On this week’s ETF Edge, with host Bob Pisani, ETF Trends’ CIO and Director of Research, Dave Nadig joins in, along with 24 Exchange Founder and CEO Dmitri Galinov, to discuss the advent of 24-hour trading and its potential impact on the market.
To clarify, 24 Exchange is a new company that’s recently launched and is now in negotiations with the SEC to open a stock exchange that will be available around the clock in 2022. As far as where that process stands currently, Galinov hopes to submit the final application by the end of December, with an approval to follow next year.
As far as where things seem to stand, Galinov believes it’s a good sign to have gotten this far along in the process. “The conversations were very productive, and I think concentrated on small details. But, the overall picture looks very good for us,” Galinov adds.
Looking at why 24-hour trading would be useful now, there are a few reasons. One is the extension of cryptocurrency trading. There’s also the desire of global traders to participate in US stocks, which shows an increased level of demand.
The Demand Exists
For Nadig, he agrees that demand is out there, with crypto being the key point. “I think there really is a market for some level of a consolidated trading venue – an exchange like this.”
In particular, looking at the other things this company is doing, it’s really interesting when noting how the singular stocks are trading alongside crypto, foreign stocks, and other things in the same trading environment. Plus, these are aspects that are only going to grow over time.
Additionally, for Galinov, the goal of 24 Exchange is to “Exchange multiple assets between our users, with the least amount of friction and at the lowest cause.” This is what differentiates the company from any other exchange out there.
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