The next challenge is participation

The debate over round-the-clock markets is moving beyond whether the technology can run continuously. An October 6 Wall Street Journal market report highlighted Deutsche Bank’s view that customer demand needs to justify the infrastructure required for continuous trading.

Tokenization creates new possibilities for access. The economic case still depends on people wanting to trade, and on institutions being ready to support them outside established hours.

An open market needs counterparties

A trading screen can remain available while liquidity becomes thin. If fewer buyers and sellers participate overnight or at weekends, spreads can widen and larger orders may move prices more sharply.

Continuous access should therefore be assessed alongside execution quality. Being able to submit an order is different from being able to complete it at a competitive price.

The supporting services must keep up

Trading also relies on cash management, custody, risk controls and support teams. If one essential service operates on a different schedule, a market that appears always open can still encounter bottlenecks.

Firms need workable plans for maintenance, incidents and reconciliation. A blockchain that continues producing blocks does not perform every task required by an investment business.

A gradual test of the model

The strongest evidence will be sustained customer activity and dependable service across the full trading week. Longer hours may develop unevenly across products as demand becomes clearer. The shift is therefore an operational and commercial project as much as a technical one.