Latest news with #ThomasPeterffy
Reuters
4 days ago
- Business
- Reuters
The genie is out: 24-hour trading gaining momentum, Interactive Brokers chairman says
June 5 (Reuters) - Interactive Brokers (IBKR.O), opens new tab Chairman Thomas Peterffy on Thursday said 24-hour trading has become more acceptable, calling it a genie that is hard to put back into the bottle, at the Piper Sandler Global Exchange & Trading Conference. Global interest in the lucrative U.S. equity market has surged in recent years, driven by rising retail participation, prompting exchanges and financial firms to seek new methods to expand access, particularly by extending trading hours. "24 hours' trading is obviously very important to many people in the far Middle and near East, much more so than in the U.S. or even in Europe," Peterffy said at the conference. In May, about 2.2% of Interactive Brokers' volume was done in overnight trading, Peterffy said, adding that he expects the number to rise to 25% to 30% in the next year. Interactive Brokers launched overnight trading in November 2022, while exchanges like Nasdaq (NDAQ.O), opens new tab, Cboe Global Markets (CBOE.Z), opens new tab and Intercontinental Exchange (ICE.N), opens new tab, the operator of the New York Stock Exchange, have announced plans for extended trading hours. Ken Griffin's Citadel Securities had flagged risks of 24-hour trading to the Securities and Exchange Commission in April, highlighting the need for a clear regulatory framework and market infrastructure to support its implementation.
Yahoo
4 days ago
- Business
- Yahoo
The genie is out: 24-hour trading gaining momentum, Interactive Brokers chairman says
(Reuters) -Interactive Brokers Chairman Thomas Peterffy on Thursday said 24-hour trading has become more acceptable, calling it a genie that is hard to put back into the bottle, at the Piper Sandler Global Exchange & Trading Conference. Global interest in the lucrative U.S. equity market has surged in recent years, driven by rising retail participation, prompting exchanges and financial firms to seek new methods to expand access, particularly by extending trading hours. "24 hours' trading is obviously very important to many people in the far Middle and near East, much more so than in the U.S. or even in Europe," Peterffy said at the conference. In May, about 2.2% of Interactive Brokers' volume was done in overnight trading, Peterffy said, adding that he expects the number to rise to 25% to 30% in the next year. Interactive Brokers launched overnight trading in November 2022, while exchanges like Nasdaq, Cboe Global Markets and Intercontinental Exchange, the operator of the New York Stock Exchange, have announced plans for extended trading hours. Ken Griffin's Citadel Securities had flagged risks of 24-hour trading to the Securities and Exchange Commission in April, highlighting the need for a clear regulatory framework and market infrastructure to support its implementation.
Yahoo
4 days ago
- Business
- Yahoo
The genie is out: 24-hour trading gaining momentum, Interactive Brokers chairman says
(Reuters) -Interactive Brokers Chairman Thomas Peterffy on Thursday said 24-hour trading has become more acceptable, calling it a genie that is hard to put back into the bottle, at the Piper Sandler Global Exchange & Trading Conference. Global interest in the lucrative U.S. equity market has surged in recent years, driven by rising retail participation, prompting exchanges and financial firms to seek new methods to expand access, particularly by extending trading hours. "24 hours' trading is obviously very important to many people in the far Middle and near East, much more so than in the U.S. or even in Europe," Peterffy said at the conference. In May, about 2.2% of Interactive Brokers' volume was done in overnight trading, Peterffy said, adding that he expects the number to rise to 25% to 30% in the next year. Interactive Brokers launched overnight trading in November 2022, while exchanges like Nasdaq, Cboe Global Markets and Intercontinental Exchange, the operator of the New York Stock Exchange, have announced plans for extended trading hours. Ken Griffin's Citadel Securities had flagged risks of 24-hour trading to the Securities and Exchange Commission in April, highlighting the need for a clear regulatory framework and market infrastructure to support its implementation.
Yahoo
01-04-2025
- Business
- Yahoo
Wall Street Can't Believe This: Newsmax Skyrockets 720% in IPO Blowout
Newsmax (NYSE:NMAX) just pulled off one of the most explosive IPO debuts in recent memoryclosing at $82.25 after pricing at just $10. That's a staggering 720% pop on day one, giving the conservative media company a $10 billion-plus valuation right out of the gate. Founder and CEO Christopher Ruddy, who still controls 81% of the voting power, instantly became a billionaire many times over, with his stake now worth more than $3.3 billion. Newsmax, which started as a digital news site in 1998 before going cable in 2014, now reaches 57 million homes and is positioning itself as a serious challenger to Fox News in the cable space. Warning! GuruFocus has detected 6 Warning Sign with FOX. The investor lineup reads like a billionaire club: Interactive Brokers (NASDAQ:IBKR) founder Thomas Peterffy owns a $1.9 billion stake, Qatari royal Sheikh Sultan bin Jassim Al-Thani holds nearly 20 million shares, and Ukrainian industrialist Vadim Shulman is in the mix too. Even with a $72 million loss last year on $171 million in revenue, investors clearly aren't in it for the current numbersthey're betting big on future media disruption. To put things in context, Fox Corp (NASDAQ:FOX)with Fox News under its beltposted $2.4 billion in profit on $6.5 billion revenue last year and trades at roughly $25 billion in market cap. That makes Newsmax's $10B+ tag punchybut not impossible, especially in a media landscape hungry for alternatives. This IPO is more than just a financial milestoneit's a cultural signal. A right-leaning news network with deep-pocketed backers just got a public ticker and a Wall Street spotlight. Ruddy, a former journalist with degrees from St. John's and LSE, has now built a company investors are willing to value like a tech growth story. The next phase? Converting all that political heat and fresh capital into a business model that can scaleand sustain. Because while IPO day fireworks are fun, the real test comes when the buzz fades and the quarterly results roll in. This article first appeared on GuruFocus. Sign in to access your portfolio
