March 24, 2026 — Institutional equity traders are not looking forward to trading stocks around the clock.
The concept of 24-hour or around-the-clock (ATC) trading in U.S. equities is often presented as the next logical progression in market structure—and the idea seems widely popular among retail traders and trading venues. However, only 14% of buy-side equity traders taking part in a new study from Crisil Coalition Greenwich say they are enthusiastic about 24/7 trading, and a full 60% say they have absolutely no interest in ATC trading at all.
“Retail traders are excited about ATC trading, particularly around market-moving headlines that come outside of traditional trading hours,” says Jesse Forster, Senior Analyst at Crisil Coalition Greenwich and author of 24-hour equities: Balancing innovation and practicality. “Institutions largely view ATC through the lens of execution quality, operational risk and market impact, and they are concerned about the possible negative impact it could have on their own physical and mental health.”
Measuring rewards against risks
Participants in the study say they view ATC trading as introducing unnecessary risk with little reward, especially if it siphons liquidity and attention from the core session. Even among supporters, expectations are more evolutionary than revolutionary. They see the ability to trade around the clock being useful for specific situations, rather than a wholesale transformation of trading workflows.
Nearly two-thirds (63%) worry about poor market quality during overnight hours, expecting these sessions to mirror today’s extended sessions, characterized by sporadic volume, inconsistent participation, wider spreads, and less price discovery. A similar number (62%) are concerned that ATC trading could worsen liquidity during core hours, adding time-based fragmentation to their list of worries. Liquidity tends to concentrate around auctions and key events, and extending trading spreads participation more thinly.
Some noted they don’t want to be trading during the most illiquid, costly time of the day, currently the overnight session. Others point to the existing pre- and post-market sessions as a live experiment, describing them as “sporadic at best” and “unreliable” in terms of volume and participation.
“Most traders support focusing on improving outcomes during core hours, such as increasing crossing opportunities, rather than spreading the same liquidity across more time,” says Jesse Forster.
Concerns about costs to institutions and traders themselves
Buy-side traders see a list of potential problems arising from ATC trading. Many cite concerns about operational risks and costs to their institutions, and mental or physical health risks to themselves. Nearly 29% of traders worry about fatigue and burnout from longer or continuous trading sessions.
The traders are also skeptical that ATC will improve execution performance and market quality. If overnight sessions remain thin, increased access may not translate to improved outcomes. If ATC trading diverts flow from core hours or introduces operational risk and complexity, it could raise costs without delivering clear benefits.
“From the buy side’s perspective, the market already has long hours,” says Jesse Forster. “What it needs is deeper liquidity, stronger resilience and better outcomes when participation is concentrated.”
24-hour equities: Balancing innovation and practicality presents the results of a Q3 and Q4 2025 study for which the firm interviewed U.S. equity traders about their daily workflow, broker selection and evaluation, technology platforms used, commissions, technology budgets, and business practices in the U.S. cash equity space. The report analyzes buy-side interest in ATC and trader perceptions of potential benefits, costs and risks. Drawing on this analysis, the report concludes that institutional adoption of ATC trading will depend on demonstrated improvements in liquidity, resilience and execution outcomes.