Cboe Expands Options Trading to Early Mornings and Evenings
Published Date: 10/3/2025
Notice
Summary
Cboe Exchange wants to change its trading hours to let certain popular stock options trade earlier in the morning and a bit after regular hours. This means traders can buy and sell these options from 7:30 a.m. to 9:25 a.m. and again from 4:00 p.m. to 4:15 p.m. ET, giving them more chances to trade. These changes could make trading more flexible and possibly affect how money moves during these new times.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Equity options trade before and after RTH
The Exchange proposes that certain multi-listed equity options may be traded during Global Trading Hours from 7:30 a.m. to 9:25 a.m. ET and from 4:00 p.m. to 4:15 p.m. ET, Monday through Friday. This gives investors and traders additional chances to buy or sell eligible equity options outside regular trading hours.
Which option classes can trade in GTH
The Exchange may designate up to 100 actively traded multiply-traded option classes for GTH that meet these criteria: (i) average daily option volume of 150,000 contracts, (ii) underlying equity market capitalization of $50 billion, and (iii) underlying equity average daily trading volume of 10 million shares. The Exchange may waive these criteria for an IPO if the underlying has at least a $3 billion market capitalization based on its offering price, allowing listing/trading on or after the second business day after the IPO. Option classes already traded on another exchange during GTH or other extended hours are eligible but will not count against the 100-class limit.
No GTH for equity options on holidays
The Exchange proposes that Global Trading Hours for equity options will not occur on holidays; holiday GTH references in Rule 5.1 apply only to index options. Therefore, the equity options GTH sessions (7:30 a.m.–9:25 a.m. and 4:00 p.m.–4:15 p.m.) will not run on holidays.
GTH equity option trading halts mirror RTH rules
Trading of equity options during Global Trading Hours will be subject to the same trading halt rules as equity option trading in Regular Trading Hours; trading in an equity option will generally halt when its underlying security is halted.
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