The London Stock Exchange Group (LSEG) has confirmed it is exploring the feasibility of a near-continuous trading model for UK equities — a shift that would align the City with a global move towards round-the-clock capital markets.
Consultations began in July with bulge-bracket brokers over a proposal to expand trading hours on the main SETS order book and associated dark pools. According to LSEG, no timetable has been set, but the firm is assessing demand, technology, clearing logistics, and the implications for liquidity.
“We are examining all aspects, including market demand, technology requirements, and the impact on liquidity,” an LSEG spokesperson told the Aberdeen & Grampian Chamber of Commerce.
The potential extension follows sharp growth in after-hours smartphone trading, a more than 40% year-on-year increase in mobile order activity, and continued pressure from U.S. rivals. American exchanges including Nasdaq, Cboe, NYSE, and start-up 24X National Exchange are now rolling out or preparing for 22–24-hour equity sessions.
Set to debut in September 2025, 24X will become the first SEC-approved exchange to offer a 23-hour weekday trading window. Nasdaq has signalled its own 24-hour plans for H2 2026, while Cboe’s EDGX and NYSE are pursuing extended models to tap Asian investor flows.
Despite the ambition, UK equities remain a comparatively modest contributor to LSEG revenues — generating £236 million in 2024, just 13% of its capital-markets total. Still, average daily trading volumes (ADTV) on SETS rose 13.5% year-on-year to £4.2 billion, helped by retail-access reforms and a broader recovery in turnover.
The proposal comes against a backdrop of structural decline in London listings. The UK lost 88 primary listings in the first half of 2024 — the largest annual drop since the global financial crisis. Retail participation schemes launched by HM Treasury in March have aimed to reverse chronic equity-fund outflows.
Previous efforts to reshape market hours have stumbled. In 2020, LSEG shelved a proposal to shorten the trading day by 90 minutes after facing opposition from continental exchanges. Some of those same institutions are now confronting the opposite challenge: a global race to support continuous market access.
Yet the technical and regulatory hurdles are substantial. Clearing mechanisms such as Euroclear and CREST currently batch-settle by 18:00; extending beyond this would require intraday cycles or same-day netting. Market-makers may push for wider quoting spreads, while staffing round-the-clock desks raises questions over trader well-being and oversight.
“Liquidity and fair pricing will be the key issues to address,” said Michael A. Schulman of Running Point Capital, speaking to Reuters. Others in the industry argue the pressure for 24-hour access is now “a genie that is hard to put back in the bottle,” in the words of Interactive Brokers founder Thomas Peterffy.
A formal discussion paper could emerge by Q4 2025, with regulators at the FCA and HM Treasury expected to weigh in on any future implementation.
