Institutional equity traders are expressing skepticism about the expansion of round-the-clock stock trading, warning that extended hours could negatively affect execution quality, fragment liquidity and create new operational and human-capital challenges, according to new research.
The potential for increased trading has been highlighted again recently as Cboe Global Markets submitted a rule change to the SEC seeking approval to offer near-24×5 trading on its Cboe EDGX Equities Exchange and the New York Stock Exchange announced that it is developing a blockchain-based platform for trading tokenized securities, which could ultimately see the end of more than 100 years of opening and closing bells.
But the new Crisil Coalition Greenwich study shows limited enthusiasm among buy-side participants for continuous trading. Just 14% of respondents said they support the idea of 24/7 or “around-the-clock” trading, while 60% reported no interest in trading equities outside traditional market hours.
Although extended trading has gained traction in parts of the market — particularly among retail investors and some trading venues — institutional desks appear more focused on the potential downside risks. Traders surveyed highlighted concerns that spreading activity across longer timeframes could weaken price discovery and widen spreads if liquidity becomes more dispersed.
“Retail traders are excited about ATC trading, particularly around market-moving headlines that come outside of traditional trading hours,” said Jesse Forster, senior analyst at Crisil Coalition Greenwich, adding that institutional participants remain more cautious, citing risks to execution quality, operational workflows and the physical and mental wellbeing of traders.
Nearly two thirds of survey participants expect market quality during overnight sessions to resemble current extended trading periods, which are often characterized by lower participation and inconsistent volumes. A similar proportion believes introducing continuous trading could draw liquidity away from core hours, adding further complexity to an already fragmented equity market structure.
Some respondents also pointed to pre- and post-market sessions as evidence of the challenges tied to thinner liquidity and less reliable execution outcomes.
The research underscores growing concern about the potential impact of expanded trading schedules on trader wellbeing. Around 29% of respondents said they are worried about fatigue and burnout if markets move toward continuous trading windows, while others questioned whether the benefits of broader access would outweigh the risks if overnight liquidity remains limited.
“Most traders support focusing on improving outcomes during core hours, such as increasing crossing opportunities, rather than spreading the same liquidity across more time,” Forster said.
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