Madrid — CET/CEST, southern European rhythm
Madrid runs on CET (winter) or CEST (summer). Business hours in Spain traditionally include a longer midday break (some businesses close 2-5 PM), though this is less common in Madrid corporate life than in the south. Working day tends to run 9 AM - 8 PM with a longer lunch. Madrid Bolsa (IBEX 35) trading runs 9 AM - 5:30 PM CET.