Cboe Opens Overnight Trading for Key Index Options
Published Date: 6/16/2025
Notice
Summary
Cboe Exchange is letting certain A.M.-settled index options trade during the global trading hours right before they expire. This means traders get more time to buy and sell these options, which could affect how they manage their money on expiration day. The change kicks in soon and aims to make trading smoother and more flexible for investors.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Non‑Volatility Index Options: Trade Through GTH End
If you trade index options like SPX or XSP, expiring A.M.-settled non-Volatility index options that are eligible for Global Trading Hours (GTH) may now trade through the end of the GTH session on the expiration date. The GTH session currently runs from 8:15 p.m. (previous day) until 9:25 a.m. ET, and this change removes the prior rule that stopped trading at the end of the Curb session on the Thursday before expiration.
VIX Options: Trading Extended Until 9:00 a.m. ET
If you trade VIX (Volatility Index) options, expiring A.M.-settled VIX options that are eligible for Global Trading Hours may now trade until 9:00 a.m. ET on the expiration date. Previously, trading in these expiring series ceased at the end of the Curb session on the Thursday before expiration.
TPHs: Use Existing Connections; No New Mandate
If you are a Trading Permit Holder (a trading firm) that trades on Cboe during GTH, you may trade expiring A.M.-settled index options during the newly permitted GTH hours using the same connection lines, message formats, data feeds, and EFIDs you use today. The Exchange also states Trading Permit Holders will not be required to trade during GTH.
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