· Event impact
Cboe Launches Extended Hours for Mega-Cap Single-Stock Options
Transmission path
Improved price discovery and hedging capabilities during pre-market hours, potentially increasing intraday volatility via gamma hedging.
Market mechanism
Improved price discovery and hedging capabilities during pre-market hours, potentially increasing intraday volatility via gamma hedging.
Extended read
This structural shift in the options market allows for more precise hedging of overnight risk in the most liquid U.S. equities. By extending hours, Cboe is competing for global flow that previously had to wait for the New York open or use less liquid instruments. For market participants, this means that 'pre-market' moves in mega-cap stocks will now be backed by options positioning, which could lead to more aggressive price gaps at the 9:30 a.m. bell as market makers adjust hedges.
Exposed assets
CBOE · NVDA
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