Saturday, October 23, 1999
Stock exchanges plan extended hours
Real-time reporting a must by Nov. 15
Bloomberg News
NEW YORK — The Nasdaq Stock Market and the New York Stock Exchange next week will extend the hours of their trade reporting and quotation systems.
Nasdaq confirmed that its systems will stay open until 6:30 p.m. Eastern time effective Monday. Thursday, it said the start might be delayed because of technical problems.
The Nasdaq systems, now generally open from 8 a.m. to 5:15 p.m. Eastern time, let brokers, trading networks and stock exchanges report trades and post price quotes for other market participants to see.
Nasdaq's main electronic order routing and trade execution service, SelectNet, also will extend its hours until 6:30 p.m. Eastern.
The extended hours are part of a plan to ensure that investors using after-hours trading systems will be able to see the prices other investors are getting.
“The investing public now will have access to expanded quotation and trade data as part of a pilot program designed to evaluate after- hours trading and enhance market transparency,” Richard Ketchum, Nasdaq's president and chief operating officer, said in a statement.
Friday, the Consolidated Tape Association, which includes the NYSE, the American Stock Exchange and the regional stock exchanges, will extend its hours until 6:35 p.m. Eastern time. The biggest regional exchange, the Chicago Stock Exchange, requested the extension because it will begin extended-hours trading that day of 300 of the most active stocks.
Some brokerages haven't been able to modify their computers to accommodate the expanded hours, Nasdaq said. The Securities and Exchange Commission agreed to defer the reporting of trades conducted between 5:15 p.m. and 6:30 p.m., Nasdaq said.
Firms will be asked to voluntarily report trades between 5:15 p.m. and 6:30 p.m. as soon as they occur, Nasdaq said. By Nov. 15, real-time reporting will become mandatory.
During regular market hours, from 9:30 a.m. to 4 p.m., Nasdaq market makers are required to post the prices at which they will buy or sell shares. From 8 a.m. to 9:30 a.m. and 4 p.m. to 5:15 p.m., firms can execute trades, though they're under no obligation to make markets.
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