Bold claim: nearly 24-hour access to Russell 2000 options changes the game for global investors chasing U.S. small-cap exposure. But here’s where it gets controversial: expanding overnight trading could reshape risk management, liquidity, and how small-cap volatility is priced across markets.
Cboe Global Markets announced plans to extend the Russell 2000 Index (RUT) options suite to nearly 24 hours a day, five days a week, starting February 9, 2026. Currently, RUT options trade during regular U.S. hours from 9:30 a.m. to 4:15 p.m. ET, Monday through Friday. With the new Global Trading Hours (GTH) session, RUT options—including RUT Weeklys—will trade from 8:15 p.m. ET to 9:25 a.m. ET the following morning, Monday to Friday. This move aims to help European and Asia-Pacific traders manage U.S. small-cap exposure more effectively and respond to market-moving events in real time.
Cboe already offers flagship index options like S&P 500 (SPX), Mini-SPX (XSP), and the VIX during GTH. Adding RUT expands the lineup, potentially increasing trading, hedging, and liquidity opportunities for exposure to U.S. large caps, small caps, and global equity markets during overnight hours.
The demand for overnight trading is clear, as Cboe’s GTH sessions posted record volumes in 2025, rising 179% year over year versus full-year 2022. This growth mirrors a growing global appetite for U.S. markets and reflects Cboe’s broader push to broaden product access.
Rob Hocking, Global Head of Derivatives at Cboe, framed the move as a milestone in expanding access to U.S. index options worldwide. He noted that nearly round-the-clock availability will help participants diversify, hedge, and manage U.S. equity and volatility exposures—addressing both small-cap and large-cap considerations—more flexibly. Cboe also collaborates with FTSE Russell to deliver these solutions to a growing global client base.
The Russell 2000 Index measures U.S. small-cap performance across sectors and has long served as a barometer for small-cap activity. As of late November, average daily volume in Cboe’s RUT options reached about 75,000 contracts, up 66% from 2022, as traders increasingly use options to manage risk and implement daily strategies. Historically more volatile than large-cap indices and more sensitive to interest rate changes, RUT options can be effective tools for trading small-cap volatility and secular trends.
To track implied volatility for the Russell 2000, Cboe publishes the RVX (Russell 2000 Volatility Index), a VIX-style measure for 30-day expected volatility. RVX tends to be higher than the VIX, reflecting the distinct risk profile of small-cap stocks.
FTSE Russell’s Shawn Creighton highlighted that extending RUT options to near 24-hour trading is an exciting development for global investors. The Russell 2000 remains a recognized benchmark for U.S. small-cap equities, and expanded access will provide greater flexibility to manage risk and seize opportunities as markets move.
RUT options—exclusive to Cboe Options Exchange—are cash-settled European-style options, avoiding early exercise and the need to deliver shares. Cboe offers a broad range of expirations, including every weekday, end-of-month, and quarterly cycles, enabling diverse trading strategies.
In addition to the GTH extension, Cboe proposes a new Curb Trading Hours session from 4:15 p.m. to 5:00 p.m. ET, Monday through Friday.
For more details on Russell 2000 Index options, see the RUT Index Options information.
About Cboe Global Markets
Cboe Global Markets (CBOE) operates a leading derivatives and securities exchange network, delivering trading, clearing, and investment solutions across North America, Europe, and Asia Pacific. The company focuses on building a trusted, inclusive global marketplace that supports a sustainable financial future. Visit www.cboe.com for more information.
Cboe Media and Analyst Contacts are listed in the original press release. Investors should review all disclosures and disclaimers, as well as the risks associated with options trading and the specific products discussed. Forward-looking statements involve risks and uncertainties and are not guarantees of future results.
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