This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-50323972
The article has changed 8 times. There is an RSS feed of changes available.
| Version 6 | Version 7 |
|---|---|
| City traders: We want shorter working hours | City traders: We want shorter working hours |
| (32 minutes later) | |
| City traders have urged UK and European exchanges to cut trading hours to improve work-life balance. | City traders have urged UK and European exchanges to cut trading hours to improve work-life balance. |
| They say the long hours are bad for mental health and are not exactly family-friendly. | |
| "It's hard to find childcare at five o'clock in the morning," said April Day, head of equities at the Association for Financial Markets in Europe (AFME). | "It's hard to find childcare at five o'clock in the morning," said April Day, head of equities at the Association for Financial Markets in Europe (AFME). |
| The idea is for exchanges to open 09:00 to 16:00, instead of 08:00 to 16:30. | The idea is for exchanges to open 09:00 to 16:00, instead of 08:00 to 16:30. |
| The AFME is pushing for the change alongside fellow trader body the Investment Association. | The AFME is pushing for the change alongside fellow trader body the Investment Association. |
| Shorter trading hours on equity markets would cut pressure on traders and attract a more diverse range of workers, it said. | |
| Stock market trading has traditionally been seen as male-dominated, lagging behind other areas of financial services in terms of attracting women into roles, | Stock market trading has traditionally been seen as male-dominated, lagging behind other areas of financial services in terms of attracting women into roles, |
| The AFME's Ms Day said her organisation had been lobbying stock exchanges in London, Paris, Germany and the Nordic region. | The AFME's Ms Day said her organisation had been lobbying stock exchanges in London, Paris, Germany and the Nordic region. |
| "A shorter working day would improve flexibility for employees and attract a more diverse range of individuals on to trading floors," she added. | "A shorter working day would improve flexibility for employees and attract a more diverse range of individuals on to trading floors," she added. |
| The London Stock Exchange said it would launch a consultation on the request. | The London Stock Exchange said it would launch a consultation on the request. |
| Traders in the UK and elsewhere in Europe normally work for a few hours either side of the current 8.5 trading hours, Ms Day said. | Traders in the UK and elsewhere in Europe normally work for a few hours either side of the current 8.5 trading hours, Ms Day said. |
| By contrast, US exchanges are open for 6.5 hours and Asian exchanges for 6. | By contrast, US exchanges are open for 6.5 hours and Asian exchanges for 6. |
| A knock-on effect of having a smaller intake of women in junior positions means that there are relatively few women in senior management positions in investment and banking trading, Ms Day said. | A knock-on effect of having a smaller intake of women in junior positions means that there are relatively few women in senior management positions in investment and banking trading, Ms Day said. |
| Juggling work and childcare responsibilities can be a challenge for both men and women, she added. | Juggling work and childcare responsibilities can be a challenge for both men and women, she added. |
| 'It is a long day, it is a stressful job' | 'It is a long day, it is a stressful job' |
| Nikki Martin has worked in the City for almost 20 years as a money manager and trader. After having a daughter she said she needed to hire a nanny so she could leave the house at 05:30 to arrive at work on time. | Nikki Martin has worked in the City for almost 20 years as a money manager and trader. After having a daughter she said she needed to hire a nanny so she could leave the house at 05:30 to arrive at work on time. |
| Fitting in work and client meetings sometimes means late nights. | Fitting in work and client meetings sometimes means late nights. |
| "When I have client dinners that I need to attend it pretty much kills me as getting to bed at, say, eleven with a four-thirty alarm is not pleasant, not to mention the fact that I don't see my child as much as I would like to," she says. | "When I have client dinners that I need to attend it pretty much kills me as getting to bed at, say, eleven with a four-thirty alarm is not pleasant, not to mention the fact that I don't see my child as much as I would like to," she says. |
| "It is a long day, it is a stressful job and doing this five days a week leads to burn out," she says. | "It is a long day, it is a stressful job and doing this five days a week leads to burn out," she says. |
| Nowadays she works one or two days a week from home. But she says she knows so many women that have left the industry or have moved sideways because "bringing up a child is just not compatible with the job". | Nowadays she works one or two days a week from home. But she says she knows so many women that have left the industry or have moved sideways because "bringing up a child is just not compatible with the job". |
| "Shorter trading hours in my mind would undoubtedly go some way towards rectifying this issue." | "Shorter trading hours in my mind would undoubtedly go some way towards rectifying this issue." |
| Long hours in a high-pressure job can also exacerbate any mental health difficulties traders may be suffering, Ms Day added. | Long hours in a high-pressure job can also exacerbate any mental health difficulties traders may be suffering, Ms Day added. |
| Galina Dimitrova, director of capital markets at the Investment Association, concurred: "We have heard many deeply moving stories of traders' mental health and personal life being impacted by their working hours. | Galina Dimitrova, director of capital markets at the Investment Association, concurred: "We have heard many deeply moving stories of traders' mental health and personal life being impacted by their working hours. |
| "Whilst it is no silver bullet, we hope this European-wide review could start to lead to a step change in more efficient markets to the benefit of savers and those who operate them." | "Whilst it is no silver bullet, we hope this European-wide review could start to lead to a step change in more efficient markets to the benefit of savers and those who operate them." |
| The London Stock Exchange said it strongly supported improving diversity and workplace culture in the City. | The London Stock Exchange said it strongly supported improving diversity and workplace culture in the City. |
| It said the call from the trader associations was "an important suggestion for a European-wide adjustment to trading hours". | It said the call from the trader associations was "an important suggestion for a European-wide adjustment to trading hours". |
| "We intend to consider the request in a formal consultation with London Stock Exchange's global members and customers," it added. | "We intend to consider the request in a formal consultation with London Stock Exchange's global members and customers," it added. |