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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 result of a difficulty with its execution venue.
The corporate stated 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 can be open as of approx. 8 PM ET will likely be routed for execution beginning at approx. 4 AM ET tomorrow. Chances are you’ll cancel your order at any time, and might nonetheless place an order for one more buying and selling session,” the assertion stated.
It isn’t clear if the suspension will final past early Tuesday morning, or if different brokerage corporations that supply in a single day buying and selling are affected.
A spokesperson for Blue Ocean informed CNBC in an e mail Monday night time that the agency skilled capability points the earlier night time, resulting in “a small share of trades” needing to be canceled. The agency will likely be migrating to a brand new know-how system within the subsequent two weeks, the assertion stated.
The announcement from Robinhood comes after a number of corporations, together with Charles Schwab, suffered technical points on Monday that briefly prevented a few of their customers from accessing their brokerage accounts.
International 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 Might 2023. In a single day buying and selling is often restricted to probably the most liquid shares and ETFs available in the market.
