Cboe Seeks SEC Approval for Near 24x5 U.S. Equities Trading
Event summary
- Cboe Global Markets has submitted a proposal to the SEC to launch near 24x5 U.S. equities trading on its EDGX exchange.
- The proposed trading hours would be from 9 p.m. ET to 8 p.m. ET Sunday through Friday, with a one-hour pause Monday-Thursday.
- Cboe's U.S. Equities Early Trading Hours have seen a 590% average daily volume (ADV) growth from February 2022 to February 2026.
- Cboe's data feed, Cboe One U.S. Equities Feed, accounted for 20.2% of U.S. equities on-exchange trading in 2025.
The big picture
Cboe's move reflects growing demand for U.S. equities trading outside of traditional hours, driven by international investor interest. This initiative positions Cboe to capture a larger share of global trading volume and reinforces its strategy of expanding beyond traditional market hours, a model it has already successfully deployed in derivatives and FX markets. The success of this venture will likely influence other exchanges to follow suit, accelerating the globalization of U.S. equity markets.
What we're watching
- Regulatory Approval
- The SEC's decision on Cboe's proposal will dictate the timeline for implementation and could influence similar proposals from competitors, potentially reshaping U.S. equities market hours.
- Infrastructure Readiness
- Successful launch hinges on the readiness of third-party infrastructure providers, and any delays or failures could damage Cboe's reputation and investor confidence.
- Liquidity Dynamics
- The impact of extended trading hours on liquidity and price discovery remains uncertain, and Cboe will need to demonstrate robust market controls to maintain investor protections.
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