CHICAGO and BONITA SPRINGS, Fla., March 18, 2014 /PRNewswire/ -- CBOE Futures Exchange(SM) (CFE ®) plans to extend CBOE Volatility Index ® (VIX ® Index) futures trading hours to nearly 24 hours a day, five days a week, beginning Sunday, June 22, CBOE Holdings Chief Executive officer Edward T. Tilly announced this morning at the 30 th annual CBOE Risk Management Conference (RMC) in Bonita Springs, Florida.
Pending regulatory review, the trading week for VIX futures at 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. "VIX has become a recognized proxy for global market volatility. 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. "We have been very encouraged by the incremental volume and diverse number of users now trading VIX futures outside of regular U.S. trading hours." 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.