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Euronext says case to redress gender imbalance by cutting trading day not strong enough

08/04/2020 | 02:18pm

Shortening the trading day would not be a "silver bullet" to solve the complex issue of too few women on trading desks, pan-European exchange Euronext said.

The exchange was asked by Investment Association in London, and the Association for Financial Markets in Europe, to consult on potentially cutting the trading day, which they argued would create a more diverse workforce through family-friendly hours, and improve mental health.

"These issues have deep-root causes that warrant a more comprehensive, industry-wide response," Euronext said in comments on the feedback received.

"For these reasons, we do not consider there to be a strong enough case to reduce trading hours today and we therefore do not intend to modify the current functioning of our markets."

Asset managers and banks in Britain were generally in favour of a shorter trading day, while proprietary trading firms and retail investors were against, with continental brokers indifferent, Euronext said.

The London Stock Exchange has also consulted on a shorter trading day, and its CEO David Schwimmer said last week that concerted action across Europe was the most sensible way for any reduction.

The LSE's own consultation found broad backing for a 90-minute cut to the trading day.

(Reporting by Sinead Cruise and Huw Jones, editing by John Stonestreet)

© Thomson Reuters 2020
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