Not sure how we missed this relatively big news item this week....which I have very mixed feelings about.
US broker Schwab to roll out broader overnight trading platformOct 30 (Reuters) - Charles Schwab Corp plans to expand the availability of 24-hour trading to include all stocks in major U.S. indexes as well as hundreds of ETFs beginning in about two weeks, the brokerage said in a statement on Wednesday.
The move comes amid burgeoning interest in extended hours trading from retail investors that is driving some brokers and exchanges to expand their offerings.
Last Friday, the New York Stock Exchange, a division of Intercontinental Exchange said it would file for permission to extend its trading hours to 22 hours each business day.
"About 90% of the customers we surveyed in our newest Traders Sentiment Survey said they would be interested in participating in 24-hour trading," said James Kostulias, head of trading services at Schwab.
Kostulias said that the high level of interest seems to be linked to the changing demographics of Schwab's client base. Nearly 60% of the households that Schwab added as clients in the first half of 2024 are headed by individuals under 40 years of age.
"They seem particularly likely to have an expectation that they will be able to trade any time, anywhere," Kostulias said.
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Schwab said it plans a slow rollout of the expanded trading capacity, starting with its most active traders, and won't begin the process until the week after the Nov. 5 U.S. presidential election.
The expanded trading capabilities will be powered by the platform operated by Blue Ocean Technologies LLC, which also underpins overnight trading for Robinhood Markets Inc.and other U.S. brokerages.
The rollout is expected to be completed midway through the first quarter of 2025, by which time Schwab said clients will have access to overnight trading in all stocks listed on the Dow Jones Industrial Average, the Standard & Poor's 500 Index and the Nasdaq 100 Index
and hundreds of ETFs. Currently, Schwab offers overnight trading in only about two dozen ETFs.
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https://www.reuters.com/business/finance/us-broker-schwab-roll-out-broader-overnight-trading-platform-2024-10-30/
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@yugo - I resorted to Bing’s AI search engine for help. If it can’t pull up that list, I’d say nobody can. Here’s what their search turned up: ”Currently, Charles Schwab's overnight trading session includes access to approximately two dozen ETFs through their thinkorswim trading platforms. While the exact list of these ETFs hasn't been publicly disclosed, it's part of their pilot program that will expand significantly by mid-2025.”
If they’re currently running a “pilot program”, that list should be publicly available. Wouldn’t you think?
I have tried on a small scale many options and realized that daily (or quick) trading is busy work and you make less money.
My SIL used to do it too until I showed him all that I have done and he stopped too. Since then he started to make so much money.
Schwab is doing it to make money, it's a business after all.
Back when I was trading futures, they were the only way to act on things during the overnight sessions. There's a chance I might dabble with this 'feature' on stocks a few times just for kicks and to see how it works if there's something I want to do or respond to (I do well in the pre/post-markets when I use them) -- but I have no desire to become a 24x5 trader or investor that's glued to their screens.
I fear this will further turn investing into a Robin-Hood/Sports-Betting type of gamification for the masses that induces them to gamble with their savings in ways that provide a dopamine hit in the here-and-now while drawing down their retirement assets for the future.
For anyone interested, here is the list - which I have not tested - available only through ThinkOrSwim according to the rep:
AGG DOG EFA EWJ IJH VTI XLE XLF XLK SH RWM EWA SPY GLD SLV DIA UNG TLT IWM QQQ USO PSQ FXI VNQ
+ Nasdaq 100
Apparently, the next stage of Schwab's program rolls out 11/12/24 when they might get more 'public' about it, though the program will still officially remain a pilot. They are then planning to add more securities in the months to come afterwards.
I think Schwab/TOS has allowed 24x5 ETF trading for a while now, haven't they? The new pilot is for all NYSE/NDQ symbols, right?