Expansion of Extended Trading Hours for CBOE Volatility Index (VIX) Futures
The launch date for the first phase of expanded extended trading hours for VIX futures occurred on Monday, October 28, 2013, and the launch date for the second phase of VIX futures expanded extended trading hours took place on Monday, November 4, 2013. This Q&A provides information about expanded extended trading hours for VIX futures. Please refer to CFE rules for additional information.
What are the current trading hours for VIX futures now that expanded extended trading hours have been implemented?
Type of Trading Hours
Tuesday - Friday
|Extended Trading Hours
||2:00 a.m. to 8:30 a.m.
||3:30 p.m. to 4:15 p.m. (previous day)*
- and -
2:00 a.m. to 8:30 a.m.
|Regular Trading Hours
||8:30 a.m. to 3:15 p.m.
||8:30 a.m. to 3:15 p.m.
VIX futures now have a trading period from 3:30 p.m. - 4:15 p.m. Monday through Thursday. The 3:30 p.m. - 4:15 p.m. trading period is the start of the next business day for CFE transactions. Please note that there is only a 3:30 p.m. to 4:15 p.m. extended trading hours period for Business Days Tuesday through Friday and that Monday trading does not start at 3:30 p.m. on Sundays. CFE also does not re-open for trading at 3:30 p.m. on Fridays.
Also, the start time of extended trading hours in VIX futures on each calendar day is now 2:00 a.m. Monday through Friday.
All times referenced in this Q&A are Chicago time.
Was the submission cut-off time impacted?
The cut-off time for acceptance by CFE's trading system of orders, quotes, cancellations and order modifications in VIX futures continues to occur one second prior to the close of trading hours for a trading session, i.e., at 3:14:59 p.m. for regular transactions in VIX futures and at 3:11:59 p.m. for Trade-at-Settlement (TAS) transactions in VIX futures. The submission cut-off time applies only at the close of trading hours for a trading session and does not apply when the first trading period for a trading session concludes.
Did the new hours impact the daily settlement calculation?
The daily settlement prices for VIX futures is still calculated at 3:15 p.m. in accordance with CFE Rule 1202(p). The daily settlement prices for VIX futures on each trading day is now disseminated shortly after 3:15 p.m. on CFE's website at http://cfe.cboe.com/data/dailyvxfutureseodvalues/default.aspx in addition to later being posted to the Daily Market Statistics page on the CFE website.
How are holidays handled?
Holiday hours are addressed in CFE rules and will be announced in advance of domestic and international trading holidays.
How are expiring contracts handled on the final settlement date?
CFE Rule 1202(e) provides that trading in VIX futures terminates on the Business Day immediately preceding the final settlement date. For example, the expiring December 2013 VIX future ceases trading at 3:15 p.m. on December 17, 2013. It does not re-open for trading at 3:30 p.m. on December 17 for Business Day December 18.
Are any other CFE products available to trade during expanded trading hours?
No. CFE notes that TAS transactions in VIX futures for the then applicable business day may be executed during the expanded VIX futures trading hours. The close of trading hours for TAS transactions executed through CFE's electronic trading system continues to be 3:12 p.m. Additionally, any TAS Block Trades or TAS Exchange of Contract for Related Position (ECRP) transactions need to be reported to CFE by 3:12 p.m. in order to be a TAS trade for that calendar day and to be cleared on that calendar day. TAS Block or TAS ECRP transactions that are reported to CFE before 3:12 p.m. and disseminated by CFE after 3:12 p.m. are disseminated through the use of the trading symbol VX instead of the trading symbol VXT.
CFE Extended Trading Hours Video
Please contact Jay Caauwe at Caauwe@cboe.com or 312-786-8855, Dave Schulz at firstname.lastname@example.org or 312-786-7858 or the CFE Help Desk at email@example.com or 312-786-7100 with any additional questions regarding the expansion of extended trading hours for VIX futures.
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