Spencer Platt |
Brokerage companies Robin Hood 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 company Robinhood partners with for around-the-clock trading, had shut down its overnight market.
“The Robinhood 24-hour market execution venue, Blue Ocean ATS (BOATs), has suspended overnight trading for tonight. 24-hour market orders open as of approximately 8:00 p.m. ET will be routed for execution beginning at approximately 4:00 a.m. ET tomorrow. You can cancel your order at any time and still place an order for another trading session,” the statement said.
It is unclear whether the suspension will continue beyond early Tuesday morning or whether other brokerage firms offering night trading will also be affected.
Robinhood’s announcement comes after several companies, including Charles Schwabexperienced technical issues on Monday that temporarily prevented some of its users from accessing their brokerage accounts.
Global markets saw a sharp sell-off on Monday. Dow Jones Industrial Average fell by more than 1,000 points and the S&P500 records its worst day since 2022.
Robinhood first introduced “24/5 trading” – from Sunday, 8 p.m. ET to Friday, 8 p.m. ET – in May 2023. Overnight trading is typically limited to the most liquid stocks and ETFs on the market.
Blue Ocean did not immediately respond to a request for comment.