Hong Kong Exchanges and Clearing Limited CEO Bonnie Chan's statement at the 2025 interim results conference has stirred global market discussions about "round-the-clock trading" like a stone thrown into a financial lake. When Nasdaq announced its plan to launch a 5-day, 24-hour trading mechanism in the second half of 2026, this global financial shadow war triggered by the time dimension has quietly escalated.

The 24-hour trading mechanism is not merely a simple reform of extending business hours, but a reconstruction of capital market operating logic. Behind it lies the reshaping of global capital flow patterns, expansion of investment boundaries, and deep adjustments in exchange competition strategies.

**International Market Precedents for 24-Hour Trading: From Testing Waters to Full Deployment**

Global major financial markets' exploration of 24-hour trading has evolved from sporadic testing to substantial advancement. The U.S. market is undoubtedly the pioneer of this transformation—Nasdaq plans to launch 5-day, 24-hour stock trading services covering all U.S. stocks, ETFs, and closed-end funds in the second half of 2026, currently awaiting regulatory approval and industry coordination.

Its competitor, the New York Stock Exchange, is not to be outdone. It has applied to extend the trading hours of its fully electronic exchange NYSE Arca to 22 hours per business day (1:30 AM to 11:30 PM Eastern Time), covering stocks, ETFs, and other instruments. This application has already received SEC approval.

Cboe Global Markets, Inc announced plans in February 2025 to launch 24-hour trading, forming a synchronized advancement with Nasdaq.

European markets, though appearing more cautious, are equally experiencing surging undercurrents of change. London Stock Exchange Group (LSEG) is studying the feasibility of extending trading hours, including required technology and regulatory impacts. An informed source indicated that LSEG is "seriously considering this matter, whether implementing 24-hour trading or extending trading sessions."

In Asian markets, the Tokyo Stock Exchange extended its closing time from 3:00 PM to 3:30 PM local time in November 2024, extending total daily stock trading hours to 5.5 hours—its first trading time adjustment since 1954.

Notably, cryptocurrency markets have already achieved true 7×24 hour trading. Platforms like Kraken's "xStocks" products tokenize U.S. stocks like Apple and Tesla, supporting round-the-clock operations and providing transformation references for traditional financial markets.

**The Application Territory of 24-Hour Trading: Expanding from Futures to Comprehensive Coverage of Stocks and Derivatives**

The application scope of 24-hour trading mechanisms has broken through futures limitations and is expanding comprehensively to stock and derivatives markets. In traditional understanding, futures markets have long had overnight trading sessions due to continuous price volatility, such as CME Group Inc's crude oil futures trading covering major global time zones.

However, the core of current transformation lies in the round-the-clock operation of stock and derivatives markets. Nasdaq and NYSE's plans explicitly cover equity assets like stocks and ETFs, while Cboe Global Markets, Inc's 24-hour trading plan includes derivatives in its territory.

More breakthrough is the asset tokenization wave driven by blockchain technology—Kraken's xStocks products, based on the Solana blockchain, convert over 50 U.S. stocks and ETFs into tokenized assets, supporting 7-day, 24-hour trading with seamless exchange with cryptocurrencies and fiat currencies.

Robinhood offers EU users tokenized stock trading services based on the Arbitrum network, supporting 24-hour trading of over 200 U.S. stocks and ETFs, with plans to expand to private company stocks.

These innovative practices demonstrate that 24-hour trading mechanisms have expanded from single futures varieties to diversified investment areas including stocks, ETFs, and options, forming a comprehensive trading network covering spot and derivatives.

**Nasdaq's Strategic Considerations and Hong Kong Exchange's Follow-up Significance**

Nasdaq's advancement of 24-hour trading stems from three pressures: globalization of client demand, intensification of competitive landscape, and technology transformation pressure. Data shows that the Asia-Pacific region accounted for 63% of U.S. stock non-traditional hours trading volume in 2024, with overseas investors' holdings of U.S. stocks doubling compared to 2019. Round-the-clock trading can better serve investors in Tokyo, Hong Kong, and other locations.

Meanwhile, alternative trading systems (such as Blue Ocean) are capturing market share through pre-market and after-hours trading. Daily average trading volume during non-traditional hours in 2025 has exceeded 1.7 billion shares, requiring Nasdaq to consolidate its market position by extending trading hours.

Additionally, the successful 24-hour operations of forex and cryptocurrency markets have made traditional stock markets aware that "time gaps" could lead to liquidity loss.

Hong Kong Exchange's follow-up research on 24-hour trading mechanisms has deeper strategic significance. As a financial hub connecting East and West, Hong Kong's current trading hours are only 5.5 hours (9:30-16:00, including lunch break), significantly shorter than other international financial centers.

Implementing 24-hour trading would create seamless connectivity between Hong Kong stocks and European and American markets, attracting more international capital retention. Especially in the process of RMB internationalization, a round-the-clock trading platform would enhance the attractiveness of offshore RMB assets.

From a technical preparation perspective, Hong Kong Exchange's trading systems will support T+1 settlement cycles by the end of 2025, laying the foundation for round-the-clock trading. However, Chan also emphasized that Hong Kong Exchange will "maintain prudent and gradual principles, conducting research based on fully learning from international peer experiences and combining local market actual conditions," requiring gradual advancement after trading system upgrades, risk management system improvements, and regulatory framework maturity.

**A Round-the-Clock Future with Coexisting Opportunities and Challenges**

The promotion of 24-hour trading mechanisms will reshape financial market ecology. Theoretically, it can improve market efficiency, allowing immediate digestion of major events like sudden earnings reports and geopolitical conflicts, reducing opening gap risks. It can also attract more global investors, especially younger demographics preferring non-traditional trading hours, further expanding market scale.

However, potential risks cannot be ignored: insufficient liquidity during non-core hours may lead to price distortion, high-frequency trading institutions may use technical advantages to monopolize overnight markets, and retail investors may suffer losses due to information delays.

For Hong Kong Exchange, 24-hour trading is an inevitable choice to address international competition. London stock market trading hours reach 8.5 hours, U.S. stock markets basically achieve 24-hour coverage through pre-market and after-hours trading. If Hong Kong doesn't follow suit, it may be marginalized.

However, implementation paths still require caution. In the short term, it may first extend to 18:00 to overlap with European early markets rather than achieving full coverage immediately.

Regardless, this financial revolution triggered by time is irreversible. Capital's "perpetual motion machine" is about to start, and how to find balance between efficiency and stability will be a common proposition faced by global exchanges.