Cboe Tweaks Equity Options Opening Process for Global Hours
Published Date: 6/22/2026
Notice
Summary
Cboe Exchange is updating its Rule 5.31 to improve how it starts trading for certain equity options during Global Trading Hours. This change affects traders who buy and sell these options early in the day and aims to make the opening process smoother and more efficient. The new rule took effect right away on June 16, 2026, with no extra costs involved.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
More Options Listed for Extended Hours
Because the opening trigger now looks to quotes and trades on any equity market, Cboe can list options over equities that trade in extended hours on an equity market even if the equity's primary listing market does not trade during extended hours. That means investors may have more opportunity to trade or hedge with options during GTH for underlying equities trading on non-primary markets.
Opening Trigger Uses Any Market Quote
Cboe changed Rule 5.31 so the System will start an opening rotation for equity options during Global Trading Hours (GTH) based on the first disseminated transaction or quote in the underlying security on any equity market rather than only the primary market. This change to the trigger (deleting the phrase "on the primary market") affects how early-morning option openings are initiated during GTH.
Immediate Effect With No Added Costs
The Exchange filed this amendment to Rule 5.31 and it became effective immediately on June 16, 2026. The Exchange stated the change involved no extra costs and that the opening modification will apply the same way to all equity options listed for trading during GTH.
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