Cboe Can Extend Trading Hours for Some Single Stock Options

§ 01 Executive Snapshot

• What: Cboe to launch extended trading hours for select equity options starting July 13, 2026.
• Who: Cboe Global Markets, Inc., Securities and Exchange Commission (SEC).
• Why it matters: This initiative aims to enhance investor access to U.S. markets and align options trading with their underlying securities.

§ 02 Key Developments

• Cboe Options Exchange (C1) will offer pre-market trading from 7:30 a.m. ET to 9:25 a.m. ET and post-market trading from 4:00 p.m. ET to 4:15 p.m. ET.
• Eligible equity options must have an average daily volume of 150,000 contracts, a market cap of $50 billion, and an average daily trading volume of 10 million shares.
• Approximately 20 stocks, including Nvidia, Tesla, and Apple, are expected to be available for trading at launch.

§ 03 Strategic Context

• Cboe's move to extend trading hours reflects a broader trend towards accommodating increasing global investor demand for U.S. market access.
• This initiative builds on existing near 24×5 trading offerings for proprietary index options, indicating a strategic shift towards more flexible trading options.

§ 04 Strategic Implications

• Immediate implications include enhanced market access for international investors and better alignment of options trading with underlying securities.
• Long-term, this could lead to a shift in trading dynamics, enabling investors to manage risk more effectively around market-moving events.

§ 05 Risks & Constraints

• Potential regulatory hurdles remain, as the initiative is subject to SEC approval of a related rule filing.
• Competition from other trading platforms seeking to expand trading hours could inhibit Cboe's market share gains.

§ 06 Watchlist / Forward Signals

• Key rollout date for the extended trading hours is set for July 13, 2026.
• Future developments will include a semi-annual update of eligible multi-listed equity options classes based on trading data.