Too damned early according to one or two of the regular party animals, LOL.
The Banks, large institutional desks & main line players will usually have 24 hour coverage, or at least "handover" windows where a specific firm will pass their book/order sheets across from London to New York to Tokyo etc.
If they're based in London then dependant on their particular desk or current circumstances etc, they'll be in for pre-market briefs & prep certainly by 6.00am (London) ready for Frankfurt traffic.
Smaller entities are generally pretty flexible. They might have a late, or night pod keeping an eye on things in the event of something kicking off or orders which require watching as they float around specific levels.
We operate a flexi-approach to be honest. Anything from 5.30am right thru to mid New York if the circumstances dictate. Just depends how busy things are & what types of strategies/models are being worked.
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