Cboe Lets Market-Makers Trade in Global and Curb Hours
Published Date: 2/13/2026
Notice
Summary
Cboe Exchange is updating its rules for Designated Primary Market-Makers (DPMs) to make it clear they can work during Global Trading Hours and Curb Sessions, not just regular hours. This means DPMs might cover one or more trading sessions, with new duties and benefits applying across these times. These changes aim to keep trading smooth and fair, with no immediate cost impact, and they’re up for public comment now.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
DPM Quoting and Entitlements Extended To GTH/Curb
If a DPM is appointed for extended hours, the same heightened DPM obligations and participation entitlements that apply in Regular Trading Hours will also apply during Global Trading Hours and Curb sessions. In particular, the DPM continuous electronic quoting obligation remains 90% and compliance with that obligation will be measured across all trading sessions for which the DPM has an appointment and collectively across the DPM's appointed classes.
DPMs May Be Appointed For Extended Hours
If you are a Trading Permit Holder approved as a Designated Primary Market-Maker (DPM), the Exchange may now explicitly appoint DPMs for Global Trading Hours (GTH) and Curb sessions as well as Regular Trading Hours (RTH). GTH are defined as 8:15 p.m. (previous day) to 9:25 a.m. Monday–Friday and Curb as 4:15 p.m. to 5:00 p.m. Monday–Friday; the Exchange may appoint the same DPM across sessions, different DPMs by session, or have no DPM for a session.
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