Banks and fund managers want the European stock trading day shortened by 90 minu...
LONDON - Banks and fund managers want the European stock trading day shortened by 90 minutes in a radical move they say would improve market efficiency and staff wellbeing - but exchanges are split.
This compares with 6-1/2 hours on Wall Street and 6 hours in Asia, the two industry bodies said in a joint statement on Thursday. The first hour of trading currently attracts light volumes, making it more costly to trade, with over a third of trading in the final hour. The Financial Conduct Authority, which regulates share trading, said last month the number of women in senior financial roles had flat-lined since 2005 despite the sector’s “rhetoric” on diversity, with brokers the worst.
Rainer Riess, director general of the Federation of European Securities Exchanges, said Europe’s current trading hours were “fit for purpose” and should not be revisited.
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