An index has two timetables. The cash session is when the underlying shares trade: 09:30 to 16:00 New York time for the US500 and 09:00 to 17:30 Frankfurt time for the DE40. Index futures trade for most of the day and night, and index CFDs generally follow them. Prices are most reliable, and spreads tightest, during the cash session.
Key takeaways
- US500 cash hours are 13:30–20:00 UTC in summer and 14:30–21:00 UTC in winter.
- DE40 cash hours are 07:00–15:30 UTC in summer and 08:00–16:30 UTC in winter.
- Outside those hours the CFD is priced from futures, liquidity is thinner and spreads are wider.
- The first and last 30 minutes of the cash session carry the most volume.
- For about three weeks a year the US and Europe are on different clock schedules, which moves the US open by an hour relative to Europe.
| US500 cash session | 09:30–16:00 New York |
|---|---|
| DE40 cash session | 09:00–17:30 Frankfurt (Xetra) |
| US index futures | Sunday 18:00 to Friday 17:00 New York, with a daily one-hour break |
| DAX futures | Extended European hours, from early morning to 22:00 Frankfurt |
| Overlap of both cash sessions | 13:30–15:30 UTC in summer |
| Marketsall hours | Shown in the symbol specification in MetaTrader 5 |
Cash session hours in UTC
| Index | Exchange | Local time | UTC in summer | UTC in winter |
|---|---|---|---|---|
| US500 (S&P 500) | NYSE and Nasdaq | 09:30–16:00 | 13:30–20:00 | 14:30–21:00 |
| DE40 (DAX 40) | Xetra, Frankfurt | 09:00–17:30 | 07:00–15:30 | 08:00–16:30 |
“Summer” means daylight saving time in the region concerned. The United States changes on the second Sunday in March and the first Sunday in November; Europe changes on the last Sundays of March and October. In the gaps between those dates New York is only five hours behind Frankfurt instead of six, so the US open arrives an hour earlier for European traders. See how daylight saving time changes trading hours.
Why can index CFDs trade when the exchange is closed?
Index futures trade almost around the clock so that investors can react to news at any hour. CFD providers use those futures prices, adjusted for fair value, to quote the index outside the cash session. The quote is real, but it rests on far less trading than during the day. The difference between cash-based and futures-based products is explained in cash index CFDs vs index futures CFDs.
| Feature | During the cash session | Outside the cash session |
|---|---|---|
| Price source | Underlying shares and futures | Futures only |
| Liquidity | Deep | Thin, especially 21:00–06:00 UTC |
| Spread | Tightest | Wider |
| Typical triggers | Economic data, company news, the open and close | Earnings after the close, Asian news, geopolitical headlines |
| Gap risk | Low within the session | Higher; the cash open can jump to catch up |
How the trading day unfolds
| Moment | UTC in summer | Why it matters |
|---|---|---|
| Frankfurt cash open | 07:00 | DE40 reprices overnight news; volume jumps |
| US data releases | 12:30 | US CPI and Non-Farm Payrolls land an hour before the US open |
| New York cash open | 13:30 | Largest volume of the day in US500; DE40 often follows |
| Frankfurt cash close | 15:30 | Closing auction; DE40 liquidity drops afterwards |
| Fed decisions | 18:00 | FOMC meetings |
| New York cash close | 20:00 | Closing auction; company results often follow |
| After the close | 20:00–21:00 | Earnings from large companies can move US500 futures sharply |
Holidays, half days and quarterly expiries
US and German holidays differ, so one index can be closed while the other trades normally. US markets also close early, at 13:00 New York time, on a few days a year such as the day after Thanksgiving. On the third Friday of March, June, September and December, futures and options expire together, which can distort prices around the open and close.
What it costs to trade index CFDs as a CFD
Index CFDs can usually be traded for far longer than the stock exchange is open, because providers price them from index futures. The cost of trading changes through the day as a result. See what a CFD is and index trading.
| Cost | When it applies | Note for index CFDs |
|---|---|---|
| Spread | Every trade, at entry | Tightest in the cash session, several times wider overnight |
| Commission | Depends on instrument and account type | Shown in the symbol specification in MetaTrader 5 |
| Swap / overnight financing | Positions held past the daily rollover | Charged daily on positions held past the rollover. |
| Dividend adjustment | Cash-based index CFDs, when constituent shares go ex-dividend | Long positions are typically credited and short positions debited. |
| Contract rollover | Only if the CFD is based on a futures contract | The price adjusts when the underlying contract changes. |
| Slippage | Fast markets, gaps, news | Most likely at the cash open, on data releases and after-hours earnings |
Key risks
Opening gaps. The cash open can start well away from the previous close. See gap risk.
Thin overnight markets. Stops can be triggered by moves that would not occur in normal hours.
After-hours earnings. Results from the largest companies move the whole index; see why stocks move so much after earnings.
Leverage. Index moves of 1–2% a day are common.
Risk warning. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, the products offered on this website may not be suitable for all investors because of the risk of losing all of your invested capital. You should never invest money that you cannot afford to lose, and never trade with borrowed money.
How to trade index CFDs at Marketsall
Index CFDs at Marketsall include US500 and DE40 on MetaTrader 5 and Web Trader. The hours that apply to your account are shown in each symbol’s specification.
Frequently asked questions
What time does the US500 open in UTC?
The US cash session opens at 09:30 New York time, which is 13:30 UTC when the United States is on daylight saving time and 14:30 UTC in winter. It closes at 16:00 New York time, 20:00 or 21:00 UTC. Index CFDs usually trade outside these hours as well.
What time does the DE40 (DAX) open?
The Xetra cash session in Frankfurt opens at 09:00 local time, which is 07:00 UTC in summer and 08:00 UTC in winter, and closes at 17:30 local time. DAX futures trade for longer, and DE40 CFDs generally follow the futures hours.
Can you trade index CFDs when the stock market is closed?
Usually yes. Providers price index CFDs from index futures, which trade nearly 24 hours a day on weekdays. Liquidity is thinner and spreads are wider outside the cash session, and the hours offered vary by provider.
Why are spreads wider on indices at night?
Overnight the quote is based on futures alone and far fewer participants are active. Dealers face more risk that the price moves before they can hedge, so they widen the spread. Spreads narrow again when the cash session opens.
What is the most active time for US500 and DE40?
Volume is highest in the first and last 30 minutes of each cash session. The period when both markets are open, 13:30 to 15:30 UTC in summer, is usually the busiest part of the day for the two indices together.
Related reading
Confirm your index session times
To check the trading sessions set for US500 and DE40, follow how to read contract specifications on MT5; stop-loss orders is the companion read for anyone leaving a stop in place through the thin overnight hours.
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