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Cboe EDGX Equities Overnight Trading FAQ

The following information is current as of 06/30/26, and will be updated on a best-efforts basis. For the most current information, please contact your relevant sales coverage. All times outlined in this document are ET.

  1. What changes with overnight trading for U.S. equities exchanges?

    Several U.S. exchanges will participate in extended trading hours, which refers to trading that will begin at 9:00 p.m. and continue until 4:00 a.m. the following day. Trading will begin at 9:00 p.m. whenever the next calendar day is a U.S. trading day. Absent any holidays, trading hours will begin Sunday evenings at 9:00 p.m. and end at 8:00 p.m. on Friday evenings. A daily one-hour trading pause will occur Monday through Thursday evenings between 8:00 p.m. and 9:00 p.m.

  2. Will other U.S. equities exchanges conduct overnight trading?

    EDGX will be the only Cboe exchange participating in extended trading hours. Other U.S. exchanges that have announced their intention to trade between 9:00 p.m. and 4:00 a.m. are 24X, Nasdaq, NYSE Arca, and MEMX.

  3. What trade date will be assigned to trades occurring between 9:00 p.m. to midnight?

    All trades occurring between 9:00 p.m. and before 12:00 a.m. (midnight) will be marked with the trade date of the following calendar day. This enables all trades occurring between 9:00 p.m. and 8:00 p.m. to have the same trade date.

  4. Will trading hours of other Cboe Equities Exchanges (BZX, BYX, and EDGA) be modified when overnight trading commences?

    Cboe intends to maintain the current time schedule for each of its other U.S. Equities Exchanges (BZX, BYX, and EDGA). Only EDGX's trading hours will expand to also include overnight trading hours.

  5. What securities are eligible for overnight trading?

    All NMS securities will be eligible to trade on EDGX during overnight trading hours.

  6. When will overnight trading on EDGX become available?

    U.S. equities exchange overnight trading is expected to commence on December 6, 2026, provided that the following milestones are achieved:

    • EDGX has received SEC approval for its Overnight Trading Session;

    • DTCC can receive and process trades on a real-time basis throughout the entire Overnight Trading Session;

    • The SIPs are capable of receiving and disseminating all exchange quotes and trades on a real-time basis;

    • The primary listing markets can produce corporate action information prior to 9:00 p.m. This information will be provided to the industry by the SIPs.

  7. Who will be able to trade during overnight trading hours?

    All EDGX Members will be eligible to trade. However, some Members will need additional approval from their clearing firms in order to participate in extended trading hours.

  8. What trading sessions will exist on EDGX when overnight trading is added?

    The trading session names and their time ranges (for EDGX only) are below. A System Pause will occur shortly after 8:05 p.m. with systems back up and ready by 8:25 p.m. on most days. Order queueing will begin at 8:55 p.m.

    • Overnight Trading Session: 9:00 p.m. – 4:00 a.m.

    • Pre-Market Trading Session: 4:00 a.m. – 9:30 a.m.

    • Regular Trading Hours Session: 9:30 a.m. – 4:00 p.m.

    • Post-Market Trading Session: 4:00 p.m. – 8:00 p.m.

  9. How will the Overnight Trading Session affect other trading sessions on EDGX?

    For EDGX only, the Overnight Trading Session replaces the current Early Session. Existing Early Session TimeInForce (FIX Tag 59) values will be used for EDGX's Overnight Trading Session. EDGX is the only Cboe equities exchange that will have an Overnight Trading Session and eliminate its Early Trading Session. The Pre-Market Trading Session will adjust to run from 4:00 a.m. – 9:30 a.m. instead of the current 8:00 a.m. – 9:30 a.m. time range.

  10. How will the EDGX Overnight Trading Session affect trading sessions on BZX, BYX, and EDGA?

    BZX, BYX, and EDGA will not adopt an Overnight Trading Session and will retain the existing sessions and associated trading hours that are in place today on each Exchange.

  11. When will trades clear and settle?

    Trades occurring after 9:00 p.m. and before midnight will be sent on a real-time basis to the Depository Trust and Clearing Corporation (DTCC) with a trade date of the following calendar day. Trades occurring between midnight and 8:00 p.m. will have the current calendar day's trade date.

  12. Will there be any EDGX trading pauses between 9:00 p.m. and 8:00 p.m.?

    All EDGX trading sessions will run continuously from 9:00 p.m. until 8:00 p.m., and orders will flow seamlessly from one session to the next, provided that an order's TimeInForce value permits the order to persist in a given session. The TimeInForce value may also be supplemented by denoting a specified start time managed through port configurations rather than a session designation. The start time port settings will be available in half-hour segments ranging from 9:00 p.m. to 9:00 a.m. This range of start time availability through port settings will coincide with the introduction of the EDGX Overnight Trading Session.

  13. What happens to overnight trading hours when there is a U.S. holiday?

    When there is a holiday, the overnight trading hours starting on the evening preceding the holiday will not occur. For a holiday occurring on a Monday, Tuesday, Wednesday, or Thursday, an Overnight Trading Session will occur on the evening of the holiday itself, starting at 9:00 p.m. For example:

    • Holiday: Labor Day (first Monday in September)

    • Shutdown will occur on previous Friday at 8:00 p.m.

    • No overnight hours trading would begin on Sunday evening at 9:00 p.m.

    • Overnight hours trading would begin Monday evening at 9:00 p.m.

  14. Will support be available during overnight trading hours?

    Yes – Cboe already provides trade support for other asset classes that have global trading hours. Trade Desk and NOC support staff will be available to cover the EDGX Overnight Trading Session.

  15. Will EDGX route orders to other markets during the Overnight Trading Session?

    Yes – EDGX will route to other exchanges and to off-exchange venues that participate as a Cboe Dark Routing Technique (DRT) venue, to the extent they are available during the Overnight Trading Session. Supported routing strategies will be the same as the ones available today during pre-market and post-market trading sessions.

  16. Will Cboe's proprietary feeds publish EDGX quotes and trades during the Overnight Trading Session?

    Yes – the Cboe proprietary feeds will capture and disseminate quote and trade information from the Overnight Trading Session.

  17. Will Cboe conduct an auction at the start of the Overnight Trading Session?

    No – Orders for the Overnight Trading Session will be released to the system at 9:00 p.m. in order of their arrival.

  18. When will EDGX begin accepting orders for the Overnight Trading Session?

    Order acceptance will begin at 8:55 p.m.

  19. Will orders for the Overnight Trading Session need a new identifier?

    No – Orders for the Overnight Trading Session will use existing TimeInForce values currently in place for the Early Trading Session. In addition, port settings can be used to set specific start times at half-hour intervals.

  20. How will trades executed during the Overnight Trading Session be identified?

    Trades occurring during the Overnight Trading Session will be marked with a "T" sale condition in the same manner in which all other executions outside of Regular Trading Hours contain that same "T" trade condition today.

  21. Will a security's consolidated trading volume include trades that occur during the Overnight Trading Session?

    Yes – Trading volume occurring during the Overnight Trading Session will count towards total consolidated volume, just as is the case today for trades occurring outside of Regular Trading Hours.

  22. Are there new connectivity requirements associated with the Overnight Trading Session?

    No new connectivity is required and Members may utilize existing connectivity setups to participate in the Overnight Trading Session.

  23. Will any changes or other system resets be required for the midnight transition from one calendar date to the next calendar date?

    Yes. Many of Cboe's proprietary market data feeds will be updated to include a new Time Reference message that will be sent each time the system restarts or crosses a midnight time boundary during overnight trading hours. This message will allow market data receivers to record the appropriate timestamp on all market data messages. Further details are provided in this FAQ and in Trade Desk notices. No order entry changes will be required at midnight or the time periods surrounding midnight.

  24. What is Cboe's testing plan and what actions will EDGX take to mitigate the risks for launch of the Overnight Trading Session?

    Cboe will allow for ample testing opportunities in our Certification environments and will take several actions to mitigate operational risk associated with the addition of the overnight trading session. Refer to the rollout schedule in the related Trade Desk notice for specific dates and notable changes.

    EDGX also intends to offer the ability to trade production test symbols during the new overnight trading session starting on November 9, 2026. This action aligns with what was done during Cboe Options Exchange's move to add a similar overnight trading session in 2021. In addition, Cboe will announce, through Trade Desk notices, any testing that it intends to conduct directly with its Members or with the SIPs.

  25. Will the failover/backup scenario for EDGX be in place as it is today outside of Regular Trading Hours?

    Yes – EDGX will merely extend its existing system resiliency, procedures, and coverage to include the Overnight Trading Session. In addition, Cboe will leverage existing global operations support personnel and will have staff available during all trading hours to answer Member questions.

  26. What are the expectations of quotes and trades provided by the exchanges during overnight trading hours?

    Exchange-generated quotes and trades for all sessions, including overnight trading, will be disseminated on a real-time basis by the SIPs. In addition to providing quotes and trades to the SIPs, EDGX will disseminate quotes and trades in real-time on its direct proprietary data feeds.

  27. What are the trading hours when there is an early close?

    When the Regular Trading Hours session ends at 1:00 p.m., post-market trading will continue until 5:00 p.m. No Overnight Trading Session will begin on a calendar day on which there is an early close. For example:

    • Regular Trading Hours early close at 1:00 p.m. on Christmas Eve (assume this is a Tuesday)

    • Post-Market Trading session continues until 5:00 p.m. Tuesday

    • No overnight hours trading would begin Tuesday evening at 9:00 p.m.

    • Overnight hours trading would begin Wednesday evening at 9:00 p.m.

  28. When the SIPs extend their hours to 23x5, which is expected in December 2026, will EDGX commence overnight trading hours at the same time, or shortly thereafter?

    EDGX intends to participate in overnight trading hours on all production symbols the first day that the SIPs go live for overnight trading, which is targeted for Sunday, December 6, 2026, at 9:00 p.m. Additionally, EDGX plans to allow for overnight trading on test symbols starting on November 9, 2026.

  29. What prerequisites exist for EDGX to begin participating in overnight trading hours?

    The following milestones must be achieved before EDGX may begin participating in overnight trading hours:

    • EDGX has received SEC approval for its Overnight Trading Session;

    • DTCC can receive and process trades on a real-time basis throughout the entire Overnight Trading Session;

    • The SIPs are capable of receiving and disseminating all exchange quotes and trades on a real-time basis;

    • The primary listing markets can produce corporate action information prior to 9:00 p.m. This information will be provided to the industry by the SIPs.

  30. Does EDGX have separate, dedicated ports for its Overnight Trading Session?

    No, as described above, participants may utilize existing connectivity setups. EDGX does not require customers to have separate, dedicated ports for trading during its Overnight Trading Session.

  31. Will EDGX cancel outstanding Overnight Trading Session orders at 4:00 a.m.?

    The selected TimeInForce value will determine the sessions for which orders are eligible to trade. Orders can be canceled at any time, including through the use of an expire time and GTD TimeInForce. EDGX will not cancel orders absent explicit instructions from the User to do so.

  32. Does EDGX anticipate establishing different transaction charges for the Overnight Trading Session?

    Not at this time.

  33. Will Market Makers provide liquidity during the Overnight Trading Session?

    Just as is the case with exchange trading today outside of Regular Trading Hours, market makers can choose to provide liquidity. However, there will be no specific market maker requirements for the Overnight Trading Session.

  34. What order types will be eligible for the Overnight Trading Session?

    EDGX will not allow market orders or unpriced pegged orders during the Overnight Trading Session. All other order types that are permitted today in the Early Trading Session and Pre-Market Session will be permitted.

  35. How will Cboe handle Regulatory Halts for BZX-listed symbols during the Overnight Trading Session?

    Cboe will update the BZX Exchange platform to operate on a 23x5 schedule but with no change to trading hours. This will allow Cboe BZX Exchange to disseminate any necessary regulatory halts during overnight trading. BZX systems will experience some of the same technical changes as EDGX to allow for trading halts to be disseminated.

  36. Which Cboe market data feeds will be updated and what changes can we expect?

    The Time Reference message (existing message on Cboe C1 and CFE today) will be added and sent at system restart and when a midnight ET boundary is crossed. Cboe will add a Time Reference message to the following BZX and EDGX market data feeds:

    • US Equities/Options Multicast Depth of Book (PITCH)

    • US Equities TCP Depth of Book (PITCH)

    • US Equities TOP

    • US Equities Last Sale

    • US Equities Auction Feed

    The Summary Depth and Cboe One Feeds will also experience a change related to timestamps. All timestamp fields in these feeds will be updated from "nanoseconds past midnight" to "nanoseconds past Epoch". This change is necessary given the aggregated nature of the feeds and the potential for time to cross, go back, and re-cross midnight in a single trading session.

  37. What can we expect the daily restart to look like?

    EDGX system restart will be targeted to occur each evening (Mon-Thurs) at 8:05 p.m. ET. At this time, all order entry and market data systems will be shut down. Members will lose any active connections to order entry or market data ports. EDGX will perform necessary processing to advance to the next trade data and immediately restart all system processes. At this time, sequences will be reset on all ports and on all market data feeds. Restart and availability of all ports is expected to occur by 8:25 p.m. ET. Cboe reserves the right to delay restart as needed and without notice. Customers are advised to prepare for variable restart times and to practice the daily restart in the Certification environment ahead of the Production launch date.

    The EDGX system will begin startup at approximately 1:35 p.m. ET on Sunday to allow for a longer period of connectivity testing and for detection of any potential operational issues prior to the start of the Overnight Trading Session at 9:00 p.m. ET on Sunday night.

  38. What order entry changes can I expect with the addition of the Overnight Trading Session?

    No FIX or BOEv3 protocol changes will be made. Some TimeInForce values will have a new definition on EDGX. Customers should refer to the BOEv3 and FIX specifications for further details. A new "Hold Early Orders Until" port attribute will be added to the FIX and BOE3 order entry protocols. If configured, the system will use the later of the start time specified or the start time of the TimeInForce value specified on the order. Start times may be set in 1/2 hour increments up to 9:00 a.m. ET. The "Early Trading Session Opt-Out" and "Hold Early to 7am" port attributes will be sunset.