NYSE WEIGHS 19-HOUR WORKDAY.Byline: Philip Boroff Bloomberg News The New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. might extend its trading hours from 5 a.m. to midnight as it battles for a bigger piece of global business. By opening earlier and shutting later, the Big Board would compete with the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and the Tokyo Stock Exchange Tokyo Stock Exchange Main stock market of Japan, located in Tokyo. It opened in 1878 to provide a market for the trading of government bonds newly issued to former samurai. for customers and listings. NYSE NYSE See: New York Stock Exchange hours are now 9:30 a.m. to 4 p.m. (6:30 a.m. to 1 p.m. Pacific time) ``The growth in global investing will not allow markets to be competitive if they constrain themselves to a time clock - in our case, Eastern Standard Time,'' said Richard Grasso Richard A. Grasso (born 1946 in Jackson Heights, Queens, New York City) usually known by the nickname 'Dick', was chairman and chief executive of the New York Stock Exchange from 1995 to 2003, the culmination of a career that began in 1968 when Grasso was hired by the Exchange as , chairman and chief executive of the exchange, speaking at an information technology conference in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Persuading the biggest foreign companies to list their stocks on the NYSE has been one of Grasso's top priorities because U.S. investors increasingly look for opportunities abroad. Now he wants to increase trading hours because investors want to trade where volume is greatest. While the number of foreign listings has mushroomed, non-U.S. shares represent just 15 percent of total NYSE volume, he said. ``If New York wants to be a global market, it has to trade European shares when Europe's trading them and Asian shares when Asia is trading them,'' said William Freund, a former Big Board chief economist. The change also could pave the way for earlier and later trading of stocks of U.S. companies, pitting the NYSE against domestic rivals such as the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. and Pacific Exchange as well as off-hours trading systems, such as Jefferies & Co. and Reuters Holdings Plc's Instinet. The NYSE could encounter opposition from within. In 1991, brokers and market makers, particularly on the West Coast, worked to defeat a proposal to begin trading even 30 minutes earlier - at 9 a.m. Extending hours probably would require approval of the NYSE board and the Securities and Exchange Commission. An SEC spokesman declined to comment. |
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