NEW YORK, March 18 Trading hours for the CBOE
Volatility index VIX futures will be extended to nearly
24 hours a day, five days a week, beginning June 22, the Chicago
Board Options Exchange said on Tuesday.
Pending regulatory review, the trading week for VIX futures
at CBOE Futures Exchange (CFE) will begin each Sunday at 5:00
p.m. CT and end on Friday at 3:15 p.m. CT.
CFE will close for 15 minutes between 3:15 p.m. CT and 3:30
p.m. CT on Monday through Thursday, when no trading will be
transacted. The new trading day on those days will then begin at
3:30 p.m. CT.
The VIX, which usually moves inversely to the S&P 500, is
often used as a gauge to measure the level of anxiety in the
market and also as a hedge against market decline.
"Now VIX futures customers around the world - including
investment banks, proprietary trading firms, hedge funds, CTAs
and issuers of exchange traded products - will have the ability
to trade VIX futures virtually around the clock and to react
immediately to events affecting global markets," CBOE Holdings
CEO Edward T. Tilly said.
Just under eight percent of the average daily volume in VIX
futures was transacted outside of regular U.S. trading hours
this year through February, according to the exchange.
In April 2013, a software glitch shut down the CBOE, run by
CBOE Holdings Inc, for half a day, preventing trading
in options on the VIX and the Standard & Poor's 500 Index <.SPX
>, two of the most closely watched instruments in the financial