Cboe to Offer Nearly 24-Hour Trading for Russell 2000 Options, Expanding Global Access to U.S. Small-Cap Equities

Rhea-AI Summary

Cboe (CBOE) will expand trading hours for Russell 2000 (RUT) options to nearly 24 hours, five days a week beginning Feb 9, 2026. RUT options will trade during Cboe Global Trading Hours from 8:15 p.m. ET to 9:25 a.m. ET Monday–Friday in addition to regular U.S. hours (9:30 a.m. ET–4:15 p.m. ET). Cboe also proposes a Curb Trading Hours session from 4:15 p.m. to 5:00 p.m. ET. Cboe reported record GTH growth in 2025 (up 179% YTD vs 2022) and RUT average daily volume near 75,000 contracts (up 66% vs 2022), positioning RUT options for expanded global trading, hedging, and liquidity opportunities.

Positive

• Nearly 24x5 RUT options trading begins Feb 9, 2026
• Overnight GTH session: 8:15 p.m.–9:25 a.m. ET weekdays
• Curb Trading Hours added: 4:15 p.m.–5:00 p.m. ET
• GTH volumes +179% year-to-date (2025 vs 2022)
• RUT average daily volume ~75,000 contracts (+66% vs 2022)

Negative

• Russell 2000 historically more volatile and interest-rate sensitive

Insights

Market Structure & Product Strategy Analyst

Cboe expands RUT options to nearly 24x5, widening global access and extending liquidity windows for U.S. small‑cap exposure.

Offering nearly round‑the‑clock trading for the Russell 2000 (RUT) options suite changes the market structure for U.S. small‑cap derivatives by adding an overnight Global Trading Hours session from Feb 9, 2026 and a proposed Curb Trading Hours session from 4:15 p.m. to 5:00 p.m. ET. This adds a new continuous window for price discovery and hedging, complementing existing GTH listings for SPX, XSP, and VIX options and increasing the set of tools available for managing small‑cap volatility.

Key dependencies and risks: overnight liquidity must materialize to prevent wide spreads and execution slippage, and real user demand will determine whether the added sessions deepen market quality or merely fragment existing liquidity. Cboe reports that GTH volumes rose 179% YTD vs full year 2022 and that average daily RUT volume reached nearly 75,000 contracts, up 66% vs full year 2022; these figures support the expansion but do not guarantee sustained liquidity across all strikes and expirations.

Concrete items to watch over the next quarter include actual traded volumes and bid‑ask spreads in the new overnight window starting Feb 9, 2026, adoption rates for Weeklys and weekday expirations during GTH, and any regulatory or participant notices about order types or quoting obligations. Monitor volume and spread changes over the first 30–90 days after launch to judge whether overnight trading meaningfully improves market access for global participants.

• Russell 2000® Index (RUT) options to trade nearly 24x5 during Cboe's Global Trading Hours
• Expansion that may allow European and Asia-Pacific traders to more easily manage U.S. small-cap exposure
• Initiative is part of Cboe's ongoing efforts to expand global access to its proprietary U.S. equity index options

CHICAGO, Dec. 2, 2025 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced plans to extend trading hours for its Russell 2000 Index (RUT) options suite to nearly 24 hours a day, five days a week, beginning February 9, 2026.

RUT options are currently available for trading during regular U.S. hours, from 9:30 a.m. ET to 4:15 p.m. ET, Monday through Friday. With the planned addition of an overnight session during Cboe's Global Trading Hours (GTH), RUT options (including the RUT Weeklys options) will also trade from 8:15 p.m. ET to 9:25 a.m. ET the following morning, Monday through Friday. As investors globally increasingly seek to access U.S. equity market exposure, the ability to trade RUT options nearly around the clock is expected to help them respond to market-moving events, adjust positioning, and manage risk with greater precision in real time.

Cboe currently offers several flagship index options including S&P 500 Index (SPX), Mini-SPX (XSP) and Cboe Volatility Index (VIX) options during its GTH session. The addition of RUT options to GTH will expand this lineup, giving investors even more tools to access U.S. equity large cap, small cap and global equity market exposure – ultimately, potentially creating more trading, hedging, and liquidity opportunities during this overnight trading session.

Demand for overnight trading is evident in the growth of Cboe's GTH sessions, which have experienced record volumes in 2025, up 179% year-to-date compared to full year 2022 as global appetite for U.S. markets has grown and Cboe expands its product availability to meet this demand.

"Extending trading hours for Cboe's Russell 2000 Index product suite will be another significant milestone in our efforts to expand access to U.S. index options for investors worldwide," said Rob Hocking, Global Head of Derivatives at Cboe. "With nearly round-the-clock availability, Cboe will help empower market participants to further diversify, manage and hedge their U.S. equity and volatility exposures–covering both small caps and large caps–at their discretion. We look forward to continuing to collaborate with FTSE Russell to deliver meaningful solutions to our growing global customer base."  

The Russell 2000 Index measures the performance of U.S. small-cap equities across sectors and has long served as a barometer of small-cap performance. As of the end of November, average daily volume in Cboe's RUT options has grown to nearly 75 thousand contracts, up 66% compared to full year 2022, as more traders look to manage risk and implement daily options strategies. The Russell 2000 Index has historically been more volatile than large-cap measures and more sensitive to interest rates – making RUT options a potentially effective tool to trade small-cap volatility and secular trends.

To track implied volatility for the Russell 2000, Cboe publishes the Cboe Russell 2000 Volatility Index (RVX), a VIX-style measure of 30-day expected volatility. Similar to realized volatility measures, RVX has historically been higher than the VIX Index, reflecting the unique risk profile of small-cap stocks.

"Cboe's decision to offer nearly 24-hour trading for Russell 2000 options is an exciting development for global investors," said Shawn Creighton, Director of Index Derivatives Solutions at FTSE Russell. "The Russell 2000 Index is a recognized benchmark for U.S. small-cap equities, and expanded access will give market participants worldwide greater flexibility to manage risk and capture opportunities as markets move."

Exclusively listed on Cboe Options Exchange, Russell 2000 Index (RUT) options and Russell 2000 Index Weeklys (RUTW) options are cash-settled, European-style options, meaning there is no risk of early exercise and no need to deliver or receive unwanted shares. Cboe offers a range of expirations—including every weekday, end-of-month, and quarterly—allowing investors to implement a diverse range of trading strategies.

In addition to offering GTH hours for RUT options, Cboe proposes to add Curb Trading Hours – an additional trading session that will run from 4:15 p.m. to 5:00 p.m. ET, Monday through Friday.

For more information on Russell 2000 Index options, visit RUT Index Options.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more, visit www.cboe.com.

Cboe Media Contacts			Cboe Analyst Contact
Angela Tu	Tim Cave			Kenneth Hill, CFA
+1-646-856-8734	+44 (0) 7593-506-719			+1-312-786-7559
atu@cboe.com	tcave@cboe.com			khill@cboe.com

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FAQ

When will Cboe (CBOE) start nearly 24-hour trading for Russell 2000 (RUT) options?

Nearly 24x5 trading for RUT options begins on Feb 9, 2026.

What are the overnight Cboe Global Trading Hours for RUT options (CBOE)?

RUT options will trade overnight from 8:15 p.m. ET to 9:25 a.m. ET, Monday–Friday.

How could extended RUT hours affect liquidity and hedging for CBOE traders?

Extended hours aim to increase global access, potentially creating more trading, hedging, and liquidity opportunities overnight.

What is Cboe's reported GTH growth supporting the RUT hours expansion?

Cboe reported GTH volumes up 179% year-to-date in 2025 versus full year 2022.

How large is current Russell 2000 options average daily volume on CBOE?

Average daily volume in RUT options is nearly 75,000 contracts, up 66% versus full year 2022.

Will RUT options listed on CBOE be European-style and cash-settled?

Yes; RUT and RUT Weeklys are cash-settled, European-style options with multiple expirations.