Effective June 27, 2022, Cboe will introduce FLEX Micro Options on a set of indices (listed below). FLEX Micro Options will have a contract multiplier of 1, rather than the conventional 100. Asian and Cliquet settlements will not be supported for FLEX Micro Options.

Micro options will only be eligible in FLEX options; standard/non-FLEX Micro Options for the above indices will not be listed. FLEX Micro Options cannot be combined with regular FLEX options as part of the same complex order.

The maximum order quantity for FLEX Micro Options, including for any leg of a complex order, will be 999,999.

FLEX Micro Options will be available to trade during the same hours as the standard/non-FLEX options on the same underlying, including during Global Trading Hours (“GTH”) which run from 8:15 p.m. ET the prior evening until 9:15 a.m. ET. Of the classes for which FLEX Micros will be offered, only SPX/SPXW currently trades during a GTH session.

A Curb session for SPX/SPXW is planned for release, pending regulatory approval. Once deployed, the curb session will run from 4:15 p.m. ET until 5:00 p.m. ET. Trading of FLEX options, including Micros, is permitted during GTH, RTH, and Curb sessions. However, new FLEX products, including Micros, cannot be created during GTH.

Just like non-FLEX options, on their last trading day, expiring PM-settled FLEX Micro Options will trade until 4:00 p.m. ET.

FLEX Micro Options will be available to test in the C1 certification environment on March 21, 2022.