Effective September 2025, subject to regulatory review of related updates to the Options Disclosure Document (ODD), Cboe Options Exchange (C1) plans to change the time at which certain expiring AM-settled index options cease trading.

The change will apply only to classes of index options that trade during Cboe’s Global Trading Hours (GTH) session.

Currently, expiring AM-settled options cease trading at the market close on the business day prior to the expiration date.

Upon the effective date, and in accordance with Cboe Rule 4.13 as amended by rule filing SR-CBOE-2025-011, for classes that offer trading during the GTH session, the Exchange will allow trading of expiring AM-settled index options on their expiration date during all or part of the GTH session as detailed below:

• SPX AM-settled options will cease trading at 9:25 a.m. ET on their expiration date (usually a Friday). Currently, such options cease trading at the market close on the business day prior to the expiration date (usually a Thursday).
• VIX AM-settled options will cease trading at 9:00 a.m. ET on their expiration date (usually a Wednesday), coinciding with the close of trading for the expiring VX futures on CFE. Currently, such options cease trading at the market close on the business day prior to the expiration date (usually a Tuesday).

Only SPX and VIX classes are impacted by this change initially, as both have AM-settled options that offer trading during the GTH session. However, any classes that have AM-settled options and are added to the GTH session at a future date may also have trading extended into the GTH session for their expiring AM-settled options.