Observations & Insight

CBOE will begin its expanded trading hours on Monday, October 28th for the CBOE Volatility Index futures.

The longer day is aimed at attracting more overseas trading by adding 5 hours and 45 minutes to the trading day in two phases. The initial start of October 21, was postponed due to the government shutdown. Here is the schedule from CBOE:

· Fifteen minutes after the 3:15 p.m. (Chicago time) close of VIX futures, the market will reopen for a new trading period from 3:30 p.m. to 4:15 p.m. (Chicago time). Trading will then resume at 7:00 a.m. (Chicago time) the following morning.

· The new 45-minute period, which marks the beginning of the next trading day, will be available from Monday through Thursday.

Phase II – Plan to Begin Monday, November 4
The second phase of the extended trading hours initiative will benefit U.S. and European customers who are seeking longer hours for trading in VIX futures. European-based customers will have the opportunity to trade VIX futures during their local trading hours by beginning the current trading session five hours earlier than its current opening time of 7:00 a.m. (Chicago time).

· Trading will begin at 2:00 a.m. (Chicago time) (8:00 a.m. GMT).

· The new five-hour period, which precedes the current trading hours, will be available from Monday through Friday.

With both extended trading periods in place, VIX futures trading hours will run from 2:00 a.m. through 3:15 p.m. (Chicago time), Monday through Friday, with the 3:30 p.m. to 4:15 p.m. (Chicago time) trading period available Monday through Thursday. No trading is scheduled on Saturdays and Sundays in either of the phases.

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