April 4 (Bloomberg) -- The CBOE Futures Exchange LLC will almost double trading hours for futures linked to the benchmark gauge for U.S. options prices as part of a move toward around-the-clock market access.
Futures on the Chicago Board Options Exchange Volatility Index, or VIX, will trade in a new 45-minute period that begins at 4:30 p.m. in New York, starting May 30, based on an e-mailed statement from the exchange. CFE will add five hours before the current 8 a.m. start in a second phase beginning June 17.
“The first phase of expanded trading hours is designed to meet demand from U.S. customers for a post-settlement trading period,” said the Chicago-based exchange, which is owned by the biggest U.S. options market. “The second phase will allow European-based customers to trade VIX futures during their local trading hours.”
The extensions mean the VIX contracts will trade from 3 a.m. to 4:15 p.m. five days a week. The evening session from 4:30 p.m. to 5:15 p.m. will mark the start of a new trading day and be available Monday through Thursday, CFE said.
CBOE Holdings Inc., which owns CFE, said in September that it intends to expand trading for VIX futures to 24 hours, five days a week starting this year.
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