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Opinion
Matt Levine

Why Not Trade All Night?

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

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: