It probably just ruined the lives of a few hundred/thousand junior associates at the various banks across the country. Investment banking as a career is about to get a lot worse.
Right?? They must be confusing S&T with IB. Even S&T would likely not be significantly impacted because the bulge brackets already have large enough infrastructures to hire slightly bigger teams to monitor round the clock activity. Its smaller fundamental LO and L/S teams that would be kind of boned.
Right now they can expect about 8 hours away from their desk to eat/sleep get dinner. 24/7 markets will push them to do even more work maybe they'll get 3 hours away from work.
Someone will figure out how to manipulate the market outside normal hours, and banks will respond by putting on 24-hour shifts to monitor the market. Or market crashes outside normal hours will force their hand. The entry-level finance jobs tend to be the ones needed to get in early and stay late while they build their resume, so they just went from a 6 am to 8 pm day to never sleeping.
Realistically, their lives probably dont change too much. They already work a ton of hours. Proliferation of cocaine at work is about to be through the roof as people are forced to stay awake. Could be the 80s all over.
That number is ultimately insignificant compared to the lives ruined by overtrading. You can't expect people to stay rational especially if it's gambling
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u/MedicaidFraud brain freeze 25d ago
Extended hours trading already exists and I sleep during that. Big boys will still play during market hours. This changes nothing.