Market Structure: The Race for 24/7 Liquidity Intensifies as NYSE and LMAX Expand Access

A wave of structural changes led by major exchanges is dismantling the boundaries of the trading day. Driven by Asian retail demand and the 'always-on' nature of crypto, this shift is reshaping how traders access liquidity in Equities and Commodities.

The Institutional Push: NYSE and LMAX Breakdown Barriers

While round-the-clock trading was once the domain of crypto, TradFi giants are aggressively entering the space. Both the New York Stock Exchange (NYSE) and Nasdaq are reportedly positioning to allow nearly round-the-clock trading by the second half of 2026.

Additionally, the LMAX Group has added Gold (XAU/USD) to its perpetual futures platform, enabling exposure inclusive of weekends to hedge against geopolitical risks.

Data: Volume Shifts vs. Liquidity Reality

• On Capital.com, roughly 80% of total equity volume is still executed during standard US hours.
• Extended-hours trading now accounts for over 11% of NYSE volume, largely skewed toward the pre-market session (4 am - 9:30 am ET).
• While Robinhood reported over $20 billion in overnight volume, this accounts for only ~2% of total flows, despite spikes of up to 25% on high-volatility days.

Analyst View: The Cost of Convenience

The expansion brings systemic execution risks. Without the full depth of institutional market makers, bid-ask spreads widen outside London and New York overlaps, and thinner order books increase slippage.

Thomas Peterffy, Chairman of Interactive Brokers, projects that overnight trading could exceed 30% by 2030. Until then, deep liquidity primarily resides within the traditional 9:30 am to 4:00 pm window.