Cboe Global Markets filed a proposal with the Securities and Exchange Commission on March 16, 2026 to open its EDGX U.S. equities exchange for near‑24‑hour, five‑day trading. The plan would allow trading from Sunday 9 p.m. ET to Friday 8 p.m. ET, with a one‑hour pause each weekday from 8 to 9 p.m. ET, and is slated to launch in December 2026 once regulatory approval and industry infrastructure are in place.
The proposal hinges on the readiness of key market infrastructure, notably the Depository Trust & Clearing Corporation (DTCC). DTCC’s National Securities Clearing Corporation (NSCC) is scheduled to operate 24‑hour, five‑day clearing by June 2026, a critical prerequisite for the extended trading hours. Cboe has emphasized collaboration with market participants to ensure robust market and investor protections during the transition.
Cboe’s recent financial performance underscores the company’s capacity to support this expansion. In Q4 2025, net revenue rose 28% to $671.1 million and adjusted diluted earnings per share climbed 46% to $3.06, beating analyst estimates of $2.85. Full‑year 2025 results showed net revenue of $2.4 billion, up 17% YoY, and adjusted diluted EPS of $10.67, up 24% YoY. The gains were driven by a 38% increase in derivatives net revenue, a 27% rise in cash and spot markets, and a 9% growth in Data Vantage, reflecting strong demand across core segments.
The move aligns with a broader industry trend toward extended trading hours. Nasdaq has signaled similar plans, and Cboe’s early‑trading‑hours volumes have surged 590% in average daily volume from February 2022 to February 2026, illustrating growing global demand for U.S. equities outside traditional hours.
Extended trading hours promise greater flexibility for investors and improved price discovery, but they also introduce challenges such as heightened volatility and wider bid‑ask spreads during lower‑liquidity periods. Cboe’s experience operating liquid, around‑the‑clock derivatives and FX markets positions it to manage these risks.
"Cboe’s filing with the SEC is the latest step in ensuring we are ready to offer overnight trading once the industry launches in December. Since announcing our plans for near 24x5 trading amid growing global interest for U.S. markets, we have been engaging with clients and market participants across the globe, underscoring the importance of collaboration throughout this process," said Oliver Sung, Head of North American Equities at Cboe. "Cboe has a strong track record of operating liquid, around‑the‑clock derivatives and FX markets, and will leverage that expertise to ensure robust market and investor protections are in place."
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