FINANCE: A Tale of Two Cities

A Tale of Two Cities

Although securities trading has become an increasingly global activity in recent years, overseas time differences have helped prevent U.S. financial exchanges from capturing the volume of business from abroad that they would like. When the Chicago Board of Trade closes at 3:15 p.m., for example, it is 6:15 a.m. in Tokyo, and most Japanese investors are still in bed. To close the time gap, the board's directors last week approved a new proposal to establish evening trading hours. Under the plan, futures and options on U.S. Treasury bonds and notes could be traded between 5 p.m. and 8 p.m. (8 a.m....