Samsung, Blue Ocean launch U.S. stock trading during South Korean business hours
The new service began on Monday and enables the real-time trading of all 8,000 U.S. National Market System stocks
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Asian investors can now buy and sell U.S. stocks during Korean business hours in real time through a partnership between Samsung Securities and U.S.-based off-exchange trading venue operator Blue Ocean Technologies LLC, the companies said on Monday.
"This is the first time in the history of the U.S. markets where Asia Pacific investors, and Korean investors, are going to have the ability to trade U.S. stocks before U.S. investors," said Brian Hyndman, president of Blue Ocean.
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"The U.S. day is going to start in Seoul."
U.S. equity futures are trading higher Tuesday as the calendar turned from a record November, including the Dow Jones Industrial Average closing above 30,000 points for the first time, as progress in the development of coronavirus vaccines kept inves (AP Photo/Ahn Young-joon / AP Newsroom)
The new service began on Monday and enables the real-time trading of all 8,000 U.S. National Market System stocks and exchange-traded products between 10 a.m. and 6 p.m. Seoul time, through Samsung Securities, the brokerage subsidiary of Samsung Group, which partnered with Blue Ocean.
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Blue Ocean also facilitates overnight stock trading in the United States for various brokerages, including Cowen, Charles Schwab Corp's TD Ameritrade and Morgan Stanley's E*Trade, and is also connected to market makers Virtu Financial and Jane Street Capital, Hyndman said.
Samsung Electronics Co Ltd likely saw a 45% jump in profit for January-March on robust sales of smartphones, TVs and home appliances, though chip division earnings are seen tumbling after a storm suspended production at its U.S. plant. (iStock) (iStock / iStock)
Asian investors buying stocks during Seoul business hours through Samsung will be able to trade with each other, as well as against the U.S. Blue Ocean order flow, he added.
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Blue Ocean is owned by multiple investors, with the biggest being Urbana Corp, which is also the largest shareholder in the Canadian Securities Exchange.