Cboe Launches Near 24-Hour Options Trading
Cboe has launched nearly 24-hour trading for Russell 2000 Index Options (RUT). The extended hours reflect the increasingly global and continuous nature of electronic markets. This expansion places greater demand on the reliability and observability of trading platforms, as maintenance windows shrink and requirements for resilience increase.
- The new schedule for Russell 2000 options consists of three distinct sessions: Regular Trading Hours (9:30 a.m.–4:15 p.m. ET), Curb Trading Hours (4:15 p.m.–5:00 p.m. ET), and the overnight Global Trading Hours (8:15 p.m.–9:25 a.m. ET). - This expansion follows a similar move in November 2021 to extend trading hours for S&P 500 (SPX) and Cboe Volatility Index (VIX) options. The exchange's overall Global Trading Hours session experienced record volumes in 2025, a 27% increase compared to 2024. - The initiative is part of a broader industry push toward continuous trading, as Cboe is also awaiting regulatory approval for 24-hour, five-day-a-week trading for its US equities exchange, EDGX. Competitors like the New York Stock Exchange have also moved to expand their own trading hours. - Rob Hocking, Cboe's Global Head of Derivatives, stated the goal is to provide global investors with the tools to act on strategies in real time, regardless of their time zone. This caters to rising demand from investors in Europe and Asia. - A significant driver for the extended hours is the growth in short-dated strategies; zero-days-to-expiry (0DTE) options accounted for 23% of total Russell 2000 options activity in January. - The trend toward 24-hour markets necessitates a shift in infrastructure towards more resilient and scalable cloud-native platforms to handle unpredictable overnight volumes and automate post-trade processes. - Brokerages that cater to global clients, like Interactive Brokers, are key partners in this ecosystem. Its CEO, Milan Galik, noted that enabling 24/5 trading allows their clients to manage positions and react to international market developments in real-time.
