European stock exchanges are edging closer to 24-hour equity trading, but cautiously and unevenly. Major operators like Deutsche Börse and Euronext are quietly studying the technical and commercial implications. Regulators and industry bodies, meanwhile, favour a market-led approach that prioritises stability over speed.
Interviews by Investment Officer with the Federation of European Securities Exchanges (FESE), the European Securities and Markets Authority (ESMA), and multiple exchange groups reveal a European market weighing modernisation against integrity. While retail demand is rising, the infrastructure, oversight, and investor consensus for round-the-clock trading are still evolving.
Retail demand vs. institutional hesitation
The case for 24/7 trading is driven largely by younger, app-savvy investors accustomed to crypto markets who want access to stocks outside traditional hours.
“The 24/7 trading trend is becoming increasingly inevitable,” said Rosa Armesto, chief executive of FESE. “Several European exchanges are evaluating, and in some cases have begun implementing, extended trading hours in response to rising demand.”
“It is essential that market integrity across the value chain is not compromised; therefore, ensuring operational feasibility and market-led drive remain essential.”
Rosa Armesto, FESE.
“Such measures could offer retail investors greater access to capital markets and support the growth objectives of the Savings and Investments Union, particularly in light of the expansion of crypto markets. However, it is essential that market integrity across the value chain is not compromised; therefore, ensuring operational feasibility and market-led drive remain essential.”
The European Fund and Asset Management Association (Efama) also sees 24/7 trading as likely. It points to distributed ledger technology and smart contracts as potential solutions to overnight settlement and NAV calculation challenges. But it warns of fragmented liquidity and the risk of disadvantaging institutions trading during peak hours.
Some asset managers however question the trend entirely. “Investing used to mean the thoughtful direction of capital into real-world projects,” said Stuart Dunbar, partner at Baillie Gifford, in an earlier interview. “What this has to do with 24-hour trading is beyond me.”
Exchanges weigh their options
Among Europe’s major exchanges, none are rushing in.
Euronext, which runs exchanges from Amsterdam to Milan, said client discussions are ongoing but inconclusive. Some clients, in fact, prefer shorter hours.
“Some participants are more in favour of shortening the number of trading hours,” said a spokesperson at Euronext. The group already extends trading hours for retail-focused instruments such as certificates and warrants, but sees no immediate reason to alter core equity trading.
Deutsche Börse shares that view. “Technically, we could offer 24-hour trading,” said a spokesperson. “But current demand is limited.” Frankfurt’s cash market already runs until 22:00 CET. “In general, we focus on the needs of our trading participants. At Eurex, we currently offer a 21/5 trading service (21 hours on five trading days) and a 24-hour trading service for foreign exchange (360T) and crypto assets (Crypto Finance).”
London may be the exception. The LSE has not committed to 24/7 trading but confirmed to the Financial Times that commercial and regulatory talks are ongoing. With high-profile listings choosing New York over London, being first on extended hours could carry symbolic weight.
Regulators watching closely
ESMA, the supervisory authority for European markets, is monitoring developments.
“Extended trading hours could enhance access,” a spokesperson said. “But they raise issues around liquidity, resilience, integrity, and investor protection.”
FESE echoes that caution. It supports market-led change but warns of environmental and operational implications, from energy use and staffing to cybersecurity.
Optional, not one-size-fits-all
There’s little support for a harmonised shift. FESE and the exchanges agree that flexibility is essential given the diversity of European markets. While the LSE may move first, others are likely to follow only if demand becomes clear.
For asset managers and wealth advisers, change is already underway. Client expectations are shifting. Technology is evolving. The real question is no longer whether 24/7 trading is possible. It’s whether Europe wants it, and when.
Related articles on Investment Officer:
- Nasdaq’s bold step towards 24/5 trading draws criticism
- Stock exchanges face scrutiny over soaring data fees
- Esma roadmap sets 11 October 2027 for T+1 transition in EU