One Trading Launches 24/7 Equity Derivatives Trading Under EU Rules
What Has One Trading Been Approved to Do?
One Trading has received regulatory approval to offer round-the-clock trading in equity perpetual futures, becoming the first licensed venue to run a 24/7 central limit order book for equity derivatives. The approval follows an extension granted by the Dutch Authority for the Financial Markets (AFM) to the firm’s existing MiFID II Organised Trading Facility authorisation.
The extension allows equity derivatives to trade continuously, outside traditional platform hours, while remaining fully on-venue and regulated. According to the firm, this makes One Trading the only licensed market globally offering nonstop trading for equity perpetual futures under a recognised regulatory framework.
The initial rollout will cover US single-stock equity perpetual futures and equity index perpetual futures. One Trading says the design targets long-standing constraints in equity derivatives markets, where price discovery and execution remain tied to fixed platform sessions and legacy clearing cycles.
Investor Takeaway
Why Does 24/7 Trading Matter for Equity Markets?
Equity markets have historically been bound to local platform schedules, even as global capital flows, news cycles, and macro events operate continuously. Earnings announcements, geopolitical developments, and policy decisions often occur outside market hours, leaving investors exposed until the next session opens.
To manage that exposure, market participants typically rely on ETFs, index futures, or over-the-counter derivatives. These instruments provide partial coverage but often fail to offer direct single-stock exposure or real-time price formation when platforms are closed. One Trading’s model viewks to replace that patchwork with a single venue where prices form continuously based on live .
Joshua Barraclough, founder and chief executive of One Trading, described the change as a practical adjustment to how risk is managed. “Clients can now go long or short on NVIDIA on a Saturday later thannoon at a price determined by live , rather than waiting for markets to reopen,” he said. “That applies equally to a retail investor expressing a view and to an institutional client managing risk.”
How Do Equity Perpetual Futures Fit Into This Model?
At the center of the offering is the use of perpetual futures, a structure more commonly associated with crypto markets. Unlike traditional futures, perpetuals do not expire. Instead, they rely on a funding mechanism that keeps prices aligned with the underlying reference asset over time.
In equity markets, this structure removes the need for contract rollovers and avoids the distortions that can arise when traders use proxies to maintain exposure outside platform hours. By pairing perpetual futures with a , One Trading aims to deliver continuous price discovery using a familiar market structure rather than bilateral or off-venue arrangements.
All trades take place on a transparent order book, with visible bids and offers forming in real time. Supporters argue this could improve price integrity compared with off-platform or synthetic products, though the depth of liquidity during quieter hours remains a key variable.
Investor Takeaway
What Role Did the Regulator Play?
The AFM’s decision is central to the launch. While MiFID II does not explicitly require fixed trading hours, most equity venues have historically aligned with established platform sessions. By approving One Trading’s out-of-hours extension, the AFM has effectively tested how existing EU market structure rules can support continuous trading without rewriting legislation.
Market participants view the approval as a potential reference point. If volume and price discovery begin to migrate to venues operating beyond traditional hours, established platforms may face questions about whether session-based trading still reflects how modern markets function.
How Does This Fit Into One Trading’s Broader Strategy?
The move builds on One Trading’s existing regulatory footprint. The firm already operates a regulated crypto perpetual futures venue under MiFID II and runs spot crypto trading and custody under the Regulation. Combined, this makes it the only EU-based venue currently offering regulated spot trading, custody, perpetual derivatives, and continuous on-platform settlement within a single onshore structure.
The approach applies mechanics long used in crypto markets—continuous trading, unified spot and derivatives access, and near-instant settlement—to traditional assets, while staying within EU financial rules. For institutions, the main benefit lies in more precise risk control around events that do not respect platform calendars. For retail traders, it offers direct exposure without relying on indirect or synthetic products.
Whether the model gains traction will depend on sustained participation from both . Without consistent liquidity, nonstop markets risk thinner books and wider spreads. One Trading argues that global interest, combined with demand for real-time hedging, will support activity across the week.
For now, the launch marks a clear break from long-held assumptions about when equity markets must close. With regulatory approval in place, One Trading has created a live test of whether 24/7 trading can move from crypto into the heart of traditional market infrastructure.
