THETRADETECH DAILY THE OFFICIAL NEWSPAPER OF TRADETECH 2025
technology providers have offered out of hours trading for several years now, the decision by several incumbent exchanges to begin exploring implementing an extension of trading hours suggests the theme is becoming mainstream in the US.
Europe, however, seems to tell a different story. A few years ago, European participants were petitioning for the shortening of market hours. As US venues apply to regulators for the lengthening of their trading day, their European peers have shown little to no sign of following suit.
The European Commission’ s consultation released in April asks respondents how positive they deem extended trading hours / 24-hour trading to be for the development and competitiveness of EU markets, also asking if it is“ advantageous” or“ risky”.
When it comes to the tape, the Commission has also asked participants opinions on several technical elements including how effective lifting the anonymity of the EBBO, the importance of expanding the depth of the EBBO displayed, and the speed at which core market data should be disseminated by the tape.
Centrally the European watchdog has asked whether systematic internalisers( SIs) should contribute to the tape and which amendments to their regulatory framework would be required to effectively include them as contributors of equity pretrade data.
The consultation also explores bilateral trading levels, single market marker venues and ghost liquidity, as well as, closing auction activity, with several questions asking participants why they think the close has grown so much and what fees they are charged on competing venues.
Respondents have until 10 June to submit their feedback to the watchdog. Meanwhile, an online questionnaire through which participants can respond to the consultation is available as of 22 April 2025.
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