The SEC approved Cboe’s proposal to extend trading hours for a limited set of highly active multi-listed single-stock options. Starting July 13, 2026, eligible options will be tradable in a morning session before the equity open and in a short post-close “Curb” session.
This article is for general information and options education only. It is not financial advice, investment advice, trading advice, or a trade recommendation. Options trading involves risk and is not suitable for all investors. See the site’s Risk Disclosure.
For traders, the key idea is simple: you will have more timestamps where options can trade, but those timestamps are likely to come with thinner liquidity, wider spreads, and stricter order handling than regular trading hours.
Executive summary (what options traders should care about)
- Extended-hours options trading is not “all options, 24/5.” It is a limited set of high-activity single-stock options.
- Sessions are designed for risk management and news reaction, but execution quality may be worse than regular hours.
- Limit orders only during these sessions (no market orders, and no stop/stop-limit orders).
- Broker support will vary; some platforms may not expose these sessions immediately or may restrict order handling.
What changes (confirmed)
The deposited report (from primary sources) describes two new trading sessions around regular trading hours:
- Global Trading Hours (GTH): 7:30 a.m. to 9:25 a.m. ET
- Curb session: 4:00 p.m. to 4:15 p.m. ET
The intent is to allow trading closer to when major catalysts hit the tape (pre-market news and after-the-bell earnings), but without pretending the market will be as deep as it is at 10:30 a.m. ET.
Eligibility is limited and rule-based
The exchange will evaluate which option classes qualify based on activity and market-cap / ADV criteria. The deposited report describes a launch set on the order of “about 20” symbols, with periodic review.
Treat any list of eligible tickers as subject to change, even if it is “anticipated” at launch.
Order type restrictions (risk management by design)
The deposited report highlights a core guardrail: limit orders only during the extended sessions.
That restriction matters because:
- market orders can execute at extreme prices when the book is thin
- stops can trigger on noisy prints, which is a bigger risk when quotes are wide
If you want context on how exchanges are tightening order handling and complex-order controls, see:
Why this matters for options traders
Extended-hours options trading changes the “when” of several common risks:
1) Earnings and post-close gaps
Many large single-stock earnings releases hit right after 4:00 p.m. ET. A 4:00-4:15 p.m. options session creates a window where traders can potentially:
- reduce risk in an options position before the OCC exercise/assignment cutoffs, and/or
- respond to news when the underlying is moving quickly.
This does not eliminate earnings risk. It shifts some of the timing and execution constraints.
2) Pre-market hedging and overnight news
A morning options session can let traders hedge or adjust exposure earlier, but pre-market price discovery can be noisy:
- the underlying may not have a stable two-sided market early
- spreads and displayed size can be poor relative to regular hours
3) Implied volatility repricing can happen earlier
Once options can trade in more sessions, some volatility repricing may happen outside the regular session. That can change the “shape” of the day for:
- near-dated IV into an event, and
- the speed of IV crush after an event becomes known.
Execution quality: what to expect (and what not to expect)
Extended-hours sessions are not automatically “bad.” But they are structurally different:
- fewer participants are active
- hedging is harder when the underlying equity is thin or fragmented
- quote widths can be wider even in well-known names
Practically:
- use conservative limit prices
- assume fills may be partial
- avoid extrapolating “mid” as a real executable price when the spread is wide
If you want a general risk-process refresher: risk management in options trading and common options trading mistakes.
Broker checklist before July 13 (operational, not trade selection)
Before you place an order in an extended session, confirm how your broker handles:
- session access (GTH vs regular trading hours vs Curb)
- order eligibility (are your orders regular-hours only by default?)
- whether Good-Til-Cancelled orders can participate in extended sessions or remain RTH-only
- whether stop orders are blocked (they should be, per the rule design)
- how risk controls and margin updates behave around 4:00-4:15 p.m. ET
The point is to avoid a “surprise” where you think you have protection or liquidity that is not actually available in that session.
What is unknown or uncertain
Even with SEC approval, several practical details are not fully knowable until launch:
- which brokers and OMS vendors expose the sessions in retail UIs on day one
- the true depth and quoting behavior in the first few weeks
- how closely other exchanges align session names/flags and routing behavior (fragmentation risk)
Common misunderstandings
- “All options will trade extended hours.” No. Eligibility is limited.
- “I can use market orders to get out quickly.” No. Limit orders only.
- “Exercise rules changed.” Exercise/assignment cutoffs are separate from whether there is an extra trading session; the session mainly provides another window to manage positions.
Bottom line
SEC approval of Cboe’s extended-hours single-stock options sessions is a meaningful market-structure change, but it is not a free lunch. The opportunity is more flexibility around catalysts; the cost is more execution risk when liquidity is thinner. Treat the first weeks after July 13 as a new microstructure regime: use limit orders, size conservatively, and verify broker session support.
Sources
- Cboe press release (SEC approval; start date and high-level framework):
https://ir.cboe.com/news/news-details/2026/Cboe-Receives-SEC-Approval-to-Offer-Extended-Trading-Hours-for-Select-Multi-Listed-Single-Stock-Options/default.aspx - SEC rulemaking page for SR-CBOE-2025-079 (filings, amendments, and order materials):
https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/sr-cboe-2025-079 - SEC public comments page for SR-CBOE-2025-079 (industry feedback and concerns):
https://www.sec.gov/rules-regulations/public-comments/sr-cboe-2025-079
