Greenwich, England, is a bit East down the River Thames from London proper. Wisely averting a world conflict over meridians, an astronomer chose Greenwich to be the zero-hour meridian, and thus 24 of them around the ellipsoid world.
It was picked up by the railways as “railway time,” and then sailors started using it to know where they were, east-west based, as they carried really accurate clocks, and knowing where you are on the seas is even better than trying to make the trains run on time.
It was later upgraded to UTC (Universal Coordinated Time) as GMT wanders around a bit, and Astronomers also need accurate time. And because the Earth has an atmosphere, the friction of air slows it down ever so much, and occasionally there is a “leap second.” The very consistent decay of Caesium atoms controls the exact, to many decimal places, time.
Trivia question? What country lives all year under Greenwich Mean Time?
Iceland!
It all worked so well, yet, apparently, to save energy during wartime, something called “Daylight Saving Time” became a thing. And after the wars, people got used to staying with it.
Just as it was becoming nearly effortless with computers and smartphones, to change the time (outside the kitchen), some wise countries said, “Let’s stop doing this stupid thing. Let’s vote to stay with one of the other and never ever try to save daylight again.” So Russia voted by province, and Moscow would remain 3 hours ahead of GMT. Due to reasons, they changed to GMT+4, but are all now back to where the provinces voted to be.
I know sometime around Brexit / Scottish Independence / Boris Johnson / Covid-19, there had been a plan for all EU countries to vote with 0 / +1 and stick with it till they didn’t want to.
For reasons that has not occurred. So most of the world will, on the last midnight on the last Sunday (March 29th) this year. GMT isn’t going to change, and UTC changing would cause chaos.
So am I the Grinch to propose we do what we proposed to do (in Europe)? The USA can and will do what it wants. I suggest they follow China and have a singular American time.
It won’t affect the world fund trading at all. Forex, shmorex.
Zulu-time forever!