STOCKS | Citadel Securities Promotes 24-Hour U.S. Stock Trading to Asian Institutions

Citadel Securities is seeking to attract sovereign wealth funds, asset managers, insurers, and large banks in Asia to use its 24-hour U.S. stock trading service. According to Sina Finance, Joseph Mecane, Citadel Securities' head of execution services, said the Miami-based firm launched round-the-clock trading in November last year and is trying to bring more non-U.S. institutional clients into extended-hours trading, a field still dominated by retail investors. The move comes as major U.S. exchanges prepare to extend trading hours, underscoring a global shift toward around-the-clock markets. According to Sina Finance, the New York Stock Exchange is planning to allow some trading for 23 hours a day, five days a week starting in December, while Nasdaq also wants to extend weekday trading hours for its stock venue to 23 hours. Mecane said that once exchanges begin operating 23 hours a day, five days a week, and the relevant infrastructure is in place to let more participants access the market, it will drive market growth and expansion. According to Sina Finance, he said Citadel Securities would connect to those venues at that point while continuing to provide trading services as a single counterparty. The company has been hiring to prepare for the growing adoption of round-the-clock trading. According to Sina Finance, Mecane said Citadel Securities currently has about 10 people in Hong Kong handling sales and client service, and about 50 in the United States. He said about 11% of U.S. stock trading volume comes from premarket and after-hours sessions, and that Citadel Securities accounts for at least half of retail trading in the U.S. overnight session.