24×5 Trading?

Alternative trading platforms (such as Blue Ocean and Interactive Brokers) offer trading in many U.S. stocks and exchange traded products between 8PM and 4AM (nocturnal), letting U.S. retail and Asian investors trade continuously five days a week. What are the implications? In their March 2025 paper entitled “Nocturnal Trading”, Gregory Eaton, Andriy Shkilko and Ingrid Werner examine the emergence of 24-hour trading  in the last three years and its implications for financial markets. They focus on nocturnal trading market quality and price discovery. Using 24×5 trading records during 2021 through 2024, they find that:

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