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Securities company Robin Hood The company announced Monday night that it would not offer overnight trading due to issues with execution venues.
The company said in a post on social media site X that Blue Ocean ATS, a third-party firm Robinhood partners with for 24-hour trading, had suspended its overnight markets.
“Blue Ocean ATS (BOATs), the execution venue for the Robinhood 24-hour market, has halted overnight trading for tonight. Orders in the 24-hour market that are open as of approximately 8:00 p.m. ET will be executed beginning approximately 4:00 a.m. ET tomorrow. Orders can be canceled at any time or placed for another trading session,” the statement said.
It was unclear whether the trading halt would continue beyond early Tuesday morning or whether other brokerages that offer overnight trading would also be affected.
A Blue Ocean spokesperson said in an email to CNBC on Monday night that the company experienced capacity issues overnight and had to cancel a “small number of transactions.” The company plans to transition to a new technology system within the next two weeks, it said in a statement.
Robinhood’s announcement comes as several companies, e.g. Charles Schwabwas hit by technical issues on Monday, temporarily preventing some users from accessing their brokerage accounts.
Global markets were hit by a sharp sell-off on Monday. Dow Jones Industrial Average It fell by more than 1,000 points. S&P 500 It was the worst day since 2022.
Robinhood first introduced “24/5 trading” in May 2023, which runs from 8pm ET on Sundays to 8pm ET on Fridays. Overnight trading is typically limited to the most liquid stocks and ETFs on the market.
