Cboe Wants to Stretch Options Trading into Extra Hours
Published Date: 4/9/2026
Notice
Summary
Cboe Exchange wants to let traders buy and sell certain popular stock options for longer hours, beyond the usual trading times. This change affects investors who trade multi-listed equity options and could mean more chances to trade and possibly more money-making opportunities. The SEC is reviewing the updated plan and asking for public feedback before making a final decision.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Equity Options Trade Outside Normal Hours
You may be able to trade certain multi-listed equity options outside the usual market hours. The Exchange proposes new early Global Trading Hours from 7:30 a.m. ET to 9:25 a.m. ET and a Curb session from 4:00 p.m. ET to 4:15 p.m. ET for equity options that are designated eligible.
Which Options Can Trade in Extended Hours
Only up to 100 multiply-listed equity option classes may be designated to trade in the extended sessions. To be eligible, in the prior six months an option must average 150,000 contracts daily, its underlying stock must have a $50 billion market capitalization, and the underlying must average 10 million shares traded per day.
Ability to Close Expiring American-Style Options
If you hold American-style, physically settled equity options that are designated for extended hours, you will be able to close expiring positions during the 4:00 p.m. to 4:15 p.m. Curb session rather than being forced to take or deliver shares immediately. The Exchange says this aligns the close time with some ETF option closes that run until 4:15 p.m.
Semiannual Selection and Removal Schedule
The Exchange will pick eligible option classes twice a year after January 1 and July 1, using six-month data, and newly designated classes may begin trading on the first trading day of February and August. If an option stops meeting the criteria, it can be removed with various notice periods, including up to 18 months for planned removals or as little as seven days for low activity.
Order Routing and FLEX Submission in Extended Sessions
The Exchange will allow order routing and certain order processing to operate from market open to market close, making routing available during the extended GTH and Curb sessions. Also, equity FLEX Option orders for designated classes may be submitted after 7:30 a.m. for GTH and after 4:00 p.m. for Curb.
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