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Retail stock trading company Robinhood now allows users to trade on the US presidential elections. The company announced on Monday that users can trade Donald Trump or Kamala Harris contracts on its derivatives platform.  According to the announcement, the contracts would be available for trading during specific hours between October 28 and November 8. On October 28 and 29, trading will be available between  8 A.M. ET and  8 P.M. ET. For October 30 and 31, it would change to 8 A.M. ET and 1 A.M. ET, while November 1 would be 8 A.M. ET and 10:30 P.M. ET. However, the contracts would be tradeable for almost 24 hours daily during the election week, which starts on November 3 and ends on November 8. The only break would be from 5 P.M. ET to 5:15 P.M. ET on each of the days during this period. Meanwhile, there would also be no trading on all Saturdays. The company noted that its derivatives unit, Robinhood Derivatives, will offer the contract through ForecastEx, and the contracts would be priced between $0.02 – and $0.99. The platform added that the new product is based on customer feedback, which is also why it plans to launch futures trading in the coming months. It said: “We believe event contracts give people a tool to engage in real-time decision-making, unlocking a new asset class that democratizes access to events as they unfold.” Meanwhile, only US citizens can trade the contracts, and they have to apply for and get approval before trading. The application process requires signing an attestation form stating that they are not non-US residents, political candidates, paid staff of the presidential campaign teams, or other people and institutions who might have a vested interest in the outcome of the election. Robinhood gets into the crowded…

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Filed under: News - @ October 28, 2024 10:24 pm