若相关举措能顺利落地，有望推动形成一个更具深度、效率和吸引力的全球市场生态系统。 文｜财华社 在全球金融数字化、一体化与交易所竞争日益加剧的背景下，各大交易所考虑延长交易时间，已超越单 纯的服务优化，成为一项影响深远的战略议题。 延长交易时间的利弊 港交所、纳斯达克纷纷拟延长交易时间 近日，有两家交易所在延长交易时间的重要问题上又有新进展，这两家交易所分别是港交所 （00388.HK）和纳斯达克交易所。 其中，据外媒报道，纳斯达克交易所计划向美国证券交易委员会（SEC）提交申请，拟将每日交易时间 从目前的16小时延长至23小时，实现接近全天候交易。新增的夜间交易时段预计将从美东时间晚上9点 持续至次日凌晨4点，形成每周五天、每天23小时的交易模式。 报道指出，纳斯达克向美国证交会提交的文件，标志着其正式迈出了实现全天候交易第一步。 紧随纳斯达克后，港交所延长交易时间的呼声随之而起，业界建议港交所跟随24小时交易的国际大趋 势。 不过，港交所管理层对此态度审慎，使相关举措能否推进仍存不确定性。 据媒体报道，针对港交所是否跟进延长交易时间的讨论，港交所市场主管余学勤指出，该举措并非简单 表态，需深入研究论证。 他 ...

在我看来，延长交易时间，港交所还是算了吧。 先说港交所现在的交易时间，早上9点30分到12点，下午1点到4点，一共5.5小时。这个时长，在全球主 要交易所来看，确实不算长。目前，纽交所一天交易6.5小时，欧洲的伦敦和法兰克福，一天交易8.5小 时。但也不算短，至少和东京证交所一样，而且咱A股一天才交易4小时。沪深股市都没说延长时间， 港交所何必那么着急。 今天（12月16日）的消息，纳斯达克将申请推出近乎全天候的股票交易，交易时长从每天16小时延长至 23小时。 更重要的是，现在A股和港股互联互通了，现有的1.5小时"时间差"，已经让很多人不舒服。如果港交所 还要搞24小时交易，那么两地的"时间差"、"信息差"会进一步拉大，"偷跑""抢跑"情况会变得更加从 容。 如果纳斯达克真的这么搞，那我们不用熬更守夜看美股了。如果纳斯达克真的这么搞，是不是还意味着 其他主要交易所也要跟随？ 刚好，香港证券业界最近也在呼吁，希望能够"随大流"，港股也搞个24小时交易。而且，港交所官方好 像还回应了。但据报道，港交所的回应比较模棱两可，既不肯定，也不否定，只说"可以考虑"。 我认为，还有一点也很重要，大家对港股市场的流动性不 ...

Group 1 - The London Stock Exchange Group is considering the implementation of a 24-hour trading mechanism due to the increasing demand from retail investors outside regular trading hours [1] - The group is exploring the feasibility of extending trading hours, which includes aspects such as technological upgrades and regulatory issues [1] Group 2 - The trend of extending trading hours originated in the U.S. markets, with exchanges like the New York Stock Exchange, Nasdaq, and Chicago Options Exchange applying to the SEC for longer trading hours [3] - Nasdaq plans to extend its stock market trading hours to 24 hours a day, five days a week, with an expected implementation in the second half of 2026 [3] - The Chicago Options Exchange also announced plans to extend trading hours to 24 hours a day, pending regulatory approval [3] - The SEC has approved 24Exchange to operate a national exchange that can trade for 23 hours each business day, marking the first national securities exchange approved for "5×23 hours" trading [3] Group 3 - Asian exchanges are actively following the trend of extended trading hours, with the Indonesia Stock Exchange considering adding a third daily trading session to enhance market activity [4] - The Japan Exchange Group is gradually extending trading hours to attract foreign investors, with the Tokyo Stock Exchange extending its closing time to 3:30 PM local time, resulting in a total trading time of 5.5 hours [4] - The trend is driven by younger investors using smartphones for trading, as well as the continuous trading nature and increased volume in the cryptocurrency market [4] - In the U.S., the growing number of Gen Z retail investors is increasingly trading outside of work hours through mobile applications [4]

Core Viewpoint - The London Stock Exchange Group (LSEG) is considering extending trading hours to 24 hours a day to meet the growing demand from retail investors, following similar moves by other exchanges like Nasdaq and the Indonesia Stock Exchange [1][3][4]. Group 1: London Stock Exchange Considerations - LSEG is exploring the feasibility of extending trading hours, including the necessary technology and regulatory implications [3]. - Discussions are ongoing regarding the potential impact on dual-listed companies and market liquidity [3]. - The initiative is part of a broader discussion on new products and services to enhance the attractiveness of the UK market [3]. Group 2: Market Context and Challenges - The UK stock market is facing a crisis with declining trading volumes and a lack of new listings, as evidenced by a 20% increase in profit warnings from UK-listed companies in Q2 2025 compared to the previous year [4]. - The IPO financing amount in London has dropped to its lowest level in 30 years, with only 5 companies completing listings in the first half of the year, raising concerns about the UK's status as a global capital center [4]. Group 3: Global Trends in Trading Hours - Nasdaq has applied to extend trading hours to 24/5, aiming to cater to the increasing interest from Asian investors [7][8]. - Other exchanges, including the Chicago Board Options Exchange and the Tokyo Stock Exchange, are also considering or have implemented extended trading hours to improve market efficiency and competitiveness [8].

Core Viewpoint - The London Stock Exchange Group (LSEG) is considering the introduction of 24-hour trading to meet the growing demand from investors and enhance the attractiveness of the UK market [1][2]. Group 1: Trading Hours Extension - LSEG aims to implement a 24-hour trading plan primarily to cater to "night owl" traders and attract overseas investors and younger traders to buy UK stocks [2]. - The UK stock market is facing a crisis with a significant decline in trading volume and a lack of new listings, evidenced by only 5 IPOs raising £160 million in the first half of the year, the lowest since 1995 [2]. - The CEO of JPMorgan, Jamie Dimon, has indicated that the low number of IPOs is causing London to lose its status as a significant financing market [2]. Group 2: Current Trading Environment - LSEG's revenue is mainly derived from selling financial data to banks and brokers, with stock trading-related income accounting for only 2.7% of total revenue in the first quarter [2][3]. - The current trading hours for LSEG are from 8:00 AM to 4:30 PM [3]. Group 3: Global Trends in Trading Hours - The trend of extending trading hours has gained popularity among various exchanges, originating from the United States, with the SEC approving the 24X National Exchange for 23-hour trading [4]. - Other exchanges, including the New York Stock Exchange and the Chicago Board Options Exchange, are also planning to extend their trading hours significantly [4]. - Exchanges in Japan and Indonesia are following suit, with Japan's exchange gradually extending trading hours to attract overseas investors [5]. Group 4: Industry Insights - The European Securities Exchanges Federation has noted that while extending trading hours may attract retail traders, the long-term sustainability and benefits of such a model remain to be seen [5]. - The trend towards 24-hour trading is influenced by younger investors engaging in trading via smartphones and the continuous trading nature of the cryptocurrency market [5].

Core Viewpoint - The London Stock Exchange Group (LSEG) is considering the introduction of 24-hour trading to meet the growing demand from investors and to enhance the attractiveness of the UK market, which is currently facing challenges such as declining trading volumes and a lack of new IPOs [1][3]. Group 1: 24-Hour Trading Plan - The primary motivation for LSEG's potential 24-hour trading plan is to cater to "night owl" traders and to attract overseas investors and younger traders to invest in UK stocks [3]. - The UK stock market is experiencing a crisis, with only 5 IPOs raising a total of £160 million in the first half of the year, marking the lowest half-year data since 1995 [3]. - The CEO of JPMorgan, Jamie Dimon, has indicated that the low number of IPOs is causing London to lose its status as a significant financing market [3]. Group 2: Current Trading Environment - LSEG's current trading hours are from 8:00 AM to 4:30 PM, and the extension of trading hours would require consideration of various factors, including technological upgrades, regulatory issues, and potential impacts on liquidity [4]. - The revenue of LSEG primarily comes from selling financial data to banks and brokers, with stock trading-related revenue accounting for only 2.7% of total revenue in the first quarter [3][4]. Group 3: Global Trends in Trading Hours - The trend of extending trading hours originated in the U.S., with several exchanges, including the New York Stock Exchange and Nasdaq, planning to implement longer trading hours [6][7]. - Japan and Indonesia are also considering extending trading hours to attract overseas investors and increase market activity [8]. - The European Securities Exchanges Federation has noted that while extending trading hours may be beneficial for attracting retail trading, the long-term sustainability and benefits of such models remain to be seen [8].

Core Viewpoint - The London Stock Exchange Group (LSEG) is considering extending trading hours to meet the growing demand from retail investors, potentially moving towards a 24-hour trading model [1][3][4]. Group 1: LSEG's Consideration of Extended Trading Hours - LSEG is evaluating the feasibility of extending trading hours, including the necessary technology and regulatory implications [3]. - Discussions are ongoing regarding the potential introduction of 24-hour trading to enhance the attractiveness of the UK market and encourage investment from overseas and younger traders [4]. - The exploration of extended trading hours is part of broader discussions about new products and services [3][4]. Group 2: Market Context and Challenges - The UK stock market is facing challenges, including a decline in trading volume and a lack of new listings, with only 5 companies completing IPOs in the first half of the year, raising concerns about the UK's status as a global capital center [5][6]. - The number of profit warnings from UK-listed companies increased by 20% year-on-year, with 59 warnings issued in Q2 2025 [5]. - Traditional fund managers may resist the move to 24-hour trading due to difficulties in pricing based on closing prices, which are critical for their operations [5]. Group 3: Global Trends in Trading Hours - Other exchanges, such as Nasdaq and the Indonesia Stock Exchange, are also exploring extended trading hours to increase market activity and cater to investor needs [7][9]. - Nasdaq has applied to regulators for a 24-hour trading model, aiming to serve the growing interest from Asian investors [9]. - The Chicago Board Options Exchange and the New York Stock Exchange have announced plans to extend trading hours, pending regulatory approval [10][11].