Global Trading Hours (GTH) Options

Cboe offers Global Trading Hours in SPX, SPXW, and VIX options which provides investors with the ability to react and trade in real time as events occur outside of Regular trading hours. The GTH session for options commences at 2:00 AM CT and ceases at 8:15 AM CT (note that all times are based on Chicago time). To learn more about GTH, read through the following page and associated links for further information.

Front-End Providers

Providers who can offer SPX and VIX Options through GTH.

  • 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 Hemal Purohit at +44-20-7131-3460 or

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 trading environment
  • 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 GTH as it does during Regular trading hours, with all volume-based pricing programs in effect. Cboe does however exempt the GTH session from the calculation and application of the Order Handling System Order Cancellation Fee.
  • Access fees are as follows:
    • GTH MM Trading Permit-$1,000/month*
    • GTH Electronic Access Trading Permit-$500/month*
    • GTH Quoting and Order Entry Bandwidth Packet-$500/month*
    • GTH 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

Hemal Purohit
+44-7976-690 069

Sharon Ang
+852 6736 2012


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