Before revision:  The novel time scale, constructed through a systematic application of the Kolmogorov-Smirnov criterion to extensive data of the S P500 index, lays a bridge between the regime of minutes and that of several days in physical time. It allows us to quantify the duration of periods in which the market is inactive , like amid nights, and to optimally exploit the statistical information contained in the series.
After revision:  The novel time scale, constructed through a systematic application of the Kolmogorov-Smirnov criterion to extensive data of the S successful protocol of time definition in Finance. The essential structure of the stochastic process underlying the series can thus be analyzed within a most parsimonious symmetry scheme in which multiscaling is reduced in the quest of a time scale additive and independent of moment-order in the distribution of returns. At the same time, duration of periods in which the market is inactive , like amid nights, and to optimally exploit the statistical information contained in the series.