| 词条 | Extended-hours trading |
| 释义 |
Extended-hours trading (or electronic trading hours, ETH) is stock trading that happens either before or after the trading day of a stock exchange, i.e., pre-market trading or after-hours trading. After-hours trading is the name for buying and selling of securities when the major markets are closed. [1] Since 1985, the regular trading hours for major exchanges in the United States, such as the New York Stock Exchange and the Nasdaq Stock Market, have been from 9:30 a.m. to 4:00 p.m. Eastern Time (ET).[2] Pre-market trading occurs from 4:00 a.m. to 9:30 a.m. ET, although the majority of the volume and liquidity come to the pre-market at 8:00AM ET.[3][4] After-hours trading on a day with a normal session occurs from 4:00 p.m. to 8:00 p.m. ET.[4] Market makers and specialists generally do not participate in after hours trading, which can limit liquidity.[5] Trading outside regular hours is not a new phenomenon but used to be limited to high-net-worth investors and institutional investors like mutual funds.[6] The emergence of private trading systems, known as electronic communication networks (ECNs), has allowed individual investors to participate in after-hours trading. Financial Industry Regulatory Authority (FINRA) members who voluntarily enter quotations during the after-hours session are required to comply with all applicable limit order protection and display rules (e.g., the Manning Rule and the SEC order handling rules).[7]See also
References1. ^{{cite book|last1=Sulthan|first1=.A|title=Stock Market Dictionary|date=2017|publisher=Sulthan Academy|isbn=1522022864|pages=229|edition=1|url=https://www.amazon.in/Stock-Market-Dictionary-Collection-Abbreviations/dp/1974309800/}} 2. ^{{cite web |url=https://www.nyse.com/about/history/timeline_1980_1999_index.html |title=About Us: History |publisher=NYSE |accessdate=2007-04-11}} 3. ^{{cite web|title=Pre-Market Trading|url=https://www.investorsunderground.com/pre-market-trading/|website=Investors Underground|accessdate=11 November 2016}} 4. ^1 {{cite web |url=http://www.nasdaq.com/about/schedule.stm |title=Nasdaq Trading Schedule |publisher=NASDAQ |accessdate=2011-08-02}} 5. ^{{cite web|title=After Hours Trading|url=https://www.investorsunderground.com/after-hours-trading/|website=Investors Underground|accessdate=11 November 2016}} 6. ^{{cite web|title=SEC.gov|url=https://www.sec.gov/investor/pubs/afterhours.htm|publisher=United States Securities and Exchange Commission}} 7. ^{{Cite document |last = Barclay | first = Michael J. |title = Price Discovery and Trading After Hours |publisher = University of California, Berkeley |year=2003 }} External links
1 : Share trading |
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