just now
Global derivatives and securities exchange network Cboe Global Markets (Cboe: CBOE) plans to extend trading in its Russell 2000® Index (RUT) options suite to nearly 24 hours a day, five days a week, giving investors in Europe and Asia-Pacific more direct access to U.S. small-cap equity risk. The new schedule is expected to go live on 9 February 2026, subject to regulatory sign-off.
RUT options, including RUT Weeklys, are currently listed only during regular U.S. hours, from 09:30 to 16:15 Eastern Time (ET), Monday to Friday. Under the new model, Cboe will add an overnight Global Trading Hours (GTH) session running approximately from 20:15 ET to 09:25 ET the following morning, alongside a proposed “Curb” session from 16:15 to 17:00 ET. Together, this will bring trading in RUT options close to a full 24x5 cycle, mirroring Cboe’s approach in SPX® and VIX® index options.
For European desks, that overnight GTH window translates roughly to 01:15 to 14:25 London time, allowing traders to open, hedge and adjust U.S. small-cap exposure during the full European cash session. Asia-Pacific investors will similarly be able to respond to U.S. macro data and risk events in their own market hours, rather than waiting for the next U.S. open.
Cboe highlighted the move as part of a broader push to extend global access to its proprietary U.S. equity index options, alongside SPX, Mini-SPX (XSP) and VIX options, which already trade during GTH. Volumes in the overnight sessions have been a key proof point: Cboe’s GTH flows across flagship index options have risen around 179% year-to-date versus full-year 2022, underlining demand for round-the-clock access.
Why RUT and why now?
The Russell 2000 Index is a widely used benchmark for U.S. small-cap equities and has historically shown higher volatility, and greater sensitivity to interest rates, than large-cap indices such as the S&P 500. That profile makes RUT options a natural tool for:
🔹 Trading and hedging small-cap volatility
🔹 Positioning for rate and growth cycles
🔹 Implementing relative-value trades vs large-cap indices
Cboe reported that average daily volume in RUT options is now close to 75,000 contracts, up roughly 66% compared with full-year 2022, as more traders adopt small-cap index options for tactical and systematic strategies, including daily options flows.
To complement the options product, Cboe also publishes the Cboe Russell 2000 Volatility Index (RVX), a VIX-style measure of 30-day implied volatility for the Russell 2000. RVX has historically printed above VIX, reflecting the higher risk premium associated with small caps. Together, RUT and RVX create a small-cap equivalent of the SPX/VIX toolkit that buyside desks already use.
Product structure and expiries
RUT and Russell 2000 Weeklys (RUTW) are cash-settled, European-style index options, meaning:
- 🔹 No risk of early exercise or unwanted stock delivery
- 🔹 Settlement in cash based on the index value at expiration
- 🔹 A broad range of expiries, including daily, end-of-month and quarterly choices
The near-24-hour schedule, combined with cash settlement and dense expiry grid, is likely to appeal to global macro funds, equity long/short managers, volatility traders and banks’ structured product desks looking to express small-cap views or hedge structured exposures around the clock.
What Cboe and FTSE Russell are signalling
Cboe’s derivatives leadership described the extended hours as a “significant milestone” in expanding access to U.S. index options for global investors, arguing that nearly round-the-clock availability will help market participants more precisely diversify, manage and hedge both small- and large-cap equity and volatility exposures.
Index provider FTSE Russell framed the change as a natural evolution for a globally recognised small-cap benchmark, giving investors more flexibility to manage risk and capture opportunities whenever markets move.
For asset managers, hedge funds and institutional intermediaries, the new hours mean:
Better alignment with local hours: European and APAC desks can now trade and hedge U.S. small caps during their main trading days, not just during overlapping U.S. hours.
More consistent risk management: Gaps between global events and the U.S. open can be managed via RUT options, rather than via proxies or ETFs alone.
Richer small-cap toolkit: RVX, daily expiries and cash-settlement add to the appeal of RUT as a small-cap “hub” product.
