Spencer
Platt
|
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Images
Brokerage
firm
Robinhood
announced
on
Monday
evening
that
it
would
not
offer
overnight
trading
due
to
an
issue
with
its
execution
venue.
The
company
said
in
a
post
on
social
media
site
X
that
Blue
Ocean
ATS,
the
third-party
firm
that
Robinhood
works
with
for
round-the-clock
trading,
has
suspended
its
overnight
market.
“Robinhood
24
Hour
Market’s
execution
venue,
Blue
Ocean
ATS
(BOATs),
has
suspended
overnight
trading
for
tonight.
24
Hour
Market
orders
that
are
open
as
of
approx.
8
PM
ET
will
be
routed
for
execution
starting
at
approx.
4
AM
ET
tomorrow.
You
may
cancel
your
order
at
any
time,
and
can
still
place
an
order
for
another
trading
session,”
the
statement
said.
It
is
not
clear
if
the
suspension
will
last
beyond
early
Tuesday
morning,
or
if
other
brokerage
firms
that
offer
overnight
trading
are
affected.
A
spokesperson
for
Blue
Ocean
told
CNBC
in
an
email
Monday
night
that
the
firm
experienced
capacity
issues
the
previous
night,
leading
to
“a
small
percentage
of
trades”
needing
to
be
canceled.
The
firm
will
be
migrating
to
a
new
technology
system
in
the
next
two
weeks,
the
statement
said.
The
announcement
from
Robinhood
comes
after
several
firms,
including
Charles
Schwab,
suffered
technical
issues
on
Monday
that
temporarily
prevented
some
of
their
users
from
accessing
their
brokerage
accounts.
Global
markets
saw
a
steep
sell-off
on
Monday,
with
the
Dow
Jones
Industrial
Average
falling
more
than
1,000
points
and
the
S&P
500
posting
its
worst
day
since
2022.
Robinhood
first
introduced
“24/5
trading”
—
running
from
8
p.m.
ET
on
Sunday
to
8
p.m.
ET
on
Friday
—
in
May
2023.
Overnight
trading
is
typically
limited
to
the
most
liquid
stocks
and
ETFs
in
the
market.
