CHICAGO, April 8, 2021 /PRNewswire/ -- Cboe Global
Markets, Inc. (Cboe: CBOE), a market operator and global trading
solutions provider, announced plans to extend the global trading
hours session (GTH) for its S&P 500 Index options (SPX) and
Cboe Volatility Index (VIX) options to nearly 24 hours each
business day on Cboe Options Exchange in the fourth quarter of
2021, subject to regulatory review.
Cboe's move to offer a nearly 24 hours-a-day, five days-a-week
(24x5) trading model aims to provide global market participants
with expanded access to trade Cboe's exclusively listed U.S. index
options products based on the S&P 500 Index (SPX), the global
benchmark of large-cap U.S. equities, and the Cboe Volatility Index
(VIX), recognized as the world's premier gauge of U.S. equity
market volatility. The lengthened global trading hours are designed
to help meet growing investor demand for the ability to manage risk
more efficiently, react to global macroeconomic events as they are
happening and adjust SPX and VIX options positions around the
clock.
"The S&P 500 and VIX Indices are widely tracked globally,
with Cboe's SPX and VIX options used by investors both domestically
and internationally looking to trade, hedge or gain exposure to the
broad U.S. market and global equity volatility," said Arianne Criqui, Senior Vice President, Head of
Derivatives and Global Client Services at Cboe Global Markets. "As
financial markets around the world become more interconnected, it
is crucial that market participants have the ability to trade
products that meet their investing objectives when and how they
need, no matter the time of day. Cboe continues to focus on
broadening its geographic reach and extending access to its unique
product set to investors around the globe to meet this demand."
Cboe's expansion of its GTH session is expected to complement
its planned entry into the Asia
Pacific markets, where it sees opportunity to further
broaden its distribution network and offer a wide range of its core
product offerings, including its proprietary products and global
market data service, to customers in the region. On March 24, Cboe announced its plans to acquire
Chi-X Asia Pacific Holdings, Ltd., operator of Chi-X Australia and
Chi-X Japan.
SPX and VIX options are currently available in a GTH session
that runs from 3:00 a.m. ET to 9:15 a.m.
ET. In 2020, the combined average daily volume (ADV) for SPX
and VIX options during the current GTH session increased 76 percent
over 2019. VIX futures are currently available in nearly 24x5
trading. In 2020, over 15 percent of total VIX futures volume
occurred in GTH, up from 13 percent in 2019.
The planned expanded GTH session would commence at 8:15 p.m. ET and run until 9:15 a.m. ET the following morning. Regular
trading hours (RTH) then run from the U.S. market open at
9:30 a.m. ET until the market close
at 4:15 p.m. ET. The RTH session will
also be followed by a new curb session – an extra half hour session
for electronic trading beginning at 4:30 p.m. ET– which will be
added Monday through Friday in the third quarter of 2021. For each
Monday business day, trading in GTH would begin Sunday evening.
The extended GTH session will not impact operations of regular
trading hours on the Cboe Options Exchange trading floor in
Chicago. For additional
information on the extended global trading hours for SPX and VIX
options, please click here.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE) provides cutting-edge trading
and investment solutions to market participants around the world.
The company is committed to defining markets through product
innovation, leading edge technology and seamless trading
solutions.
The company offers trading across a diverse range of products in
multiple asset classes and geographies, including options, futures,
U.S., Canadian and European equities, exchange-traded products
(ETPs), global foreign exchange (FX) and volatility products based
on the Cboe Volatility Index (VIX Index), recognized as the world's
premier gauge of U.S. equity market volatility.
Cboe's subsidiaries include the largest options exchange and the
third largest stock exchange operator in the U.S. In addition, the
company operates one of the largest stock exchanges by value traded
in Europe, and owns EuroCCP, a
leading pan-European equities clearing house. Cboe also is a
leading market globally for ETP listings and
trading.
The company is headquartered in Chicago with a network of domestic and global
offices across the Americas, Europe and Asia, including main hubs in New York, London, Kansas
City and Amsterdam. For
more information, visit www.cboe.com.
Media
Contacts
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Analyst
Contact
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Angela
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Tim
Cave
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Debbie
Koopman
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+1-646-856-8734
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+44 (0)
7593-506-719
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+1-312-786-7136
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atu@cboe.com
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tcave@cboe.com
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dkoopman@cboe.com
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CBOE-C
CBOE-O
CBOE-OE
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SOURCE Cboe Global Markets, Inc.