Extended Trading Hours (ETH) Options www.cboe.com/ETH

Cboe offers Extended Trading Hours in SPX, SPXW, and VIX options which provides investors with the ability to respond electronically to events as they occur outside of Regular Trading Hours. The ETH session commences at 2:00 AM CT and ceases at 8:15 AM CT. To learn more about ETH, read through the following page and associated links for further information.

Front-End Providers

Providers who can offer SPX and VIX Options through ETH.

  • Pulse
  • Dash Financial Technologies, LLC
  • FBW (Floor Broker Workstation)
*Please note this list may not be all-encompassing. If you would like to have a firm added, please contact Matt McFarland at +44-207-131-3458 or mcfarland@cboe.com.

Approved Jurisdictions

The following is a list of Approved Jurisdictions in which Cboe Trading Permit Holders (TPHs) may be domiciled or under the laws of which TPHs may be organized. Please review Cboe Rule 3.4A for more information.

Market Model

  • All Electronic environment - no trading floor during ETH
  • Trading Functionality:
    • Automated Improvement Mechanism (AIM) is activated in both products for simple and complex orders, with a 40% participation entitlement (subject to Exchange rules and process)
    • Full complex order processing via:
      • Complex Order Book (COB)
      • Complex Order Auction (COA)
  • LMMs:
    • VIX – Consolidated Trading, CTC, and Sumo Capital
    • SPX - Belvedere Trading, CTC, and IMC Financial Markets
  • Matching Algo:
    • VIX-Price Time, No Customer Priority
    • SPX-Price Time, No Customer Priority


  • Cboe uses the same transaction fee schedule during ETH as it does during RTH, with all volume-based pricing programs in effect. Cboe does however exempt the ETH session from the calculation and application of the Order Handling System Order Cancellation Fee.
  • Access fees are as follows:
    • ETH MM Trading Permit-$1,000/month*
    • ETH Electronic Access Trading Permit-$500/month*
    • ETH Quoting and Order Entry Bandwidth Packet-$500/month*
    • ETH Order Entry Only Bandwidth Packet-$250*
Cboe Fee Schedule

*The first trading permit and bandwidth packet will be waived per affiliated TPH until December 31, 2017.
*Refer to Circular (RG17-092)


Business Inquiry:
John Tornatore
1 (312) 786-7715

Matt McFarland

Sharon Ang
+852 3965 3017 or 3965 3018


Help Desk:
1 (866) 728-2263

Eric Frait
1 (312) 786-7747

Market Data (OPRA or CSM):
Market Data Team
1 (646) 856-8732

API Group
1 (312) 786-7300

Regulatory Interpretations and Guidance Hotline
1 (312) 786-8141

Special Offers
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