LONDON, Aug 4 (Reuters) - Shortening the trading day would
not be a "silver bullet" to solve the complex issue of too few
women on trading desks, pan-European exchange Euronext said.
The exchange was asked by Investment Association in London,
and the Association for Financial Markets in Europe, to consult
on potentially cutting the trading day, which they argued would
create a more diverse workforce through family-friendly hours,
and improve mental health.
"These issues have deep-root causes that warrant a more
comprehensive, industry-wide response," Euronext said in
comments on the feedback received.
"For these reasons, we do not consider there to be a strong
enough case to reduce trading hours today and we therefore do
not intend to modify the current functioning of our markets."
Asset managers and banks in Britain were generally in favour
of a shorter trading day, while proprietary trading firms and
retail investors were against, with continental brokers
indifferent, Euronext said.
The London Stock Exchange has also consulted on a shorter
trading day, and its CEO David Schwimmer said last week that
concerted action across Europe was the most sensible way for any
reduction.
The LSE's own consultation found broad backing for a
90-minute cut to the trading day.
(Reporting by Sinead Cruise and Huw Jones, editing by John
Stonestreet)
