Schedule Update - C1 Options to Offer Expanded Trading Hours for Select Equity Options
Reference ID: C2026081001
Applicable Cboe Exchange: Cboe Options
Overview (UPDATED)
Effective on a date to be announced in a subsequent notice August 17, 2026, Cboe Options Exchange (C1) plans to expand trading hours for select equity options by establishing a morning Global Trading Hours (GTH) session and afternoon Curb session. Further communication will be provided in advance of the launch date. The updated weekend test schedule can be found below.
Technical Details (UPDATED)
On the effective date, C1 will expand trading hours for select equity options.
Further details are provided below.
| Item | Details |
|---|---|
| Exchange | C1 |
| Start Date | TBD August 17, 2026 |
| Pre-Opening Queuing | 7:15 a.m. ET |
| Global Trading Hours (GTH) | 7:30 a.m. - 9:25 a.m. ET |
| Regular Trading Hours (RTH) | 9:30 a.m. - 4:00 p.m. ET |
| Curb Trading Hours | 4:00 p.m. - 4:15 p.m. ET |
| Anticipated Symbols* | AAPL, AMD, AMZN, AVGO, BABA, BAC, GOOG, GOOGL, HOOD, INTC, META, MSFT, MU, NFLX, NOK, NVDA, ORCL, PFE, PLTR, TSLA, TSM |
| Order Types | All order types currently accepted during GTH will be available. No market or stop/stop limit orders will be allowed. |
| Good 'til Cancel/Good 'til Day (GTC/D) Orders | GTC/D Orders carried over from prior sessions will retain their session eligibility, including All, RTH and Curb, or RTH only. |
| NBBO Protection | Yes. Same as RTH. |
| Holidays | No trading sessions on holidays. |
Opening Process
The opening rotation process for equity options traded during GTH will follow the existing RTH opening process for multi-list options with minimal modifications. A class will begin the GTH opening rotation upon receipt of the first round-lot print in the underlying from any exchange and observation of a two-sided bid/ask in the underlying from any exchange following the start of the GTH session (7:30 a.m. ET).
For more information regarding the equity options opening process, see the U.S. Options Opening Process.
Risk Management
If a firm has existing Default Risk Management rules, those will automatically apply to both the GTH and Curb trading sessions. Alternatively, firms may choose to upload new rules for the GTH and Curb sessions. In order to have a new GTH or Default risk rule apply to the new multi-list GTH trading session, rules must be uploaded prior to 7:00 a.m. ET. Risk rules specified as Default or GTH and uploaded between 8:15 p.m. and 9:00 a.m. ET may optionally be applied immediately via the Customer Web Portal Risk Management Application. Firms cannot use the Secure Web API to make new rules immediately effective.
In order to have any updated or new Curb risk rules apply to the multi-list Curb trading session, rules must be uploaded prior to 3:40 p.m. ET.
The scheduled system risk reload times will be adjusted. Risk reloads will be scheduled to occur at 2:35 a.m., 7:05 a.m., 9:05 a.m., and 3:45 p.m. ET. In addition, the scheduled risk reload behavior will change. Scheduled reloads will only reset active risk counters for rules that have been changed.
The existing Pre-Open/GTH Session exchange default fat-finger limits will apply to the equity options products eligible to trade in GTH.
For more information, see the Cboe Titanium U.S. Options Risk Management Specification.
Membership and Eligibility
Trading Permit Holders (TPHs) must be authorized for GTH trading at the OCC and Cboe. Such authorization will allow GTH trading of equity options and Cboe proprietary index options. Thus, TPHs that are already authorized for GTH trading do not need any further authorization to trade equity options during the GTH session.
No additional action is needed to participate in Curb trading.
Order Handling and Market Functionality
To ensure system readiness, please note the following:
The existing SessionEligibility (FIX Tag 22017) will be used to designate session eligibility.
GTC Orders carried over from prior sessions will retain their session eligibility.
NBBO protection and routing functionality will apply during both GTH and Curb sessions.
Quoting and trading activity will be sent over existing OPRA RTH channels.
Quoting Obligations
Quoting obligations for Designated Primary Market Makers (DPMs) will apply collectively across all classes and sessions for the DPM.*
Quoting obligations for non-DPM Market Makers will apply collectively across all classes and sessions for the Market Maker.
RTH DPMs for applicable classes can choose to retain or give up their DPM status during the GTH session. If DPM status is retained for the GTH session, then all DPM obligations will apply, including those applicable during opening rotation. Cboe may solicit for Market Makers to perform the GTH DPM role in classes where the RTH DPM declines.*
Additional regulatory guidance will be provided in a forthcoming Regulatory Circular.
Testing Opportunities (UPDATED)
| Milestone* | Date |
|---|---|
| C1 Certification Available | 05/18/26 |
| Customer Weekend Test #1 | 05/30/26 |
| Customer Weekend Test #2 | TBD 07/11/26 |
| Customer Weekend Test #3 | TBD 08/15/26 |
| C1 Production Launch | TBD |
Weekend Test Script
Below are the scheduled times for testing expanded trading hours for select equity options.
| Session | Testing Time |
|---|---|
| GTH | 7:30 a.m. - 9:25 a.m. ET |
| RTH | 9:30 a.m. - 10:00 a.m. ET |
| Curb | 10:00 a.m. - 10:15 a.m. ET |
AAPL, AMD, AMZN, AVGO, BABA, BAC, GOOG, GOOGL, HOOD, INTC, META, MSFT, MU, NFLX, NOK, NVDA, ORCL, PFE, PLTR, TSLA, TSM
Cboe will generate automated quote and trade activity in the classes above during all sessions that will be based around the prior day's closing price. Quotes and trades will be disseminated through the OPRA RTH system and on C1 proprietary market data feeds during the weekend tests.
Additional Information
Resources
- Equity Options Extended Trading Hours FAQ
- Cboe Options Adds New Columns to the Options Underlying Reference Data File
- Cboe Titanium U.S. Options BOE Specification
- Cboe Titanium U.S. Options FIX Specification
- Cboe Titanium U.S. Options Multicast TOP Specification
- Cboe Titanium U.S. Options Complex Multicast TOP Specification
- Cboe Titanium U.S. Options Complex Multicast PITCH Specification
- Cboe Titanium U.S. Options Risk Management Specification
- Cboe Titanium U.S. Options Opening Process
- Cboe Titanium U.S. Options FLEX Feed Specification
- Cboe Titanium Cboe One Options Feed Specification
- Cboe Titanium U.S. Equities/Options Multicast Depth of Book (PITCH) Specification
- Cboe Titanium U.S. Options Auction Process Specification
- Cboe Titanium U.S. Equities/Options Web Portal Port Controls Specification
- Cboe Options Exchange 24x5 Trading FAQ
Contact Information
Please contact the Cboe Trade Desk for support or with any questions.
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Cboe Trade Desk: 913.815.7001 | [email protected]