The move makes Robinhood the only US retail brokerage to offer 24/5 trading of single-name stocks at the time of writing. By leveraging the flexibility of this new service, traders can place limit orders to buy whole shares of 43 of the most traded ETFs and individual stocks, including TSLA, AMZN and AAPL. The service will be available 24 hours a day, five days a week, and trading hours will run from 8:00 pm ET on Sunday to 8:00 pm ET on Friday.
According to Robinhood, apart from allowing users to invest outside regular market hours, the new system will also benefit advanced traders by allowing them to act in real-time to manage their portfolios and adapt to new information as it unfolds. Robinhood has also revealed that 24 Hour Market also provides access to research and analysis.
In order to use this new system, investors will start out by selecting their stocks or ETF, as those that are available for 24-hour trading will be differentiated within the app. The list will also comprise the 43 stocks and ETFs that can be traded, as well as many of the most popular symbols by trading volume. Afterwards, customers can type in the maximum price they would pay for the security or the minimum price they would sell for.
They can then select the 24 Hour Market trading session and choose when a limit order should be executed by, or expire. After selecting how many shares they’d like to buy, traders will receive access to an order summary that includes the limit price, time in force, and total estimated cost.
According to Robinhood, 24 Hour Market will become available to select customers at first but will launch for everyone in June 2023.
In February 2023, Robinhood has revealed that it received a subpoena from the SEC over crypto custody and listings. The United States Securities Exchange Commission has subpoenaed Robinhood Markets in December 2022, a month after cryptocurrency exchange FTX filed for bankruptcy and disrupted the entire market.
Companies such as Three Arrows Capital, Voyager Digital Holdings and Celsius Network filed for bankruptcy even earlier. Robinhood Markets revealed the investigative subpoena as part of a 10-K filing, and company representatives clarified that it had something to do with its cryptocurrency listings and custody services.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now