After extending the trading hours, traders will directly face the increase of working hours, and investment institutions such as fund companies and more employees will meet the trading needs, which objectively increases the labor costs of these institutions. If the night market is more open, the operating cost of the organization and the cost of hiring more employees to implement three shifts will also increase.
In addition, if the trading time is extended, the securities companies that directly provide services for many traders will upgrade the trading system, and the operating cost of the system will also increase to a certain extent. However, the commission income of securities companies will also increase, and the proportion of commission increase is directly proportional to the proportion of transaction time extension.
There is a voice in the market that trading time objectively increases the cost for investors to cope with. When the trading time changes, we should also consider appropriately reducing the transaction cost of investors. After extending the trading time, the trading volume of securities increases correspondingly, the transaction cost increases, and the investor's capital consumption speeds up.
Regarding extending the trading time and promoting the development of quantitative trading, a senior quantitative researcher in Beijing said symmetrically: theoretically, but the actual promotion effect is not necessarily significant. After all, China's quantitative trading now faces more problems that T80 has not been implemented and the trading frequency has many restrictions. These factors have far exceeded the trading time.
The above-mentioned researchers also mentioned that the extension of trading time should be gradual and can only be extended by 30 minutes. In fact, the motivation for institutions to study quantitative strategies on a large scale is not strong, and quantitative transaction research also requires costs. If the transaction time is not long, they will recruit people, increase the number of people and raise wages.