Key Takeaways
- • Cboe Global Markets received SEC approval to launch 23×5 US equities trading on its EDGX exchange, enabling nearly round-the-clock trading from Sunday 9pm ET to Friday 8pm ET, with service expected in December 2026 pending industry readiness.
- • The extended trading week will operate across all listed NMS stocks with a one-hour operational pause Monday through Thursday (8pm-9pm ET), with all trades cleared through the DTCC.
- • Cboe currently offers 4am-8pm ET trading on two of its four US equity exchanges and has successfully operated near 24×5 trading in proprietary index derivatives and Global FX markets, positioning it as an experienced operator of extended hours.
- • The expansion targets significant demand from Asia-Pacific retail investors seeking real-time reaction to news outside traditional US market hours, representing a key strategic initiative to expand global market access.
- • Extended trading is expected to increase demand for US equities market data from global clients, with Cboe's consolidated Cboe One US Equities Feed delivering real-time pricing across its four US equities exchanges.
Summary
Cboe Global Markets has secured SEC approval to launch 23×5 US equities trading on its EDGX Equities Exchange, marking a significant expansion of trading hours for the US cash equities market. Service is expected to commence in December 2026, contingent upon industry readiness. The approval represents the latest step in Cboe's broader strategy to expand global market access and capitalize on documented demand for extended trading hours outside traditional market sessions.
The 23×5 trading schedule will operate from Sunday 9pm ET through Friday 8pm ET, excluding US market holidays, with a structured one-hour operational pause from 8pm to 9pm ET Monday through Thursday. All NMS-listed stocks will be eligible for trading during these extended hours, with clearing conducted through the Depository Trust and Clearing Corporation (DTCC). This operational framework balances continuous market access with necessary system maintenance windows.
Oliver Sung, Head of North American Equities at Cboe, attributed the initiative to sustained demand from Asia-Pacific retail investors seeking to respond to market-moving news in real-time. Since introducing early trading hours on EDGX in 2021, Cboe has observed significant growth in off-hours trading volume, particularly from international participants. Sung emphasized that the approval aligns with Cboe's company-wide efforts to expand global access to its markets and data across asset classes.
Cboe's experience with extended-hours operations strengthens its execution capability. The firm currently offers 4am-8pm ET trading on two of its four US equity exchanges and has successfully operated near 24×5 trading environments in its proprietary index derivatives and Global FX markets. The expansion is expected to generate incremental demand for US equities market data from global clients, with Cboe's consolidated Cboe One US Equities Feed positioned to deliver real-time pricing to international customers across the firm's four US equities exchanges.
The 23×5 trading schedule will operate from Sunday 9pm ET through Friday 8pm ET, excluding US market holidays, with a structured one-hour operational pause from 8pm to 9pm ET Monday through Thursday. All NMS-listed stocks will be eligible for trading during these extended hours, with clearing conducted through the Depository Trust and Clearing Corporation (DTCC). This operational framework balances continuous market access with necessary system maintenance windows.
Oliver Sung, Head of North American Equities at Cboe, attributed the initiative to sustained demand from Asia-Pacific retail investors seeking to respond to market-moving news in real-time. Since introducing early trading hours on EDGX in 2021, Cboe has observed significant growth in off-hours trading volume, particularly from international participants. Sung emphasized that the approval aligns with Cboe's company-wide efforts to expand global access to its markets and data across asset classes.
Cboe's experience with extended-hours operations strengthens its execution capability. The firm currently offers 4am-8pm ET trading on two of its four US equity exchanges and has successfully operated near 24×5 trading environments in its proprietary index derivatives and Global FX markets. The expansion is expected to generate incremental demand for US equities market data from global clients, with Cboe's consolidated Cboe One US Equities Feed positioned to deliver real-time pricing to international customers across the firm's four US equities exchanges.
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