The options trading landscape is on the verge of a major transformation. Cboe Global Markets has officially filed a proposal with the Securities and Exchange Commission to launch near 24/5 trading for U.S. equities and multi-listed equity options. This move signals a significant shift toward around-the-clock market access, driven by growing global demand and the need for investors to react to news outside traditional market hours.
If approved, this expansion will fundamentally change how retail and institutional traders manage risk, execute strategies, and respond to global events. While futures and cryptocurrency markets have long operated continuously, the U.S. options market has traditionally been confined to a narrow daily window. The introduction of extended hours for equity options could level the playing field, but it also introduces new complexities and risks that traders need to understand.
In this comprehensive guide, we will break down exactly what Cboe’s 24/5 options trading filing entails, how the proposed Global Trading Hours and Curb sessions will work, and what these changes mean for your daily trading routine in 2026 and beyond.
Understanding Cboe’s 24/5 Options Trading Proposal
Cboe’s recent SEC filing outlines an ambitious plan to extend trading hours significantly. The proposal targets the Cboe EDGX Equities Exchange and aims to make all listed NMS stocks and multi-listed equity options available for near continuous trading during the workweek. This initiative builds on the success of Cboe’s existing Global Trading Hours for proprietary index options like the SPX and VIX, as detailed in Cboe’s official announcement.
The core objective of the filing is to align U.S. equities and options markets more closely with the 24/7 nature of global finance. By extending hours, Cboe hopes to provide investors with the ability to manage their portfolios and respond to market-moving events regardless of their time zone.
According to the filing, the proposed extended hours for multi-listed equity options will include a Global Trading Hours session and a Curb session. For equities, the plan is even more expansive, proposing trading from Sunday 9:00 p.m. ET to Friday 8:00 p.m. ET, with only a brief one-hour operational pause each evening. The target launch date is December 2026, contingent on regulatory approval and industry readiness.
Key Takeaway
Cboe’s proposal aims to introduce extended trading sessions for multi-listed equity options, with a target launch in December 2026, moving the U.S. market closer to a 24/5 structure.
The Proposed Trading Sessions: GTH and Curb
To understand how this will affect your trading, it is essential to break down the specific sessions proposed in the SEC filing. The proposal introduces two distinct extended trading sessions for multi-listed equity options: Global Trading Hours (GTH) and Curb Trading Hours.
Global Trading Hours (GTH)
The Global Trading Hours session is designed to capture the pre-market activity that occurs before the standard U.S. market open. Under the proposal, the GTH session for designated multi-listed equity options will run from 7:30 a.m. to 9:25 a.m. ET.
This session allows traders to react to overnight news, international market developments, and early morning economic data releases. It provides a critical window for adjusting positions before the regular trading hours begin at 9:30 a.m. ET.
Curb Trading Hours
The Curb session is a brief, 15-minute trading window that occurs immediately after the regular market closes. Proposed to run from 4:00 p.m. to 4:15 p.m. ET, the Curb session offers traders a final opportunity to adjust their portfolios based on late-breaking news or end-of-day price action.
While 15 minutes may seem brief, it is often a highly active period as institutional investors finalize their daily positions. For retail traders, the Curb session can be a valuable tool for managing overnight risk, especially when significant earnings reports are scheduled for release shortly after the closing bell.
Session | Proposed Hours (ET) | Primary Purpose |
|---|---|---|
Global Trading Hours (GTH) | 7:30 a.m. – 9:25 a.m. | React to overnight news and pre-market data. |
Regular Trading Hours (RTH) | 9:30 a.m. – 4:00 p.m. | Standard trading with maximum liquidity. |
Curb Trading Hours | 4:00 p.m. – 4:15 p.m. | Final adjustments and post-close reactions. |
Why Extended Hours Matter for Retail Traders
The push for extended hours is largely fueled by the increasing globalization of financial markets. Earnings reports, economic data releases, and geopolitical events often occur outside the standard 9:30 a.m. to 4:00 p.m. ET window. Until now, options traders have been forced to wait until the opening bell to adjust their positions, often facing significant price gaps and heightened volatility at the open.
With 24/5 options trading, traders gain the flexibility to react immediately to breaking news. For instance, if a company releases a surprising earnings report after hours, a trader holding a protective strategy could adjust their position without waiting for the next day’s open. This capability can be crucial for risk management in a fast-paced market environment.
Furthermore, international investors will benefit immensely. The current U.S. market hours are often inconvenient for traders in Europe and the Asia-Pacific regions. By expanding the trading window, Cboe aims to attract more global participation, which could ultimately enhance overall market liquidity and efficiency.
For retail traders, this means more opportunities to execute trades on their own schedule. Whether you are managing a portfolio before heading to work or adjusting positions late in the evening, the extended hours provide a level of convenience that was previously unavailable in the options market.
Pro Tip
Use the GTH session to adjust your options positions based on pre-market earnings reports, rather than waiting for the potentially volatile market open at 9:30 a.m. ET.
The Risks of Trading Options Outside Regular Hours
While the flexibility of extended hours is appealing, it comes with distinct challenges. The most significant concern is liquidity. During regular market hours, high trading volumes ensure tight bid-ask spreads and efficient price discovery. In contrast, extended sessions typically see much lower participation, leading to wider spreads and increased price volatility.
This lack of liquidity means that market orders can result in unfavorable execution prices. Therefore, using limit orders becomes absolutely essential when trading during GTH or Curb sessions. Additionally, the lower volume can make the market more susceptible to sudden price swings driven by relatively small trades or after-hours news announcements.
Another risk to consider is the potential for fragmented markets. Not all brokerages may offer access to the extended trading sessions immediately, and those that do might have varying levels of participation. This fragmentation can further exacerbate liquidity issues and make it more difficult to execute complex multi-leg options strategies.
Traders must also be mindful of the psychological impact of 24/5 trading. The ability to trade around the clock can lead to overtrading and increased stress, as the market never truly “closes” during the workweek. Maintaining discipline and adhering to a strict trading plan is more important than ever.
⚠️ Risk Warning
Extended hours trading often suffers from lower liquidity and wider bid-ask spreads. Always use limit orders to protect yourself from unfavorable executions during these sessions.
Preparing for the Shift to 24/5 Trading
As the industry moves toward continuous trading, traders must adapt their strategies and tools. Not all brokers currently support extended hours for options, and those that do may have specific requirements or limitations. It is crucial to review your broker’s policies regarding GTH and Curb sessions to ensure you have the necessary access.
If your current broker does not plan to support the new extended hours, you may need to consider transferring your account to a platform that caters to active traders. Look for brokers that offer robust pre-market and after-hours trading capabilities, as well as advanced charting and analysis tools.
Moreover, managing risk across a 24-hour cycle requires robust monitoring. Traders who hold overnight positions must be prepared for the possibility of significant price movements while they sleep. Utilizing advanced position sizing techniques and setting automated alerts can help mitigate these risks.
Education is also key. Before diving into extended hours trading, make sure you fully understand how implied volatility behaves outside of regular market hours. Options pricing models may behave differently when liquidity is low, and being aware of these nuances can prevent costly mistakes.
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What This Means for the Broader Options Market
Cboe is not the only exchange pushing for extended hours. Nasdaq’s MRX exchange has also filed a proposed rule change with the SEC to adopt extended trading sessions for options. This competitive pressure among exchanges suggests that 24/5 options trading is not a question of if, but when.
The broader trend toward continuous trading is being driven by several converging forces. Retail trading volumes have surged in recent years, and platforms like Robinhood and Schwab’s thinkorswim have already introduced limited overnight equity trading. The natural next step is extending these capabilities to the options market.
Cboe’s early trading hours volumes have already demonstrated massive demand. The exchange reported a 590% increase in average daily volume for its early trading sessions (4:00 a.m. to 7:00 a.m. ET) between February of the previous year and February of 2026. This explosive growth underscores the appetite for trading outside traditional hours.
For options traders specifically, the expansion could open up new opportunities for earnings season strategies. Being able to trade options before the market opens means you can position yourself ahead of the crowd, potentially capturing better pricing before the regular session’s volatility kicks in.
Key Takeaways and Next Steps
The move toward 24/5 options trading represents one of the most significant structural changes to the U.S. options market in decades. Here is a summary of what you need to know and do to prepare.
First, stay informed about the SEC’s review process. The filing is currently open for public comment, and regulatory approval is not guaranteed. Keep an eye on updates from Cboe and the SEC throughout 2026.
Second, evaluate your broker’s readiness. Contact your brokerage to ask whether they plan to support GTH and Curb sessions for equity options. If they do not, consider exploring alternatives that cater to active, around-the-clock traders.
Third, refine your risk management approach. Extended hours introduce new risks, particularly around liquidity and execution quality. Make sure your understanding of options trading fundamentals is solid before venturing into these new sessions.
Finally, practice discipline. Just because the market is open does not mean you need to be trading. Stick to your plan, use limit orders, and avoid the temptation to overtrade simply because the opportunity exists.
Key Takeaway
The shift to 24/5 options trading is coming. Prepare now by reviewing your broker’s capabilities, strengthening your risk management, and staying informed about the SEC approval timeline.
Frequently Asked Questions
Below are some common questions regarding Cboe’s proposal for extended options trading hours and how it may affect your trading routine. For more information, be sure to check our getting started guide.
When will 24/5 options trading begin?
Cboe is targeting a launch in December 2026, pending approval from the SEC and the readiness of industry infrastructure.
Which options will be available during extended hours?
The proposal aims to make multi-listed equity options (options on individual stocks, ETFs, and ETNs) available during the new Global Trading Hours (7:30 a.m. to 9:25 a.m. ET) and Curb sessions (4:00 p.m. to 4:15 p.m. ET).
Is it riskier to trade options after hours?
Yes, extended hours trading generally involves lower liquidity and wider bid-ask spreads, which can lead to higher volatility and less favorable execution prices. Using limit orders is highly recommended.
