自从1790年,美国第一个股票交易市场在费城创建以来,市场一直在不断进化中。现在,人工智能(AI)增强的尖端技术,正在重新塑造对多种资源的同步访问,改变连接性和全球交易。
最近,纽约证券交易所(New York Stock Exchange,NYSE)就“全天候”交易上市股票的可能性,对市场参与者的意见进行了评估。
我们不由得会想到一个问题:为什么要这样做?
目前,全球股票市场的运营均遵循“日出而作日落而息”的原则。在纽约证券交易所或纳斯达克(Nasdaq)敲响收盘钟声后,或者美国的股票经纪公司下班后,股票交易并不会停止。
主要上市股票通过在东京或伦敦双重上市,或者作为在许多外国金融市场的不记名证券,在美国的市场时间以外继续交易。苹果(Apple)、微软(Microsoft)、亚马逊(Amazon)、Meta、甲骨文(Oracle)、Visa和万事达卡(Mastercard)、摩根大通(JP Morgan)、埃克森(Exxon)以及其他许多股票,均以这种方式进行交易。
旧事重提
早在1985年7月,纽约证券交易所就研究过24小时交易的可能性。当时,作为股票市场管理委员会的成员和首席发言人,我向记者讲述了这种做法的国际影响。
正如当时我对《纽约时报》所说的那样,我认为24小时交易是否会执行不是问题,问题在于什么时候执行。我还警告,24小时交易不一定需要纽约证券交易所白天和晚上都保持营业。它所涉及的是与其他证券交易所的关联,或者延长交易时间。
数十年前,我们认识到需要先进的技术创新、进行组织变革和改变金融从业者与监管者的观念,因此我们预见到了24小时交易模式。然而,技术和投资者的需求意味着这种理念依旧超前于时代。
全天候24小时交易早已盛行
简单来说,纽约证券交易所可能允许所有投资者,每周七天在白天或晚上的任何时间买卖股票。目前,美国证券交易所的交易时间为美国东部时间工作日上午9:30至下午4:00。
多年来,规则和技术改变了市场。目前投资者的交易免除佣金,但他们实际上是在以利差的方式支付佣金。利差是指股票的买入价和卖出价之间的差额。
不久前,纽约证券交易所和纳斯达克在上市证券市场所占的份额超过86%。它们集中管理上市公司的价格发现和价格有效性。但现在已今非昔比。
目前,行业内部人事估计,纽约证券交易所和纳斯达克在其上市证券日成交量中的混合市场份额均低于20%(最活跃的股票市场份额最低,最不活跃的股票市场份额最高)。此外,这两个市场可以交易在对方市场上市的股票,并且相互为订单流付款。
在缺少这种支配地位或者无法确定的吸引力的情况下,吸引外国投资者在非交易时段参与美股交易似乎极具挑战性,尤其是当美国市场关闭时,外国投资者可以在本国市场交易,并且受到本地监管的保护。
购买者保持警惕
美国证券交易委员会的多次市场改革计划,导致目前另类交易系统积极地与传统股票市场竞争,而且这些交易系统在某些证券的日交易量中占据了大多数份额。
有多达70个平台交易相同的证券。有些交易会立即报告具体情况,有些会延后报告,有些会在收盘后报告,而有些交易从来不会公布具体情况,因此对竞争对手和公众隐瞒了成交量和价格。
这些平台以极快的速度和频率进行交易并产生利润。随着算法交易的出现,它们重新定义了美国证券市场的结构。算法交易按照上下波动不到一美分的价格执行,每天完成几千笔交易,通常进行同一只股票交易,这个过程远远超出了人类的能力范围。
这凸显出不吸引美国个人投资者进入分散和不透明的盘后市场的重要性。
例如,4月24日,Meta在收盘后公布了第一季度业绩。从收盘到次日开盘,Meta股价下跌了15至85美元。在这一夜之间实际交易了多少股票,或者这些股票的成交价格是多少,根本无法判断。为了阻止这种剧烈波动,美国证券交易委员会和主要市场应该建议进行以下任何一种政策调整:要么强烈呼吁所有美国上市公司在市场开盘前公布业绩,使交易在管理层发表评论之后进行,防止少数特定参与者利用意外消息牟利。或者对于选择在收盘后公布业绩的公司,市场应该避免公布这些公司的交易,以免错误的定价影响次日正常交易时段的定价。
任何一种措施都能保护价格发现的有效性,使从最大到最小的投资者都能在次日正常交易时段竞争执行价格。
纽约证券交易所的时间旅行
纽约证券交易所为什么要旧事重提,征求投资者的意见?管理者适应市场参与者变化的需求,是一种明智的创新举措。
未来的措施可能包括延长传统交易时间。这可能会将当前的交易日分成两个时段。一个时段从美国东部时间上午8:00到下午2:00,另一个交易时段从下午2:30到下午8:00。这两个交易时段将通过电子交易,在价格发现方面将人类的专业知识与技术创新进行整合,纽约证券交易所在日常交易中已经采用了这种模式。
纽约证券交易所必须始终探索新举措,以更好地服务所有市场参与者。最后,关键问题在于,华尔街能否从延长交易时间中获利,并满足当代客户的需求。只要能够找到这些问题的答案,其他问题就能迎刃而解。(财富中文网)
本文作者理查德·托伦扎诺为托伦扎诺集团(The Torrenzano Group)首席执行官,他帮助企业管理对外形象。近十年来,他曾担任纽约证券交易所管理(政策)与执行(运营)委员会成员。
翻译:刘进龙
审校:汪皓
自从1790年,美国第一个股票交易市场在费城创建以来,市场一直在不断进化中。现在,人工智能(AI)增强的尖端技术,正在重新塑造对多种资源的同步访问,改变连接性和全球交易。
最近,纽约证券交易所(New York Stock Exchange,NYSE)就“全天候”交易上市股票的可能性,对市场参与者的意见进行了评估。
我们不由得会想到一个问题:为什么要这样做?
目前,全球股票市场的运营均遵循“日出而作日落而息”的原则。在纽约证券交易所或纳斯达克(Nasdaq)敲响收盘钟声后,或者美国的股票经纪公司下班后,股票交易并不会停止。
主要上市股票通过在东京或伦敦双重上市,或者作为在许多外国金融市场的不记名证券,在美国的市场时间以外继续交易。苹果(Apple)、微软(Microsoft)、亚马逊(Amazon)、Meta、甲骨文(Oracle)、Visa和万事达卡(Mastercard)、摩根大通(JP Morgan)、埃克森(Exxon)以及其他许多股票,均以这种方式进行交易。
旧事重提
早在1985年7月,纽约证券交易所就研究过24小时交易的可能性。当时,作为股票市场管理委员会的成员和首席发言人,我向记者讲述了这种做法的国际影响。
正如当时我对《纽约时报》所说的那样,我认为24小时交易是否会执行不是问题,问题在于什么时候执行。我还警告,24小时交易不一定需要纽约证券交易所白天和晚上都保持营业。它所涉及的是与其他证券交易所的关联,或者延长交易时间。
数十年前,我们认识到需要先进的技术创新、进行组织变革和改变金融从业者与监管者的观念,因此我们预见到了24小时交易模式。然而,技术和投资者的需求意味着这种理念依旧超前于时代。
全天候24小时交易早已盛行
简单来说,纽约证券交易所可能允许所有投资者,每周七天在白天或晚上的任何时间买卖股票。目前,美国证券交易所的交易时间为美国东部时间工作日上午9:30至下午4:00。
多年来,规则和技术改变了市场。目前投资者的交易免除佣金,但他们实际上是在以利差的方式支付佣金。利差是指股票的买入价和卖出价之间的差额。
不久前,纽约证券交易所和纳斯达克在上市证券市场所占的份额超过86%。它们集中管理上市公司的价格发现和价格有效性。但现在已今非昔比。
目前,行业内部人事估计,纽约证券交易所和纳斯达克在其上市证券日成交量中的混合市场份额均低于20%(最活跃的股票市场份额最低,最不活跃的股票市场份额最高)。此外,这两个市场可以交易在对方市场上市的股票,并且相互为订单流付款。
在缺少这种支配地位或者无法确定的吸引力的情况下,吸引外国投资者在非交易时段参与美股交易似乎极具挑战性,尤其是当美国市场关闭时,外国投资者可以在本国市场交易,并且受到本地监管的保护。
购买者保持警惕
美国证券交易委员会的多次市场改革计划,导致目前另类交易系统积极地与传统股票市场竞争,而且这些交易系统在某些证券的日交易量中占据了大多数份额。
有多达70个平台交易相同的证券。有些交易会立即报告具体情况,有些会延后报告,有些会在收盘后报告,而有些交易从来不会公布具体情况,因此对竞争对手和公众隐瞒了成交量和价格。
这些平台以极快的速度和频率进行交易并产生利润。随着算法交易的出现,它们重新定义了美国证券市场的结构。算法交易按照上下波动不到一美分的价格执行,每天完成几千笔交易,通常进行同一只股票交易,这个过程远远超出了人类的能力范围。
这凸显出不吸引美国个人投资者进入分散和不透明的盘后市场的重要性。
例如,4月24日,Meta在收盘后公布了第一季度业绩。从收盘到次日开盘,Meta股价下跌了15至85美元。在这一夜之间实际交易了多少股票,或者这些股票的成交价格是多少,根本无法判断。为了阻止这种剧烈波动,美国证券交易委员会和主要市场应该建议进行以下任何一种政策调整:要么强烈呼吁所有美国上市公司在市场开盘前公布业绩,使交易在管理层发表评论之后进行,防止少数特定参与者利用意外消息牟利。或者对于选择在收盘后公布业绩的公司,市场应该避免公布这些公司的交易,以免错误的定价影响次日正常交易时段的定价。
任何一种措施都能保护价格发现的有效性,使从最大到最小的投资者都能在次日正常交易时段竞争执行价格。
纽约证券交易所的时间旅行
纽约证券交易所为什么要旧事重提,征求投资者的意见?管理者适应市场参与者变化的需求,是一种明智的创新举措。
未来的措施可能包括延长传统交易时间。这可能会将当前的交易日分成两个时段。一个时段从美国东部时间上午8:00到下午2:00,另一个交易时段从下午2:30到下午8:00。这两个交易时段将通过电子交易,在价格发现方面将人类的专业知识与技术创新进行整合,纽约证券交易所在日常交易中已经采用了这种模式。
纽约证券交易所必须始终探索新举措,以更好地服务所有市场参与者。最后,关键问题在于,华尔街能否从延长交易时间中获利,并满足当代客户的需求。只要能够找到这些问题的答案,其他问题就能迎刃而解。(财富中文网)
本文作者理查德·托伦扎诺为托伦扎诺集团(The Torrenzano Group)首席执行官,他帮助企业管理对外形象。近十年来,他曾担任纽约证券交易所管理(政策)与执行(运营)委员会成员。
翻译:刘进龙
审校:汪皓
Since the formation of America’s first stock market in Philadelphia in 1790, markets have been evolving. Now, cutting-edge technology enhanced by artificial intelligence (AI) is reshaping instantaneous access to a myriad of resources, transforming connectivity, as well as global trading.
Recently, the New York Stock Exchange (NYSE) sought to gauge market players’ opinions on the possibility of trading its listed stocks “round the clock.”
One question jumps out: Why?
Global markets function today following the sun. Trading equities does not stop when the NYSE or Nasdaq ring their closing bell–nor do U.S.-based brokerage firms close their doors.
Outside U.S. market hours, major listed stocks continue to trade through dual listings in exchanges from Tokyo to London or as unregistered securities in the many foreign financial markets in between. Stocks such as Apple, Microsoft, Amazon, Meta, Oracle, Visa and Mastercard, JP Morgan, Exxon, and numerous others trade this way.
What was new is now old—and what is old is new again.
The NYSE first studied the possibility of 24-hour trading in July 1985. At that time, as a member of the big board’s management committee and chief spokesman, I briefed journalists about international implications.
As I told the New York Times then, I didn’t think it was a question of whether 24-hour trading would come, but when. I also cautioned that round-the-clock trading might not necessarily involve keeping the New York Exchange open day and night. It could involve links with other exchanges, or extending trading hours further.
Decades ago, we anticipated a 24-hour trading paradigm, recognizing the need for advanced technological innovations, organizational changes, and perspective shifts among financial professionals and regulators. However, technology and investor demand suggested the concept was still ahead of its time.
24/7 trading is already in full swing
In simple terms, the NYSE could let all investors buy or sell stocks at any time day or night, seven days a week. Currently, American stock exchange trading hours are weekdays from 9:30 am to 4:00 pm Eastern Time.
Over the years, rules and technology have transformed markets. Investors trade with no commissions today—but they effectively pay commissions in the form of a spread. The spread is the difference between the price stocks are sought (the bid)—and the price a stock is offered for sale (the offer).
Not long ago, the NYSE and Nasdaq once captured market shares of more than 86% of their listed securities. They centralized price discovery and price validity for their listed companies. No more.
Currently, industry insiders estimate that the NYSE and Nasdaq each account for an approximate blended market share of less than 20% of daily trading volume in their listed securities (market share is lowest for the most active stocks and highest in the least active ones). Additionally, both markets trade each other’s stock listings–and each pays for order flow.
In the absence of this commanding presence or a yet unidentified magnetic force, enticing non-U.S. investors to engage in U.S. stock trading during off-market hours appears exceedingly challenging, particularly when they can trade in their home market, protected by local oversight, when U.S. markets are closed.
Buyer beware
As a result of numerous SEC market reform initiatives, alternative trading systems now actively compete with traditional stock markets and in some securities capture the majority of daily trading.
As many as 70 venues trade the same securities. Some transactions are reported immediately, some delayed, some after the close, and still others never posted, thus concealing trading volumes and prices from competitors and the public.
These platforms execute trades and generate profits at warp speed and frequency. Together with the introduction of algorithmic trading, they have redefined the structure of U.S. equity markets. Algo trades execute in fractions of a penny, striking thousands of trades per day, often in the same stock, a process far beyond human capability.
This underscores the importance of not enticing U.S. individual investors into a fragmented and opaque after-hours market.
For instance, on Apr. 24, Meta reported first-quarter earnings after the close. Between post-closing and the next day’s opening, Meta stock was down anywhere from $15 to $85. There is no way to judge how many shares were actually traded—or the prices of these shares—executed during this overnight period. To stop these wild swings, the SEC and major markets should recommend one of two policy changes: Either strongly urge all listed U.S. companies to announce earnings before the market opens, which would allow trading to take place after management commentary and prevent a few select participants to capitalize on unexpected news. Or, for companies choosing to report after the close, markets should refrain from reporting trades in those companies, preventing errant pricing from corrupting the next day’s pricing in the regular trading session.
Either of these two initiatives would preserve the validity of price discovery when all investor orders—the largest to the smallest—would compete for execution at the next regular trading session.
NYSE time travel
Why is the NYSE revisiting history and seeking input? It is a smart innovative initiative by management to adapt to evolving needs of market participants.
One potential step forward could involve extending traditional trading hours. This might involve splitting the current trading day into two segments. One from 8:00 a.m. to 2:00 p.m. Eastern Time—and another from 2:30 pm to 8:00 pm Eastern Time. Both segments would incorporate a mix of human expertise and technological innovation through electronic trading in price discovery, a model already employed daily at the NYSE.
The NYSE must always look at new initiatives to better serve all market participants. Ultimately, the key question is whether Wall Street can make a profit from extended trading hours, as well as meet the needs of contemporary customers. Once these questions are answered, everything else will just fall into place.
Richard Torrenzano, chief executive, The Torrenzano Group, helps organizations take control of how they are perceived. For nearly a decade, he was a member of the New York Stock Exchange Management (policy) and Executive (operations) Committees.