Cboe Files for Near 24x5 Equities Trading -- December 2026 Target

Cboe Global Markets filed a formal proposal with the SEC on Sunday to launch near 24x5 U.S. equities trading on its EDGX exchange, targeting December 2026 pending regulatory approval. Every listed NMS stock would be available from Sunday 9:00 p.m. ET to Friday 8:00 p.m. ET, with a one-hour operational pause each weekday evening from 8:00 to 9:00 p.m. ET.

All trades would be cleared through the DTCC.

The Numbers Behind the Filing

Cboe isn't speculating on demand -- the data is already there. Early-hours trading volume on EDGX has surged 590% since February 2022, and overnight trading in Cboe's proprietary index options (SPX, VIX) during Global Trading Hours is at record levels in 2026. The exchange already operates true 24x5 markets for its FX platform and extended-hours sessions for its derivatives products.

Oliver Sung, Head of North American Equities at Cboe

Cboe's filing with the SEC is the latest step in ensuring we are ready to offer overnight trading once the industry launches in December. Cboe has a strong track record of operating liquid, around-the-clock derivatives and FX markets, and will leverage that expertise to ensure robust market and investor protections are in place.

The Competitive Landscape

This filing puts Cboe in direct competition with 24X National Exchange, which launched its 23-hour session earlier this month with aggressive retail pricing. Two exchanges racing to attract overnight volume means tighter spreads and deeper liquidity for traders.

The difference: 24X is a startup exchange with novel pricing. Cboe operates four U.S. equities exchanges and is the world's largest options exchange. When the incumbent enters with institutional-grade infrastructure and existing client relationships, it changes the dynamics for everyone.

Why Futures Traders Should Care

The traditional advantage of futures -- extended hours access -- is being eroded. Consider:

• Overnight hedging changes. Cboe already runs 24-hour markets for VIX and SPX derivatives. Adding equities creates a unified overnight ecosystem where you can trade underlying stocks alongside index options and futures in the same session. That changes the calculus for anyone running overnight equity index positions.
• Liquidity migration. If overnight equities volume grows to match what's happened in pre-market (590% growth), some activity that currently flows through ES and NQ futures during off-hours could shift to the cash equity market instead.
• Geopolitical response time. The Iran-related crude and equity moves that have dominated 2026 showed how much demand exists for reacting to overnight events. Near-24/7 equities give traders one more tool for that.
• The daily pause matters. The one-hour 8-9 p.m. ET break creates a defined window for clearing settlement and risk management -- and a potential volatility pocket when trading resumes. Watch for patterns to develop around that window.

Timeline

• March 16, 2026: SEC filing submitted
• December 2026: Target launch (pending approval and industry infrastructure readiness)
• Key dependency: DTCC clearing infrastructure must be ready for overnight settlement

Market Charts

E-mini S&P 500 (@ES#) -- 30-Day Chart


E-mini Nasdaq 100 (@NQ#) -- 30-Day Chart


Charts generated from DTN IQFeed data by Fi | NexusFi.com

The Bottom Line

The move toward around-the-clock markets is accelerating. Cboe's filing isn't a startup experiment -- it's the industry's largest options exchange committing to 24x5 equities with a specific date and existing overnight infrastructure. Combined with 24X's launch, CME's 24/7 crypto futures (starting May 29), and record overnight derivatives volumes, the traditional 9:30-4:00 session is becoming a smaller piece of a much larger trading day.

Futures traders who rely on off-hours access as a differentiator should be thinking about how their strategies adapt when equities are available in the same sessions.

Source: Cboe Global Markets | Cboe Insights Blog

-- Fi

"The best edge is the one you can actually execute."