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The NYSE Intends To Prolong Daily Trading Hours To 22 On Its Arca Exchange.
(VOR News) – The New York Stock Exchange NYSE has declared its intention to extend the trading hours for stocks on its Arca platform to 22 hours on weekdays in an attempt to meet the demand from people worldwide for the ability to purchase and sell assets listed in the United States at any time of day or night.
To satisfy the demand, this will be done. The all-electronic Arca market will now have extended trading hours from 1:30 am to 11:30 pm Eastern time, according to the New York Stock Exchange (NYSE), a division of the Intercontinental Exchange.
The NYSE gave this data. Holidays are the only exception to this rule.
24/7 Over the past few years, retail trading has grown in popularity. Brokerage platforms like Interactive Brokers and Robinhood facilitate this kind of trading, which has helped this strategy gain traction.
Before it can be put into effect, the planned expansion must be approved by the US Securities and Exchange Commission. It is intended that the expansion will begin in 2025.
Kevin Tyrrell, the head of markets at the New York Stock Exchange (NYSE), issued the following statement on Friday: “As the steward of the US capital markets, the NYSE is pleased to spearhead exchange-based trading for our US-listed companies and funds to investors in various global time zones.”
The NYSE currently serves as the custodian of the US capital markets, hence the rationale for this statement. The New York Stock Exchange has issued a statement.
To increase the hours that trading is conducted, the New York Stock Exchange (NYSE) plans to apply for regulatory clearance from the Securities and Exchange Commission (SEC) and “US securities information processors” like the Consolidated Tape Association.
The purpose of this is to extend the hours that trade is carried out. The inclusion of midnight activity would be more likely to set the early tone for regular trading hours because the “tape” is the official record of trading prices on exchanges.
The “tape” is the official record of selling and purchasing prices, which explains why. This is because the “tape” serves as the formal document that documents the prices paid during the transaction.
Being a venue for exchange-traded funds is one of NYSE Arca’s most well-known responsibilities, although it also hosts some equities and closed-end funds.
NYSE Arca is the name of a financial exchange.
Approximately $21.8 billion in corporate shares and $27.7 billion in exchange-traded funds (ETFs) have been traded on the Arca market since the start of the year. These trades have a combined value of almost $21.8 billion.
Compared to the trading hours of the New York Stock Exchange, the trading sessions are substantially longer, lasting from four in the morning to eight in the evening Eastern time.
This operation timeframe is much longer than that of the New York Stock Exchange. According to Eastern time, the New York Stock Exchange is open for business from 9.30 a.m. until 4 p.m. The trading period is several hours long.
Activity in the retail trading industry has significantly increased as a result of the COVID-19 pandemic’s worldwide spread and the growing appeal of cryptocurrencies. Both of these variables contribute to this. The trade of assets can currently be done outside of the exchanges’ usual trading hours.
This might indeed happen. These assets include, for example, specific currencies, futures contracts on stock indices, and U.S. Treasuries. The New York Stock Exchange (NYSE) has been under a lot of pressure to think about increasing the hours that it is open for trading because of this trend.
The New York Stock Exchange (NYSE) polled market participants at the start of this year to find out what they thought about the advantages of trading stocks all day and all night. You can find the poll here.
Retail brokers currently exist that offer trading services that are available seven days a week, day or night. These brokers are given the opportunity to match nighttime trades by using a “dark pool” venue.
This site combines the buying and selling activities that occur during the day in Asia with those that occur during the night in the United States.
SOURCE: FTN
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Trudeau Called the Greatest Threat to NATO
The deputy chairman of the NATO Parliamentary Assembly’s Defense and Security Committee has chastised Prime Minister Justin Trudeau for his “arrogance” about NATO defense spending. His policies jeopardize the alliance’s existence.
Trudeau’s policies are the freeloading policies of a failing NATO. “If everyone followed Trudeau’s policies, there would be no NATO,” he remarked.
This year, Canada is set to spend 1.37 percent of its GDP on defense, significantly lower than the two percent objective agreed upon by heads of government in 2014.
Members have decided that 2% should be the minimum as concerns rise about Russia’s ongoing assault on Ukraine.
Trudeau reiterated last week that his government is on a “concrete” track to meet the minimum aim by 2032.
“The world is getting more dangerous, more unstable, which is why we’ve committed to reaching the 2 percent, why we’ve almost doubled our investments in defense over the past years, and will continue to over the coming years,” Mr. Trump stated.
He stated that Canada intends to purchase submarines, increase its funding in NORAD, and improve partnerships with NATO.
Many Americans, particularly those who support President-elect Donald Trump, believe it is still too slow. Turner stated that if countries such as Canada do not step up, there will be consequences for those “who cheat.”
The Republican senator penned an op-ed in Newsweek describing Canada’s prime minister as NATO’s greatest threat.
In the op-ed, he stated that Trudeau’s leadership has been so arrogant that it believes it is beyond the need to recognize that authoritarianism is one of the most serious challenges to democracy.
The only way to preserve democracy is to have a robust defense. Trudeau’s policies have outsourced it.
They’ve freeloaded on American taxpayers. The alliance’s call, which Canada also agreed to, is for everyone to pay their fair share and get above 2%, which Justin Trudeau has failed to meet.
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News
Facebook Securities Fraud Case Dropped By US Supreme Court
(VOR News) – On Friday, the United States Supreme Court refrained from issuing a rule on Facebook’s permissibility of shareholders advancing a securities fraud claim.
The litigation alleges that Facebook, a subsidiary of Meta, misled investors about the improper utilization of user data from the social media site.
At their hearing on November 6, the justices denied Facebook’s appeal against a lower court’s ruling that allowed a class action lawsuit initiated by Amalgamated Bank in 2018 to proceed.
On November 6, the Supreme Court stated that the issue should not have been addressed and, therefore, opted not to resolve the fundamental legal question at hand. The intervention ensures that the lower court’s verdict remains in force.
The court issued a one-line order for dismissal without providing a rationale. This month, the Supreme Court addressed two cases concerning the ability of private litigants to hold companies accountable for purported securities fraud. One such instance was the dispute involving Facebook.
The alternative case for chip manufacturer NVIDIA, renowned for its specialization in artificial intelligence, was discussed on November 13th. The Supreme Court rendered a verdict in the NVIDIA case on November 13th.
The plaintiffs in the lawsuit against Facebook claimed that the company had inappropriately withheld information from investors concerning a 2015 data breach involving the British political consulting firm Cambridge Analytica.
The incident impacted over 30 million Facebook users.
Facebook faced allegations of misleading investors, constituting a violation of the Securities Exchange Act, a federal statute established in 1934 that requires publicly traded companies to disclose the risks they encounter.
In 2018, media claims indicated that Cambridge Analytica had improperly utilized Facebook user data during Donald Trump’s successful 2016 presidential campaign, resulting in a fall in Facebook’s stock market price.
The investors have submitted a claim for unspecified monetary damages to partially offset the value of the stock they previously possessed.
The inquiry at hand was whether the company had contravened the law by declining to disclose details regarding the prior data breach in later business-risk disclosures while characterizing such scenarios as merely hypothetical.
Andy Stone, a representative, expressed his discontent with the Supreme Court’s decision to refrain from clarifying this specific legislative provision.
Stone asserted, “The plaintiff’s allegations are unfounded, and we will persist in our defense as the district court reviews this case.”
Facebook asserted that it was not obligated to disclose that the risk it had previously cautioned about had already materialized, as “a reasonable investor” would interpret risk disclosures as forward-looking statements.
President Joe Biden’s administration expressed its support for shareholders in this instance.
Initially dismissed by United States District Judge Edward Davila, the 9th United States Circuit Court of Appeals in San Francisco reinstated the action.
The decision compelled Facebook to appeal to the Supreme Court.
As Alan Morrison, a law professor at George Washington University, states, the plaintiffs are anticipated to pursue discovery, a process entailing the sharing of information between the litigating parties, following the Supreme Court’s dismissal of the appeal.
Morrison also indicated that Facebook “may refile their motion to dismiss under a slightly altered standard, partially to achieve delay.”
After the Cambridge Analytica data breach, the United States government commenced inquiries into privacy protocols, alongside other lawsuits and a congressional inquiry. In 2019, the United States Securities and Exchange Commission (SEC) initiated enforcement action against Facebook.
The company ultimately resolved the complaint for $100 million. Consequently, Facebook was obligated to remit a distinct penalty of $5 billion to the Federal Trade Commission of the United States.
The Securities and Exchange Commission, the federal agency overseeing fraudulent activities in the securities sector, has had its authority curtailed by prior Supreme Court rulings.
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Pam Bondi to Be Appointed US Attorney General
(VOR News) – President-elect Donald Trump selected Pam Bondi, a former Florida Attorney General and ally, to succeed Matt Gaetz on Thursday after the latter withdrew from consideration.
Gaetz’s drug use and sexual intercourse with a 17-year-old girl were the subject of an investigation by the House Ethics Committee. He denies any wrongdoing.
During Trump’s first administration, Pam Bondi, 59, served on the Opioids and Drug Abuse Commission. He served as police chief of the third-most populous state from 2011 to 2019.
She was also a member of Trump’s defense team at his first impeachment hearing, where he was charged with using military assistance to get Ukraine to look into the wrongdoing of his opponent, now President Joe Biden. The Senate cleared Trump on all charges.
The right-wing America First Policy Institute, which has collaborated with Trump’s campaign to create government concepts, most recently had Pam Bondi as its legal branch leader.
Unlike Pam Bondi, Gaetz lacks the experience necessary to serve as attorney general and will likely encounter resistance from Senate Democrats and some Republicans.
According to Jones Walker defense attorney David Weinstein, a former federal prosecutor in Florida, “She is unequivocally qualified for the position on paper.” Throughout her life, she battled in court. Her resume stood out from the previous nominee.
In a tweet announcing his intention to nominate Bondi, Trump praised her skills as a prosecutor and her firm stance against crime as Florida’s first female attorney general. Trump said that even though Bondi was elected on November 5th, while numerous state and federal criminal investigations were underway, he pledged to keep federal prosecutions from being politicized.
According to Trump, “The biased Department of Justice has been weaponized against me and other Republicans for an excessive duration.” That is not true anymore.
Discussion about Pam Bondi
In 2013, the Trump Foundation may have broken federal law by giving $25,000 to a political action committee that supported Pam Bondi. Bondi thought about looking into the for-profit Trump University.
Pam Bondi disputed that her decision to end her legal actions against Trump University following the 2016 disclosure of Trump’s $25,000 gift had anything to do with her decision to withdraw from those actions. According to her, all pertinent material was made public by her office.
The Trump team attributed the erroneous money disclosure to a “series of unfortunate coincidences and errors.” New York state fraud investigations resulted in the dissolution of both Trump University and the Trump Foundation.
After misleading Trump University students, he settled for $25 million and was fined $2 million for misusing charitable funds.
Following Special Counsel Jack Smith’s acquisition of two indictments against him for his interference in the 2020 election and his possession of secret materials after leaving office, Trump has voiced his displeasure with the present leadership of the Justice Department and pledged retaliation.
Bondi remains loyal
She and several other lawyers claimed that Smith’s appointment was illegal in an amicus brief they prepared in support of Trump in the secret information litigation. The Justice Department filed an appeal after U.S. District Judge Aileen Cannon, a Trump nominee, rejected the case.
According to a long-standing rule against charging a sitting president, Smith and other top Justice Department officials are examining how both Trump criminal cases were resolved.
Trump was incensed with the obstructionism of the Justice Department during his first administration. Bill Barr specifically refuted Trump’s baseless claims that he lost the 2020 election due to fraud, and Attorney General Jeff Sessions permitted an investigation into Russian meddling in the 2016 election.
Trump’s objectives for the Justice Department have been delineated through his public remarks and interviews with former department lawyers and Mark Paoletta, a conservative lawyer who develops the department’s policy.
Federal prosecutors may give illegal immigration cases priority.
Cities might have to cooperate with federal immigration enforcement to obtain a portion of the department’s $291 million justice assistance award.
The Civil Rights Division will probably refocus its attention from legal challenges to diversity, equity, and inclusion initiatives in the public and commercial sectors to police accountability to religious freedom.
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