Cboe's Vision for 24/5 Market Accessibility: Leveraging Data to Empower Investors

Before I took the helm of Cboe Data Vantage^SM in 2023, I led Cboe’s North American Cash Equities business, giving me a front row seat to the evolution of the market. With the globalization of the capital markets, the demand for access to U.S. markets has only continued to grow, and today it is stronger than ever.

At Cboe, we have done what we can to feed that appetite — early trading hours on Cboe’s EDGX and BZX equities exchanges, near 24x5 trading in certain derivatives products and global access to insightful market data from our 27 markets. However, we now have an opportunity to collaborate with our industry partners to deliver the next layer of access: 24x5 U.S. equities trading.

Early Trading Hours on Cboe’s U.S. cash equities exchanges is an incredible indicator of the interest in expanded U.S. equities trading access. Average daily volume (ADV) during Early Hours Trading on Cboe’s U.S. equities exchanges has increased 1,203% from 2022 to the first quarter of 2025.

While the growth over the last five years is exceptional, the increase between 2024 and the start of 2025 is even more notable. In just the first three months of 2025, Early Trading Hours ADV was 93.9 million, compared to 39.8 million in the entirety of 2024. The data shows us that this trend is likely to continue and is further evidence of the need for more fulsome access to U.S. equities markets.

The enthusiasm for this evolution comes primarily from the Asia Pacific investment community, where significant time differences hinder active participation in the world’s largest market. At Cboe, we strive to deliver solutions and are driven by a desire to make markets more accessible. We see 24x5 equities trading as a natural evolution of the market and are prepared to deliver as soon as the proper regulatory and infrastructure requirements are in place.

Until then, we see ample opportunity for global investors to gain access to U.S. equities markets through Cboe Data Vantage’s robust data and analytics. Cboe Data Vantage offers comprehensive U.S. equities and equity options market data, enabling global participants to gain insights into the current market environment.

This data is crucial for investors outside the U.S. to familiarize themselves with the market. In addition to insightful, cost-effective market data, our analytics and execution services provide added context to help investors make sense of the trends. This is especially crucial for people entering a market for the first time. As investors gain familiarity and seek to enter other U.S. markets, our indices serve as a roadmap for implementing new strategies and gauging market sentiment.

Collaboration for a Seamless Transition

Achieving 24/5 trading will require industry-wide collaboration, patience and thoughtful implementation. It also requires a commitment to providing robust access and market data offerings to ensure global investors can effectively participate in the U.S. market. Oliver Sung has done an incredible job leading Cboe’s North American Cash Equities business, ushering in the growth we have seen so far, speaking to the industry and press about the benefits of 24x5 and preparing Cboe for the next phase of extended trading.

In close collaboration with our North American Equities team, Cboe Data Vantage's insightful market data and analytics will be key to the success of global investors, serving as the entry point for investors to learn about and engage with the market. As the industry works together to extend U.S. trading hours, Cboe remains dedicated to making markets more accessible and empowering investors with the data and tools they need to thrive in a 24/5 trading environment.

The information provided is for general education and information purposes only. No statement provided should be construed as a recommendation to buy or sell a security, future, financial instrument, investment fund, or other investment product (collectively, a “financial product”), or to provide investment advice. © 2025 Cboe Exchange, Inc. All Rights Reserved.