The Relay Race That Never Stops
Global stock markets work like a 24-hour relay race. As Tokyo’s exchanges wind down for the evening, London’s are just warming up. As London closes for lunch, New York’s opening bell is ringing. As New York’s closing bell rings, Asian markets in Sydney and Hong Kong are opening up for their morning session. The baton of global liquidity passes around the world once every 24 hours, and there is always at least one major exchange open somewhere.
This matters for traders for a few reasons. If you are in the US and watching overseas markets, their closing moves often predict how the US pre-market will open. If you are trading overnight, you need to know which exchange is driving the price action. And if you are in Europe or Asia but trading US stocks, you need to know how the local hours map onto the US schedule.
This article is the complete guide to global stock market hours. Which exchanges open when, how they map to US Eastern Time, and when the overlaps happen.
For the US market specifically, see stock market hours: when does the US stock market open and close.
The Major Global Exchanges at a Glance
Here are the nine largest stock exchanges in the world by market capitalization, with their regular session hours in both local time and US Eastern Time.
| Exchange | Location | Local Hours | US Eastern Time |
|---|---|---|---|
| NYSE | New York | 9:30am to 4:00pm ET | 9:30am to 4:00pm ET |
| NASDAQ | New York | 9:30am to 4:00pm ET | 9:30am to 4:00pm ET |
| LSE | London | 8:00am to 4:30pm GMT | 3:00am to 11:30am ET |
| Euronext | Paris/Amsterdam/Brussels | 9:00am to 5:30pm CET | 3:00am to 11:30am ET |
| Deutsche Borse (XETRA) | Frankfurt | 9:00am to 5:30pm CET | 3:00am to 11:30am ET |
| TSE | Tokyo | 9:00am to 3:00pm JST (w/ lunch break) | 7:00pm to 1:00am ET |
| SSE | Shanghai | 9:30am to 3:00pm CST (w/ lunch break) | 8:30pm to 2:00am ET |
| HKEX | Hong Kong | 9:30am to 4:00pm HKT (w/ lunch break) | 8:30pm to 3:00am ET |
| BSE/NSE | India (Mumbai) | 9:15am to 3:30pm IST | 11:45pm to 6:00am ET |
Important note: These Eastern Time conversions assume standard US time. During daylight saving time (mid-March through early November), the conversions shift one hour. European markets also observe their own daylight saving schedule, which runs on slightly different dates. The conversions above are approximations that work most of the year; always confirm for the specific week you need.
The North American Markets
New York Stock Exchange (NYSE) and NASDAQ
Both open at 9:30am ET and close at 4:00pm ET, Monday through Friday. Extended hours run from 4:00am to 9:30am ET (pre-market) and 4:00pm to 8:00pm ET (after-hours). Detailed coverage in pre-market and after-hours trading.
Toronto Stock Exchange (TSX)
Canada’s main exchange runs the same regular hours as the US: 9:30am to 4:00pm ET. Closed on Canadian holidays (which do not perfectly match US holidays, so occasionally the US is open while Canada is not).
Mexican Stock Exchange (BMV)
8:30am to 3:00pm Central Time, which is 9:30am to 4:00pm ET. Aligned with US hours.
The European Markets
European markets are all several hours ahead of New York. Their regular sessions overlap with US pre-market and the first few hours of the US regular session. This overlap period (roughly 8:00am to 11:30am ET) is the most liquid time in global markets because both sides of the Atlantic are active simultaneously.
London Stock Exchange (LSE)
- Local hours: 8:00am to 4:30pm GMT (with a brief auction period at the close)
- US Eastern Time: 3:00am to 11:30am ET (standard time)
- During UK daylight saving: 3:00am to 11:30am ET
The LSE is the largest European exchange. It opens about 6.5 hours before the US market and closes about 4.5 hours into the US regular session. The overlap between 9:30am ET (US open) and 11:30am ET (LSE close) sees massive volume in dual-listed stocks and cross-border arbitrage.
Euronext (Paris, Amsterdam, Brussels, Dublin, Lisbon, Oslo, Milan)
- Local hours: 9:00am to 5:30pm Central European Time (CET)
- US Eastern Time: 3:00am to 11:30am ET
Euronext is the pan-European exchange that lists stocks across multiple European countries. It operates on a unified schedule.
Deutsche Borse (XETRA / Frankfurt)
- Local hours: 9:00am to 5:30pm CET
- US Eastern Time: 3:00am to 11:30am ET
Germany’s main exchange. The DAX index (Germany’s S&P 500 equivalent) trades here. XETRA is the electronic platform that handles most of the volume.
SIX Swiss Exchange
- Local hours: 9:00am to 5:30pm CET
- US Eastern Time: 3:00am to 11:30am ET
Switzerland’s main exchange. Lists Swiss giants like Nestle, Novartis, and Roche.
The Asian Markets
Asian markets operate during what is nighttime in North America. Traders in Asia trading US stocks use US pre-market and extended hours. US traders who want exposure to Asian stocks during the Asian session often use futures, ETFs, or ADRs instead.
Tokyo Stock Exchange (TSE / JPX)
- Local hours: 9:00am to 11:30am JST (morning session), then 12:30pm to 3:00pm JST (afternoon session)
- US Eastern Time: 7:00pm to 9:30pm ET (morning), then 10:30pm to 1:00am ET (afternoon)
Japan’s main exchange, home of the Nikkei 225 index. It has a distinctive lunch break structure where the market closes for an hour in the middle of the day. Traders who want continuous Japanese exposure often use Nikkei 225 futures, which trade more continuously.
Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE)
- Local hours: 9:30am to 11:30am CST (morning), then 1:00pm to 3:00pm CST (afternoon)
- US Eastern Time: 8:30pm to 10:30pm ET (morning), then 12:00am to 2:00am ET (afternoon)
China’s two mainland exchanges. Like Tokyo, they have a lunch break. Access for foreign investors is restricted through “A shares” (mainland-listed) vs “H shares” (Hong Kong-listed). Most US retail traders access Chinese stocks through ADRs listed in the US or through Hong Kong via HKEX.
Hong Kong Stock Exchange (HKEX)
- Local hours: 9:30am to 12:00pm HKT (morning), then 1:00pm to 4:00pm HKT (afternoon)
- US Eastern Time: 8:30pm to 11:00pm ET (morning), then 12:00am to 3:00am ET (afternoon)
The Hang Seng Index trades here. HKEX is the main gateway for international investors to access Chinese stocks (through H-shares listings). Volume overlaps with the end of the Tokyo session.
Korea Exchange (KRX)
- Local hours: 9:00am to 3:30pm KST (no lunch break)
- US Eastern Time: 7:00pm to 1:30am ET
South Korea’s main exchange. Home of KOSPI and KOSDAQ indices. Lists tech giants like Samsung and SK Hynix.
Singapore Exchange (SGX)
- Local hours: 9:00am to 5:00pm SGT (with a lunch break from 12:00pm to 1:00pm)
- US Eastern Time: 9:00pm to 5:00am ET (with break from 12:00am to 1:00am ET)
Southeast Asia’s main financial hub. SGX also runs derivatives contracts on major Asian indices.
Indian Markets (BSE and NSE)
- Local hours: 9:15am to 3:30pm IST
- US Eastern Time: 11:45pm to 6:00am ET
The Bombay Stock Exchange and the National Stock Exchange are India’s two main markets. They use the same schedule. The Nifty 50 and BSE Sensex are the major Indian indices.
The Australian and Middle Eastern Markets
Australian Securities Exchange (ASX)
- Local hours: 10:00am to 4:00pm AEST
- US Eastern Time: 8:00pm to 2:00am ET
Australia’s main exchange. Opens while Tokyo is already trading and closes around the time Asian markets wind down.
Saudi Stock Exchange (Tadawul)
- Local hours: 10:00am to 3:00pm AST (Sunday through Thursday)
- US Eastern Time: 3:00am to 8:00am ET
Note that Middle Eastern markets trade Sunday through Thursday, not Monday through Friday. This is one of the few markets in the world that trades on Sundays.
The Critical Overlap Windows
Global traders care most about two specific overlap periods, when multiple major regions are simultaneously active.
London-New York Overlap (8:00am to 11:30am ET)
This is the most important three and a half hours in global finance. Both the London Stock Exchange and the New York Stock Exchange are open simultaneously. Volume in forex (GBP/USD, EUR/USD) peaks during this window. Cross-listed stocks (like BP or Unilever, which trade on both LSE and NYSE) see their highest volume here. If you want to trade European stocks with maximum liquidity and your timezone permits, this is the window.
Tokyo-Singapore Overlap (9:00pm to 5:00am ET, US evening)
While Americans are sleeping, Tokyo and Singapore have several hours of simultaneous open time. Asian session volume peaks during these overlaps. US traders who trade overnight futures (like ES, NQ, or Asian index futures) often see their biggest moves during Tokyo open at 7:00pm ET.
The Quiet Window (2:00am to 3:00am ET)
For about one hour between when Asian markets close and London opens, there is almost no major exchange active globally. Liquidity is at its thinnest. Overnight moves in futures during this window can be sharp because there is no depth to absorb them. Experienced traders avoid trading the quiet window unless they have a specific reason. If you must trade it, know that slippage is your hidden enemy and always use limit orders rather than market orders.
How US-Based Traders Should Think About Global Hours
Most US retail traders do not directly trade foreign exchanges. They trade US-listed ADRs, ETFs, and futures that track foreign indices. But they still benefit from knowing the global schedule.
Use Case 1: Predicting the US Open
If Tokyo had a big down day, European markets opened down in sympathy, and LSE is now down 2% at 7:00am ET, you can reasonably expect US pre-market to be red. The US market is often driven by what happened overnight globally. Check the overnight international moves before planning your US trading day.
Use Case 2: Trading ADRs
Many major foreign companies have American Depository Receipts (ADRs) listed in the US. Toyota (TM), Taiwan Semiconductor (TSM), Alibaba (BABA), ASML (ASML). These trade during US hours but are heavily influenced by their home exchange activity. If TSMC had a bad day in Taiwan, TSM will likely gap down in US pre-market. Watch volume carefully on ADRs; volume confirms the trend is doubly true for stocks whose home market is closed.
Use Case 3: Understanding Index Futures
US equity index futures (ES, NQ, YM) trade nearly 24 hours. They react to what happens in Asia and Europe. Watching overnight futures movement gives you a preview of where the US regular session will open. This is especially useful for day trading for beginners because your morning bias is often set by what happened in Asia the night before.
Use Case 4: Planning Vacations
If you are traveling internationally and want to keep your positions managed, knowing local hours matters. A trader on vacation in Japan who wants to check US pre-market needs to be up at 5:00pm local time. Not necessarily a trip-ruiner, but worth knowing in advance. Also check the stock market holidays calendar before you travel; a closed day in the US might change your plans.
Daylight Saving Time Complications
Many countries observe daylight saving time but on different schedules. The US changes clocks on the second Sunday in March and the first Sunday in November. Europe changes on the last Sunday in March and the last Sunday in October. Japan, China, India, and most of Asia do not observe daylight saving at all.
The result: for a few weeks each year, the time gap between the US and Europe shifts by one hour. And the gap between the US and Asia shifts by one hour in the opposite direction. For most traders this is a minor annoyance. For traders who run automated strategies scheduled in UTC, it can cause problems if not accounted for.
Common Questions
What time does the Japanese stock market open in US Eastern Time?
Tokyo opens at 9:00am JST, which is 7:00pm ET during US standard time (8:00pm ET during US daylight saving). Tokyo closes at 3:00pm JST, which is 1:00am ET (2:00am ET during US daylight saving).
What time does the Chinese stock market open?
The Shanghai and Shenzhen exchanges open at 9:30am China Standard Time, which is 8:30pm ET the previous day (during US standard time). They close at 3:00pm CST local, which is 2:00am ET.
What time do European markets open?
London, Paris, Frankfurt, Amsterdam, and other major European exchanges all open around 3:00am ET (during US standard time; 4:00am ET during US daylight saving). They close around 11:30am ET.
What is the difference between GMT, BST, and CET?
Greenwich Mean Time (GMT) is the standard time in the UK during winter. British Summer Time (BST) is the UK’s daylight saving time (GMT+1). Central European Time (CET) is standard time across most of continental Europe (GMT+1). Central European Summer Time (CEST) is the daylight saving version (GMT+2). These shifts explain why London and Paris are not always the same time as each other.
Do Asian markets have lunch breaks?
Many do. Tokyo, Shanghai, Shenzhen, Hong Kong, and Singapore all have mid-day breaks where the market closes for an hour or more. Korea and India do not. The US, UK, and most of continental Europe do not have lunch breaks in their stock exchange schedules.
Is there a 24-hour stock market?
No major stock exchange trades 24 hours. Some ECNs and derivatives platforms approximate 24-hour trading by linking different sessions, and most major index futures (ES, NQ) trade nearly 24 hours with brief maintenance breaks. But traditional stocks are not continuously traded anywhere.
Key Takeaways
- Tokyo opens at 7:00pm ET. London opens at 3:00am ET. New York opens at 9:30am ET. Markets pass the baton of liquidity around the world every 24 hours.
- The London-New York overlap (8:00am to 11:30am ET) is the most liquid period in global markets. The quiet window (2:00am to 3:00am ET) is the least liquid.
- Many Asian markets have lunch breaks that Western markets do not. Tokyo, Shanghai, Hong Kong, and Singapore all close for one to two hours in the middle of their trading day.
- Daylight saving time complicates conversions. The US, Europe, and parts of Australia observe it on different schedules. Most of Asia does not observe it at all.
- US traders can use overnight international market movements to predict how the US pre-market will open. Watching Tokyo and London gives a preview of Wall Street.
For the US-specific schedule and the details on regular vs extended hours, see stock market hours: when does the stock market open and close.
Disclaimer: This article is for educational purposes only and does not constitute financial advice. Trading involves substantial risk of loss. Always consult a qualified financial advisor before making trading decisions.