Talk about contrarian thinking.
While most people on Wall Street are anticipating longer trading hours at the New York Stock Exchange, George Bodine is thinking the opposite.
"You're trying to get more people together to transact, and the New York Stock Exchange is talking about expanding the hours, but to me, they should go the other way," said Mr. Bodine, who runs the trading desk at General Motors Asset Management, New York. "If you want to get more crosses done, instead of 6%BD; to 7 hours, knock it down to 4%BD; to 4."
Mr. Bodine, who sent a letter outlining his idea to John Thain, CEO of NYSE Group Inc., New York, which operates the Big Board, said he is not opposed to an earlier opening, "but I would like a corresponding shortening" at the end of the day.
Mr. Thain has not yet replied. Currently, the market is open from 9:30 a.m. to 4 p.m. EDT.
Joseph C. Gawronski, chief operating officer of agency brokerage firm Rosenblatt Securities Inc., said the idea probably won't fly.
"There is indeed academic evidence that shorter hours equals more chances for orders to interact and better markets; for-profit exchanges that are worried about competitors taking away business when they're closed will never go for that," he said.