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 want to listen to the 0xdoug vs matt levine podcast about whether we should have markets open for 15 minutes per day or all the time

Compromise. Markets are open for 15 minutes a day, but none of those minutes are contiguous, and they randomly occur at any point throughout the day.