Robinhood announced that 24-hour trading will not be available on Monday because of a problem at an external trading platform.
Editor Thenews24.net
1 min read
On Monday evening, brokerage firm Robinhood announced it would halt overnight trading due to an issue with its trading partner. The company shared on social media platform X that Blue Ocean ATS, the third-party firm facilitating Robinhood’s 24-hour trading, had paused its overnight market operations.
According to the statement, “Blue Ocean ATS (BOATs), the execution venue for Robinhood’s 24 Hour Market, has suspended overnight trading for tonight. Orders open as of around 8 PM ET will be processed starting at approximately 4 AM ET tomorrow. You can cancel your order at any time or place an order for a different trading session.”
It remains uncertain whether this suspension will extend beyond early Tuesday morning or if other brokerage firms offering overnight trading are also impacted. A Blue Ocean spokesperson informed CNBC via email that the firm faced capacity issues the previous night, resulting in the cancellation of a small percentage of trades. The firm plans to transition to a new technology system within the next two weeks.
This announcement from Robinhood follows technical problems experienced by several firms, including Charles Schwab, on Monday, which temporarily restricted some users from accessing their brokerage accounts. The global markets experienced a significant downturn on Monday, with the Dow Jones Industrial Average dropping over 1,000 points and the S&P 500 recording its worst day since 2022.
Robinhood launched “24/5 trading” in May 2023, allowing trading from 8 p.m. ET on Sunday to 8 p.m. ET on Friday. Overnight trading typically involves the most liquid stocks and ETFs.