicole Beamster bor is Our executive producer.
Sage Bauman is Bloomberg's Head of Podcasts. Special thanks to
Lou Wang. If you liked the episode, make sure to
subscribe and review The Big Take wherever you listen to podcasts.
It helps people find the show. Thank you so much
for listening. We'll be back tomorrow
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:07):
Catherine Doherty is a finance reporter here at Bloomberg with
a pretty specific beat.
Speaker 3 (00:12):
I cover the plumbing of Wall Street.
Speaker 2 (00:16):
She focuses on exchanges like the New York Stock Exchange
and Nasdaq.
Speaker 4 (00:21):
Really, what I am covering and reporting on is how
the whole ecosystem works.
Speaker 2 (00:27):
How the whole ecosystem works might be changing dramatically. In
late April, the New York Stock Exchange polled market participants
on how they felt about a radical idea keeping the
exchange open for trading twenty four hours a day instead
of from nine to thirty am until four pm Eastern.
What went through your mind when you saw the New
(00:49):
York Stock Exchange was even thinking about setting up the
infrastructure for a twenty four hour trading day. I think
the first thought in my mind personally was, Oh, does
this extend into my protected weekends?
Speaker 3 (01:03):
Yeah?
Speaker 2 (01:03):
When does a Bloomberg reporter ever sleep if the market's
never closed? It's a good question, right, The answer is never,
But concerns about her sleep schedule aside. Once she thought
about it, Catherine had to admit the New York Stock
Exchange had to at least start asking the question, because
Like It or Not, trading outside of the Stock Exchange's
(01:24):
opening and closing bell has become a lot more common.
For one thing, there's the always on crypto market.
Speaker 4 (01:31):
The crypto market and other markets trade twenty four to seven,
so it makes sense to at least ask the question
of should we be doing this.
Speaker 2 (01:40):
Today on the show Like It or Not? Twenty four
hour trading in US stocks is taking off, but can
the market plumbing support the growing demand to trade all
day and all night. I'm Sarah Holder and this is
the big take from Bloomberg News. Bloomberg's Katherine Doherty says
(02:03):
that the current trading hours for the New York Stock
Exchange date back to over a century.
Speaker 4 (02:08):
Ago, so it really stems back to the origination of
the Stock Exchange, when trades were placed in person. You
had to actually go down to the floor, and there
were brokers that were running orders on physical pieces of
paper to make sure that they got printed and that
(02:30):
they would actually be executed.
Speaker 2 (02:33):
Even though today most trading is done electronically, the original
trading hours have remained the same.
Speaker 3 (02:39):
The hours have.
Speaker 4 (02:39):
Stayed because it gives a cleaner way for everyone to
live their lives and buy and sell within parameters. It
sets limits and that people like limits and they like
rules and order, especially on Wall Street.
Speaker 2 (02:57):
Are we really limiting hours just so so people who
work on the Stock Exchange can have saner lives.
Speaker 4 (03:05):
No, So think about if you're walking into a store,
a grocery store in there, and you're looking for fruit
and there's hundreds of apples for you to choose from.
You can be a little bit more choosy, get the
best one that you think is the most appealing. But
if there's only two apples left and they're both rotten,
that might be your only choice. So that's how I
(03:28):
like to think about it. The bigger the better, And
by setting these limits, you're essentially forcing everyone to come
together and to transact during these specific hours. So it's
very intentional, it is efficient, and it also creates better competition.
So the more information, the more people that are expressing
(03:51):
their value, that value is going to reflect the group
as a whole, and the bigger that group is, the
more accurate the price is going to be.
Speaker 3 (04:01):
So what about for people.
Speaker 2 (04:02):
Who want to trade but have their own day jobs,
or they wake up in the middle of the night
they're gripped by a desire to trade.
Speaker 3 (04:10):
Can they trade now? They can, but they can't trade everything.
Speaker 4 (04:15):
And the way in which they trade is different than
if they were trading during normal hours. So when you
are placing a trade, it isn't always going to go
through immediately. Also, there are different pricing limits that are
put in place. Think about when in normal trading hours,
(04:36):
prices fluctuate in milliseconds, and that's because there's transactions happening
all the time. During overnight, there's less transactions, So the
prices aren't going to be the term is as tight.
They're going to be wider. And so that just means
that there's less transactions going on. And so you're price
(05:01):
and what you are trying to buy a share at
like a specific point at a specificum price is going
to be a different experience than if you were buying
during normal trading hours.
Speaker 2 (05:14):
But Catherine, I've definitely bought after hours on robin Hood.
They just told me they'd execute it in the morning.
We don't get that fun confetti. Is that not twenty
four hour trading?
Speaker 3 (05:25):
So it is.
Speaker 4 (05:26):
There are options robin Hood, Interactive Broker those are apps
that if you are approved to trade after hours, You
very much can, and that is because robin Hood, an
interactive broker, have teamed up with another venue called Blue Ocean,
and Blue Ocean is essentially the grocery store that stays
(05:46):
open later than everyone else, and so by partnering with them,
they're able to give their customers the experience that you
went through. That trade will be handled through robin Hood,
but on Blue Ocean's venue. That's how we have evolved
as a market to now offer the option to trade overnight.
Speaker 2 (06:09):
Since it's twenty twenty one launch, Blue Ocean has seen
the number of stock transactions taking place in the average
night climb to forty million shares. That sounds like a
lot until you compare it to the average twelve billion
shares changing hands in the regular market, But that number
of overnight traders could rise as more industry players try
(06:30):
to go nocturnal. Hedge fund billionaire Steve Cohen as back
to in Exchange that wants to get into twenty four
hour equities trading too. The firm, aptly named twenty four
Exchange is just waiting for SEC approval and is expecting
an answer this fall. So what fundamentally has to change
(06:51):
about how the stock market operates to make twenty four
hour trading possible.
Speaker 4 (06:56):
So those are the questions that even the industry itself
is trying to answer. The New York Stock Exchange they
conducted a survey with some of their users to ask
the question, do you even want to trade overnight? So
first they wanted to identify is their demand, because in anything,
(07:16):
if there isn't demand, no firm would want to put
in resources and essentially build something that people don't want
and aren't going to use. So that was the first
question that they asked, and then based on responses, they're
going to make the decision as a business of whether
they build the infrastructure.
Speaker 2 (07:35):
The infrastructure right now. The need for trades to be
centrally cleared, settled by a third party firm acting as
an intermediary between buyer and seller is why twenty four
hour trading can only run for.
Speaker 3 (07:48):
Five days a week.
Speaker 2 (07:50):
But even if the middleman issue were sorted out, not
everyone is jumping at the prospect of twenty four to
seven trading.
Speaker 4 (07:58):
In general, people don't really love change on Wall Street
because change means you have to adapt how things have been.
Change means you might have glitches. A lot of this
is really advanced technology, so if there is going to
be change, it means that you have to invest in
the infrastructure to adapt.
Speaker 2 (08:22):
Coming up after the break, the potential and potential peril
of twenty four to seven trading, and what to do
with those iconic opening and closing bells if the market
never closes. So far, no major exchange has yet opened
(08:46):
up twenty four to seven trading, but Bloomberg's Catherine Doherty
says that a few changes in the past few years
have made the prospect of always on trading more appealing
to some, if not all, market participants like forensince retail traders.
Speaker 4 (09:01):
This change is a continuation of the momentum that we
saw post COVID and post the memestock era. That was
really when the definition of trading changed and the definition
of a trader changed.
Speaker 3 (09:18):
You could be at.
Speaker 4 (09:19):
Home on your couch and you still can executing and
buying shares of the biggest US firms. So the definition
of how you trade who is a trader evolved and
it's continuing to evolve to adapt to people's lifestyle.
Speaker 2 (09:38):
But it's not just memestock investors looking to trade on
the latest post in Wall Street Bets.
Speaker 4 (09:44):
The American firms that have built out overnight trading have
said the most demand that they are seeing is from overseas.
This is in India, it's in Japan.
Speaker 2 (09:54):
That makes sense because for them it isn't overnight exactly.
Speaker 4 (09:57):
It's customers that want access to US stocks but don't
want to wake themselves up in the middle of the night.
Speaker 2 (10:03):
So those are the kinds of people who might want
twenty four to seven trading. But there are just as
many saying is this really a good idea? But for
Wall Street traders, for example, what are the downsides of
this kind of model? When do you sleep if the
markets never close?
Speaker 3 (10:20):
You know, I would say, oh, you wouldn't.
Speaker 4 (10:22):
But a lot of these firms they have global reach,
and so if you are working and living in the
US and you need to provide a service overnight, you
might be able to tap a colleague in Asia or
in Europe before you have to wake up that day.
Speaker 3 (10:43):
That depends on resources.
Speaker 4 (10:44):
So for the firms that don't have that and aren't global,
you might not be able to compete in the same way.
Speaker 2 (10:50):
Since we usually see these huge trading volumes right after
the opening bell and right before the four pm close.
Could overnight trading actually smooth the mark it out?
Speaker 4 (11:01):
I don't think right now the volumes that are shown
overnight is enough to move the needle. It's not enough
to smooth everything out. And there are still market malfunctions.
There's technology that goes bad. Someone forgets to flip a switch.
(11:22):
What's crazy is that as automated as things have become,
and it's very automated, there's still times that there's manual errors.
So I don't think that overnight trading is going to
fix all problems and smooth everything out.
Speaker 2 (11:33):
And what about regulators, how are they thinking about this?
Are they freaking out?
Speaker 4 (11:38):
I wouldn't say they're freaking out. In fact, I would
say they're curious. So Gary Gensler, the chair of the SEC,
has talked about the fact that there's an application in
front of the SEC for an exchange that wants to
register and offer overnight trading, and the way he talks
(12:00):
about this is very diplomatic, and he just says, I
am open for not only competition, but for innovation in
the market. I want to support the market evolving.
Speaker 3 (12:11):
All that is good, But.
Speaker 4 (12:13):
Then he prefaces by saying they still need to abide
by rules and regulation so that we prevent market manipulation
and that we provide a He always talks about an
equal playing field and a safe environment for investors, But
the rules of the.
Speaker 2 (12:30):
Road that work for a set trading day don't necessarily
work around the clock. Just think of when companies usually
report earnings before the opening bill or after markets close,
and that's for a reason so as not to cause
wild swings in their share prices while the markets are open.
If markets are open long past four pm, when will
(12:51):
companies drop bad news. It's just one of many questions
this change raises. So, Catherine, what are the odds of
this actually happening?
Speaker 4 (13:00):
It is happening, that's not a question. The question is
how does it evolve, and that will be determined by
the big players getting behind it in a meaningful way.
If you did have the New York Stock Exchange or Nasdaq,
which are the two biggest stock exchanges in the US,
(13:23):
say that they are entering the space, that would be
meaningful because it would both be a signal from traditional
institutional finance firms that they believe this is where the
future of finance is headed, and it would also attract
(13:44):
a bigger pool of investors potentially.
Speaker 2 (13:47):
What are the odds of the New York Stock Exchange
adopting this model.
Speaker 4 (13:51):
As of today, I would say it's unlikely. And that's
just that's my read of the situation. That is Catherine
Doherty's prediction, and only because very recently we had Lynn
Martin on TV asked about twenty four to seven trading.
Speaker 1 (14:10):
Let's head to thew York where Danny Berger is joined
by the New York Stock Exchange President Lynn Martin to
talk about why we all need.
Speaker 3 (14:16):
Twenty four to seven trading in our lives.
Speaker 1 (14:18):
Danny, Hi, Lisa, that's right, because you know, we want
to be wrangling the kids and have the ability to
trade while we do. Say Hyland, thank you so much
for joining us, Thanks for having me. So some others
might have opinions about this, but overall, the survey that
you've gotten so far from what you've heard, I know
you're still in the middle of it. What have you
heard so far? What we've heard is there are a
lot of things to consider, mainly on the infrastructure side,
(14:41):
which is not really a surprise.
Speaker 4 (14:43):
And if she's saying that, it's not to say that
they might not work on it, but that takes time,
and her initial read seemed to be skeptical. So I
don't think this is going to happen in a meaningful
way with the New York Stock Exchange anytime soon.
Speaker 2 (15:02):
If it ever did happen, would they have to retire
the bell.
Speaker 3 (15:06):
I don't think they're ever going to retire that bell.
They love that bell because that bell is the it's a.
Speaker 4 (15:11):
Symbol, it is it's their brand, and that brand is value.
They have firms that will list on the New York
Stock Exchange because they want their executive to get on
the floor right as the market is opening and ring
the bell.
Speaker 2 (15:28):
So even if there's no closing, no opening, you think
the bell will still be told. Yes.
Speaker 4 (15:33):
I think it's a true marker of history, and I
think again, people love consistency in finance.
Speaker 2 (15:47):
This is the big take from Bloomberg News. I'm Sarah Holder.
This episode was produced by David Fox. It was edited
by Stacy Vanick Smith and Sam Potter. It was mixed
by Veronica Rodriguez. It was fact by Audrian AA Tapia
and Arafat Jalasho Perry. Our senior producers are Naomi Shaven
and Kim Gettleson, who also edited this episode. Our senior
(16:09):
editor is Elizabeth Ponso. Nicole Beamster bor is Our executive producer.
Sage Bauman is Bloomberg's Head of Podcasts. Special thanks to
Lou Wang. If you liked the episode, make sure to
subscribe and review The Big Take wherever you listen to podcasts.
It helps people find the show. Thank you so much
for listening. We'll be back tomorrow
Hosts And Creators
Sarah Holder
Saleha Mohsin
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