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to the US’ six and a half hours, which impacts liquidity distribution in an already lower liquidity environment.
Chris Collins, equity trader at Lazard Asset Management indicated that buy-siders are becoming increasingly concerned that the extension of market hours may create issues of patchy liquidity concentrated at specific moments of the day.
“ For every European market the maximum window of overlap with the US is two hours; we’ re seeing well over 50 % of the volume that trades in Europe in that window,” he said while speaking to The TRADE during the innovation day.
“ Liquidity is very concentrated, so you end up with a drawn-out period of the day where liquidity is really patchy. What we’ re doing in Europe is not helping to create the most efficient trading environment.” market hours in the US.
The New York Stock Exchange( NYSE), 24X National Exchange, Cboe and Nasdaq have all announced plans for expanded trading. More recently, LiquidityBook announced in May 2025 that it was leveraging Blue Ocean ATS to allow clients to trade US equities 24-hours a day, five days a week, following on from buy-side demand.
However, not all are convinced that longer hours will benefit the market, with concerns focused on patchy liquidity, wider spreads, and more offexchange / bilateral trading. Currently, Europe has the longest primary market hours in the world, standing at eight and a half hours, in comparison
The buy-side data focus Data, unsurprisingly, was another key focus for buy-siders at TradeTech, in particular on the innovation day where panellists analysed the consolidation and enrichment of data, with the key question often pointing to whether this should be done internally or externally.
Speaking to The TRADE Simon Hørdum Bonde, head of trading quants at Nordea Asset Management, explored the positives and drawbacks of doing this internally or externally.
“ Don ' t underestimate the ongoing effort and cost of maintaining data pipelines and ensuring data quality,” he said.
“ Budget accordingly, as internal management requires significant investment, especially with multiple data sources and
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