New Afternoon-Settled Options for Equal-Weight S&P Debut
Published Date: 4/8/2025
Notice
Summary
Cboe Exchange wants to start offering new options that settle in the afternoon based on the S&P 500 Equal Weight Index. This change lets traders buy and sell these options with more flexible timing, starting soon after approval. Investors who like trading index options could see fresh opportunities and possibly new ways to manage their money.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New P.M.-Settled Equal-Weight Index Options
Cboe proposes to list P.M.-settled options that overlie the S&P 500 Equal Weight Index in two classes (SPEQF and SPEQX). These options would be listed with the same expirations available for SPX/XSP options, including standard third-Friday Expiration Fridays, Quarterly Index Expirations (QIXs), and Nonstandard Expirations.
4:00 p.m. Last-Trade Cutoff on Expiration Fridays
For expiring P.M.-settled SPEQF and SPEQX options that expire on Expiration Fridays, the Exchange would cease trading those expiring series at 4:00 p.m. Eastern Time on their last trading day (rather than 4:15 p.m.). This aligns the last trading time with the 4:00 p.m. close used to calculate the exercise settlement value.
Options Will Aggregate for Position Limits
The filing states SPEQF and SPEQX P.M.-settled options will be aggregated with all other option contracts for purposes of determining compliance with applicable position and exercise limits and position limit reporting requirements.
Full-Size and One-Tenth (Mini) Series Offered
Cboe proposes to list both full-value (SPEQF) and one-tenth value (SPEQX) P.M.-settled options on the S&P 500 Equal Weight Index, giving investors access to both standard and reduced-value (mini) option series.
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