Footsie closes above 9,000 for first time as round-the-clock trading idea sparks fierce City debate

The FTSE 100 closed above 9,000 for the first time yesterday – as a report that the stock exchange could introduce round-the-clock trading sparked a fierce debate.

The UK index climbed 20.87 points, or 0.2 per cent to end the session at 9012.99. 

It is up by more than 10 per cent for the year to date.

The Footsie reached the milestone even as politicians and City grandees worry that it is losing its relevance as a global financial centre. 

Reforms over the past couple of years have so far failed to revive valuations enough to spare the exchange from being raided by foreign predators.

Some think it should follow rival exchanges in New York, which are already planning to bring in 24-hour or extended trading hours – but opinion in the Square Mile is divided. 

The Financial Times reported that parent company London Stock Exchange Group (LSEG) was considering the move.

Michael Healy, managing director of trading platform IG, said 24-hour trading would be ‘a welcome and overdue step in the right direction’ for the exchange.

He said: ‘If London wants to reclaim its place as a leading global financial centre, it must lead on this.’

But Michael Brown at broker Pepperstone said it could have a ‘negative impact’ on liquidity with trading volumes spread over a longer period resulting in more volatility. 

He added that there was ‘very little clamour for such a move’.

LSEG declined to comment.