Stock futures are 24 hours. I believe the vast majority of equity volume is in stock futures rather than stocks themselves. Institutional investors drive this volume
On notional value bases, he is probably right but we all know how the derivative guys like to lever up and hide it all under layers of synthetic securities.
stock volume is larger than futures (347B global avg daily volume vs 280 in jan 2016, not sure about now), but futures larger than ETFs (280 vs 88)
youll have to convince me that institutional investors dont drive futures volume, cant find data offhand but wont give you benefit of the doubt on that one :)