#数字资产动态追踪 Major global exchanges collectively adjust trading hours at the end of the year, and this move carries quite a bit of information.

As we approach the last day of 2025, the financial markets are also entering "year-end mode"—exchanges around the world are adjusting or shortening trading hours, aligning with time zone differences and doing their homework.

First, let's talk about Asia: the stock markets in Japan and South Korea are closed all day, while the Australian stock market closed even earlier, finishing before 11 a.m. Beijing time. The Hong Kong stock market adopted a compromise approach, starting to close gradually after just past 12 p.m. This staggered schedule essentially reserves liquidity for trading.

In Europe, exchanges in Germany and Italy are closed all day, while the stock markets in France, the UK, and Spain close between 8 p.m. and 9 p.m. local time, which translates to giving European traders a window to celebrate the New Year.

The domestic futures market also followed suit—canceling night trading sessions, reducing overnight volatility risks for long-position traders.

The US stock market remains relatively resilient, but US Treasury futures have limited trading hours from 3 p.m. to 3:30 a.m. the next day, effectively giving traders a break.

From a trading perspective, this synchronized adjustment of global markets at year-end directly reduces liquidity risks during the New Year period, allowing traders to feel more at ease. Although this move may seem like "slacking off," it is actually a form of risk management by the financial markets.