Cboe Files Proposal with the SEC to Launch Near 24x5 U.S. Equities Trading

Core Viewpoint - Cboe Global Markets has submitted a proposal to the SEC to launch near 24x5 U.S. equities trading on its EDGX exchange, aiming for a December 2026 launch pending regulatory approval and infrastructure readiness [1][2][3]. Group 1: Trading Hours and Structure - Cboe plans to make all listed NMS stocks available for trading from Sunday 9 p.m. ET to Friday 8 p.m. ET, with a one-hour operational pause from 8 to 9 p.m. ET Monday through Thursday [2]. - The trading will exclude U.S. market holidays and all trades will be cleared through the Depository Trust and Clearing Corporation (DTCC) [2]. Group 2: Market Demand and Growth - There has been significant growth in demand for U.S. equities outside traditional trading hours, with Cboe's U.S. Equities Early Trading Hours volumes increasing by 590% in average daily volume from February 2022 to February 2026 [3][4]. - Cboe currently offers trading from 4 a.m. ET to 7 a.m. ET on two of its four exchanges, including EDGX [3]. Group 3: Infrastructure and Data - Critical components for launching overnight trading include enhancing market access and providing high-quality, real-time data [5]. - Cboe is expanding its Cboe One U.S. Equities Feed, which provides consolidated, real-time market data from its four U.S. equities exchanges, which accounted for 20.2% of U.S. equities on-exchange trading in 2025 [5][6]. Group 4: Operational Expertise - Cboe has a strong track record in operating around-the-clock trading in derivatives and FX markets, leveraging this expertise to ensure robust market and investor protections [3][4]. - The company operates a follow-the-sun model in its FX markets, providing continuous operational coverage and client support across global time zones [4].