Matt Levine, Columnist

Why Not Trade All Night?

Also an Ozy lawsuit, Robinhood vs. the SEC, awkward text messages and Shiba Inus.

October 6, 2021 at 1:30 PM EDT

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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The basic situation of U.S. equity market structure is:

That doesn’t serve anyone! I have in the past argued, with a certain amount of seriousness, that the stock market should have much, much shorter hours; 15 or 30 minutes a day should suffice for everyone who wants liquidity to find it, and traders could spend the rest of their days researching companies or writing market analyses or reading poetry or hanging out with their families. But you could take it the other way:

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