Since 2009, Milliman’s global Financial Risk Management practice has offered 24-hour trading coverage and execution to its hedge outsourcing clients via trading desks in Sydney, London, Amsterdam, and Chicago. However, real-time trading for hedging programs for variable and equity indexed annuities generally takes place only during the market hours of that risk's location. This study focuses on the impact and potential benefits of using futures-based real-time risk management, which offers expanded trading hours overnight. After an executive summary, we discuss: 

• The scope of analysis
• A statistical analysis of overnight futures markets
• Quantitative analysis
• Implementation