US equities trading venue Direct Edge will extend the trading hours on its three platforms – EDGA, EDGX and the newly acquired ISE Stock Exchange – in response to international and local client demand. Starting 20 January, trading on the platforms will close at 20.00 Eastern Time instead of 17.00. The extended hours will only apply to stocks that are quoted to the market via the ISE Stock Exchange, and are available solely to members of the Financial Industry Regulatory Authority (FINRA), an independent regulator of US securities firms.
As a result of the change, ‘good-‘til-cancelled’ orders posted on the platform will expire at 20.00 instead of 17.00 unless a client requests otherwise. Direct Edge will continue to open for trading at 08.00.
The change was prompted by demand from Direct Edge clients serving both retail and professional investors, according to Bryan Harkins, head of sales and strategy at Direct Edge.
“For professional investors from regions such as Asia, this change extends the trading window,” he told theTRADEnews.com. “There have been a lot of opportunities in the last three to four months, and allowing firms to take those opportunities when they arise through extended trading hours is a value-add.”
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