December 21, 2023
  • Cboe to list Tuesday and Thursday-expiries for Russell 2000 Index Weeklys® (RUTW) options and Mini-Russell 2000 Index Weeklys (MRUT) options
  • New listings will expand product suite to offer expirations every trading day of the week
  • Reflects growing investor demand for hedging and tactical trading with short-dated index options

CHICAGO, Dec. 21, 2023 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced it plans to launch Tuesday and Thursday-expiring Russell 2000® Index weekly (RUTW) options and Mini-Russell 2000® Index weekly (MRUT) options, beginning Monday, January 8, 2024. With these new listings, Cboe expands its cash-settled Russell 2000 Index weekly options suite to offer investors with expirations every trading day of the week.

The Russell 2000 Index is one of the world's premier benchmarks for measuring the performance of U.S. small-cap equities. The addition of Tuesday and Thursday-expiries will provide daily expirations for RUTW and MRUT options, enabling investors to potentially manage their small-cap U.S. equity exposures and execute targeted buying, selling or spreading strategies around market events with greater precision, flexibility and control.

"Investors are becoming increasingly sophisticated and are using short-dated index options for a variety of trading strategies," said Catherine Clay, Executive Vice President and Global Head of Derivatives at Cboe. "As evidenced by the sustained volume growth over the past couple of years, short-dated index options have become an indispensable tool for hedging, risk management, and income generation among a diverse base of market participants. As trading strategies become more tactical and average time to expiry trend shorter, our clients are seeking even more granular expiries. We're excited to continue collaborating with FTSE Russell to offer daily expiries for the Russell 2000 Index options suite and expand our customers' abilities to trade short-dated strategies across additional new products."

Total U.S. options volumes are expected to hit a new annual high by the end of 2023, surpassing the 10.3 billion contracts traded in 2022, and marking the fourth consecutive year of record-breaking volumes. In particular, trading in short-dated U.S. index options has grown among both retail and institutional investors. Options contracts expiring within one day or less account for approximately 36% of total U.S. index options flow in 2023, compared to 15% in 2020, according to Cboe data. Within the Russell 2000 Index options complex, trading in contracts expiring within a day or less constitute 17% of overall volumes in 2023.

"FTSE Russell and Cboe share a deep commitment to delivering innovative solutions that meet the evolving needs of the marketplace," said Shawn Creighton, Director of Index Derivatives Solutions at FTSE Russell. "We are excited to continue building on our successful relationship and leverage FTSE Russell's position as a leading global index provider and Cboe's deep expertise in derivatives trading to facilitate more tradeable products and investment opportunities tied to the Russell 2000 Index – the world's most comprehensive and precise measure of the small-cap segment of the U.S. equities market." 

RUTW and MRUT options are European-style options (no early exercise) and cash-settled (no delivery or assignment of shares) at expiration with P.M. settlement. MRUT options are structured like standard RUTW options and similarly track the underlying Russell 2000 Index but feature a smaller contract that is 1/10th the size. MRUT offers a potentially more cost-effective way to execute small-cap equity trading strategies.

RUTW and MRUT options are exclusively listed on Cboe's options exchanges.  A total of 15.2 million RUT options contracts were traded in 20231, with an average daily volume (ADV) of 63,000 contracts, representing approximately $11 billion in average daily notional value, up 39 percent from the prior year. The new Tuesday and Thursday-expiries complement the existing suite of Weeklys, end-of-month and quarterly RUTW and MRUT options.

For additional information on Cboe's franchise of FTSE Russell-based index options, visit Cboe's website.

About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The company is committed to operating a trusted, inclusive global marketplace, providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX and digital assets, across North America, Europe and Asia Pacific. To learn more, visit www.cboe.com. ­­

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Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with Frank Russell Company.   Investors should undertake their own due diligence regarding their securities, futures and investment practices. This press release speaks only as of this date. Cboe disclaims any duty to update the information herein.

Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction.  Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

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Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, including compensation inflation; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our indices; our ability to manage our growth and strategic acquisitions or alliances effectively;  our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty, investment, and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; and operating a digital asset business and clearinghouse, including the expected benefits of our Cboe Digital acquisition, cybercrime, changes in digital asset regulation, losses due to digital asset custody, and fluctuations in digital asset prices. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings made from time to time with the SEC.

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1 YTD through December 15, 2023

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SOURCE Cboe Global Markets, Inc.