Big Board considering evening hours by July

Timetable moved up with big rival planning a 5 p.m.-9 p.m. session

May 25, 1999|By BLOOMBERG NEWS

NEW YORK -- The New York Stock Exchange may add an evening trading session as early as July, Chairman Richard Grasso said yesterday.

The world's largest stock exchange had initially planned to extend hours in mid-2000 and is accelerating the change, in part, because its rivals are doing the same. The Nasdaq stock market and two private companies said they might begin evening trading in a few months.

Grasso said the Big Board, which is now open from 9: 30 a.m. to 4 p.m., will add hours only if there is demand.

"Expanding hours is not simply an exercise of trying to be a me-too entrant into the marketplace," Grasso said. "We have got to believe there is a reason for us to do this."

The board of the National Association of Securities Dealers, parent of the Nasdaq stock market, meets Thursday to consider Nasdaq's plan to introduce an evening session from 5 p.m. to 9 p.m.

The NYSE also said Toyota Motor Corp. will list its American depositary receipts on the Big Board toward the end of the year. The world's third-largest automaker said it will also list its shares on the London Stock Exchange.

Pub Date: 5/25/99

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