Central News

(CNA, Taipei, 20th - International Wire Report) The Korea Exchange (KRX) has implemented a new after-hours trading system, allowing investors to trade stocks after work hours, marking the first step toward 24-hour trading. Global capital markets are indeed moving toward a 'never-closing' model.

According to the Toronto-Dominion Bank (TD Bank Group), after-hours trading is part of extended trading hours, enabling investors to buy and sell specific securities outside regular trading times.

Extended trading hours offer greater flexibility, allowing investors to react to news outside regular hours. However, they may face lower market liquidity, wider bid-ask spreads, more volatile prices, and restricted order types.

Experts compare regular trading hours to a busy daytime store—many buyers and sellers, active trading—while after-hours trading is like shopping after most customers have left. Regular hours typically have more participants, higher volume, better liquidity, and tighter spreads. After-hours, with fewer participants, trades may be harder to execute and price swings more extreme.

Some investors use extended hours to react to news released outside regular trading, such as corporate earnings, economic data updates, or overseas market movements. For example, if a company reports better-than-expected earnings after market close, some investors may want to trade before the next session opens.

Many experts believe global capital markets are indeed trending toward 'never closing.' Investors must now consider how to set 'shutdown times' and maintain risk discipline in a nearly 24/7 market where information and prices constantly shift. Below is an overview of current international developments.

In the U.S., after-hours trading begins at 4:00 PM Eastern Time and can last until 8:00 PM. The Toronto Stock Exchange (TSX) offers after-hours trading from 4:15 PM to 5:00 PM Eastern Time.

A February report by the World Federation of Exchanges (WFE) noted that Nasdaq will launch its full-day trading system in December.

NYSE Arca, a fully electronic trading platform under the New York Stock Exchange (NYSE), has proposed to the U.S. Securities and Exchange Commission (SEC) to extend trading from 1:30 AM to 11:30 PM Eastern Time, Monday through Friday—22 hours daily.

The Chicago Board Options Exchange (CBOE)'s CBOE EDGX plans a 24/5 system—trading continuously from Sunday evening to Friday night. Both NYSE Arca and CBOE EDGX proposals await SEC approval.

Europe and the UK remain relatively conservative. Only the London Stock Exchange (LSE) considered 24-hour trading in July 2025, but no formal plan exists yet.

South Korea abolished its previous 4:00 PM to 6:00 PM single-price after-hours trading system on the 14th. The new system extends trading until 8:00 PM. Most stocks in the KOSPI and KOSDAQ indices, as well as depositary receipts (DRs), are now eligible for after-hours trading. Around 38 securities firms are participating, covering 95.2% of market share. KONEX market stocks are excluded.

Yonhap News cited experts saying the significance of launching an after-hours market lies in expanding investor choice among exchanges. The Korea Exchange previously stated that to avoid falling behind in global competition—led by U.S. exchanges—South Korea must eventually build a 24-hour trading system.

Taiwan's Financial Supervisory Commission (FSC) stated that extending trading hours is a major market reform with wide-ranging impacts. It affects market development, securities firms, investors, and professionals. Without social consensus, no changes will be made in the short term.

The Taiwan Stock Exchange (TWSE) said it will first optimize intraday odd-lot trading. In August, it announced that odd-lot order submission will start at 8:30 AM, and the opening time will move from 9:10 AM to 9:00 AM, aligning with regular-lot trading. The new system takes effect December 7 to improve trading convenience and market efficiency.

TWSE Chairman Lin Hsiu-ming said in early July during a legislative hearing that the exchange is studying extending trading hours by 1 to 1.5 hours, possibly pushing the close to 3:30 PM. However, assessments on IT system resilience and broker capacity are still needed. (Editor: Chen Yi-wei) 1150920

Stand with the facts. Your support defends press freedom.

Download the CNA 'Breaking News' app to stay updated.

Text, images, and videos on this site may not be reproduced, broadcast, or transmitted without authorization.