The CBOE Futures Exchange LLC will almost double trading hours for futures linked to the benchmark gauge for U.S. options prices as part of a move toward around- the-clock market access.
Futures on the Chicago Board Options Exchange Volatility Index, or VIX, will trade in a new 45-minute period that begins at 4:30 p.m. in New York, starting May 30, based on an e-mailed statement from the exchange. CFE will add five hours before the current 8 a.m. start in a second phase beginning June 17.
“The first phase of expanded trading hours is designed to meet demand from U.S. customers for a post-settlement trading period,” said the Chicago-based exchange, which is owned by the biggest U.S. options market. “The second phase will allow European-based customers to trade VIX futures during their local trading hours.”
The extensions mean the VIX contracts will trade from 3 a.m. to 4:15 p.m. five days a week. The evening session from 4:30 p.m. to 5:15 p.m. will mark the start of a new trading day and be available Monday through Thursday, CFE said.
CBOE Holdings Inc. (CBOE:US), which owns CFE, said in September that it intends to expand trading for VIX futures to 24 hours, five days a week starting this year.
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