Opening and Closing Times of Major Stock Exchanges
Traders who operate across different markets need to structure their strategies around the schedules of global exchanges. A trader’s daily rhythm is largely dictated by when these markets open, close, and overlap with each other.
Below is a guide to the trading sessions of key stock markets, shown in local time and Spain’s GMT+2.
| Stock Exchange | Local Timezone | Operating Hours (Local) | Operating Hours in Spain (GMT+2) |
|---|---|---|---|
| New York (NYSE & NASDAQ) | EST/EDT | 9:30 a.m. – 4:00 p.m. | Nov–Mar: 3:30 p.m. – 10:00 p.m. Mar–Nov: 4:30 p.m. – 11:00 p.m. |
| London (LSE) | GMT | 8:00 a.m. – 4:30 p.m. | 10:00 a.m. – 6:30 p.m. |
| Tokyo (TSE) | JST | 9:00 a.m. – 11:30 a.m., 12:30 p.m. – 3:00 p.m. | 2:00 a.m. – 4:30 a.m., 5:30 a.m. – 8:00 a.m. |
| Shanghai (SSE) | CST | 9:30 a.m. – 11:30 a.m., 1:00 p.m. – 3:00 p.m. | 3:30 a.m. – 5:30 a.m., 7:00 a.m. – 9:00 a.m. |
| Hong Kong (HKEX) | HKT | 9:30 a.m. – 12:00 p.m., 1:00 p.m. – 4:00 p.m. | 3:30 a.m. – 6:00 a.m., 7:00 a.m. – 10:00 a.m. |
| Frankfurt (FWB) | CET/CEST | 9:00 a.m. – 5:30 p.m. | 9:00 a.m. – 5:30 p.m. |
| Sydney (ASX) | AEST* | 10:00 a.m. – 4:00 p.m. | 2:00 a.m. – 8:00 a.m. |
| Madrid (SIBE) | CET | 9:00 a.m. – 5:40 p.m. | 9:00 a.m. – 5:40 p.m. |
*Sydney observes Daylight Saving Time from the first Sunday in October to the first Sunday in April.
Pre-Market and After-Hours Trading in the US
In the US, the NYSE and NASDAQ allow trading outside regular hours: five and a half hours before the market opens, and four hours after it closes. These periods let traders react to market movements outside standard sessions, though liquidity is generally lower.
The Madrid Stock Exchange: Opening and Closing Auctions
The Spanish market operates slightly differently. Trading off-hours is not possible. Instead, opening and closing prices are set during pre-market and post-market auctions: 30 minutes before the session starts and five minutes after it ends. During these auctions, investors can submit, adjust, or cancel orders, but cannot execute trades immediately. This process often affects prices.
Futures Markets
Futures contracts—covering assets like oil, metals, and currencies—trade almost 24 hours a day to accommodate their continuous price fluctuations. Like the NYSE and NASDAQ, these markets provide extended trading access beyond standard session hours.
Session Overlaps
When two major markets are open at the same time, trading activity often intensifies, creating higher potential for significant price movements.
- London–New York overlap: 1:00 p.m. – 5:00 p.m. GMT
- Tokyo–London overlap: 8:00 a.m. – 9:00 a.m. GMT
These overlapping periods are typically the most active and volatile times of the trading day.
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