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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-05960, Large Power Transformers From the Republic of Korea: Final Results of Antidumping Duty Administrative Review; 2022-2023
The U.S. checked sales of big power transformers from Korea between August 2022 and July 2023. They found that Iljin Electric sold these transformers for less than fair value, so extra duties apply. Hyundai Electric, on the other hand, played fair and won’t face extra charges this time.
Next: 2025-05962, Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by The Options Clearing Corporation Concerning a Change in the Maximum Contingent Operational Loss Fee Listed in OCC's Schedule of Fees in Accordance With OCC's Capital Management Policy
The Options Clearing Corporation (OCC) just updated the maximum fee it can charge for unexpected operational losses, following its capital management plan. This change affects traders and firms using OCC’s services and takes effect immediately, helping keep the system strong and ready for surprises. The new fee update means everyone knows the max cost if things go sideways during operations.