The Securities and Exchange Commission approved extended trading hours for select U.S. single-stock options, enabling Cboe to offer pre-market and post-market sessions beginning July 13. Cboe plans to provide trading from 7:30 a.m. to 9:25 a.m. Eastern Time and from 4:00 p.m. to 4:15 p.m. Eastern Time for highly liquid multi-listed equity options tied to companies including Nvidia, Apple, Tesla, Broadcom, AMD and Palantir. The approval addresses investor demand to trade around market-moving events that occur outside traditional hours. The initiative forms part of a broader transformation as exchanges, brokers and clearing firms prepare for continuous trading across global financial markets.
Cboe Expands U.S. Market Trading Hours Beyond Traditional Sessions
For decades, U.S. equities opened at 9:30 a.m. and closed at 4:00 p.m. Eastern Time. Options followed a similar schedule. Cboe already offers nearly 24-hour access to several flagship index options products, including S&P 500 Index options, VIX options, Mini-SPX options and Russell 2000 options. Trading during these extended sessions has expanded rapidly. According to Cboe, Global Trading Hours and Curb Trading Hours volumes reached record levels during the first quarter of 2026 and increased 32% from the same period a year earlier. The exchange attributed part of that growth to demand from customers in the Asia-Pacific region. Current Cboe extended-hours products include SPX Options (8:15 p.m.–9:25 a.m. ET), VIX Options (8:15 p.m.–9:25 a.m. ET), XSP Options (8:15 p.m.–9:25 a.m. ET), and RUT Options (8:15 p.m.–9:25 a.m. ET).
Single-Stock Options Address Off-Hours Event Risk
Retail participation in options markets has increased substantially. Daily options volume regularly exceeds 50 million contracts. Zero-day-to-expiration contracts have become a major force in index options. Corporate earnings releases, analyst upgrades, guidance revisions and regulatory announcements often arrive before markets open or after they close. Economic releases such as employment data and inflation reports also frequently occur outside normal options trading hours. According to Cboe, investors will gain the ability to manage risk around market-moving events that occur before the opening bell or immediately after the close. The post-market session may also help reduce contra-exercise risk by giving traders a short window to adjust positions after the underlying equity market closes.
Cboe Sets Eligibility Criteria for Approximately 20 Initial Names
Cboe expects approximately 20 names to qualify initially. To qualify, an option class must average at least 150,000 contracts per day over the preceding six months. The underlying company must maintain a market capitalization of at least $50 billion and average daily stock trading volume of at least 10 million shares. Cboe expects all members of the so-called Magnificent Seven to qualify, alongside several other widely traded technology stocks. The approach reflects the exchange's stated intention to move cautiously while monitoring market quality, liquidity and operational performance. The rule permits Cboe to designate up to 100 eligible option classes.
Asia-Pacific Investors Drive Demand for Extended Access
Investors in Singapore, Hong Kong, Tokyo, Sydney and Seoul increasingly trade U.S. securities as part of their regular portfolios. Extended trading hours effectively move portions of the U.S. market into the Asian business day. The growth in Cboe's overnight index options business provides evidence that demand already exists. Market participants outside North America increasingly want access to U.S. risk management tools without waiting for the traditional opening bell.
Cboe Implements Operational Safeguards for Extended Sessions
Liquidity tends to be lower outside regular hours. Bid-ask spreads may widen. Market makers must manage inventory risk while underlying stocks remain less active than during the core session. Cboe's framework contains several safeguards. Only limit orders will be accepted during the new sessions. Market orders, stop orders and stop-limit orders will be rejected. Trades executed during the pre-market and post-market sessions will not count toward daily highs and lows and will be marked with a specific extended-hours condition code. The exchange also plans to maintain market protections and regulatory halt procedures similar to those used during regular trading. Extended-hours trades are excluded from Last Sale Eligible status and daily high/low calculations.
Cboe already offers equities trading from 4:00 a.m. until 8:00 p.m. on certain venues. The company also plans to launch 23×5 trading on its EDGX equities exchange later this year, subject to regulatory approval and industry readiness.
FAQ
What did the SEC approve on July 13 for single-stock options?
The Securities and Exchange Commission approved extended trading hours for select U.S. single-stock options. Beginning July 13, Cboe plans to offer pre-market trading from 7:30 a.m. to 9:25 a.m. Eastern Time and post-market trading from 4:00 p.m. to 4:15 p.m. Eastern Time for highly liquid multi-listed equity options tied to companies including Nvidia, Apple, Tesla, Broadcom, AMD and Palantir.
What are the qualification requirements for options to trade during extended hours?
To qualify for extended-hours trading, an option class must average at least 150,000 contracts per day over the preceding six months. The underlying company must maintain a market capitalization of at least $50 billion and average daily stock trading volume of at least 10 million shares. Cboe expects approximately 20 names to qualify initially, with the rule permitting up to 100 eligible option classes.
What operational restrictions apply during Cboe's extended-hours options sessions?
Only limit orders will be accepted during the new pre-market and post-market sessions. Market orders, stop orders and stop-limit orders will be rejected. Trades executed during extended hours will not count toward daily highs and lows, will be marked with a specific extended-hours condition code, and are excluded from Last Sale Eligible status.
