Financial traders demanded shorter transaction hours in European stock markets, including the London Stock Exchange, the Association for Financial Markets in Europe (AFME) said on Thursday.
The AFME said in a press release that the demand was meant to “improve culture, diversity and wellbeing on trading floors, and create more efficient markets.”
The association called for working between 9 a.m. and 4 p.m. GMT instead of 8 a.m. and 04.30 p.m. GMT.
“A reduction of 90 minutes in European markets would create more efficient markets, benefiting savers and investors,” it said.
It also asserted that the first transaction hour attracted “little liquidity” and was “more costly time to trade”, while the final trading hour constituted 35% of total daily volume.
It added: “Shortening the hours would concentrate liquidity leading to more consistent trading costs and provide greater time for traders and the market to digest corporate announcements.”
While major European stock exchanges work eight and a half hours, those in Asia only trade for six and those in the U.S. only six and a half, the association noted.
It underlined: “This long-hours culture impacts traders’ mental health and wellbeing.”
April Day, the managing director of AFME, said: “A shorter trading day would not only improve market structure but would also go a long way towards building a more diverse trading floor and fostering better mental health.”
In Turkey’s Borsa Istanbul, trading can be done from 10 a.m. (0700GMT) to 6 p.m. (1500GMT).
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