港交所延长交易时间呼声再起，如何看待其中利弊？

Core Viewpoint - Major exchanges are considering extending trading hours as a strategic move to enhance market depth, efficiency, and attractiveness in the context of increasing digitalization and competition among exchanges [1][2]. Group 1: Exchange Developments - Nasdaq plans to submit an application to the SEC to extend its trading hours from 16 to 23 hours, introducing a night trading session from 9 PM to 4 AM Eastern Time [3][4]. - Following Nasdaq's lead, there is a growing call for the Hong Kong Stock Exchange (HKEX) to adopt a similar 24-hour trading model, although the management remains cautious about this initiative [4][5]. Group 2: Management Perspectives - HKEX's management emphasizes the need for thorough research and consensus among market participants before implementing extended trading hours, citing the complexity and systemic changes required [5][6]. - The CEO of HKEX has acknowledged the potential benefits of extended trading hours but stresses the importance of careful consideration due to the significant impact on the market [5][6]. Group 3: Benefits of Extended Trading Hours - Extending trading hours could enhance market liquidity and international appeal by allowing global investors to participate more conveniently, potentially attracting cross-border capital [8]. - It may promote global market integration and upgrade the ecosystem, with potential effects on pricing mechanisms between different markets [8]. - For HKEX, longer trading hours could strengthen its competitive advantage and solidify its position as a key international financial hub [8]. Group 4: Challenges and Risks - There is a risk of uneven liquidity distribution and increased volatility during extended trading hours, which could pressure smaller investors [10]. - If total trading volume does not increase, longer hours might dilute liquidity and exacerbate price fluctuations [10]. - The operational costs associated with implementing 24-hour trading could significantly rise due to the need for technological upgrades and ongoing maintenance [10].