Skip to main content


image of trading platform

June 27, 2024

A Move to Around-The-Clock Stock Trading Threatens Retail Investors

WASHINGTON, D.C.—Director of Securities Policy Benjamin Schiffrin issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in connection with an application filed by 24X National Exchange LLC (24X) to operate a trading platform 23 hours per day, seven days per week:

“The approval of 24X’s application for a trading venue that operates 23 hours per day, seven days per week would threaten retail investors. Retail investors who traded during an overnight session would be trading in a market where prices are bound to be more volatile and less favorable than during normal trading hours. All around-the-clock trading on an exchange would do would be to provide another avenue for sophisticated market participants such as high-frequency traders to take advantage of retail investors.

“The fact that the financial industry now uses gamification techniques to prompt retail investors to trade makes the possibility of an exchange that operates 24 hours a day all the more troubling. As we’ve seen with legalized sports betting, the combination of technology fueled by artificial intelligence that entices fans to place bets and the ability to place bets 24 hours a day has led to a gambling addiction crisis. It is easy to envision the financial industry using the same combination of inducements to trade and the ability to trade at any time to get retail investors hooked on trading, with potentially disastrous consequences.

“The SEC also must consider the consequences of trading taking place late at night when retail investors may be more inclined to engage in risky behavior and the ability to monitor the markets will be diminished. Retail investors trust the U.S. securities markets because they are well-regulated. But the approval of an exchange that operates around the clock would allow widespread trading when regulators would be literally asleep at the switch.”

You can find the comment letter here.



For media inquiries, please contact us at or 202-618-6433.

Contact Us

For media inquiries, please contact or 202-618-6433.

To sign up for our email newsletter, please visit this page.

This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

"* (Required)" indicates required fields

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact or 202-618-6433.


Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today