Eric Böss

The session will open with James Baugh, Managing Director and Head of European Market Structure at TD Securities, setting the scene with a short introduction exploring the drivers of 24/5 trading, tokenisation, and retail participation- and what these trends could mean for Europe’s market structure, liquidity formation, and regulatory coordination.

Following this, the debate will weigh the competitive, structural, and regulatory arguments on both sides of the 24/5 question. Advocates argue that extended trading hours would align Europe with global markets, reduce overnight risk, and provide greater flexibility for both institutional and retail participants. Critics counter that liquidity would be diluted, operational costs would rise, and Europe’s concentrated price discovery could be undermined.

This session will explore whether staffing implications, clearing and venue infrastructure, and regulatory alignment make such a shift a bold step forward- or an unnecessary burden for the market.