NYSE-parent ICE’s CEO Jeffrey Sprecher Says ‘Trying To Catch Up’ With Firms Like Robinhood On 24/7 Markets

• ICE CEO Jeffrey Sprecher said stablecoins have “dollarized the world”, as they are denominated in US dollars.
• Robinhood has launched 24/7 trading offering trading of selected stocks and exchange-traded funds.

NYSE-parent, Intercontinental Exchange’s Chief Executive Officer said on Monday that the company is trying to catch up with firms like Robinhood on crypto and 24/7 trading markets. 

“New York Stock Exchange, by law, has to close the stock exchange at four in the afternoon,” Jeffrey Sprecher said. “Robinhood has come out, and they're trading 24 hours a day, and a lot of that volume is coming from overseas, because all these overseas people, they all want to own the Magnificent Seven, and they all have dollars in an account, and it's like they're buying US stocks,” he added. 

“These innovators have created twenty-four by seven markets, twenty-four by seven capital movements, and we're trying to catch up, much like the regulators, and figure out what this means for our business,” he said at Rotary Club of Atlanta. 

Stablecoin Popularity

Sprecher said that stablecoins have “dollarized the world,” as they are denominated in US dollars, prompting European central bank and UK central bank and even China to rush and launch their own stablecoin type currency. 

Last year Intercontinental Exchange signed a memorandum of understanding with Circle, issuer of the world’s second-largest stablecoin, to explore integrating Circle’s products into its trading and clearing business. 

Firms like Visa have launched stablecoin settlement in the United States as it gains popularity globally. 

24*7 Trading Push

NYSE has been planning to extend weekday trading on its NYSE Arca equities exchange to 22 hours a day on all weekdays, excluding weekends. Last month, Nasdaq also filed for a 23-hours a day trading for five weeks a day to U.S. Securities and Exchange, as demand from investors pile.

Robinhood has launched 24/7 trading offering trading of selected stocks and exchange-traded funds as it pushes to go beyond traditional Wall Street operating hours. It also introduced tokenized U.S. equities and exchange-traded funds (ETFs) on Arbitrum for its European Union customers. 

Robinhood’s CEO had said that “Tokenization will unlock 24/7 markets, and once people experience it, they'll never go back,”. 

How Did Stocktwits Users React?

Retail sentiment around ICE trended in ‘bearish’ territory amid ‘high’ message volume. 

Shares of Intercontinental Exchange have risen nearly 18% over the past year and shares of Robinhood have rallied more than 200%. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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