just so you know ispi the bigger players definately play at night, especially when the london and newyork markets are open...there are plenty of people who take a swing in the adr/dlc market and then use the futures to hedge, so you still find people who are trying to trade size. Problem is, as you say, it is illiquid as hell, so if the trader needs to get set, they are not worried about paying thru the offer for 3 or 4 ticks or selling thru the bid etc