Cboe Wins Approval for Longer Equity Options Hours
Published Date: 6/2/2026
Notice
Summary
Cboe Exchange got the green light to let traders buy and sell certain popular stock options for longer hours. This change affects investors who trade multi-listed equity options, giving them more time to make moves outside regular market hours. The new extended trading sessions could mean more chances to react to news and potentially more trading activity starting soon.
Analyzed Economic Effects
7 provisions identified: 3 benefits, 0 costs, 4 mixed.
Equity Options: Longer Trading Hours
Cboe is allowed to offer extended trading for certain multi-listed equity options Monday through Friday in two new windows: a morning session from 7:30 a.m. to 9:25 a.m., and an afternoon Curb session from 4:00 p.m. to 4:15 p.m. This change lets investors trade those eligible equity options outside the regular 9:30 a.m.–4:00 p.m. hours.
Only Biggest, Most Liquid Options Qualify
Up to 100 equity option classes may be designated for the extended sessions, and each must meet six-month minimums: average daily option volume of 150,000 contracts, underlying company market capitalization of $50 billion, and underlying average daily share volume of 10 million shares. Options already trading on another exchange during extended hours may be added without counting toward the 100-class cap.
FLEX Equity Options Included
If the Exchange designates a class of equity options as eligible for the extended morning or Curb sessions, FLEX options with the same underlying equity will also be eligible to trade in those extended sessions. That means customizable (FLEX) equity option orders tied to approved underlying securities can trade in the new windows.
Trading Mechanic Rules For Extended Sessions
During the proposed extended sessions, market orders would not be permitted for equity options and order routing will be available across sessions (the Exchange changes routing availability to begin at 'market open'). Opening auction queuing for GTH equity options would begin at 7:15 a.m., and equity FLEX orders designated for GTH may be submitted after 7:30 a.m. and after 4:00 p.m. for the Curb session.
Semiannual Eligibility Reviews and Start Dates
The Exchange will review eligibility semiannually using the prior six months of data on January 1 and July 1. Eligible classes determined in those reviews may start trading in the extended morning and Curb sessions on the first trading day of February and August, respectively.
Removal Process and Notice Periods
If an equity option no longer meets eligibility, the Exchange may continue trading it in extended sessions for up to 18 months and will provide advance notice of the removal date; notices can be accelerated with at least seven days' notice, other discretionary removals require at least 30 days' notice, and immediate removal is allowed for investor protection or fair and orderly market reasons.
Disclosure: Lack Of Underlying Price During Extended Hours
The Exchange updated customer disclosure rules (Rule 9.20) so Trading Permit Holders must inform customers that during the proposed GTH and Curb sessions equity options may trade when there is no updated underlying price or regular trading in the underlying equity. This tells customers about the risks of trading options when the underlying may not be actively quoted.
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