macrocephalopod

Warm Take: Given Friday's session, how does it make any sense that markets have been arbitrarily closed for 60+ hours? There's obviously demand to trade. We're all sitting on our hands, shrugging shoulders, no idea where we open at. Why not keep the matching engine turned on?

Markets are a social technology to assimilate information and arrive at efficient prices. What is the point of introducing unnecessary gaps into continuous trading? Under any reasonable assumptions that's going to seriously degrade the quality of long-term price discovery.

I would be pretty pissed if equities markets were open on the weekend. I think they should be open less even. 9:30-10:30 is all the uninformed trading, 2:30-4:00 is all the pros. Let’s close in between so we can have French lunch breaks.

Let's just have an auction once a day and be done with it.