Cboe Tweaks Market-Maker Hours in Extra Sessions
Published Date: 5/18/2026
Notice
Summary
Cboe Exchange wants to update its rules about Designated Primary Market-Makers (DPMs) so they can work during Global Trading Hours and Curb Sessions, not just regular hours. This means DPMs might have different roles or none at all depending on the session, and their duties will now cover these extra trading times. The SEC is reviewing these changes and deciding if they should be approved, with no money impact announced yet.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
DPMs can be appointed in extended hours
The Exchange proposes to explicitly allow Designated Primary Market-Makers (DPMs) to be appointed for Global Trading Hours (GTH: 8:15 p.m. previous day to 9:25 a.m. Monday–Friday) and Curb sessions (4:15 p.m. to 5:00 p.m. Monday–Friday). A class may have the same DPM across sessions, different DPMs by session, or no DPM for a session at all.
DPM obligations extend into extended hours
If the Exchange appoints a DPM to GTH or Curb, the DPM's current RTH obligations—including a 90% continuous electronic quoting requirement—will apply to those sessions and will be measured in the aggregate across all trading sessions and classes for which the DPM is appointed. The Exchange will monitor compliance monthly, may impose fines, limit or terminate DPM status, and could apply DPM participation entitlements (for example, allocation overlays of 50%/40%/30% as set in Rule 5.32) during GTH and Curb.
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