(Reuters) — CBOE Holdings Inc said on Monday it will expand trading hours for futures on the CBOE Volatility Index in late September, after a technical glitch delayed the change.
CBOE, operator of the Chicago Board Options Exchange, will add a 45-minute post-settlement trading period to the current trading hours of 7:00 a.m. CT (1200 GMT) to 3:15 p.m CT (2015 GMT) in a first phase of changes. Following the close of trading Monday to Thursday, the market will reopen for a new trading period from 3:30 p.m. CT to 4:15 p.m. CT, according to CBOE.
Trading will then resume at 7:00 a.m. CT the following morning.
A second round of changes to trading hours will begin "in the weeks" that follow the first phase, according to CBOE. It will allow European-based customers to trade VIX futures during their local trading hours by beginning the current trading session at 2 a.m. CT Monday to Friday, instead of the current opening time of 7:00 a.m. CT, the exchange operator said.
The changes are subject to regulatory review.
CBOE had planned to start extending the hours for the contracts at the end of May to get more business overseas. However, a half-day outage at the Chicago Board Options Exchange in April and another more limited outage exposed software problems that came about as it prepared for the longer trading day.
CBOE's proprietary products, led by futures and options on the VIX and the Standard & Poor's 500 Index, are a centerpiece of the exchange operator's offerings.
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