The World Federation of Exchanges has published a paper analysing the policy, operational and regulatory implications of extending equity market hours, positioning near round-the-clock trading as a distinct market model rather than a simple extension of existing sessions. It concludes that extended hours are technologically feasible and may meet investor demand, but that adoption is not inevitable and should be calibrated to maintain market integrity, investor protection and systemic stability. The paper highlights demand beyond traditional hours, particularly for major US stocks during Asian hours, and flags liquidity effects that may need clearer disclosure to retail investors. It emphasises the need for robust overnight market controls and an ongoing requirement for a closing or reference price to support benchmarks, settlement and corporate actions. Operationally, exchanges, clearing houses and brokers would need high-availability systems, real-time risk controls and continuous surveillance, while post-trade arrangements would need to support 24/7 data feeds and processing, stronger supervisory frameworks, real-time margin recalculation and access to funding outside normal banking hours. The WFE also stresses the importance of issuer needs, warns that regulatory inertia could push activity into less transparent venues, and frames regulators’ role as enabling innovation while maintaining fairness, transparency and systemic stability, with trading hours remaining the responsibility of market infrastructures. The WFE said it will continue work on the topic and plans to publish a further research paper.

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