Charles Schwab aims to expand trading options for clients who prefer off-hours access, rolling out 24/5 trading for stocks in the S&P 500 and Nasdaq-100, alongside hundreds of ETFs. This addition builds on its current round-the-clock offerings of select ETFs, addressing growing demand from both domestic and international clients.
The company’s head of trading services, James Kostulias, cites a shift in client demographics, with a majority of Schwab’s new users under 40. This younger segment seeks real-time access for convenience and immediacy. “That younger generation wants to trade when it suits them,” he notes, pointing to the simplicity of mobile access today compared to the desktop-dependent past.
International clients also benefit, gaining flexibility to trade U.S. securities on a schedule that aligns with their time zones. Demand spikes around key events, such as earnings releases or geopolitical developments, creating a need for real-time portfolio adjustments.
With the TD Ameritrade integration complete, Schwab is ready to launch new features. The acquisition has provided a substantial boost to Schwab's market presence, with TD Ameritrade’s active trader base enhancing Schwab’s appeal among DIY investors. TD Ameritrade pioneered 24-hour trading for ETFs in 2018, a service Schwab now builds upon.
Schwab will begin by testing expanded trading hours with a pilot group, aiming for a full rollout in early 2025. The infrastructure required for 24/5 trading is already in place, according to Kostulias. “Operationally, we’ve scaled significantly, handling around six million trades daily, and we’re prepared for over 25 million,” he explains.
The company is also enhancing its website, mobile app, and thinkorswim trading platform. New customization features on thinkorswim allow users to monitor index movements via rotating charts and a quote carousel. Mobile users can view analyst reports and ratings for their holdings, and soon all thinkorswim clients will have access to features aimed at achieving more favorable options pricing for single-leg and multi-leg trades.
Schwab’s integration of TD Ameritrade marked the largest client migration in brokerage history. The transition, conducted in phases, culminated in the migration of 1.8 million accounts earlier this year, positioning Schwab as one of the nation’s leading wealth management and brokerage firms. Today, Schwab oversees $9.92 trillion in client assets across 36 million active brokerage accounts.
As other platforms like Robinhood and the New York Stock Exchange extend their trading hours, Schwab’s expanded 24/5 trading positions the firm to meet increasing demand and sets a new standard in after-hours accessibility for U.S. securities.
