(September 21 – 10:40 ET) — The Chicago Stock Exchange has filed its proposal with the U.S. Securities and Exchange Commission for an extended trading hours session to offer retail investors an opportunity to trade after normal trading hours have
ended.
After discussions with the SEC, the CHX agreed to file its proposal under standard procedures. Although this standard process may take longer to complete, the CHX has asked the SEC to accelerate its review.
Exchange president and CEO Bob Forney said in a press release that he is disappointed that the CHX does not have the green light for extended trading hours by its target start date of October 1. The CHX has asked the SEC to accelerate approval of our proposal so the CHX can bring a registered securities exchange presence to the extended hours market as soon as possible, said Forney.
The proposal filed with the SEC is essentially the same as the plan the CHX announced in August. One important change is a proposal to begin the extended trading session at 3:30 p.m. Central Time rather than 3 p.m. to better accommodate the operational needs of CHX member firms. The CHX trades more than 4,500 NYSE, Amex, Nasdaq and CHX-exclusive issues.
-IE Staff
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