Deutsche Börse chief warns 24/7 stock trading could fragment liquidity
Key Facts
Deutsche Börse did not confirm the launch of 24/7 trading in DAX stocks, contrary to what was stated in the first draft. In an interview with Reuters, Chief Executive Stefan Leitner warned that continuous trading could harm markets by fragmenting liquidity. He said, "24/7 stock trading could harm markets by fragmenting liquidity." The remarks place the group at the center of the debate over extending equity sessions, as longer trading hours could affect the concentration of orders and liquidity. Deutsche Börse’s official website lists Xetra’s regular trading hours as 09:00 to 17:30 on trading days, with retail investors able to trade until 22:00 through XETRA Retail.
The 22:00 trading cutoff indicates that the group already offers retail investors an extended window, but it is not equivalent to operating the market all day or all week. Leitner told Reuters that XETRA Retail allows trading until 22:00 in Europe. Those hours remain separate from the main Xetra session listed on the company’s website. The distinction reflects the difference between extending access to trading and continuous operation that could spread liquidity across a wider range of periods. The available official announcement did not provide evidence that continuous trading in DAX stocks had been launched.
Leitner’s warning came as Europe’s share of global equity trading on public markets fell to less than 30%, from about 55% two decades ago, according to a Reuters report in April 2026. By contrast, the US share remained near 50%, according to Leitner. The gap provides context for the debate over the competitiveness of European markets and their ability to attract activity. But Leitner also linked the challenge to trading being spread across a large number of venues, not simply to the length of the session. His warning therefore highlights the risk that longer hours could add to fragmentation in a market where trade execution is already dispersed across venues.
Leitner said equity trading activity in Europe is spread across 500 venues, including just 35 exchanges. He pointed to some activity shifting to dark pools, known as dark liquidity pools. That means some trading takes place outside traditional exchanges, in a structure with multiple execution venues. Against this backdrop, he warned that adding 24/7 stock trading could further fragment liquidity. His warning puts the concentration of orders and liquidity at the center of any assessment of proposed extensions to European market hours.
The global debate over trading hours is widening, with US plans to extend equity sessions alongside the expansion of near-continuous trading in other financial products. Nasdaq said its new schedule will include trading from 21:00 to 04:00 Eastern Time in the overnight session, with a maintenance break and the processing of some corporate actions between 20:00 and 21:00. CME Group also announced that it would begin continuous trading in cryptocurrency futures and options on 29 May 2026, with a weekly maintenance period of at least two hours. These steps show that extending hours has become a practical issue across multiple markets, with different products, schedules and operating conditions. But Leitner’s position highlights that increasing the time trading is available does not by itself settle how liquidity will be distributed.
On the near-term European agenda, the European Central Bank’s Governing Council will hold its monetary policy meeting in Frankfurt on 28 and 29 October 2026. A news conference will follow the meeting on the second day, according to the central bank’s calendar. Monetary policy decisions are scheduled to be published at 14:15 Central European Time on the meeting day. The decision and news conference are among the scheduled events European markets will follow at the end of the month. The available facts do not establish that 24/7 trading in DAX stocks has been launched.