21:29:50 EDT Wed 01 May 2024
Enter Symbol
or Name
USA
CA



Urbana Corp
Symbol URB
Shares Issued 10,000,000
Close 2023-08-28 C$ 4.10
Market Cap C$ 41,000,000
Recent Sedar Documents

Globe says Urbana pushing for non-stop stock trading

2023-08-29 08:37 ET - In the News

The Globe and Mail reports in its Tuesday edition that some day in the future, the bell signifying the beginning and end of equity trading will ring for the final time, as markets will simply stay open indefinitely. The Globe's Jameson Berkow writes that based on the rapid growth of Blue Ocean Technologies, a Canadian-backed U.S. fintech start-up focused on overnight trading, that day could be coming soon. "It used to be that trading didn't start until 10 a.m. because most of us didn't get over our hangovers until around then," said Tom Caldwell, chief executive officer of Urbana, the largest individual shareholder in Blue Ocean with a 35-per-cent stake. Urbana, which also owns 49 per cent of the Canadian Securities Exchange, invested $11.5-million in Blue Ocean in mid-2022. The money helped Blue Ocean CEO Brian Hyndman advance 24/7 trading. "I spoke to a variety of customers -- Goldman Sachs, Merrill Lynch and Morgan Stanley -- and they said, 'We just want to go home at 5, we don't want to go overnight,'" Mr. Hyndman said. "But when I was at Nasdaq, I was speaking to the wrong people." He needed to talk with Asian brokers. "The real value was offering the trading of U.S. stocks in real time to Asian retail investors."

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