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Brokerage agency Robinhood introduced on Monday night that it will not supply in a single day buying and selling as a consequence of a difficulty with its execution venue.
The corporate mentioned in a publish on social media web site X that Blue Ocean ATS, the third-party agency that Robinhood works with for round the clock buying and selling, has suspended its in a single day market.
“Robinhood 24 Hour Market’s execution venue, Blue Ocean ATS (BOATs), has suspended in a single day buying and selling for tonight. 24 Hour Market orders which might be open as of approx. 8 PM ET shall be routed for execution beginning at approx. 4 AM ET tomorrow. You might cancel your order at any time, and might nonetheless place an order for an additional buying and selling session,” the assertion mentioned.
It’s not clear if the suspension will final past early Tuesday morning, or if different brokerage corporations that provide in a single day buying and selling are affected.
A spokesperson for Blue Ocean informed CNBC in an electronic mail Monday night time that the agency skilled capability points the earlier night time, resulting in “a small proportion of trades” needing to be canceled. The agency shall be migrating to a brand new know-how system within the subsequent two weeks, the assertion mentioned.
The announcement from Robinhood comes after a number of corporations, together with Charles Schwab, suffered technical points on Monday that quickly prevented a few of their customers from accessing their brokerage accounts.
World markets noticed a steep sell-off on Monday, with the Dow Jones Industrial Common falling greater than 1,000 factors and the S&P 500 posting its worst day since 2022.
Robinhood first launched “24/5 buying and selling” — operating from 8 p.m. ET on Sunday to eight p.m. ET on Friday — in Could 2023. In a single day buying and selling is often restricted to essentially the most liquid shares and ETFs out there.
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