Anika Begay
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Brokerage firm Robin Hood announced on Monday night 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 24-hour trading, has suspended 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 submitted for execution beginning at approximately 4:00 a.m. ET tomorrow. You may cancel your order at any time and may still place an order for another trading session,” the statement read.
It is unclear whether the suspension will last beyond the early hours of Tuesday morning or whether other brokerage firms offering late-night trading will be affected.
A Blue Ocean spokesperson told Vscek in an email late Monday that the company had experienced capacity issues the night before, requiring it to cancel “a small percentage of trades.” The company will migrate to a new technology system in the next two weeks, the statement said.
Robinhood’s announcement comes after several companies, including Charles Schwabencountered 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, with the Dow Jones Industrial Average dropping by more than 1,000 points and the S&P 500 Index recording its worst day since 2022.
Robinhood first introduced “24/5 trading,” from 8 p.m. ET on Sunday to 8 p.m. ET on Friday, in May 2023. Overnight trading is typically limited to the most liquid stocks and ETFs on the market.
