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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
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!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-10875 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Equities Transaction Pricing
MEMX is updating its fee schedule by adding a new pricing tier for certain stock trades called Non-Display Add Tier 3. This change affects members who trade equities and kicks in on June 2, 2025, potentially changing how much they pay or earn on these trades. It’s all about keeping fees fair and competitive in the fast-moving stock market!
Next: 2025-10877 — Self-Regulatory Organizations; The Depository Trust Company; Fixed Income Clearing Corporation; National Securities Corporation; Order Approving a Proposed Rule Changes To Amend the Recovery and Wind-Down Plan To Satisfy the Requirements of Exchange Act Rule 17ad-26
The Depository Trust Company, Fixed Income Clearing Corporation, and National Securities Clearing Corporation updated their backup plans to handle tough times better, like if things go wrong financially. These changes, approved by the SEC, help keep the financial system safe and sound without costing extra money right now. Everyone who uses these big clearing agencies can feel more secure knowing they’re ready for any bumps ahead.