Tradeweb to extend trading hours the day after US election

NEW YORK (Reuters) – Bond trading platform Tradeweb plans to extend trading hours on Nov. 6, the day after the U.S. presidential election, and offer overnight support on Election Day.

“We are providing overnight operational support and some early trading hours to cover the U.S. Presidential Election,” it said in an email to clients on Thursday.

Several banks, brokerages, investment managers and exchanges are adding staff to handle high trading volumes on and around Election Day, Reuters has reported, as markets are expected to be volatile as results come in.

Tradeweb, which specialises in electronic trading for rates, credit, equities and money markets, said on Thursday customer relations and dealer relations teams will be available throughout the night of Nov. 5 to provide “additional operational and technical support.”

Trading will begin earlier than usual on Nov. 6 for products including European credit and equities, as well as repurchase agreements, U.S. credit and U.S. exchange-traded funds, it said.

Trading for U.S. credit default swaps – derivatives used to insure against credit exposure – will start just after midnight (0500 GMT) on Nov. 6, as opposed to normal trading hours which start at 7:00 a.m.

Tradeweb had an average daily trading volume of $2.2 trillion in the quarter ending on Sept. 30, a 55.3% increase year on year, it said in its quarterly results on Wednesday.