News Details

CHICAGO – February 3, 2025 – Cboe Global Markets (Cboe), the world's leading derivatives and securities exchange network, today announced plans to offer 24-hour, five-days-a-week (24x5) trading for U.S. equities on its Cboe EDGX Equities Exchange (EDGX), subject to regulatory review and industry developments. The proposed expansion aims to meet growing global customer demand for expanded access to U.S. equities markets.

“We continue to hear from market participants globally – particularly those in Asia Pacific markets like Hong Kong, Japan, Korea, Singapore and Australia – that they want greater access to U.S. equities trading and need trusted venues that can offer transparency, robust liquidity and efficient price discovery,” said Oliver Sung, Head of North American Equities at Cboe Global Markets. “As the world’s largest global exchange operator, Cboe is uniquely positioned to meet that demand. By leveraging our global infrastructure, leading-edge technology, and proven experience facilitating around-the-clock trading in global markets, we believe we can seamlessly support a 24x5 trading model for U.S. equities.”

Cboe operates 27 markets across five asset classes in the U.S., Asia Pacific and Europe. Currently, it already supports extended trading hours for U.S. equities on EDGX, with early order acceptance beginning at 2:30am ET and trading available from 4:00am ET to 8:00pm ET, Monday through Friday. During its Early Hours Trading session (4:00am – 7:00am ET), average daily volumes on EDGX increased by 135% between 2022 and 2024. Cboe also offers near 24x5 trading in its proprietary S&P 500 Index (SPX) options, and Cboe Volatility Index (VIX) options and futures markets, in addition to 24x5 trading in its global FX markets. The proposed 24x5 trading model for U.S. equities is expected to further expand trading opportunities for investors worldwide, enabling them to react to global macroeconomic events as they are happening, manage risk more effectively, and adjust positions around the clock.

To complement the planned expansion, Cboe continues to significantly increase distribution of its U.S. equities market data for APAC and European customers, recognizing real-time pricing as an essential component of the investing and trading process. Its Cboe One U.S. Equities Feed, available to customers globally, offers consolidated, real-time market data from Cboe’s four U.S. equities exchanges – which collectively account for 21.6% of U.S. equities on-exchange trading^[1].  Cboe expects extended trading hours will further increase the breadth of U.S equities market data it already offers.

Cboe plans to make all listed NMS stocks available for trading on EDGX for 24 hours every business day (excluding U.S. holidays), subject to regulatory review, with all trades expected to be cleared through the Depository Trust and Clearing Corporation (DTCC). The company plans to seek approval from the Securities and Exchange Commission (SEC) and will collaborate with other industry participants to ensure operational readiness for this initiative.

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About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.

Cboe®, Cboe Global Markets®, and Cboe Volatility Index (VIX®) are registered trademarks of Cboe Exchange, Inc.  All other trademarks and service marks are the property of their respective owners.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”), and the S&P 500 Index has been licensed to CBOE Exchange, Inc. S&P®, S&P 500®, SPX®, US 500 and The 500 are trademarks of S&P DJI or its affiliates, and have been licensed by CBOE Exchange, Inc. for certain purposes. Index-based products are not issued, marketed, sponsored or promoted by S&P Dow Jones Indices or its affiliates, and S&P DJI will have no liability with respect thereto.

Cautionary Statements Regarding Forward-Looking Information

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.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

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; 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 and other applicable 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 risks relating to digital assets, including winding down the Cboe Digital spot market and transitioning digital asset futures contracts to CFE, operating a digital assets futures clearinghouse, cybercrime, changes in digital asset regulation, 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, 2023 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.