Map of the Operation of the World's Major Stock Exchanges in 2025

Understanding how the world’s major stock exchanges operate is essential for those who want to trade efficiently across different markets. Opening and closing times, as well as overlapping windows between exchanges, directly influence liquidity, volatility, and trading volume. For Brazilian investors, this information becomes even more critical, as they operate across multiple time zones simultaneously.

Understanding Time Zones and Conversions to Brasília Time

The main stock exchanges around the world operate in different time zones, requiring careful conversion to plan operations from Brazil. It is worth noting that some countries have adopted permanent changes to their time zones:

• India: Abolished daylight saving time in 2024, maintaining IST (UTC+5:30) fixed year-round
• Saudi Arabia: Permanently adopted UTC+3, aligning with Gulf markets
• United States: Maintains Daylight Saving Time (DST) from March 10 to November 2, 2025, affecting conversion to Brazilian time

In this analysis, we use Brasília time (BRT) as the reference for all conversions, considering periods without daylight saving time.

Trading Calendar: Major Global Markets

Markets in the Americas

NYSE/NASDAQ (United States)

• Location: New York
• Local Time: 9:30 – 16:00 (EST)
• Brasília Time: 10:30 – 17:00 (without DST)
• Note: Pre-market trading begins at 4:00 (EST), or 6:00 (BRT)

B3 (Brazil)

• Location: São Paulo
• Spot and Fractional Market: 10:00 – 16:55
• Futures Market: 10:00 – 17:25
• Index Futures: 9:00 – 18:25
• Dollar Futures: 9:00 – 18:30 (no changes)

Markets in Europe

LSE (United Kingdom)

• Location: London
• Local Time: 8:00 – 16:30 (GMT)
• Brasília Time: 5:00 – 13:30

Euronext (Continental Europe)

• Location: Paris and Amsterdam
• Local Time: 9:00 – 17:30 (CET)
• Brasília Time: 5:00 – 13:30

Markets in Asia

Shanghai/Shenzhen Stock Exchange (China)

• Local Time: 9:30 – 15:00 (CST)
• Brasília Time: 22:30 (previous day) – 4:00

TSE - Tokyo Stock Exchange (Japan)

• Local Time: 9:00 – 15:00 (JST)
• Brasília Time: 21:00 (previous day) – 3:00

NSE/BSE (India)

• Location: Mumbai
• Local Time: 9:15 – 15:30 (IST)
• Brasília Time: 1:45 – 8:00

Markets in Emerging Economies

Tadawul (Saudi Arabia)

• Location: Riyadh
• Local Time: 10:00 – 15:00 (AST)
• Brasília Time: 4:00 – 9:00
• Highlight: The largest stock exchange in the Middle East, gaining relevance in 2025

Johannesburg Stock Exchange (South Africa)

• Local Time: 9:00 – 17:00 (UTC+2)
• Brasília Time: 4:00 – 12:00

Overlap Windows: Where the Highest Volume Concentrates

Overlaps between major stock exchanges create periods of higher liquidity and arbitrage opportunities:

USA + Europe (10:30 – 13:30 BRT) NYSE and LSE operating simultaneously, generating high liquidity and volatility. Ideal for strategies involving transatlantic asset pairs.

Asia + Europe (21:00 – 3:00 BRT) Tokyo and London in partial operation, creating opportunities in markets connecting East and West.

Brazil + USA (10:30 – 17:00 BRT) Peak activity period on B3, coinciding with full trading hours on NYSE, facilitating Brazil-USA arbitrage strategies.

Why Knowing the Trading Hours of Major Exchanges Is Strategic

Volatility immediately after a market opens offers both risks and opportunities. In the first minutes of operation, prices tend to undergo significant adjustments as the market absorbs news and events from the previous close.

For investors operating globally, understanding these times allows to:

• Synchronize operations: Coordinate strategies across multiple markets
• Leverage liquidity: Trade during overlapping periods when supply and demand are higher
• Manage risk: Avoid periods of low liquidity or unexpected high volatility
• Plan arbitrage: Identify profit opportunities by exploiting price differences between exchanges

B3 Adjustments in 2025

B3 synchronized its trading hours with changes in international markets. Starting March 10, 2025, the schedule was reorganized to:

• Facilitate arbitrage strategies with global markets
• Increase trading flow during overlaps with the US and Asia
• Align closing times with relevant international market events

Holidays: The exchange remains closed on dates such as January 1st, Carnival (March 4), and Christmas (December 25).

It is recommended to follow B3’s official calendar for notifications about occasional schedule adjustments.

Summary: Trading in Tune with the World’s Major Stock Exchanges

Mastering the trading hours of the world’s main stock exchanges is not just an administrative matter—it’s a strategic advantage. Investors who align their decisions with periods of higher liquidity and overlap can execute orders with better price quality and higher fill certainty.

Initial volatility after openings, while challenging, presents opportunities for attentive traders. For medium- and long-term investors, knowing these times facilitates planning diversified strategies across continents.

Staying updated on permanent time zone changes and seasonal adjustments is essential to optimize your operational performance in global markets.