| Exchange | Opens | Closes | Note |
|---|---|---|---|
| JSE | 09:00 | 17:00 | Closing auction from 16:50 |
| London | 10:00 or 11:00 | 18:30 or 19:30 | Shifts with British summer time |
| Frankfurt | 10:00 or 09:00 | 18:30 or 17:30 | Shifts with central European time |
| New York | 15:30 or 16:30 | 22:00 or 23:00 | Shifts with US daylight time |
| Tokyo | 02:00 | 08:00 | Lunch break 04:30 to 05:30 |
| Hong Kong | 03:30 | 10:00 | Lunch break 06:00 to 07:00 |
| Sydney | 02:00 | 08:00 | No break |
| Market | Typical closures |
|---|---|
| JSE | South African public holidays, about 12 a year |
| New York | New Year, Martin Luther King Day, Presidents Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving, Christmas |
| London | New Year, Good Friday, Easter Monday, early May, spring and summer bank holidays, Christmas, Boxing Day |
| Tokyo | Golden Week in late April and early May, plus several single days |
| Forex | Never closes Monday to Friday, but liquidity thins on major holidays |
| Condition | Effect |
|---|---|
| A major market on holiday | Wider spreads, larger slippage |
| The week between Christmas and New Year | Thin all week, moves exaggerated |
| Golden Week in Japan | JPY pairs unpredictable |
| US Thanksgiving Friday | Half day, very thin afternoon |
| Any Friday after 20:00 | Liquidity falls away into the close |
Data maintained by TradeAnswers · updated as the figures change