Euronext Rejects Calls for a Shorter Trading Day Across Its Six Venues -- Financial 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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