Market session
Family XII · Other terms
Not to be confused with asian trading session, london trading session, new york trading session.
Market session refers to the hours when a particular exchange or trading venue is open for business. Sessions are set by the exchange and usually follow local business hours, so different financial centres operate on different schedules. Because sessions overlap, trading in a given instrument may occur across multiple sessions.
Session schedules and overlaps
Each exchange defines its own session times, which can vary by product, venue and date. For example, the New York trading session for US equities typically runs from 09:30 to 16:00 Eastern Time, while the London trading session for UK equities generally runs from 08:00 to 16:30 local time. The Asian trading session covers markets such as Tokyo, Hong Kong and Singapore, with hours that vary by exchange.
Overlaps between sessions, such as the London–New York overlap, often see higher trading volumes because participants from both regions are active. Session times may be adjusted for holidays, daylight saving changes or special events, so always check the exchange's official calendar.
Worked example: session overlap
Suppose a trader wants to trade a currency pair that is most liquid when both London and New York are open. The London session runs from 08:00 to 16:30 GMT, and the New York session runs from 13:00 to 21:00 GMT. The overlap is from 13:00 to 16:30 GMT.
The overlap period is when both sessions are active, often resulting in tighter spreads and higher liquidity for certain instruments.
Variations and considerations
Session times are not universal and can differ by exchange, instrument and regulatory jurisdiction. Some venues offer pre-market or after-hours sessions, while others have extended hours for specific products. Additionally, daylight saving time changes in one region can shift the overlap with other sessions. Traders should consult the relevant exchange's schedule for precise times.
Often confused with
- asian trading session
- The Asian trading session is a specific market session covering exchanges in the Asia-Pacific region, whereas the general term market session can refer to any geographic session; the visible sign is the reference to Asian financial centres such as Tokyo or Hong Kong.
- london trading session
- The London trading session is a specific market session centred on the London Stock Exchange and UK markets, while the general term market session is not tied to a particular location; the visible sign is the mention of London or UK equities.
- new york trading session
- The New York trading session is a specific market session focused on US exchanges such as the NYSE and Nasdaq, whereas the general term market session applies to any exchange's hours; the visible sign is the reference to New York or US markets.