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.
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: 2025-19444, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 5.4
Cboe Exchange is changing the smallest price steps for Mini Bitcoin U.S. ETF options to make trading easier and more precise. If the option price is under $3, the minimum change will be just 1 cent; if $3 or more, it’ll be 5 cents. This update helps traders, especially everyday investors, get better prices and should kick in soon after approval.
Next: 2025-19446, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Functionality Relating to the Processing of Auction Responses
Cboe Exchange is updating how it handles auction responses to make trading smoother and more efficient for everyone involved. This change affects traders using Cboe’s special auction systems and aims to speed up processing without extra costs. The new rules are up for review now, so expect these improvements to roll out soon after approval.