NYSE American Seeks Longer Hours for Select Equity Options
Published Date: 6/22/2026
Notice
Summary
NYSE American is planning to let people trade certain stock options for longer hours by adding two new trading sessions outside the usual 9:30 a.m. to 4:00 p.m. window. This change affects traders who want more flexibility and could mean more chances to buy or sell options. The new extended hours will start once the rules get approved, aiming to boost trading opportunities without extra costs.
Analyzed Economic Effects
7 provisions identified: 4 benefits, 1 costs, 2 mixed.
New Early and Late Options Sessions
The Exchange proposes two new equity options sessions: an Early Trading Session from 7:30 a.m. to 9:25 a.m. ET and a Late Trading Session from 4:00 p.m. to 4:15 p.m. ET. These sessions would be added to the existing Core Trading Session and will begin only after the proposed rules are approved.
No Market Orders in Extended Hours
The Exchange will not allow market orders in equity options during the Early Trading Session (7:30 a.m.–9:25 a.m. ET) or the Late Trading Session (4:00 p.m.–4:15 p.m. ET); any market order designated for those sessions will be rejected. This is intended to protect customers from wide price swings in lower-liquidity sessions.
Which Options Can Trade Extended Hours
The Exchange will limit Extended Hours Trading to up to 100 multiply-listed equity option classes that meet these criteria: average daily option volume of 150,000 contracts, underlying equity market capitalization of $50 billion, and underlying equity average daily trading volume of 10 million shares. ETF and commodity-trust underlying securities are exempt from the $50 billion market cap requirement. Options already traded on another exchange during non-Core sessions and certain IPOs (market cap ≥ $3 billion based on offering price within three days of IPO) may be designated without counting against the 100-class limit.
Orders Must Specify Trading Session
Any order entered for these options must include a designation for which session(s) it is valid for; orders without a session designation will be rejected. Orders designated for a later session will be accepted but will not be eligible to trade until that session begins, and orders for sessions that have ended will be rejected.
Semiannual Review and Removal Rules
The Exchange will review eligibility twice a year (using the prior six-month period ending June 30 or December 31, with reviews as of January 1 and July 1) and may add qualifying option classes effective February 1 and August 1. If an option no longer meets criteria it will be removed from Extended Hours Trading within 18 months; the Exchange may accelerate removal with at least seven days' notice for limited/no activity, 30 days' notice for any reason, or immediately if necessary for investor protection.
Broker Disclosure Requirement for Risks
ATP Holders (brokers) may not accept a customer order for execution during Extended Hours Trading unless they disclose material trading risks, such as lower liquidity, high volatility, changing prices, exaggerated effects from news, and wider spreads. The Exchange provides example disclosure items and expects protections particularly for non-professional customers.
Expiring Options Trade Through Late Session
Equity option series that expire and are eligible for Extended Hours Trading will continue to trade through the Late Trading Session (4:00 p.m.–4:15 p.m. ET) to support American-style physical settlement and allow participants to close positions rather than take or deliver shares.
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Key Dates
Department and Agencies
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