The European stock exchanges, represented in the Federation of European Stock Exchanges (FESE), have published a press release about trading hours. FESE concludes that this is a complex issue that warrants serious reflection in terms of the competitiveness of Europe, market quality, depth of liquidity, the participation of investors in the market whilst also recognising the need to ensure the well-being of employees. Given the considerations outlined above, FESE believes current trading hours best serve the interest of investors and that a shortening of the European trading day would be a move in the wrong direction and detrimental to European markets. This position is fully in line with AEM Position regarding this issue.