On 23 September 2022, the European Securities and Markets Authority (ESMA) updated their Q&As on MiFID II and MiFIR market structure topics.

The question and answer for question 35 under Direct Electronic Access and algorithmic trading has been updated:

Can trading venues set specific trading hours which are applicable only to a sub-set of financial instruments (or to a specific financial instrument)?

Yes, a trading venue may set instrument-level trading hours for a specific sub-set of financial instruments (or for a specific financial instrument), provided that such specific trading hours 34 (and the instruments to which they apply) are made public and communicated by the venue to market participants.

As an example, trading venues may set specific trading hours based on the trading hours of the underlying market (where applicable) to facilitate liquidity provisions by market makers.