Whether equities will eventually adopt the 24/7 model is another story all together, however. Zoom in further, and approaches to the subject differ greatly depending on where you are on the globe. Sentiment surrounding the feasibility of the extension of trading hours remains starkly different in the US in comparison with the UK and Europe for example, where institutions in recent years have petitioned to shorten the trading day.

While US venues have been more aggressive in recent months with their desire to expand trading hours in equities, those in Europe and the UK appear to be dragging their heels, with no apparent plans on the horizon to follow suit. And the same US-led proactivity can be seen in the global shift to shortened settlement that is currently underway. 

“Discussions about extending US equity market trading hours have resurfaced, especially following the implementation of T+1 settlement [last year]. This move aims to compete with digital assets that offer continuous 24/7 trading,” says Eric Heleine, head of e-trading and data at AXA Investment Managers Core. 

US venues have been bullish in the last 12 months with plans to extend their trading hours. Several platforms, including OTC Markets and Blue Ocean Technologies, have offered out of hours trading for some time now, but recent moves by major exchanges suggest the topic is set to become increasingly mainstream.

In October 2024, the New York Stock Exchange (NYSE) proposed plans to extend weekday US equities trading on its NYSE Arca platform to 22 hours a day, subject to regulatory approvals. Meanwhile, 24X National Exchange received approval from the US Securities and Exchange Commission (SEC) for near-continuous sessions for equities trading. 

Cboe Global Markets revealed plans in February of this year to expand its trading hours for US equities, moving to a 24/5 model, subject to regulatory approvals. This was followed by news revealed in March that Nasdaq had begun engaging with regulators to enable 24/5 trading on the Nasdaq Stock Market.  

The potential benefits are clear and include the ability to respond to episodic events and manage risk in real-time. The extension also offers US traders a greater overlap with other regions in different time zones.

“Demand for 24-hour trading is largely focused on US markets, with increasing demand from other regions to trade US equities and gain exposure to specific indices or to specific stocks,” states Magnus Haglind, senior vice president and head of market infrastructure technology at Nasdaq.

“While it’s US-centric today in terms of liquidity and interest, it’s an emerging trend that is likely to spread across other markets.”

Retail-led innovation

Whether the push in the US is fuelled by institutions is another question all together. Depending on where an individual sits in the trading value chain, their priorities tend to differ. 

For the retail segment, the move could mean access to markets in times that are more suitable to an individual trader. However, for institutional investors – who often seek to reduce market toxicity and fragmentation – there is, a preference for shorter trading sessions.

“It gives the retail market the opportunity to react to overnight news, geopolitical headlines, perhaps announcements that come out after the core US markets are closed. It probably provides greater opportunity for the retail sector,” suggests Ed Wicks, global head of trading and liquidity management, Asset Management, Legal & General.

Amid opposing responses to expanded trading hours, there seems to be a consensus that equities shouldn’t necessarily exactly mirror crypto markets, exampled by the 24/5 model opted for by US venues. 

“We might be on the way, but 24/7 specifically is quite a way out. When you start talking about weekends and holidays, that adds many layers of complexity,” suggests Kevin Tyrrell, head of markets at NYSE.

Retail trading has been central to much of the push in the US to extend the trading day. Crypto was a game changer for many retail participants, particularly due to the ability to trade at hours that suit an individual trader. However, while the US boasts a large and growing retail market, this is something that the UK and much of mainland Europe lack. 

“The demand [for extended hours] probably comes from two market participant types. It’s the retail brokers […] and the market makers that want to interact with retail flow, because it’s generally considered relatively benign,” says John Fruen, head of EMEA market structure and liquidity strategy at UBS.

“Also, the dynamics that go into an out of general hours period, which include conditions like wider spreads, probably improve the economic terms for those market makers when providing liquidity to retail.”

From a UK/EU perspective, where retail volumes are significantly reduced, the push towards expanded trading hours appears to be far weaker, with no key reason to implement the shift, at least from an institutional perspective. 

“I would say that there’s maybe a bit of a bifurcation between institutional and retail. To my knowledge, most of the demand that is coming out tends to be either US-based or Asia-based retail demand, rather than what I would call core institutional demand,” argues Wicks.

“Am I advocating for 24-hour trading to support our business in US equities – or any equities for that matter? Not at the moment, no. Additionally, because much of the overnight demand at the moment is mainly from retail type investors, you run the risk of having slightly elevated volatility in those sessions.”

Less is more?

Even from an exchange perspective in the EU, no consensus has been reached on whether to expand or even reduce market hours for equities, despite several major initiatives announced in the US in recent months. 

“We ran a consultation for our participants both on the continent and in the UK and no clear consensus emerged from it. In summary, the UK was more in favour of shortening whilst the continent preferred a status quo,” says Vincent Boquillon, head of cash equities at Euronext.

“So given that there was no consensus among industry participants on buy-side, sell-side and industry associations, we don’t see the immediate need to take action in that regard, however we remain fully supportive to engage with the industry if a need materialises.”

The situation in Europe is markedly different to the one developing in the US. As opposed to extending trading hours, in 2020, buy- and sell-side traders urged the London Stock Exchange and other European venues to shorten equity trading hours to 9am to 4pm GMT, aiming to improve trading floor culture, boost diversity, and enhance intraday liquidity.

After intense debate, exchanges rejected the proposals, arguing it wouldn’t be a ‘silver bullet’ for diversity or mental health challenges.

“There are several reasons why a reduction in hours could be viewed as a positive move. The ones that are most frequently quoted include fragmentation of liquidity. We have longer trading hours in the core session than the US do, with a tenth of the volumes. We talk a lot about venue fragmentation, but time is a fragmenting element as well and liquidity may be improved by shortening those hours,” suggests UBS’ Fruen.

“The most recent argument has been around the transition to T+1 and the fact that we are going to need to do a lot more post-trade allocation processing on T0, than we do today. Asking people to stay later to do that doesn’t help work life balance in an industry which already has a reputation for longer working hours than may be offered to people elsewhere and may have an impact on the diversity of talent that can be recruited.”

Elsewhere, arguments exist that having wider coverage across the globe is more important than having extended hours to accommodate the global trading of equities. The benefits of overlapping with other markets seems more preferable than expanding or reducing trading hours. 

“On balance, there are greater advantages potentially to be garnered from overlapping with Asia and Middle Eastern markets when you’re sitting in Europe and then overlapping with the US markets,” argues Wicks. 

“I would come down on that advantage rather than reducing market hours. I don’t see the need and I wouldn’t say I’m a big advocate of reducing market hours. The overlap is important, particularly as we’re all trying to grow capital market participation.”

Culture clash 

A clear disparity exists between the US and Europe when it comes to this topic, which brings into question why such opposing views exist. Retail participation is much larger in the US, but also, liquidity dynamics and volumes are notably different too. 

“If you look at the liquidity between the US and Europe, it’s vastly different. The US has been growing. The European trading day is longer than our trading day in terms of regular market hours and it’s heavily skewed towards the closing auction. We have a very large closing auction but there’s not as much of a skew here as there is in some of the European markets,” says NYSE’s Tyrrell.

“That all adds up to just regular continuous trading. What we do even today in the extended hour sessions would just be much harder in Europe. There doesn’t seem to be a lot of liquidity in the regular hours as it is.”

Echoing this, Nadsaq’s Haglind notes that from a global investor perspective, there is a huge focus on the US as a market of choice based on the depth of the liquidity. “Through conversations with our European technology clients, based in the middle of global time zones, there isn’t the same level of demand compared to the US. However, market operators are increasingly assessing how they can enhance their infrastructure to make sure they’re ready as investor appetite increases,” he says.

“Across different client groups we see interesting dynamics between serving local market participants, with a shortening of trading hours in some cases, and the need to attract global liquidity.”

At present, it’s hard to justify European equities as having sufficient liquidity to trade on a 24/7 basis. Market participants within the region argue that that’s not where the focus should lie. 

“Perhaps there’s an argument to say it makes sense to try and find ways to provide facilities for retail investors to be able to trade when they want to, in ways that give them good outcomes, to help with the overall liquidity picture,” suggests Fruen.

“But ultimately, having a core market session which includes an open, a continuous session and a close, is probably something the majority of the incumbent institutional investors and sell-sides and even venues want to maintain.”

Shifting trading desk dynamics

If the industry were to transition to extended trading hours, the changes would likely mean round-the-clock operations, increased compliance, staffing and monitoring. Trading desks, and their make-up, are defined by changes in the landscape, be it through developments such a T+1, the introduction of new technologies such as artificial intelligence, and growing global presences. 

“Trading desks are evolving and this started out with the crypto trading craze. As crypto trades 24/7 365, certain firms had overnight desks already built to support that,” says Brian Hyndman, president and chief executive at Blue Ocean Technologies.

“It was an easy extension to begin trading equities if you were already trading other asset classes overnight. We see more and more firms here in the US expanding and supporting overnight trading, or relying on their offices in Hong Kong, Tokyo or Singapore, to support their 24 by five trading.”

Some argue that the way in which trading desks are currently set up would be sufficient to allow for continuous or expanded trading hours for equities, however, this viewpoint aligns more with larger firms already operating large teams globally. For smaller firms, having a follow-the-sun model would require a lot of adaptation, including the need to set up in different geographical locations to accommodate time zones. 

“The technology we have is already managing an extension of trading hours on some market segments. There would be, for sure, adaptation to the post-trade session, which would be a challenge. But in terms of technology, we know how to do a 24/5 market today. You don’t need a revolution or innovation to do that,” says Nicolas Rivard, head of cash equity and data services at Euronext.

Despite differing viewpoints in the US versus the UK and Europe, it appears that extending trading hours in equities is going to happen. Much like with the shift to T+1, other regions may find their hand forced as the US continues to steam ahead. With an increasing number of US venues looking to implement the change, UK and EU venues could find themselves pressured to follow suit in order to remain competitive.

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This overlapping distinction has been attributed to the rise of electronic execution for program trades and the increasingly sophisticated algorithms for single-stock trading, which represent a greater shift towards e-trading. 

According to a study conducted by Coalition Greenwich, program trades accounted for approximately $79 billion in daily trading activity in 2024, and nearly half (46%) of these trades were executed electronically, an increase of 35% in two years.  

The firm has said that buy-siders leveraging existing single-stock algorithms instead of implementing program-specific strategies has also contributed to this increase.   

“Today’s traditional single-stock algorithms are savvy are enough to be used to execute baskets of orders as single programs,” said Jesse Forster, head of equity market structure and technology at Coalition Greenwich. 

“Between workflow innovation and good old-fashion inflation, the definition of program trading itself is now in flux.” 

This push towards electronic execution and advanced algorithms has meant that there is a greater buy-side focus on the choice between high-touch and low-touch execution, with the aim of finding the method with the best trade outcome.  

Many buy-side traders use broker sales traders to offer guidance on these options, and for more than 60% of them, performance and minimising market impact are the driving force in the decision-making process.  

Forster added: “While electronic trading is becoming more prevalent, high-touch sales traders still play a vital role in program trading, particularly for complex orders or those involving non-U.S. constituents. 

“Buy-side traders value the expertise and risk management capabilities of high-touch sales traders.” 

Although this growth in the program trading space may offer challenges to smaller or regional brokers competing with larger banks, it is expected that many firms will build on this development and begin innovation and investments in next-generation program-specific strategies.  

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Robin Mess

The firm flagged concerns around the importance of a competitive process as part of the motivations behind its bid, as well as asserting it had received “overwhelming” support from the industry. 

Thus far, the only other confirmed bidder for the tape is EuroCTP, headed up by Eglantine Desautel. 

Robin Mess, co-founder and chief executive of big xyt, explained: “We believe that competition in this selection process is essential to delivering the best possible outcome for all market participants. Our independent approach ensures that the resulting consolidated tape will serve the entire market fairly while advancing the regulatory goals of improved transparency and efficiency. 

big xyt highlighted that their bid specifically addresses the key industry concerns of: data quality, cost, and independence – allegedly free from any bias or impartiality.

Its solutions include granular level 3 analytics, real-time trading analytics with nanosecond operation, and comprehensive pre- and post-trade analytics. The firm also offers data normalisation, harmonisation and quality assurance, as well as a cloud-native proprietary technology stack. 

“After careful consideration and in response to strong encouragement from our partners throughout the financial ecosystem, we are stepping forward to offer the market an independent consolidated tape solution,” added Mess.

“Since 2014, we have set the highest standard possible for transparency across markets. By building our own tape, we’ve created the foundation for best-in-class pre- and post-trade analytics. This capital-efficient solution not only enhances the quality of our insights but also reinforces our ongoing commitment to market integrity and accessible, high-quality information.”

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The strategic acquisition will also provide enhancements in equity research and investment banking.  

The Benchmark Company is a full-service investment banking firm which offers a sales and trading platform, equity research, and an investment banking team.   

Jacob Rappaport, global head of equities at StoneX, said: “The acquisition of Benchmark establishes a franchise-level equity research and investment banking platform at StoneX, significantly elevating our equities capabilities. This strategic move strengthens our ability to deliver deep market insights, superior execution, and comprehensive solutions to institutional and commercial clients in global capital markets.” 

StoneX’s acquisition of Benchmark follows the recent completion of its acquisition of Paris-based fixed income brokerage firm, Octo Finances, set to bolster its presence in the asset class.  

Read more: StoneX picks up fixed income brokerage Octo Finances 

Anthony Di Ciollo, global head of fixed income at StoneX, noted that the addition of Benchmark’s research and expertise will enhance its expanding debt capital markets offering.  

“This partnership will leverage our extensive global fixed income distribution network and drive mutual success, delivering even greater value to our clients worldwide,” he added.  

The firms confirmed that Richard Messina, founder and chief executive of Benchmark, will continue in his role and lead the division within StoneX. 

Completion of the transaction is subject to regulatory approval and customary closing conditions. 

“By integrating StoneX’s exceptional capabilities and global reach, we can amplify our legacy platform and drive significant value for our clients,” said Messina.  

“This marks an exciting new chapter of growth for Benchmark, with a shared commitment to accelerating StoneX’s impressive growth trajectory.” 

The post StoneX adds investment banking capabilities with acquisition of The Benchmark Company appeared first on The TRADE.

Tal Cohen, president, Nasdaq

The exchange’s timeline is pending regulatory approval and alignment with industry infrastructure providers, with plans to launch in the second half of 2026.   

The development has been linked to increased retail participation, a reduction in barriers to accessing markets through wealth accumulation, and increased appetite to engage with US markets from global investors.   

Nasdaq also noted that in the APAC region, investors are increasingly turning their attention to US markets, drawn by opportunities, strong regulatory frameworks and access to high-growth sectors.  

“Attracting more investment to our markets presents a compelling opportunity for both the US and global economy. It is therefore incumbent on us to enhance access for those operating across different time zones,” said Tal Cohen, president at Nasdaq.   

“[…] Now is the time to engage in rigorous analysis, share insights, and design systems that ensure extended trading hours enhance, rather than adversely impact, the quality of our markets. The question is not whether we can build a market that operates 24/5, but how we do so in a way that strengthens investor confidence in US capital markets today.” 

Cohen added that with such a move, market participants, regulators, and infrastructure operators should come together as they did with the successful transition to T+1 settlement and the move to cloud-based markets.  

In addition, Cohen noted that the discussion around 24-hour trading should be guided by a collective commitment to help ensure stability, resilience and trust.  

“The interconnected nature of our financial system means that no single entity should drive such a shift in isolation,” he said.  

Nasdaq will join Cboe Global Markets and the New York Stock Exchange (NYSE), who have also announced plans for extended trading hours for equities.  

Last October, NYSE revealed intentions to extend weekday trading on its Arca Equities Exchange to 22 hours a day to support global, exchange-based trading of all US-listed equity products. 

Elsewhere, Cboe Global Markets revealed plans in February to expand its trading hours for US equities, moving to a 24-hour model for five days a week, subject to regulatory approvals.  

The post Nasdaq to launch 24-hour trading for US equities appeared first on The TRADE.

Bernard Sabrier

The new entity, named Kepler Cheuvreux Unigestion Equities, is set to focus on quantitative strategies and together will manage more than €3 billion in assets, subject to regulatory approvals. 

The first stage of integration will see Unigestion transfer the €3 billion in assets under management – specifically in the form of mandates and investment funds – and simultaneously integrate the entirety of its equities team into Kepler Cheuvreux’s operational infrastructure.

Following this, Kepler and Unigestion will create the jointly owned entity, alongside the management team, focused on accelerating the business’ development through external growth initiatives.

“Unigestion brings its quantitative and qualitative public equities expertise, enhancing Kepler Cheuvreux’s well-established research capabilities. This partnership merges fundamental and quantitative research approaches, optimising portfolio management while diversifying and expanding the range of investment strategies,” said the firms in a joint statement. 

In addition, Kepler Cheuvreux is contributing a sales force of over 130 professionals and more than 1,300 institutional clients across Europe, North America, and MENA.

The firms are also set to integrate ESG criteria into the management processes for Kepler Cheuvreux Unigestion Equities, including maintaining an “active dialogue” with portfolio companies.

Speaking about the partnership, Laurent Quirin, chair of the supervisory board at Kepler Cheuvreux and Bernard Sabrier, executive chair of Unigestion’s board, highlighted that this partnership is being driven by shared ambition to “provide institutional investors with sophisticated, innovative solutions tailored to the evolving market landscape”.

They added: “The combination of Unigestion’s quantitative expertise with Kepler Cheuvreux’s research, execution and distribution capabilities, enables us to unlock unique synergies and offer a distinctive, high-value proposition.”

The post Kepler Cheuvreux and Unigestion unveil joint €3 billion asset management plans appeared first on The TRADE.

Gavin White

The development will see trading hours go from the existing six and a half hours per trading day, to 16 hours.  

Specifically, the extended session will include access the US pre- and post-market periods. 

The launch aims to provide increased access to the US markets for traders, namely for those based in Asia. 

Extended hours trading will be powered by Cboe’s consolidated data feed, the Cboe One Feed. 

The Cboe One Feed provides quote and trade data for a unified view of the market from all four Cboe US equities exchanges: BZX Exchange, BYX Exchange, EDGX Exchange and EDGA Exchange. 

“The introduction of extended hours trading for over 1,000 US equity and ETF CFDs reinforces our commitment to innovation and client-centric solutions,” said Gavin White, group chief executive at 26 Degrees Global Markets.  

“We were one of the first prime of primes to launch equity CFDs via API to brokers back in 2019, and now, by significantly expanding trading hours in US markets, we’re providing brokers with greater flexibility, enhanced liquidity, and more opportunities to serve both new and existing clients.”  

Clients of 26 Degrees will also benefit from no additional commissions during the US pre- and post-market and the acceptance of all order types, including market orders, during all trading sessions, the firm added.  

“As more global investors look to invest in the US markets, Cboe aims to provide the needed data and access through collaborations with industry partners like 26 Degrees Global Markets,” said Adam Inzirillo, global head of Cboe Data Vantage.  

“We are pleased to provide their clients with access to the Cboe One Feed, which provides high-quality and real-time US equity market data and supports 26 Degrees and Cboe’s shared commitment to innovation and client-centric solutions.” 

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Alex Dalley

Dalley has been promoted to the role, having previously served as head of Cboe NL as well as co-head of Cboe Europe’s equities sales division. 

He was one of the first employees to join Cboe Europe (then Bats Europe) in 2008, where he held responsibility for building the MTF’s trading participant community as head of sales.  

Before joining Cboe Europe, Dalley served at the London Stock Exchange (LSE) as head of membership and exchange trading, directing exchange trading sales, client management and member firm acquisition.  

As part of the new role, Dalley will report to Natan Tiefenbrun, president, North American and European equities.  

“I look forward to working with the best-in-class team we have in Europe to support our continued growth and introduce more innovation and efficiencies for our customers and the markets we serve,” said Dalley. 

Further equities-related appointments include Jerry Avenell, who was named head of sales for European cash equities, having previously served as co-head of sales. He will report directly to Dalley.   

In addition, Julie Zhou will take on responsibility for leading continental EU sales, having previously served as director of sales. Zhou will report to Avenell.  

“These are well-deserved promotions and new roles for all involved, and I’m particularly excited for Alex to assume the role of head of European equities,” said Tiefenbrun.   

“He has a long and highly successful track record in European equities venue landscape, and I look forward to continuing to work with him and the rest of our talented team in support of our strategic growth plans and to advance our position as Europe’s largest and most innovative stock exchange.” 

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Dominic Lowres

Named ZebrA-X, the platform will help mid-market clients “execute at scale with limited signalling”.

“Over the past 18 months, we have observed significant changes in the medium-scale electronic agency landscape, particularly due to recent mergers and acquisitions within the industry,” Dominic Lowres, head of electronic trading and execution strategy, tells The TRADE.

“This dynamic environment has presented us with the opportunity to introduce an innovative offering that aligns with our clients’ evolving needs.”

Specifically, ZebrA-X includes a comprehensive suite of benchmark, liquidity-seeking algorithms, and is supported by a consultative Investec execution team.

“The ZebrA-X dark algorithm, along with Zebra dark lit strategies, Zebra block and the wheel solution, as well as benchmark strategies, allow them to execute trades efficiently, with a large amount of configuration choices,” adds Lowres.

“We anticipate a diverse stream of unique flows into ZebrA-X which will benefit all types of clients who will benefit from deep mid-price resident liquidity. We believe this approach delivers long-term value to clients and will help enhance overall levels of execution quality.”

The platform is designed to facilitate the efficient execution of block trades and helps in reducing both pre- and post-trade signalling through the capability to internalise institutional and retail order flow.

Speaking to The TRADE about what the offering entails more specifically, Lowres explains: “By pegging orders at mid-price for the duration of the trade, we effectively mitigate the risks associated with market signalling. Our strategic exchange memberships, along with our relationships with systematic internalisers and electronic liquidity providers, enable us to place orders directly across a diverse range of trading venues.

“[…] At the core of ZebrA-X is our commitment to bespoke execution consultancy, enhancing our relationships with clients through tailored execution analysis and insights. This integration of an expert ‘human touch’ approach with an innovative technology-led strategy allows us to deliver a high level of service to our clients.”

Investec’s market expertise spans the UK and South Africa, and trades in 64 markets from these two regions. Through ZebrA-X it is set to continue its recent expansion efforts into e-trading – which included the establishment of a dedicated electronic equity trading desk, headed up by Lowres, to meet the growing automated trading demand.

Read more: Liberum head of execution strategy and sales trader depart for Investec to set up new low touch desk  

Clive Murray, head of equities, says: “Bespoke execution consultancy is at the heart of our model, and ZebrA-X not only complements our existing high-touch trading solutions but also provides in-depth execution analysis that enhances our relationships with clients, helping to deliver an out of the ordinary level of service to them.”

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Named AlphaX US, the ATS is TMX Group’s first venue expansion outside of Canada for its markets division.

The ATS will trade US-listed securities only (Reg NMS), with TMX Group adding that participants will be FINRA-registered broker dealers.

“After continuous consultation with our clients, we are proud to introduce AlphaX US, a venue that is focused on execution performance, and provides innovation and ease to the broker dealer community,” said Heidi Fischer, president, TSX Alpha US.

“There are several unique offerings within AlphaX US, and we have combined that functionality with a model that provides easy implementation, customisation, and strong analytics for our partners. It’s through feedback and collaboration with our stakeholders that we are able to deliver solutions that make markets better.” 

AlphaX US provides trading in all Regulation NMS common stock, exchange-traded funds and American depository receipts.

The venue follows the US equity market holiday calendar and matches trades during regular US market hours.

TMX Group added that AlphaX US allows order entry starting 60 minutes prior to the open and continuing throughout the trading day. 

“One of our top priorities is solving for the business needs of our clients,” said Luc Fortin, global head of trading at TMX Group.

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