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General Questions

  1. Terms and definitions:

    • Trade Date: Date trade clears OCC
    • Business Date: Date Cboe Options is accepting order flow
    • Calendar Date: Actual calendar date

  2. How are specific holiday schedules handled for proprietary index options?

    Below is an outline of U.S. holiday trading sessions for proprietary index options. These examples do not take into consideration an international holiday observed the night/morning before the holiday is observed in the U.S. (i.e., New Year's Day, Good Friday, and Christmas). For international holidays observed in the U.S., there is no GTH session on holiday-1 from 8:15 p.m. - 11:30 a.m. ET. For more information, see U.S. Options Hours & Holidays. Note that multilist options will not trade in GTH during any holidays.

    Monday Holidays -Trading Day of Tuesday across 3 Calendar Days

    • GTH Trading: Sunday (Holiday-1) 8:15 p.m. - Monday (Holiday) 11:30 a.m. ET
    • RTH Trading: Monday (Holiday) None
    • Curb Trading: Monday (Holiday) None
    • GTH Trading: Monday (Holiday) 8:15 p.m. - Tuesday (Holiday+1) 9:25 a.m. ET
    • RTH Trading: Tuesday (Holiday+1) 9:30 a.m. - 4:15 p.m. ET
    • Curb Trading: Tuesday (Holiday+1) 4:15 p.m. - 5:00 p.m. ET

    Thanksgiving with Early Close Friday -Trading Day of Friday across 2 Calendar Days

    • GTH Trading: Wednesday (Thanksgiving-1) 8:15 p.m. - Thursday (Holiday) 11:30 a.m. ET
    • RTH Trading Thursday (Thanksgiving) None
    • Curb Trading Thursday (Thanksgiving) None
    • GTH Trading: Thursday (Thanksgiving) 8:15 p.m. - Friday (Thanksgiving+1) 9:25 a.m. ET
    • RTH Trading: Friday (Thanksgiving+1) 9:30 a.m. - 1:15 p.m. ET
    • Curb Trading: Friday (Thanksgiving+1) None

    Friday Holidays -Trading Day of Monday across 5 Calendar Days

    • GTH Trading: Thursday (Holiday-1) 8:15 p.m. - Friday (Holiday) 11:30 a.m. ET (None if a shared International Holiday)
    • RTH Trading: Friday (Holiday) None
    • Curb Trading: Friday (Holiday) None
    • GTH Trading: Friday (Holiday) None
    • GTH Trading: Sunday (Holiday+2) 8:15 p.m. - Monday (Holiday+3) 9:25 a.m. ET
    • RTH Trading: Monday (Holiday+3) 9:30 a.m. - 4:15 p.m. ET
    • Curb Trading: Monday (Holiday+3) 4:15 p.m. - 5:00 p.m. ET

    Mid-Week Holidays (example of Tuesday) -Trading Day of Wednesday across 3 Calendar Days

    • GTH Trading: Monday (Holiday-1) 8:15 p.m. - Tuesday (Holiday) 11:30 a.m. ET
    • RTH Trading: Tuesday (Holiday) None
    • Curb Trading: Tuesday (Holiday) None
    • GTH Trading: Tuesday (Holiday) 8:15 p.m. - Wednesday (Holiday+1) 9:25 a.m. ET
    • RTH Trading: Wednesday (Holiday+1) 9:30 a.m. - 4:15 p.m. ET
    • Curb Trading: Wednesday (Holiday+1) 4:15 p.m. - 5:00 p.m. ET

  3. When does trading close for expiring AM-settled index options, and PM-settled proprietary index options, on their respective expiration days?

    • Effective TBD AM-settled index options (except for VIX) will cease trading at 9:25 a.m. ET on their expiration date (usually a Friday). Currently, such options cease trading at the market close on the business day prior to the expiration date (usually a Thursday).

    • Effective TBD VIX AM-settled options will cease trading at 9:00 a.m. ET on their expiration date (usually a Wednesday), coinciding with the close of trading for the expiring VX futures on CFE. Currently, such options cease trading at the market close on the business day prior to the expiration date (usually a Tuesday).

    • Trading for expiring PM settled options ceases at 4:00 p.m. ET on their expiration day.

  4. How do orders persist between GTH, RTH, and Curb sessions?

    • Orders entered using SessionEligibility of R only participate in RTH and are not eligible for GTH or Curb.
    • Orders entered using SessionEligibility of A participate in GTH, RTH, and Curb.
    • Orders entered using SessionEligibility of B participate in RTH and Curb.
    • Resting orders on the book at the conclusion of GTH will persist to RTH.
    • Resting orders on the book at the conclusion of RTH marked with SessionEligibility = A will persist to Curb.
    • All Day orders resting on the book at the conclusion of Curb will be canceled.

  5. What are the eligibility requirements to participate in the GTH and Curb sessions?

    TPH requirements to participate in the Curb session did not change from existing requirements for GTH participation. There is no formal certification process to participate in the GTH or Curb sessions. Cboe Membership Services can discuss GTH trading eligibility requirements and work with TPHs to create GTH eligible EFIDs.

  6. Are there changes to market maker quoting obligations during Curb or GTH?

    GTH and Curb Market Makers are subject to all obligations under Rules 5.51 and 5.52, including the continuous electronic quoting obligation in 5.52(d). Market Maker GTH and Curb quoting is combined with RTH quoting to determine compliance with the continuous quoting obligation. Heightened LMM obligations in Rule 5.55 do not apply during GTH and Curb sessions.

  7. When are new series added to the system for trading?

    New series added by the Cboe Operations Support Center (OSC) for trading on the next trading date are not immediately available for trading at the start of GTH at 8:00 p.m.

    New series are expected to be added to the system and made available for order/quote acceptance at 2:00 a.m. ET with trading commencing at 3:00 a.m. ET. Trading Status messages on Cboe proprietary market data feeds are sent at the appropriate times to notify firms of each transition. New series are subject to the standard Opening Process for the 3:00 a.m. ET opening. Note that no timing is guaranteed as symbol additions are dependent on receipt of symbol data from the OCC and ingestion/processing of that data within Cboe systems.

    Symbol definition messages for these series are sent as soon as the series are received and processed from the OCC. This typically occurs between 9:00 and 10:00 p.m. ET, but could vary based on OCC or Cboe processing time.

  8. How does 24x5 trading impact consolidated audit trail requirements?

    There are no changes to consolidated audit trail (CAT) reporting obligations as a result of the extended GTH and Curb sessions.

    For CAT, reports for events occurring during a particular trading day must be reported by 8:00 a.m. ET the following trading day or they will be marked late by CAT. Note that "trading day" for CAT reporting purposes is not the same as "Trade Date" (as defined above) for Cboe Options Curb/GTH purposes. For CAT, a "Trading Day" is defined as beginning immediately after 4:15:00 p.m. and no fractions of a second ET on one trade date and ending at exactly 4:15:00 p.m. and no fractions of a second ET on the next trade date. (See CAT NMS Plan FAQs B27 and C1.)
    • For example, a CAT Order Route Event (e.g., a MOOR) occurring at 8:30 p.m. ET on a Monday must be reported to CAT by 8:00 a.m. ET on Wednesday. A MOOR occurring at 8:30 p.m. ET on a Sunday must be reported to CAT by 8:00 a.m. ET on Tuesday, since Sunday is not a trading day.

  9. Do the extended trading hours impact Floor related activities?

    With the implementation of the extended GTH Trading Session, Floor Nominee Activation requests must be submitted to Cboe Membership Services no later than 2:00 p.m. ET the day prior to the effective date. Nominee activation requests submitted after 2:00 p.m. ET are not guaranteed to be processed for the next trading day.

    Floor Market Makers requiring MMTN set-up must submit a Web Portal Port Modification Request Form no later than 4:30 p.m. ET the day prior to the effective date. Email confirmation will be provided by the Trade Desk once completed. (Please reach out if confirmation of completion is not received by 5:00 p.m. ET.) MMTN set-up requests submitted after 4:30 p.m. ET are not guaranteed for the following floor trading session.

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