Even after many years, translating those times into local time can be a chore. It is easy to get confused, especially when a news source writes that the ECB policy decision will be delivered at 12:45 GMT and the governor’s press conference will begin at 14:30 CET, or Central European time. Chances are if you are not in the New York or London time zones, your broker adjusts the time on your screen clock to local time. You may think that if you are in New York, you can just add 5 hours to get London time, but not so-the British and Americans do not coordinate the date of switching to and from daylight savings time so sometimes it is 6 hours for a few days. London conducts more Forex trading than any other financial center, according to the Bank for International Settlements survey, and you will also see some data vendors and brokers using London time, either GMT or BST, the notation for daylight savings time, named British Summer Time. In practice, New York closes at 17:00 ET, but many data vendors, including eSignal, use 17:59 ET (22:59 GMT) as the “close” and 18:00 ET (23:00 GMT) as the Sydney “open.” Sometimes it’s EST for Eastern Standard Time and from spring to fall, it’s Eastern Daylight Savings Time, so the easy way to denote New York time is the short-form ET. We sometimes used ET for Eastern Time, meaning the New York benchmark, whatever the time of year. GMT stands for Greenwich Mean Time and EST stands for Eastern Standard Time. The Forex market is open for business somewhere in the world 24 hours a day except for the period from the New York close at 18:00 EST/23:00 GMT on Friday evening to the Sydney/Wellington open late Sunday afternoon at 21:00 GMT/16:00 EST.
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