Nasdaq has backed FESE’s claims that reducing market hours is the wrong move and would have no impact on the wellbeing of traders.
Market participants now have until 30 June to respond to Euronext’s market hours consultation due to the coronavirus pandemic disruption.
Market participants were sent the consultation this week to provide feedback on shorter trading hours by mid-May.
European regulators have been told not to prioritise supervision of the changes to systematic internalisers amid the coronavirus pandemic.
The delay from ESMA may not have gone far enough according to some market experts who believe challenges persist despite time extension.
AFME and the IA have called for a 90-minute reduction in European market hours as the LSE’s consultation nears closure.
Both buy- and sell-side firms agree the mandatory buy-in regime will have significant negative implications on Europe’s capital markets.
Following calls from the industry to reduce trading hours in Europe, the LSE has started a consultation and is accepting responses until the end of January.
AFME and the Investment Association are requesting shorter market open hours to improve culture and diversity in the industry.
Adam Farkas, executive director of EBA, replaces Simon Lewis who has been CEO of AFME since 2010.