Euronext Rejects Calls for a Shorter Trading Day Across Its Six Venues -- Financial News
July 31 2020 - 11:14AM
Dow Jones News
By Emily Horton
Of Financial News
Europe's largest exchange operator Euronext NV has rejected
calls to shorten its opening hours across its six trading venues,
in a major blow to the campaigners claiming that the move would
improve diversity and work-life balance.
The decision from the exchange's chief executive Stephane
Boujnah leaves the London Stock Exchange to work out its next move
on whether or not to trim its trading day.
European trading hours are the longest in the world, starting at
0800am and ending at 1630pm. A lack of harmonization between the
LSE and other exchanges like Euronext--and its trading platforms
across Paris, Amsterdam, Brussels, Dublin, Oslo and Lisbon--may
completely stymie any plans to reconfigure the trading day.
"Following our extensive industry consultation, we do not
consider there to be a strong enough case to reduce trading hours
today and we therefore do not intend to modify the current
functioning of our markets," a spokesman for Euronext said.
Euronext has venues in Paris, Amsterdam, Brussels, Dublin, Oslo
and Lisbon.
The LSE had no comment on Euronext's decision. However, it said
in June that the majority of respondents to its consultation on
trimming trading hours supported the idea, but stressed the need
for a harmonious approach across Europe.
Opposition against the ambitious plans to slash market hours has
been growing. Jos Dijsselhof, chief executive of Zurich-based Six
Exchange told Financial News that trimming stock market hours won't
help attract women to what has historically been a male-dominated
profession.
Further, the Federation of European Securities Exchanges said
earlier this month that it "would be a move in the wrong direction
and detrimental to European markets."
The rejections come despite avid support from two influential
trade groups the--U.K.-based Investment Association and Association
for Financial Markets in Europe.
Website: www.fnlondon.com
(END) Dow Jones Newswires
July 31, 2020 10:59 ET (14:59 GMT)
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