Designated Option Symbol List/Option Classes for GTH

Read frequently asked questions about designated Option symbol list/Option classes.

1. Which equity option classes will be eligible for trading during the GTH and Curb sessions?

   Select equity options would be eligible to trade during the new sessions if:

   • the option class has an average daily volume of 150,000 contracts or higher,

   • the underlying equity to the option has a $50 billion or higher market capitalization, and

   • the underlying equity to the option has an average daily trading volume of 10 million shares or higher.

   Cboe proposes to limit the number of equity option classes that may be designated for the GTH and Curb sessions to 100 option classes. The intent is to monitor and assess the development and functioning of GTH and Curb markets for equity options within a limited group of equity options initially.

2. How often would Cboe update or re-balance the list of equity option classes designated for trading in the GTH and Curb sessions?

   The class list will be re-balanced twice per year. The list will be based on data from July 1 through December 31, and again based on data from January 1 through June 30, similar to the re-balance schedule for the penny program and the cash-settled ETF program.

3. How and when would Cboe communicate changes to the list of eligible equity option classes? Will they be utilizing the real time information dissemination system to which market makers already subscribe?

   Equity option classes added to or removed from the GTH and Curb sessions will be announced in advance via Exchange Notice, similar to the penny program and the cash-settled ETF program.

4. If other equity option classes are traded on another exchange during overlapping GTH and Curb sessions, do these classes count towards the 100-name limit? Is there any limit on the number of non-Cboe listed equity option classes that could be eligible to trade on Cboe during the new GTH and Curb sessions?

   The Cboe rule caps the total number of equity option classes that Cboe may select at 100. Cboe chose criteria that would allow only premier companies of the highest quality, market cap, options/equity trading volume, etc. If other exchanges copy Cboe's qualification standards, the criteria would yield the exact same list of eligible companies and ensure names like meme stocks with temporary high volume or market cap are not eligible.

   However, if another exchange were to have different criteria and selected more than 100 equity option classes for GTH and/or Curb, Cboe may list those options, and such options selected in this manner would not count towards Cboe's 100 limit. It would be Cboe's choice whether to match other exchanges' lists. Cboe cannot predict whether the Securities and Exchange Commission will require competitors to match our qualification standards.

5. Where can the current list of GTH and Curb eligible underlying symbols be found?

   The current list of GTH and Curb eligible underlying symbols can be found in the Cboe Options Underlying Reference Data file. GTH eligible underlying symbols will be marked with a 'Y' in the "GTH Eligible" column and Curb eligible underlying symbols will be marked with a 'Y' in the "Curb Eligible" column. All series for an eligible underlying will be available to trade in GTH and Curb.

   • Certification Underlying Reference Data

   • Production Underlying Reference Data

6. When will GTH-eligible equity option series be reflected in reference data and symbol files, and how much lead time should firms expect before a new GTH session begins?

   There is no change from the timing that occurs today when new series are added overnight. 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.

7. Does Cboe's GTH and Curb listing criteria encompass all option series within a single equity option class, including Monday and Wednesday expirations?

   Yes. The standards for eligibility are set forth in the GTH filing, and existing Cboe rules permitting Monday/Wednesday expirations will be applicable to single equity option classes. All series within an option class for a GTH-eligible symbol will be available for trading.

8. How will GTH/Curb session eligibility be handled for IPOs?

   Cboe originally included a provision in its initial proposed rule language that would have permitted accelerated GTH/Curb qualification for initial public offerings (IPOs), rather than having to wait for the next semi-annual qualification window. However, Cboe has since removed this provision to simplify GTH/Curb eligibility handling in alignment with its conservative approach to extending trading hours.