Core Viewpoint - The transition to real-time overnight trading in US markets is seen as inevitable due to the potential benefits and opportunities it presents for market participants [3][12][14] Group 1: Current Developments - The US Securities Information Processor (SIP) faced challenges in approving proposals for overnight trading, highlighting the hurdles that need to be addressed before implementation [1] - In October 2024, the New York Stock Exchange announced plans to extend its trading hours to 22 hours, followed by similar proposals from Cboe and NASDAQ for 24-hour trading [1] Group 2: Market Potential - Brokerage accounts in the Asia-Pacific region hold over $3.4 trillion in U.S.-traded equities, indicating a significant market for real-time overnight trading [3] - Current overnight trading volume in US markets ranges between $900 million and $2 billion, with expectations of double-digit growth in the coming years [10] Group 3: Benefits of Overnight Trading - Enhanced liquidity from major exchanges will attract more institutional investors, leading to tighter bid-ask spreads and more efficient overnight markets [8][9] - The shift to overnight trading is expected to engage retail investors globally, further increasing market activity [9] Group 4: Technological and Regulatory Changes - Significant investments in technology and regulatory adaptations have been made to facilitate the evolution of electronic trading [5][6] - The industry is expected to embrace changes and innovations necessary for the successful implementation of overnight trading [7] Group 5: Societal Impact - Real-time overnight trading could unlock new wealth streams for global investors, particularly benefiting small investors in various regions [12][11] - The potential for embedded finance tools could enable everyday investors to participate in US markets seamlessly [13]

Core Viewpoint - Webull has launched a new tool that consolidates liquidity and price discovery for overnight trading, addressing the fragmentation in the market and enhancing access for international investors [1][2]. Group 1: Market Fragmentation and Challenges - The overnight trading market has historically been fragmented, with trades occurring across independent venues like Blue Ocean and Bruce Markets, leading to wider spreads and limited visibility for retail traders [1]. - Data fragmentation has created challenges for retail traders, making it difficult to access comprehensive market information [1]. Group 2: New Tool Features and Benefits - Webull's new consolidated feed merges real-time insights from multiple venues into a single view, improving market access for international audiences [2]. - The tool provides a strategic advantage for active traders in the Asia-Pacific region, aligning the U.S. overnight session with local business hours [3]. - Traders can see the full order books of both venues simultaneously, gaining a comprehensive view of market depth without affecting order routing [3]. Group 3: Access Tiers and Rollout - Webull offers two tiers of access: a free synthetic "top of book" (BBO) feed for all users and a subscription option for full Level 2 order book data at $2.99 per month [4]. - The launch is currently live in 11 of Webull's 14 global markets, with a full rollout expected shortly [3].

Core Insights - Cboe Global Markets plans to extend trading hours for its Russell 2000 Index (RUT) options to nearly 24 hours a day, five days a week, starting February 9, 2026 [1] - The addition of overnight trading sessions is expected to enhance investors' ability to respond to market events and manage risk more effectively [1][1] - Cboe's Global Trading Hours (GTH) have seen record volumes in 2025, increasing by 179% year-to-date compared to the full year 2022, indicating strong demand for overnight trading [1][1] Trading Hours and Options - RUT options will be available for trading during regular U.S. hours and will also trade from 8:15 p.m. ET to 9:25 a.m. ET the following morning, Monday through Friday [1][1] - Cboe offers a variety of index options during GTH, including S&P 500 Index (SPX), Mini-SPX (XSP), and Cboe Volatility Index (VIX) options [1][1] - The introduction of RUT options to GTH will provide investors with more tools for accessing U.S. equity markets, potentially increasing trading, hedging, and liquidity opportunities [1][1] Market Demand and Performance - Average daily volume in Cboe's RUT options has reached nearly 75 thousand contracts, a 66% increase compared to the full year 2022, as traders seek to manage risk [1][1] - The Russell 2000 Index is known for its volatility and sensitivity to interest rates, making RUT options a useful tool for trading small-cap volatility [1][1] - Cboe publishes the Cboe Russell 2000 Volatility Index (RVX) to track implied volatility for the Russell 2000, which has historically been higher than the VIX Index [1][1] Trading Features - RUT options and Russell 2000 Index Weeklys (RUTW) options are cash-settled, European-style options, eliminating the risk of early exercise [1][1] - Cboe offers a range of expirations for RUT options, including every weekday, end-of-month, and quarterly options, allowing for diverse trading strategies [1][1] - Cboe also plans to introduce Curb Trading Hours from 4:15 p.m. to 5:00 p.m. ET, Monday through Friday, further expanding trading opportunities [1][1] Company Overview - Cboe Global Markets operates as a leading derivatives and securities exchange network, providing trading, clearing, and investment solutions globally [1][1] - The company offers products across multiple asset classes, including equities, derivatives, and FX, in North America, Europe, and Asia Pacific [1][1] - Cboe is committed to fostering an inclusive global marketplace that supports sustainable financial futures for its participants [1][1]

Core Viewpoint - Cboe Global Markets plans to extend trading hours for its Russell 2000 Index options to nearly 24 hours a day, five days a week, starting February 9, 2026, to enhance global access and trading flexibility for investors [1][9]. Trading Hours Expansion - Currently, RUT options are traded during regular U.S. hours from 9:30 a.m. ET to 4:15 p.m. ET, Monday through Friday. The new overnight session will allow trading from 8:15 p.m. ET to 9:25 a.m. ET the following morning, Monday through Friday [2][3]. - This extension aims to help global investors respond to market-moving events and manage risk more effectively in real time [2][5]. Market Demand and Growth - Cboe's Global Trading Hours (GTH) sessions have seen record volumes in 2025, with a 179% increase year-to-date compared to the full year 2022, indicating a growing global appetite for U.S. markets [4]. - The average daily volume in Cboe's RUT options has reached nearly 75 thousand contracts, up 66% compared to the full year 2022, reflecting increased interest in managing risk and implementing options strategies [5]. Product Offering and Flexibility - The addition of RUT options to GTH will expand Cboe's existing offerings, which include S&P 500 Index and Cboe Volatility Index options, providing investors with more tools for trading, hedging, and liquidity opportunities [3][9]. - RUT options are cash-settled, European-style options, allowing for a diverse range of trading strategies without the risk of early exercise [7]. Volatility Tracking - Cboe publishes the Cboe Russell 2000 Volatility Index (RVX) to track implied volatility for the Russell 2000, which has historically shown higher volatility than the VIX Index, reflecting the unique risk profile of small-cap stocks [6].