Given the resentment in the broking community over the extension of trading hours, one

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can imagine the outburst if the markets traded round the clock. Any one even remotely related to the market would probably be on the streets. Harvard-educated fund manager would be wielding batons. Anchors from business news channel would perhaps be seen leading protest rallies on Marine Drive.

An emergency meeting of the International Organisation of Securities Commissions would be called to discuss the situation. Exchanges from south Asian countries, led by Singapore stock exchange, would lodge their protest, fearing that the volumes from SGX NIFTY would shift back to India. Even Luxembourg exchange members would protest expecting Indian GDR volumes to be affected. A large number of global corporation planning would line up to list in India to take advantage of the large Investor base in India hoping that intra-day trader would create volumes in their stocks.

While protests would continue, the new trading schedule would be implemented. To the surprise of many, brokers who had led the protests would be getting into talks with call centre owners to share infrastructure, if only for transporting their employees. Geffory’s bar on marine drive would extend happy hours.

The informal opening bell on Indian markets would shift from 9 am to 2 am. The moment the US markets close, Indian market would witness sharp directional move in line with the Dow. There would be a surge in volumes between 2 and 4 am, after which volumes would dry when every dealer goes for a morning walk. From 7 am, heavy volumes would return for an hour, as Hong Kong market opens. After 9 am, volumes would again dry up as the traders would feel exhausted, but then regular investors would step in at 10 am. The afternoon is again likely to go into a limbo with volumes improving only towards the sunset when US markets get ready to open. All traders would be back at their trading desk and volumes would shoot up. As a flood of data on condition of US economic comes in Nifty would witness volatile moves. So what’s new. And yes, small brokers would have retired to an island, unable to cope with the pressures.

The writer is director of Elan Equity Services, a small brokerage firm