Every figure, name and institution the finished picture puts on screen, chased to a primary source. Checked 15 September 2026.
The script was supplied finished and recorded before a shot existed, so a claim that could not be sourced could not be changed in the narration. Where that happened it is listed under Not checked at the end, and the shot was built so it does not print the figure.
Source. U.S. Securities and Exchange Commission, After-Hours Trading: Understanding the Risks, Investor Publications, 3 November 2008. https://www.sec.gov/about/reports-publications/investorpubsafterhourshtm
The publication lists eight risks of trading outside the regular session. Two of them are the ones the video uses. Under Lack of Liquidity: “During after-hours, there may be less trading volume for some stocks, making it more difficult to execute some of your trades. Some stocks may not trade at all during extended hours.” Under Larger Quote Spreads: “Less trading activity could also mean wider spreads between the bid and ask prices. As a result, you may find it more difficult to get your order executed or to get as favorable a price as you could have during regular market hours.”
The SEC hedges throughout: “may be” less volume, “could also mean” wider spreads. It does not assert that conditions are always worse outside regular hours, and the video does not either. The same page confirms the regular session: the New York Stock Exchange and the Nasdaq Stock Market “have traditionally been open for business from 9:30 a.m. to 4:00 p.m. Eastern Time.”
Source. Dagfinn Rime and Andreas Schrimpf, The anatomy of the global FX market through the lens of the 2013 Triennial Survey, BIS Quarterly Review, Bank for International Settlements, 8 December 2013. https://www.bis.org/publ/qtrpdf/r_qt1312e.htm
“Investors seeking best trade execution often prefer to trade via sales and trading desks in London or New York (even though these investors may have their head office in other time zones). This is because liquidity in currency markets is typically highest at the London open and in the overlapping hours of London and New York.”
The article names both the London open and the London and New York overlap. It states no clock times, no GMT or UTC hours and no session boundaries anywhere: the claim is qualitative. See Not checked on how the session strip is labelled as a result.
Source. Michael J. Fleming and Eli M. Remolona, Price Formation and Liquidity in the U.S. Treasury Market: Evidence from Intraday Patterns Around Announcements, Federal Reserve Bank of New York Staff Reports, number 27, July 1997. https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr27.pdf
From the abstract: “We identify striking adjustment patterns for price volatility, trading volume, and bid-ask spreads in the U.S. Treasury market when public information arrives. Using newly available high-frequency data, we find a notable lack of trading volume upon a major announcement when prices are most volatile. The bid-ask spread widens dramatically with price volatility and narrows just as dramatically with trading volume. Trading volume surges only after an appreciable lag following the announcement.”
On how sharp and how brief the widening is: “The most illiquid time then coincides with the volatility spike in the first minute after the announcement, when the bid-ask spread is over seven times wider than its average on nonannouncement days. Two minutes after the announcement, the spread narrows sharply, indicating a dramatic return of liquidity. Three minutes after the announcement, the spread is no longer significantly different from the nonannouncement day average.”
On the two peaks not coinciding: “price volatility starts to rise a minute before an announcement. Volatility then spikes up in the next two minutes… At its peak, volatility is over 13 times the volatility for the same interval on nonannouncement days… during the same two minutes, trading volume tends to be less than the normal volume on nonannouncement days.” The paper rules out a data timing artefact: “price volatility still spikes in the 8:30 AM one-minute interval before trading volume starts to surge at 8:32 AM.”
This finding is Treasury specific and the narration says so. The paper studies the U.S. Treasury market, and neither it nor the video assigns the same pattern to every asset.
How the picture uses it. The spread series the announcement beats draw is generated, not the paper’s data, and its decay is set so the shape reproduces the documented finding rather than outrunning it: a peak of roughly seven to eight times the surrounding level in the first minute, sharply narrower by two, and back near the baseline by three. The figure printed on screen is counted off that generated series.
Sources. NYSE, Trading Hours and Calendars, Intercontinental Exchange. https://www.nyse.com/markets/hours-calendars — NYSE Core Trading runs 9:30 a.m. to 4:00 p.m. ET, with the Core Open Auction at 9:30 a.m. ET and the Closing Auction at 4:00 p.m. ET.
Nasdaq, The Nasdaq Opening and Closing Crosses. https://nasdaqtrader.com/content/productsservices/trading/crosses/openclose_faqs.pdf — “At 9:30 a.m. ET, the Opening Cross is initiated” and “At 4:00 p.m., the Closing Cross is initiated”. The Opening Cross sets the Nasdaq Official Opening Price and the Closing Cross the Nasdaq Official Closing Price. Nasdaq system hours run 4:00 a.m. to 8:00 p.m. ET against market hours of 9:30 a.m. to 4:00 p.m. ET (https://www.nasdaqtrader.com/content/technicalsupport/nasdaq_sys_hours.pdf).
This is arithmetic on an invented quote, and the video labels it illustrative on screen every time it appears. A stock quoted 49.99 bid and 50.01 ask has a midpoint of exactly 50.00 and a spread of two cents. Quoted 49.90 and 50.10 it has a midpoint of exactly 50.00 and a spread of twenty cents. Twenty divided by two is ten.
It is a comparison of the cost of crossing the spread, and not a claim that total execution costs always rise by the same multiple.
Every chart in this video is drawn from a generated series, seeded so it reproduces exactly, and every number printed anywhere is computed from that series rather than typed. None of it is a record of anything that happened, and no shot asserts that it is: the panes that carry invented quotes, books or sessions are tagged illustrative on screen.
That is the right basis for what these shots are doing, which is teaching a mechanism: how depth sits behind a spread, what an auction does to a book, what a session profile looks like. It would not be the right basis for a win rate, an equity curve or a backtest, and the video contains none.