The push for a four-day workweek has gained traction within the path of the coronavirus pandemic, even grabbing the attention of Congress, however a shorter workweek may be sophisticated to put in pressure on Wall Boulevard.
The finance sector has “always been a culture of heavy hours and working a lot,” said Jason Snipe, founder and CIO of Odyssey Capital Advisors. “Now that we have been compelled to stop to a certain diploma and reorient ourselves because of the Covid atmosphere, it has allowed us to reexamine what that culture is.”
Proponents of a shorter workweek point to the harm overworking does to a person’s physical and mental health as a reason to shift to fewer hours.
James Angel, associate professor of finance at Georgetown University, said he would be surprised if U.S. stock exchanges shortened their trading hours.
“If anything we may examine longer trading hours,” he said. “Americans trade more when the market is start, and the trade knows this. In jabber that they certainly are going to be in no bustle to shut down the cash register.”
The stock market does have a history of changing trading hours. In 1952, the Glossy York Stock Exchange got rid of Saturday trading hours, and it added a half-hour to the trading day within the 1980s.
There may very wisely be potential advantages to shortening hours, such as attracting more diverse talent to the trade.
“How can we make the trade more attractive to girls people and folks that’ve beforehand been discriminated against within the trade?” Angel said. “One of the things floating around in Europe is the idea of shortening their trading hours.”
Longer hours, on the opposite hand, may very wisely be beneficial to certain market participants, such as West Coast investors.
There are some regulatory caveats for exchanges wanting to change their hours. If an exchange would cherish to alter its trading hours, it may well have to first procure approval from the Securities and Exchange Commission.
Nasdaq and the Glossy York Stock Exchange declined CNBC’s attach a query to for remark.
Watch the video above to procure out more about the costs and advantages of a four-day workweek on Wall Boulevard.