Expanded Trading Hours for SPX & VIX in Q3

In the 3rd Quarter of 2014, CBOE intends to introduce Extended Trading Hours (ETH) for options on the S&P 500 Index complex (SPX, SPXW, SPXQ, SPXPM) and on the CBOE S&P 500 Volatility Index
(VIX), contingent upon completion of systems enhancements and Securities and Exchange Commission (SEC) approval of requisite rules.

Extended Hours will be all-electronic
There will be no order book
interaction between the two sessions (i.e. orders and/or quotes placed in one will not carry over to the other)
· ETH session hours will be 3:30pm to 4:15pm CST and 2:00am to 8:15 CST Monday through Friday. There will not be a 3:30pm to 4:15pm trading period on Fridays. These hours are similar to the previous phase for VIX Futures Extended Hours where the goal was to overlap with European market hours.
· The commencement of the ETH session will constitute the next trading day, for example a trade at 4:00pm on a Tuesday during extended hours will be considered a Wednesday trade.
· All series and expirations available during regular trading hours will be available in ETH.
· The Automated Improvement Mechanism (AIM), Complex Order Book (COB) and Complex Order Auction (COA) will be active during ETH.
· ETH session contracts will be fully fungible with existing contracts and will continue to be cleared by the Options Clearing Corporation (OCC).
· The ETH session will disseminate market data though the Options Price Reporting Authority (OPRA).

We will update you with additional information as it becomes available. Regulatory Circular # RG14-018, 2.13.14 has a more complete explanation of the extended hours in the SPX complex and VIX.

  • Jeff Sauer

    How with the SPX be priced without the S&P 500 stocks trading?