While USexchanges and brokers race to introduce 24-hourtrading, JapanExchange Group (JPX) hasquietly built the world's most successful extended trading program, with nightsessions now capturing more than 40% of total derivatives volume.Japan's After-HoursTrading Captures 40% of Derivatives VolumeThe ratioclimbed from 39% in 2024, with night session volume reaching 168.5 millioncontracts for the year. In November alone, the night session hit 44.5% of totalvolume, suggesting the trend continues to accelerate.Japan'sachievement stands in sharp contrast to InteractiveBrokers. as Chairman Thomas Peterffy noted overnight trading made up just 2.2%of volume inMay 2025.However, this figure is now much closer to that of thefintech company eToro, which recently reported that one-thirdof trades take place during extended trading hours.“Our mission has always been to open the globalmarkets and make trading accessible to everyone, everywhere,” Yossi Brandes, VPof Execution Services at eToro, commented during the November’s launch. “Wewill continue to add more assets and to expand our 24/5 offering to meet theevolving needs of our global community.”Equity Trading Hits RecordDespite Derivatives PullbackJapanExchange Group's cash equity market posted strong gains in 2025, with PrimeMarket trading value reaching 1,419.6 trillion yen, surpassing the previousall-time high of 1,254.2 trillion yen set in 2024 and records from2023. The 13.2% increase reflects continued strength in Japan's main stockmarket segment.DomesticETFs generated 75.3 trillion yen in trading value, ranking second historicallybut falling short of 2024's record of 77.2 trillion yen. The REIT marketproduced 12.6 trillion yen in trading value, placing eighth on record comparedto fifth place the previous year.Totalderivatives volume declined to 418.8 million contracts in 2025, down 9.8% from2024's record 464.2 million contracts. Trading value also slipped to 3,742trillion yen from 4,156 trillion yen. Securities options bucked the trend with3.4 million contracts, claiming the highest volume on record.Extended Hours DriveGlobal CompetitivenessJapan'snight session runs from 4:30 PM to 5:30 AM Japan Standard Time, effectivelykeeping the market open through European and US trading hours. The extendedwindow allows traders to respond to market moves, economic data and news fromEurope and America while Japan's cash markets remain closed.Foreigninvestors dominate night session activity, though participation by Japaneseretail investors has grown with the rise of online brokers. The diverse mix ofinvestor types provides liquidity even during Asian nighttime hours, when mostregional markets go dark.Theachievement comes as US exchanges grapple with infrastructure challenges inextending trading hours. Nasdaq'srecent filing toadd overnight sessions requires industry-wide coordination for clearing andsettlement services. The WorldFederation of Exchanges has urged caution, recommending 22-hour or 23-hour trading weeksrather than jumping to full continuous trading.December2025 saw 31.4 million derivatives contracts change hands, with trading valuereaching 418 trillion yen, the second-highest December on record. Night sessionactivity totaled 11.3 million contracts, capturing 36.0% of December volumecompared to 34.3% in December 2024.This article was written by Damian Chmiel at www.financemagnates.com.