433 West Van Buren Street › Chicago, IL 60607 › cboe.com

November 4, 2021

Christopher J. Kirkpatrick

Secretary

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: Cboe Futures Exchange, LLC Rule Certification

Submission Number CFE-2021-028

Dear Mr. Kirkpatrick:

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and

Regulation 40.6(a) promulgated by the Commodity Futures Trading Commission (“CFTC” or 

“Commission”) under the Act, Cboe Futures Exchange, LLC (“CFE” or “Exchange”) hereby submits 

a CFE rule amendment (“Amendment”) to change the trading hours for Cboe Volatility Index (“VX”) 

futures, Mini Cboe Volatility Index (“VXM”) futures, and AMERIBOR futures.

1

This rule certification replaces CFE rule certification CFE-2021-027 (“CFE-2021-027”) which 

has been withdrawn. The only substantive change in this rule certification from CFE-2021-027 relates 

to the time of the calculation of daily settlement prices for AMERIBOR futures and VX futures (and 

thus also for VXM futures) on a business day that ends at 12:15 p.m. All times referenced in this 

submission are in Chicago time.

Exhibit 1 to this submission sets forth the rule changes included in the Amendment. The 

Amendment will become effective on or after November 19, 2021, on an implementation date to be 

announced by the Exchange through the issuance of an Exchange notice.

VX, VXM, and AMERIBOR futures have trading hours on business days Monday through 

Friday. These trading hours currently include extended trading hours from 5:00 p.m. the previous day 

to 8:30 a.m., regular trading hours from 8:30 a.m. to 3:15 p.m., and extended trading hours from 3:30 

p.m. to 4:00 p.m. There is currently a queuing period between 3:15 p.m. and 3:30 p.m. during which 

no trading takes place and certain types of orders may be submitted to CFE’s trading system which are 

not executable until extended trading hours next commence at 3:30 p.m.

The Amendment revises the trading hours in VX, VXM, and AMERIBOR futures on business 

days Monday through Friday (i) to change the designation of the 3:00 p.m. to 3:15 p.m. time frame 

from regular trading hours to extended trading hours and (ii) to eliminate the current queuing period 

1 AMERIBOR® is a registered trademark of Environmental Financial Products, LLC and is licensed for 

use by CFE in connection with the listing for trading by CFE of AMERIBOR futures.
2

from 3:15 p.m. to 3:30 p.m. and to replace that queuing period with extended trading hours during that 

time frame. Thus, the regular trading hours period in these products will be from 8:30 a.m. to 3:00 p.m. 

and the current extended trading hours period in these products from 3:30 p.m. to 4:00 p.m. will instead 

be from 3:00 p.m. to 4:00 p.m. As is currently the case with respect to the transition from extended 

trading hours to regular trading hours at 8:30 a.m., there will be no pause in trading at 3:00 p.m. and 

regular trading hours will seamlessly transition to extended trading hours at 3:00 p.m. Additionally, 

this change does not impact the time of the termination of trading hours in an expiring VX or VXM 

future on its final settlement date which will remain at 8:00 a.m. or in an expiring Cboe AMERIBOR 

Term-30 (“AMT1”) future on its final settlement date which will remain at 2:00 p.m.. This change also

does not impact the current trading hours for Trade at Settlement (“TAS”) transactions in VX and VXM 

futures.

Because the daily settlement prices for AMERIBOR futures are calculated at the close of 

regular trading hours on a business day, the daily settlement prices for AMERIBOR futures will now 

be calculated at 3:00 p.m. instead of 3:15 p.m. on a normal business day. The daily settlement time at 

which daily settlement prices for VX futures are calculated is already at 3:00 p.m. on a normal business 

day. The daily settlement prices for VXM futures follow the daily settlement prices of corollary VX 

futures. In order to retain the current daily settlement time for VX futures (and thus also for VXM 

futures), the Amendment revises the definition of the daily settlement time for VX futures. Specifically, 

the Amendment defines the daily settlement time for VX futures to be at the close of regular trading 

hours on a business day (in place of the current definition of the daily settlement time for VX futures 

which is 15 minutes prior to the close of regular trading hours on a business day). The Amendment 

also provides that the daily settlement time for AMERIBOR futures and VX futures (and thus also for 

VXM futures) is 12:00 p.m. on a business day that ends at 12:15 p.m. (such as the day after 

Thanksgiving), as is currently the case.

The Amendment effectuates the changes to VX, VXM, and AMERIBOR futures trading hours 

by revising (i) CFE Rule 417A (Market-Wide Trading Halts Due to Extraordinary Market Volatility), 

CFE Rule 1202(b) (Schedule and Prohibited Order Types), CFE Rule 1202(q) (Trade at Settlement 

Transactions), and CFE Rule 1202(p) (Daily Settlement Price) in relation to VX futures; (ii) CFE Rule 

1702(b) (Schedule and Prohibited Order Types) and CFE Rule 1702(q) (Trade at Settlement 

Transactions) in relation to VXM futures; (iii) CFE Rule 1402(e) (Schedule and Prohibited Order 

Types) and CFE Rule 1402(s) (Daily Settlement Prices) in relation to AMT1 futures; (iv) CFE Rule 

2002(e) (Schedule and Prohibited Order Types) and CFE Rule 2002(s) (Daily Settlement Prices) in 

relation to Cboe Three-Month AMERIBOR (“AMB3”) futures; (v) CFE Rule 2202(e) (Schedule and 

Prohibited Order Types) and CFE Rule 2202(s) (Daily Settlement Prices) in relation to Cboe OneMonth AMERIBOR (“AMB1”) futures; and (vi) CFE Rule 2502(e) (Schedule and Prohibited Order 

Types) and CFE Rule 2502(s) (Daily Settlement Prices) in relation to Cboe 7-Day AMERIBOR 

(“AMW”) futures. Additionally, the Amendment revises Policy and Procedure XIX (Submission Time 

Frames) of the Policies and Procedures Section of the CFE Rulebook (“P&P XIX”) to reflect this 

change in relation to VX, VXM, and AMERIBOR futures.

Chicago Mercantile Exchange Inc. (“CME”) recently eliminated a halt period from 3:15 p.m. 

to 3:30 p.m. on business days Monday through Friday that previously was in place for a number of 

equity index futures offered for trading on CME, including among others, E-mini Standard & Poor’s 

500 (“S&P 500”) Index futures.2 VX and VXM futures are futures on the Cboe Volatility Index (“VIX 

Index”). The VIX Index is a financial benchmark designed to be an up-to-the-minute market estimate 

of expected volatility of the S&P 500 Index. Given the interrelationships between VX futures, VXM 

2 See CME Submission No. 20-244, dated June 11, 2021.
3

futures, E-mini S&P 500 Index futures, and the S&P 500 Index, market participants may trade between, 

and conduct trading strategies involving, VX, VXM, and E-mini S&P 500 Index futures. CFE believes 

that allowing trading in VX and VXM futures between 3:15 p.m. and 3:30 p.m. will be beneficial to 

market participants. Among other things, CFE believes that doing so may reduce the risks to market 

participants that hold positions across these products that may exist if they are not able to trade in VX

and VXM futures while trading is occurring in E-mini S&P 500 Index futures. For the same reasons, 

CFE believes that allowing trading in AMERIBOR futures from 3:15 p.m. to 3:30 p.m. will be 

beneficial to market participants that may trade between, and conduct trading strategies involving, 

AMERIBOR futures and interest rate futures offered for trading on CME which have trading hours that 

include the time period between 3:15 p.m. and 3:30 p.m., including among others, Secured Overnight 

Financing Rate (“SOFR”) futures.

The Amendment also makes updates and clarifying revisions to CFE Rule 405A (Opening 

Process) and to P&P XIX with respect to the acceptance of orders and quotes during queuing periods. 

A queuing period is a time period during which orders may be submitted to CFE’s trading system but 

are not executable (as the orders do not become executable until trading hours next commence). The 

revisions change the randomized start time for certain queuing periods to between zero to three seconds 

after the referenced queuing period start time for TAS contracts and to between three to six seconds 

after the referenced queuing period start time for non-TAS contracts. The revisions also make clear 

that the same randomization to the start of a queuing period that occurs at the beginning of a business 

day also occurs in other instances in which a queuing period follows immediately after CFE’s trading

system is in a suspended state, such as following trading suspension periods on a holiday. Additionally, 

CFE is taking this opportunity to revise P&P XIX to delete references to Cboe Bitcoin (USD) (“XBT”) 

futures and to any TAS contracts in AMERIBOR futures since CFE does not currently offer for trading 

any XBT futures or any TAS contracts in AMERIBOR futures.

CFE believes that the Amendment is consistent with the Designated Contract Market (“DCM”) 

Core Principles under Section 5 of the Act. In particular, CFE believes that the Amendment is 

consistent with: (i) DCM Core Principle 3 (Contracts Not Readily Subject to Manipulation) in that the 

Amendment serves to retain and enhance risk management features of VX, VXM, and AMERIBOR 

futures and their utility when they are used in conjunction with other futures products; (ii) DCM Core 

Principle 4 (Prevention of Market Disruption) because the Amendment contributes to the prevention of 

potential price distortions and of increased risks to market participants that may trade between, and 

conduct trading strategies involving, VX, VXM, and AMERIBOR futures in conjunction with other 

futures products that may exist if they are not able to transact in VX, VXM, and AMERIBOR futures 

while trading in those other futures products is occurring; and (iii) DCM Core Principle 7 (Availability 

of General Information) because the Amendment specifies the trading hours and daily settlement times 

for VX, VXM, and AMERIBOR futures in CFE’s rules and describes and further clarifies in CFE’s 

rules the time frames for the acceptance of orders during queuing periods.

CFE believes that the impact of the Amendment will be beneficial to the public and market 

participants. CFE is not aware of any substantive opposing views to the Amendment. CFE hereby 

certifies that the Amendment complies with the Act and the regulations thereunder. CFE further 

certifies that CFE has posted a notice of pending certification with the Commission and a copy of this 

submission on CFE’s Web site (http://markets.cboe.com/us/futures/regulation/rule_filings/cfe/) 

concurrent with the filing of this submission with the Commission.

Questions regarding this submission may be directed to Arthur Reinstein at (312) 786-7570. 
4

Please reference our submission number CFE-2021-028 in any related correspondence.

Cboe Futures Exchange, LLC

/s/ Michael Mollet

By: Michael Mollet

Managing Director
5

EXHIBIT 1

The Amendment, marked to show additions in underlined text and deletions in stricken text, 

consists of the following:

* * * * *

Cboe Futures Exchange, LLC Rules

* * * * *

405A. Opening Process

(a) Queuing Period.

(i) No changes.

(ii) The queuing state at the beginning of a Business Day for non-TAS 

single leg Contract expirations and non-TAS spreads in a product commences at the 

time designated by the Exchange as the start time of the queuing period in that product 

plus a randomized time period from zero to three seconds. If TAS transactions are 

permitted in a product, the a queuing state at the beginning of a Business Day for TAS 

single leg Contract expirations and TAS spreads in that product at the beginning of a 

Business Day or that otherwise follows immediately after the CFE System is in a 

suspended state for that product commences at the time designated by the Exchange as

the start time of the that queuing period in that product plus a randomized time period 

from zero to three seconds to six seconds. Regardless of whether or not TAS 

transactions are permitted in a product, a queuing state for non-TAS single leg Contract 

expirations and non-TAS spreads in that product at the beginning of a Business Day or 

that otherwise follows immediately after the CFE System is in a suspended state for 

that product commences at the time designated by the Exchange as the start time of 

that queuing period plus a randomized time period from three to six seconds. A 

queuing state that is not at the beginning of a Business Day for a Contract commences 

at the time designated by the Exchange as the start time of the queuing period. There 

is no difference in potential start time as between non-TAS Contracts and TAS 

Contracts and no randomized time period for a queuing state that is not at the beginning 

of a Business Day.

(iii) - (vii) No changes.

* * * * *

417A. Market-Wide Trading Halts Due to Extraordinary Market 

Volatility

(a) - (b) No changes.

(c) Halts in Trading:

(i) If a Level 1 or Level 2 Market Decline occurs after 8:30 a.m. and up 

to and including 2:25 p.m. or, in the case of an early scheduled close, 11:25 a.m., the 
6

Exchange shall halt trading in all Contracts subject to this Rule for 15 minutes after a 

Level 1 or Level 2 Market Decline (or for a different time period after a Level 1 or 

Level 2 Market Decline if specified in the rules governing the relevant Contract). The 

Exchange shall halt trading based on a Level 1 or Level 2 Market Decline only once 

per trading day. The Exchange will not halt trading if a Level 1 or Level 2 Market 

Decline occurs after 2:25 p.m. or, in the case of an early scheduled close, 11:25 a.m.

(ii) If a Level 3 Market Decline occurs at any time during the trading day, 

the Exchange shall halt trading in all Contracts subject to this Rule until the next trading 

day.

Specifically, the Exchange may resume trading in a Contract subject to this 

Rule following a Level 3 Market Decline at the normal opening time for trading in that 

Contract on the next Business Day in accordance with the normal opening process for 

that Contract (which is the start of the next trading day in that contract). For example, 

the normal opening time for trading in Cboe Volatility Index (“VX”) futures on a 

Business Day is at 5:00 p.m. Chicago time on the prior calendar day (e.g., VX futures 

have trading hours on a Business Day Tuesday from 5:00 p.m. on Monday to 3:15 p.m. 

on Tuesday and from 3:30 p.m. to 4:00 p.m. on Tuesday). Accordingly, if a Level 3 

Market Decline occurred on a Monday, the Exchange may resume trading in VX 

futures for Business Day Tuesday at 5:00 p.m. Chicago time on Monday in accordance 

with the normal opening process for VX futures.

(d) - (e) No changes.

* * * * *

1202. Contract Specifications

(a) No changes.

(b) Schedule and Prohibited Order Types. The Exchange may list for trading up to six 

near-term VX futures expiration weeks, nine near-term serial months and five months on the 

February quarterly cycle for the VX futures contract. VX futures that have a “VX” ticker are 

not counted as part of the six near-term expiration weeks.

The final settlement date for a contract with the “VX” ticker symbol is on the Wednesday that 

is thirty days prior to the third Friday of the calendar month immediately following the month 

in which the contract expires. The final settlement date for a contract with the “VX” ticker 

symbol followed by a number denoting the specific week of a calendar year is on the 

Wednesday of the week specifically denoted in the ticker symbol. For symbology purposes, 

the first week of a calendar year is the first week of that year with a Wednesday on which a 

weekly VX futures contract could expire. If that Wednesday or the Friday that is thirty days 

following that Wednesday is a Cboe Options holiday, the final settlement date for the contract 

shall be on the business day immediately preceding that Wednesday.

The trading days for VX futures are any Business Days the Exchange is open for trading.

The trading hours for VX futures contracts are set forth in the charts below, except that the 

trading hours in an expiring VX futures contract end at 8:00 a.m. Chicago time on its final 

settlement date. The trading hours for VX futures contracts during extended trading hours and 
7

regular trading hours shall constitute a single trading session for a Business Day. All times set 

forth in the charts below are in Chicago time.

Trading Week with No Exchange Holiday. Unless otherwise specified below in relation to 

Exchange holidays, the following schedule applies.

Type of Trading Hours Monday – Friday

Extended 5:00 p.m. (previous day) to 8:30 a.m.

Regular 8:30 a.m. to 3:15 3:00 p.m.

Extended 3:30 3:00 p.m. to 4:00 p.m.

Domestic Holidays Always Observed on Mondays. The below schedule applies when the 

following domestic holidays are observed: Martin Luther King, Jr. Day, Presidents’ Day, 

Memorial Day and Labor Day.

Type of Trading Hours Monday Tuesday

Extended 5:00 p.m. (Sunday) to 10:30 a.m.* 5:00 p.m. (Monday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.

Thanksgiving. The below schedule applies when the Thanksgiving Day holiday is observed.

Type of Trading Hours Thanksgiving Friday

Extended 5:00 p.m. (Wednesday) to 10:30 a.m.* 5:00 p.m. (Thursday) to 8:30 a.m.

Regular None 8:30 a.m. to 12:15 p.m.

Floating Holidays and Good Friday: The below schedules apply when the following 

holidays are observed: New Year’s Day, Good Friday, Independence Day (July 4) and 

Christmas Day. If the holiday falls on a Saturday, the holiday will be observed on the previous 

day (Friday), except for New Year’s Day. If the holiday falls on a Sunday, the holiday will be 

observed on the next day (Monday). The holidays specified in the below charts refer to the day 

on which the Exchange observes the applicable holiday. The Exchange will typically close at 

12:15 p.m. on July 3 (the day before Independence Day) and December 24 (Christmas Eve). 

Holiday closures and shortened holiday trading hours will be announced by circular.
8

If New Year’s Day or Christmas is on a Monday – Thursday:

Holiday Type of Trading 

Hours

Holiday Observed

(Monday - Thursday)

New Year’s Day and 

Christmas 

Extended 5:00 p.m. (on holiday) to 8:30 a.m. (day after 

holiday) and

3:30 3:00 p.m. to 4:00 p.m. (day after holiday)

New Year’s Day and 

Christmas

Regular 8:30 a.m. to 3:15 3:00 p.m. (day after holiday)

If New Year’s Day or Christmas is on a Friday:

Holiday Type of Trading 

Hours

Holiday Observed

(Friday)

If New Year’s Day

or Christmas on Friday

Extended None

If New Year’s Day

or Christmas on Friday

Regular None

Good Friday:

One of the following two schedules will apply when Good Friday is observed. The Exchange 

shall designate for each year which of these alternative schedules will be utilized in connection 

with the observation of Good Friday during that year.

Good Friday Schedule Alternative 1:

Holiday Type of Trading Hours Friday

Good Friday Extended None

Good Friday Regular None

Good Friday Schedule Alternative 2:
9

Holiday

Type of 

Trading Hours Friday Monday

Good Friday Extended 5:00 p.m. (Thursday) to 

8:30 a.m.

5:00 p.m. (Sunday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Good Friday Regular None 8:30 a.m. to 3:15 3:00 p.m.

Under the Good Friday Schedule Alternative 2 and as is the case with other holiday trading 

sessions, the Good Friday holiday trading session from 5:00 p.m. on Thursday to 8:30 a.m. on 

Friday also applies to Trade at Settlement (“TAS”) transactions in VX futures and TAS 

transactions in VX futures are permitted during that time frame.

The Good Friday holiday trading session is part of the next Business Day on Monday. The 

Good Friday holiday trading session is not a separate Business Day. Trades in VX futures 

made during the Good Friday holiday trading session are submitted for clearing for Monday. 

Since the time frames between the sessions of trading hours during this Business Day are a 

regular feature of this schedule, they are not considered the declaration of a trading halt by the 

Exchange.

As is the case with other holiday trading sessions, the applicable daily settlement price is the 

daily settlement price for the Business Day. Accordingly, in this case, the applicable daily 

settlement price is determined on Monday pursuant to Rule 1202(p).

As is also the case with other holiday trading sessions, Day Orders and Quotes entered during 

the Good Friday holiday trading session persist and remain executable during the trading hours 

on the remainder of the Business Day, unless they are executed or canceled. Accordingly, Day 

Orders and Quotes entered during the Good Friday holiday trading session persist and remain 

executable during the trading hours on the remainder of the same Business Day on the Sunday 

and Monday following the Good Friday holiday trading session, unless they are executed or 

canceled.

Independence Day:

Type of Trading 

Hours

Holiday Observed Business Day After Holiday Observed

Extended 5:00 p.m. (day before holiday) to

10:30 a.m.* (on holiday)

5:00 p.m. (on holiday or on Sunday if 

holiday observed on Friday)

to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.
10

*A holiday trading session includes extended trading hours on the calendar day of the holiday 

and any extended trading hours for the holiday on the previous calendar day. Holiday trading 

sessions are not separate Business Days and are part of the next Business Day. Trading in VX 

futures is suspended between sessions of extended trading hours on the calendar day of a 

holiday. Since these suspension periods are a regular feature for certain holiday trading 

sessions in VX futures, they shall not be considered the declaration of a trading halt by the 

Exchange. Trades in VX futures made during a holiday trading session will be submitted for 

clearing for the next Business Day.

Market Orders for VX futures will be accepted by the Exchange during regular trading hours 

for VX futuresfollowing the completion of the opening process for a VX futures Contract when 

that Contract is in an open state for trading. Market Orders for VX futures will not be accepted 

by the Exchange during extended trading hours for VX futures or during any other time period 

outside of regular trading hours for VX futures. Any Market Orders for VX futures received 

by the Exchange during a time period in which the Exchange is not accepting Market Orders 

for VX futures will be automatically rejected or canceled back to the sender.

(c) - (o) No changes.

(p) Daily Settlement Price. The daily settlement price for a VX futures Contract is 

calculated in the following manner for each Business Day:

(i) The Daily Settlement Time for VX futures is the point in time in 

relation to which the daily settlement price of a VX futures Contract is calculated. The 

Daily Settlement Time for VX futures is 15 minutes prior to at the close of regular 

trading hours in VX futures on a Business Day (except that the Daily Settlement Time 

for VX futures on a Business Day that ends at 12:15 p.m. Chicago time is at 12:00 p.m. 

Chicago time). Accordingly, on a normal Business Day, the Daily Settlement Time 

for VX futures is 3:00 p.m. Chicago time.

(ii) – (viii) No changes.

(q) Trade at Settlement Transactions. Trade at Settlement (“TAS”) transactions pursuant 

to Rule 404A are permitted in VX futures and may be transacted on the CFE System, as spread 

transactions, as Block Trades (including as spread transactions) and as Exchange of Contract 

for Related Position transactions. The trading hours for all types of TAS transactions in VX 

futures are (i) during extended trading hours, except during the extended trading hours period

from 3:30 3:00 p.m. Chicago time to 4:00 p.m. Chicago time on a normal Business Day; and 

(ii) during regular trading hours until the Daily Settlement Time for VX futures. Accordingly, 

on a normal Business Day, the trading hours for all types of TAS transactions in VX futures 

end at 3:00 p.m. Chicago time. TAS transactions in an expiring VX futures contract are not 

permitted during the Business Day of its final settlement date.

The permissible price range for all types of TAS transactions in VX futures is from 0.50 index 

points below the daily settlement price to 0.50 index points above the daily settlement price. 

The permissible minimum increment for a TAS single leg transaction and a TAS spread 

transaction in VX futures that is not a Block Trade or an Exchange of Contract for Related 

Position transaction is 0.01 index points. The permissible minimum increment for a TAS Block 

Trade (including as a spread transaction) and a TAS Exchange of Contract for Related Position 

transaction in VX futures is 0.005 index points.
11

(r) No changes.

* * * * *

1402. Contract Specifications

(a) - (d) No changes.

(e) Schedule and Prohibited Order Types. The final settlement date for an AMT1 futures 

contract is the Monday of the week of the third Wednesday of the contract month for that 

contract. If the Monday of the week of the third Wednesday of the contract month is an 

Exchange holiday, the final settlement date shall be the Exchange Business Day immediately 

following the holiday (which would typically be the Tuesday of the week of the third 

Wednesday of the contract month).

The trading days for AMT1 futures are any Business Days the Exchange is open for trading.

The trading hours for AMT1 futures are set forth in the charts below. The trading hours for 

AMT1 futures contracts during extended trading hours and regular trading hours shall 

constitute a single trading session for a Business Day. All times set forth in the charts below 

are in Chicago time.

Trading Week with No Exchange Holiday. Unless otherwise specified below in relation to 

Exchange holidays, the following schedule applies.

Type of Trading 

Hours

Monday – Friday

Extended 5:00 p.m. (previous day) to 8:30 a.m.

Regular 8:30 a.m. to 3:15 3:00 p.m.

Extended 3:30 3:00 p.m. to 4:00 p.m.

Domestic Holidays Always Observed on Mondays. The below schedule applies when the 

following domestic holidays are observed: Martin Luther King, Jr. Day, Presidents’ Day, 

Memorial Day and Labor Day.

Type of Trading Hours Monday Tuesday

Extended 5:00 p.m. (Sunday) to 10:30 a.m.* 5:00 p.m. (Monday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.
12

Thanksgiving. The below schedule applies when the Thanksgiving Day holiday is observed.

Type of Trading Hours Thanksgiving Friday

Extended 5:00 p.m. (Wednesday) to 10:30 a.m.* 5:00 p.m. (Thursday) to 8:30 a.m.

Regular None 8:30 a.m. to 12:15 p.m.

Floating Holidays and Good Friday. The below schedules apply when the following holidays 

are observed: New Year’s Day, Good Friday, Independence Day (July 4) and Christmas Day. 

If the holiday falls on a Saturday, the holiday will be observed on the previous day (Friday), 

except for New Year’s Day. If the holiday falls on a Sunday, the holiday will be observed on 

the next day (Monday). The holidays specified in the below charts refer to the day on which 

the Exchange observes the applicable holiday. The Exchange will typically close at 12:15 p.m. 

on July 3 (the day before Independence Day) and December 24 (Christmas Eve). Holiday 

closures and shortened holiday trading hours will be announced by circular. 

If New Year’s Day or Christmas is on a Monday - Thursday:

Holiday Type of Trading 

Hours

Holiday Observed

(Monday - Thursday)

New Year’s Day and 

Christmas

Extended 5:00 p.m. (on holiday) to 8:30 a.m. (day after holiday) and

3:30 3:00 p.m. to 4:00 p.m. (day after holiday)

New Year’s Day and 

Christmas

Regular 8:30 a.m. to 3:15 3:00 p.m. (day after holiday)

If New Year’s Day or Christmas is on a Friday:

Holiday Type of Trading 

Hours

Holiday Observed

(Friday)

If New Year’s Day

or Christmas on Friday

Extended None

If New Year’s Day

or Christmas on Friday

Regular None

Good Friday:

One of the following two schedules will apply when Good Friday is observed. The Exchange 

shall designate for each year which of these alternative schedules will be utilized in connection 
13

with the observation of Good Friday during that year.

Good Friday Schedule Alternative 1:

Holiday Type of Trading Hours Friday

Good Friday Extended None

Good Friday Regular None

Good Friday Schedule Alternative 2:

Holiday

Type of 

Trading Hours Friday Monday

Good Friday Extended 5:00 p.m. (Thursday) to 

8:30 a.m.

5:00 p.m. (Sunday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Good Friday Regular None 8:30 a.m. to 3:15 3:00 p.m.

Under the Good Friday Schedule Alternative 2, the Good Friday holiday trading session from 

5:00 p.m. on Thursday to 8:30 a.m. on Friday is part of the next Business Day on Monday. The 

Good Friday holiday trading session is not a separate Business Day. Trades in AMT1 futures 

made during the Good Friday holiday trading session are submitted for clearing for Monday. 

Since the time frames between the sessions of trading hours during this Business Day are a 

regular feature of this schedule, they are not considered the declaration of a trading halt by the 

Exchange.

As is the case with other holiday trading sessions, the applicable daily settlement price is the 

daily settlement price for the Business Day. Accordingly, in this case, the applicable daily 

settlement price is determined on Monday pursuant to Rule 1402(s).

As is also the case with other holiday trading sessions, Day Orders and Quotes entered during 

the Good Friday holiday trading session persist and remain executable during the trading hours 

on the remainder of the Business Day, unless they are executed or canceled. Accordingly, Day 

Orders and Quotes entered during the Good Friday holiday trading session persist and remain 

executable during the trading hours on the remainder of the same Business Day on the Sunday 

and Monday following the Good Friday holiday trading session, unless they are executed or 

canceled.

Independence Day:

Type of Trading Hours Holiday Observed Business Day After Holiday 

Observed
14

Extended 5:00 p.m. (day before holiday) to

10:30 a.m.* (on holiday)

5:00 p.m. (on holiday or on Sunday if 

holiday observed on Friday)

to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.

* A holiday trading session includes extended trading hours on the calendar day of the holiday 

and any extended trading hours for the holiday on the previous calendar day. Holiday trading 

sessions are not separate Business Days and are part of the next Business Day. Trading in 

AMT1 futures is suspended between sessions of extended trading hours on the calendar day of 

a holiday. Since these suspension periods are a regular feature for certain holiday trading 

sessions in AMT1 futures, they shall not be considered the declaration of a trading halt by the 

Exchange. Trades in AMT1 futures made during a holiday trading session will be submitted 

for clearing for the next Business Day.

Market Orders for AMT1 futures contracts will not be accepted by the Exchange during regular 

or extended trading hours for the AMT1 futures contract. Any Market Orders for AMT1 

futures contracts received by the Exchange will be automatically rejected or canceled back to 

the sender. 

(f) - (r) No changes.

(s) Daily Settlement Price. The daily settlement price for an AMT1 futures Contract is 

calculated in the following manner for each Business Day:

(i) The Daily Settlement Time for AMT1 futures is the point in time in 

relation to which the daily settlement price of an AMT1 futures Contract is calculated. 

The Daily Settlement Time for AMT1 futures is at the close of regular trading hours 

in AMT1 futures on a Business Day (except that the Daily Settlement Time for AMT1

futures on a Business Day that ends at 12:15 p.m. Chicago time is at 12:00 p.m. 

Chicago time.) Accordingly, on a normal Business Day, the Daily Settlement Time 

for AMT1 futures is 3:00 p.m. Chicago time.

(iii) The daily settlement price for an AMT1 futures Contract is the average 

of the bid and the offer from the last best two-sided market in that AMT1 futures 

Contract during the applicable Business Day prior to the close of regular trading hours 

on that Business Day Daily Settlement Time which simultaneously includes both a 

pending bid with a non-zero value and a pending offer with a non-zero value. If a twosided market includes either no bid or no offer, the bid or offer would be considered to 

have a zero value and that two-sided market would not be used for this purpose.

(iiiii) If there is no two-sided market in the AMT1 futures Contract during 

the applicable Business Day prior to the close of regular trading hours on that Business 

Day Daily Settlement Time which simultaneously includes both a pending bid with a 

non-zero value and a pending offer with a non-zero value, the daily settlement price 

for the AMT1 futures Contract will be the daily settlement price of the AMT1 futures 

Contract with the nearest expiration date in calendar days to the expiration date of the 
15

AMT1 futures Contract for which the daily settlement price is being determined. If 

there is an AMT1 futures Contract with an earlier expiration date and an AMT1 futures 

Contract with a later expiration date that each meet this criterion, the daily settlement 

price of the AMT1 futures Contract with the earlier expiration date will be utilized.

(iiiiv) The daily settlement price may go out to four decimal places and may 

be a price that is not at a minimum increment for the AMT1 futures Contract.

(ivv) The Exchange may in its sole discretion establish a daily settlement 

price for an AMT1 futures Contract that it deems to be a fair and reasonable reflection 

of the market if:

(A) the Exchange determines in its sole discretion that the daily 

settlement price determined by the parameters set forth in paragraphs (s)(iii) -

(s)(iiiiv) above is not a fair and reasonable reflection of the market; or

(B) there is a trading halt in the AMT1 futures Contract or other 

unusual circumstance at the scheduled close of regular trading hours for the 

AMT1 futures Contract on the applicable Business Day or around the Daily 

Settlement Time.

(t) - (u) No changes.

* * * * *

1702. Contract Specifications

(a) No changes.

(b) Schedule and Prohibited Order Types. The Exchange may list for trading up to six 

near-term VXM futures expiration weeks, nine near-term serial months and five months on the 

February quarterly cycle for the VXM futures contract. VXM futures that have a “VXM” ticker 

are not counted as part of the six near-term expiration weeks.

The final settlement date for a contract with the “VXM” ticker symbol is on the Wednesday 

that is thirty days prior to the third Friday of the calendar month immediately following the 

month in which the contract expires. The final settlement date for a contract with the “VXM” 

ticker symbol followed by a number denoting the specific week of a calendar year is on the 

Wednesday of the week specifically denoted in the ticker symbol. For symbology purposes, 

the first week of a calendar year is the first week of that year with a Wednesday on which a 

weekly VXM futures contract could expire. If that Wednesday or the Friday that is thirty days 

following that Wednesday is a Cboe Options holiday, the final settlement date for the contract 

shall be on the business day immediately preceding that Wednesday.

The trading days for VXM futures are any Business Days the Exchange is open for trading.

The trading hours for VXM futures contracts are set forth in the charts below, except that the 

trading hours in an expiring VXM futures contract end at 8:00 a.m. Chicago time on its final 

settlement date. The trading hours for VXM futures contracts during extended trading hours 

and regular trading hours shall constitute a single trading session for a Business Day. All times 

set forth in the charts below are in Chicago time.
16

Trading Week with No Exchange Holiday. Unless otherwise specified below in relation to 

Exchange holidays, the following schedule applies.

Type of Trading Hours Monday – Friday

Extended 5:00 p.m. (previous day) to 8:30 a.m.

Regular 8:30 a.m. to 3:15 3:00 p.m.

Extended 3:30 3:00 p.m. to 4:00 p.m.

Domestic Holidays Always Observed on Mondays. The below schedule applies when the 

following domestic holidays are observed: Martin Luther King, Jr. Day, Presidents’ Day, 

Memorial Day and Labor Day.

Type of Trading Hours Monday Tuesday

Extended 5:00 p.m. (Sunday) to 10:30 a.m.* 5:00 p.m. (Monday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.

Thanksgiving. The below schedule applies when the Thanksgiving Day holiday is observed.

Type of Trading Hours Thanksgiving Friday

Extended 5:00 p.m. (Wednesday) to 10:30 a.m.* 5:00 p.m. (Thursday) to 8:30 a.m.

Regular None 8:30 a.m. to 12:15 p.m.

Floating Holidays and Good Friday: The below schedules apply when the following 

holidays are observed: New Year’s Day, Good Friday, Independence Day (July 4) and 

Christmas Day. If the holiday falls on a Saturday, the holiday will be observed on the previous 

day (Friday), except for New Year’s Day. If the holiday falls on a Sunday, the holiday will be 

observed on the next day (Monday). The holidays specified in the below charts refer to the day 

on which the Exchange observes the applicable holiday. The Exchange will typically close at 

12:15 p.m. on July 3 (the day before Independence Day) and December 24 (Christmas Eve). 

Holiday closures and shortened holiday trading hours will be announced by circular.

If New Year’s Day or Christmas is on a Monday – Thursday:
17

Holiday Type of Trading 

Hours

Holiday Observed

(Monday - Thursday)

New Year’s Day and 

Christmas 

Extended 5:00 p.m. (on holiday) to 8:30 a.m. (day after 

holiday) and

3:30 3:00 p.m. to 4:00 p.m. (day after holiday)

New Year’s Day and 

Christmas

Regular 8:30 a.m. to 3:15 3:00 p.m. (day after holiday)

If New Year’s Day or Christmas is on a Friday:

Holiday Type of Trading 

Hours

Holiday Observed

(Friday)

If New Year’s Day

or Christmas on Friday

Extended None

If New Year’s Day

or Christmas on Friday

Regular None

Good Friday:

One of the following two schedules will apply when Good Friday is observed. The Exchange 

shall designate for each year which of these alternative schedules will be utilized in connection 

with the observation of Good Friday during that year.

Good Friday Schedule Alternative 1:

Holiday Type of Trading Hours Friday

Good Friday Extended None

Good Friday Regular None

Good Friday Schedule Alternative 2:
18

Holiday

Type of 

Trading Hours Friday Monday

Good Friday Extended 5:00 p.m. (Thursday) to 

8:30 a.m.

5:00 p.m. (Sunday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Good Friday Regular None 8:30 a.m. to 3:15 3:00 p.m.

Under the Good Friday Schedule Alternative 2 and as is the case with other holiday trading 

sessions, the Good Friday holiday trading session from 5:00 p.m. on Thursday to 8:30 a.m. on 

Friday also applies to Trade at Settlement (“TAS”) transactions in VXM futures and TAS 

transactions in VXM futures are permitted during that time frame.

The Good Friday holiday trading session is part of the next Business Day on Monday. The 

Good Friday holiday trading session is not a separate Business Day. Trades in VXM futures 

made during the Good Friday holiday trading session are submitted for clearing for Monday. 

Since the time frames between the sessions of trading hours during this Business Day are a 

regular feature of this schedule, they are not considered the declaration of a trading halt by the 

Exchange.

As is the case with other holiday trading sessions, the applicable daily settlement price is the 

daily settlement price for the Business Day. Accordingly, in this case, the applicable daily 

settlement price is determined on Monday pursuant to Rule 1702(p).

As is also the case with other holiday trading sessions, Day Orders and Quotes entered during 

the Good Friday holiday trading session persist and remain executable during the trading hours 

on the remainder of the Business Day, unless they are executed or canceled. Accordingly, Day 

Orders and Quotes entered during the Good Friday holiday trading session persist and remain 

executable during the trading hours on the remainder of the same Business Day on the Sunday 

and Monday following the Good Friday holiday trading session, unless they are executed or 

canceled.

Independence Day:

Type of Trading 

Hours

Holiday Observed Business Day After Holiday Observed

Extended 5:00 p.m. (day before holiday) to

10:30 a.m.* (on holiday)

5:00 p.m. (on holiday or on Sunday if 

holiday observed on Friday)

to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.
19

*A holiday trading session includes extended trading hours on the calendar day of the holiday 

and any extended trading hours for the holiday on the previous calendar day. Holiday trading 

sessions are not separate Business Days and are part of the next Business Day. Trading in 

VXM futures is suspended between sessions of extended trading hours on the calendar day of 

a holiday. Since these suspension periods are a regular feature for certain holiday trading 

sessions in VXM futures, they shall not be considered the declaration of a trading halt by the 

Exchange. Trades in VXM futures made during a holiday trading session will be submitted for 

clearing for the next Business Day.

Market Orders for VXM futures will be accepted by the Exchange during regular trading hours 

for VXM futures following the completion of the opening process for a VXM futures Contract 

when that Contract is in an open state for trading. Market Orders for VXM futures will not be 

accepted by the Exchange during extended trading hours for VXM futures or during any other 

time period outside of regular trading hours for VXM futures. Any Market Orders for VXM 

futures received by the Exchange during a time period in which the Exchange is not accepting 

Market Orders for VXM futures will be automatically rejected or canceled back to the sender.

(c) - (p) No changes.

(q) Trade at Settlement Transactions. Trade at Settlement (“TAS”) transactions pursuant 

to Rule 404A are permitted in VXM futures and may be transacted on the CFE System, as 

spread transactions, as Block Trades (including as spread transactions) and as Exchange of 

Contract for Related Position transactions. The trading hours for all types of TAS transactions 

in VXM futures are (i) during extended trading hours, except during the extended trading hours 

period from 3:30 3:00 p.m. Chicago time to 4:00 p.m. Chicago time on a normal Business Day; 

and (ii) during regular trading hours until the Daily Settlement Time for VX futures. 

Accordingly, on a normal Business Day, the trading hours for all types of TAS transactions in 

VXM futures end at 3:00 p.m. Chicago time. TAS transactions in an expiring VXM futures 

contract are not permitted during the Business Day of its final settlement date.

The permissible price range for all types of TAS transactions in VXM futures is from 0.50 

index points below the daily settlement price to 0.50 index points above the daily settlement 

price. The permissible minimum increment for a TAS single leg transaction and a TAS spread 

transaction in VXM futures that is not a Block Trade or an Exchange of Contract for Related 

Position transaction is 0.01 index points. The permissible minimum increment for a TAS Block 

Trade (including as a spread transaction) and a TAS Exchange of Contract for Related Position 

transaction in VXM futures is 0.005 index points.

(r) No changes.

* * * * *

2002. Contract Specifications

(a) - (d) No changes.

(e) Schedule and Prohibited Order Types. The final settlement date for an AMB3 future 

is the third Wednesday of the final calendar month within the contract measurement quarter for 

the AMB3 future. If the final settlement date is an Exchange holiday, the final settlement date

shall be the Business Day immediately following the holiday.
20

The trading days for AMB3 futures are any Business Days the Exchange is open for trading.

The trading hours for AMB3 futures are set forth in the charts below. The trading hours for 

AMB3 futures contracts during extended trading hours and regular trading hours shall 

constitute a single trading session for a Business Day. All times set forth in the charts below 

are in Chicago time.

Trading Week with No Exchange Holiday. Unless otherwise specified below in relation to 

Exchange holidays, the following schedule applies.

Type of Trading 

Hours

Monday – Friday

Extended 5:00 p.m. (previous day) to 8:30 a.m.

Regular 8:30 a.m. to 3:15 3:00 p.m.

Extended 3:30 3:00 p.m. to 4:00 p.m.

Domestic Holidays Always Observed on Mondays. The below schedule applies when the 

following domestic holidays are observed: Martin Luther King, Jr. Day, Presidents’ Day, 

Memorial Day and Labor Day.

Type of Trading Hours Monday Tuesday

Extended 5:00 p.m. (Sunday) to 10:30 a.m.* 5:00 p.m. (Monday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.

Thanksgiving. The below schedule applies when the Thanksgiving Day holiday is observed.

Floating Holidays and Good Friday. The below schedules apply when the following holidays 

are observed: New Year’s Day, Good Friday, Independence Day (July 4) and Christmas Day. 

If the holiday falls on a Saturday, the holiday will be observed on the previous day (Friday), 

except for New Year’s Day. If the holiday falls on a Sunday, the holiday will be observed on 

Type of Trading Hours Thanksgiving Friday

Extended 5:00 p.m. (Wednesday) to 10:30 a.m.* 5:00 p.m. (Thursday) to 8:30 a.m.

Regular None 8:30 a.m. to 12:15 p.m.
21

the next day (Monday). The holidays specified in the below charts refer to the day on which 

the Exchange observes the applicable holiday. The Exchange will typically close at 12:15 p.m. 

on July 3 (the day before Independence Day) and December 24 (Christmas Eve). Holiday 

closures and shortened holiday trading hours will be announced by circular. 

If New Year’s Day or Christmas is on a Monday - Thursday:

Holiday Type of Trading 

Hours

Holiday Observed

(Monday - Thursday)

New Year’s Day and 

Christmas

Extended 5:00 p.m. (on holiday) to 8:30 a.m. (day after holiday) and

3:30 3:00 p.m. to 4:00 p.m. (day after holiday)

New Year’s Day and 

Christmas

Regular 8:30 a.m. to 3:15 3:00 p.m. (day after holiday)

If New Year’s Day or Christmas is on a Friday:

Holiday Type of Trading 

Hours

Holiday Observed

(Friday)

If New Year’s Day

or Christmas on Friday

Extended None

If New Year’s Day

or Christmas on Friday

Regular None

Good Friday:

One of the following two schedules will apply when Good Friday is observed. The Exchange 

shall designate for each year which of these alternative schedules will be utilized in connection 

with the observation of Good Friday during that year.

Good Friday Schedule Alternative 1:

Holiday Type of Trading Hours Friday

Good Friday Extended None

Good Friday Regular None

Good Friday Schedule Alternative 2:
22

Holiday

Type of 

Trading Hours Friday Monday

Good Friday Extended 5:00 p.m. (Thursday) to 

8:30 a.m.

5:00 p.m. (Sunday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Good Friday Regular None 8:30 a.m. to 3:15 3:00 p.m.

Under the Good Friday Schedule Alternative 2, the Good Friday holiday trading session from 

5:00 p.m. on Thursday to 8:30 a.m. on Friday is part of the next Business Day on Monday. The 

Good Friday holiday trading session is not a separate Business Day. Trades in AMB3 futures 

made during the Good Friday holiday trading session are submitted for clearing for Monday. 

Since the time frames between the sessions of trading hours during this Business Day are a 

regular feature of this schedule, they are not considered the declaration of a trading halt by the 

Exchange.

As is the case with other holiday trading sessions, the applicable daily settlement price is the 

daily settlement price for the Business Day. Accordingly, in this case, the applicable daily 

settlement price is determined on Monday pursuant to Rule 2002(s).

As is also the case with other holiday trading sessions, Day Orders and Quotes entered during 

the Good Friday holiday trading session persist and remain executable during the trading hours 

on the remainder of the Business Day, unless they are executed or canceled. Accordingly, Day 

Orders and Quotes entered during the Good Friday holiday trading session persist and remain 

executable during the trading hours on the remainder of the same Business Day on the Sunday 

and Monday following the Good Friday holiday trading session, unless they are executed or 

canceled.

Independence Day:

Type of Trading Hours Holiday Observed Business Day After Holiday 

Observed

Extended 5:00 p.m. (day before holiday) to

10:30 a.m.* (on holiday)

5:00 p.m. (on holiday or on Sunday if 

holiday observed on Friday)

to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.

* A holiday trading session includes extended trading hours on the calendar day of the holiday 

and any extended trading hours for the holiday on the previous calendar day. Holiday trading 

sessions are not separate Business Days and are part of the next Business Day. Trading in 

AMB3 futures is suspended between sessions of extended trading hours on the calendar day of 
23

a holiday. Since these suspension periods are a regular feature for certain holiday trading 

sessions in AMB3 futures, they shall not be considered the declaration of a trading halt by the 

Exchange. Trades in AMB3 futures made during a holiday trading session will be submitted 

for clearing for the next Business Day.

Market Orders for AMB3 futures contracts will not be accepted by the Exchange during regular 

or extended trading hours for the AMB3 futures contract. Any Market Orders for AMB3 

futures contracts received by the Exchange will be automatically rejected or canceled back to 

the sender. 

(f) - (r) No changes.

(s) Daily Settlement Price. The daily settlement price for an AMB3 futures Contract is 

calculated in the following manner for each Business Day:

(i) The Daily Settlement Time for AMB3 futures is the point in time in 

relation to which the daily settlement price of an AMB3 futures Contract is calculated. 

The Daily Settlement Time for AMB3 futures is at the close of regular trading hours 

in AMB3 futures on a Business Day (except that the Daily Settlement Time for AMB3

futures on a Business Day that ends at 12:15 p.m. Chicago time is at 12:00 p.m. 

Chicago time.) Accordingly, on a normal Business Day, the Daily Settlement Time 

for AMB3 futures is 3:00 p.m. Chicago time.

(iii) The daily settlement price for an AMB3 futures Contract is the 

average of the bid and the offer from the last best two-sided market in that AMB3

futures Contract during the applicable Business Day prior to the close of regular trading 

hours on that Business Day Daily Settlement Time which simultaneously includes both 

a pending bid with a non-zero value and a pending offer with a non-zero value. If a 

two-sided market includes either no bid or no offer, the bid or offer would be 

considered to have a zero value and that two-sided market would not be used for this 

purpose.

(iiiii) If there is no two-sided market in the AMB3 futures Contract during 

the applicable Business Day prior to the close of regular trading hours on that Business 

Day Daily Settlement Time which simultaneously includes both a pending bid with a 

non-zero value and a pending offer with a non-zero value, the daily settlement price 

for the AMB3 futures Contract will be the daily settlement price of the AMB3 futures 

Contract with the nearest expiration date in calendar days to the expiration date of the 

AMB3 futures Contract for which the daily settlement price is being determined. If 

there is an AMB3 futures Contract with an earlier expiration date and an AMB3 futures 

Contract with a later expiration date that each meet this criterion, the daily settlement 

price of the AMB3 futures Contract with the earlier expiration date will be utilized.

(iiiiv) The daily settlement price may go out to four decimal places and may 

be a price that is not at a minimum increment for the AMB3 futures Contract.

(ivv) The Exchange may in its sole discretion establish a daily settlement 

price for an AMB3 futures Contract that it deems to be a fair and reasonable reflection 

of the market if:
24

(A) the Exchange determines in its sole discretion that the daily 

settlement price determined by the parameters set forth in paragraphs (s)(iii) -

(s)(iiiiv) above is not a fair and reasonable reflection of the market; or

(B) there is a trading halt in the AMB3 futures Contract or other 

unusual circumstance at the scheduled close of regular trading hours for the 

AMB3 futures Contract on the applicable Business Day or around the Daily 

Settlement Time.

(t) - (u) No changes.

* * * * *

2202. Contract Specifications

(a) - (d) No changes.

(e) Schedule and Prohibited Order Types. The final settlement date for an AMB1 future 

is the first Exchange Business Day of the settlement month. If the final settlement date is an 

Exchange holiday, the final settlement date shall be the Business Day immediately following 

the holiday.

The trading days for AMB1 futures are any Business Days the Exchange is open for trading.

The trading hours for AMB1 futures are set forth in the charts below. The trading hours for 

AMB1 futures contracts during extended trading hours and regular trading hours shall 

constitute a single trading session for a Business Day. All times set forth in the charts below 

are in Chicago time.

Trading Week with No Exchange Holiday. Unless otherwise specified below in relation to 

Exchange holidays, the following schedule applies.

Type of Trading 

Hours

Monday – Friday

Extended 5:00 p.m. (previous day) to 8:30 a.m.

Regular 8:30 a.m. to 3:15 3:00 p.m.

Extended 3:30 3:00 p.m. to 4:00 p.m.

Domestic Holidays Always Observed on Mondays. The below schedule applies when the 

following domestic holidays are observed: Martin Luther King, Jr. Day, Presidents’ Day, 

Memorial Day and Labor Day.
25

Type of Trading Hours Monday Tuesday

Extended 5:00 p.m. (Sunday) to 10:30 a.m.* 5:00 p.m. (Monday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.

Thanksgiving. The below schedule applies when the Thanksgiving Day holiday is observed.

Type of Trading Hours Thanksgiving Friday

Extended 5:00 p.m. (Wednesday) to 10:30 a.m.* 5:00 p.m. (Thursday) to 8:30 a.m.

Regular None 8:30 a.m. to 12:15 p.m.

Floating Holidays and Good Friday. The below schedules apply when the following holidays 

are observed: New Year’s Day, Good Friday, Independence Day (July 4) and Christmas Day. 

If the holiday falls on a Saturday, the holiday will be observed on the previous day (Friday), 

except for New Year’s Day. If the holiday falls on a Sunday, the holiday will be observed on 

the next day (Monday). The holidays specified in the below charts refer to the day on which 

the Exchange observes the applicable holiday. The Exchange will typically close at 12:15 p.m. 

on July 3 (the day before Independence Day) and December 24 (Christmas Eve). Holiday 

closures and shortened holiday trading hours will be announced by circular. 

If New Year’s Day or Christmas is on a Monday - Thursday:

Holiday Type of Trading 

Hours

Holiday Observed

(Monday - Thursday)

New Year’s Day and 

Christmas

Extended 5:00 p.m. (on holiday) to 8:30 a.m. (day after holiday) and

3:30 3:00 p.m. to 4:00 p.m. (day after holiday)

New Year’s Day and 

Christmas

Regular 8:30 a.m. to 3:15 3:00 p.m. (day after holiday)

If New Year’s Day or Christmas is on a Friday:

Holiday Type of Trading 

Hours

Holiday Observed

(Friday)

If New Year’s Day

or Christmas on Friday

Extended None
26

If New Year’s Day

or Christmas on Friday

Regular None

Good Friday:

One of the following two schedules will apply when Good Friday is observed. The Exchange 

shall designate for each year which of these alternative schedules will be utilized in connection 

with the observation of Good Friday during that year.

Good Friday Schedule Alternative 1:

Holiday Type of Trading Hours Friday

Good Friday Extended None

Good Friday Regular None

Good Friday Schedule Alternative 2:

Holiday

Type of 

Trading Hours Friday Monday

Good Friday Extended 5:00 p.m. (Thursday) to 

8:30 a.m.

5:00 p.m. (Sunday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Good Friday Regular None 8:30 a.m. to 3:15 3:00 p.m.

Under the Good Friday Schedule Alternative 2, the Good Friday holiday trading session from 

5:00 p.m. on Thursday to 8:30 a.m. on Friday is part of the next Business Day on Monday. The 

Good Friday holiday trading session is not a separate Business Day. Trades in AMB1 futures 

made during the Good Friday holiday trading session are submitted for clearing for Monday. 

Since the time frames between the sessions of trading hours during this Business Day are a 

regular feature of this schedule, they are not considered the declaration of a trading halt by the 

Exchange.

As is the case with other holiday trading sessions, the applicable daily settlement price is the 

daily settlement price for the Business Day. Accordingly, in this case, the applicable daily 

settlement price is determined on Monday pursuant to Rule 2202(s).

As is also the case with other holiday trading sessions, Day Orders and Quotes entered during 

the Good Friday holiday trading session persist and remain executable during the trading hours 

on the remainder of the Business Day, unless they are executed or canceled. Accordingly, Day 

Orders and Quotes entered during the Good Friday holiday trading session persist and remain 
27

executable during the trading hours on the remainder of the same Business Day on the Sunday 

and Monday following the Good Friday holiday trading session, unless they are executed or 

canceled.

Independence Day:

* A holiday trading session includes extended trading hours on the calendar day of the holiday 

and any extended trading hours for the holiday on the previous calendar day. Holiday trading 

sessions are not separate Business Days and are part of the next Business Day. Trading in 

AMB1 futures is suspended between sessions of extended trading hours on the calendar day of 

a holiday. Since these suspension periods are a regular feature for certain holiday trading 

sessions in AMB1 futures, they shall not be considered the declaration of a trading halt by the 

Exchange. Trades in AMB1 futures made during a holiday trading session will be submitted 

for clearing for the next Business Day.

Market Orders for AMB1 futures contracts will not be accepted by the Exchange during regular 

or extended trading hours for the AMB1 futures contract. Any Market Orders for AMB1

futures contracts received by the Exchange will be automatically rejected or canceled back to 

the sender. 

(f) - (r) No changes.

(s) Daily Settlement Price. The daily settlement price for an AMB1 futures Contract is 

calculated in the following manner for each Business Day:

(i) The Daily Settlement Time for AMB1 futures is the point in time in 

relation to which the daily settlement price of an AMB1 futures Contract is calculated. 

The Daily Settlement Time for AMB1 futures is at the close of regular trading hours 

in AMB1 futures on a Business Day (except that the Daily Settlement Time for AMB1

futures on a Business Day that ends at 12:15 p.m. Chicago time is at 12:00 p.m. 

Chicago time.) Accordingly, on a normal Business Day, the Daily Settlement Time 

for AMB1 futures is 3:00 p.m. Chicago time.

(iii) The daily settlement price for an AMB1 futures Contract is the 

average of the bid and the offer from the last best two-sided market in that AMB1 

futures Contract during the applicable Business Day prior to the close of regular trading 

hours on that Business Day Daily Settlement Time which simultaneously includes both 

a pending bid with a non-zero value and a pending offer with a non-zero value. If a 

Type of Trading Hours Holiday Observed Business Day After Holiday 

Observed

Extended 5:00 p.m. (day before holiday) to

10:30 a.m.* (on holiday)

5:00 p.m. (on holiday or on Sunday if 

holiday observed on Friday)

to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.
28

two-sided market includes either no bid or no offer, the bid or offer would be 

considered to have a zero value and that two-sided market would not be used for this 

purpose.

(iiiii) If there is no two-sided market in the AMB1 futures Contract during 

the applicable Business Day prior to the close of regular trading hours on that Business 

Day Daily Settlement Time which simultaneously includes both a pending bid with a 

non-zero value and a pending offer with a non-zero value, the daily settlement price 

for the AMB1 futures Contract will be the daily settlement price of the AMB1 futures 

Contract with the nearest expiration date in calendar days to the expiration date of the 

AMB1 futures Contract for which the daily settlement price is being determined. If 

there is an AMB1 futures Contract with an earlier expiration date and an AMB1 futures 

Contract with a later expiration date that each meet this criterion, the daily settlement 

price of the AMB1 futures Contract with the earlier expiration date will be utilized.

(iiiiv) The daily settlement price may go out to four decimal places and may 

be a price that is not at a minimum increment for the AMB1 futures Contract.

(ivv) The Exchange may in its sole discretion establish a daily settlement 

price for an AMB1 futures Contract that it deems to be a fair and reasonable reflection 

of the market if:

(A) the Exchange determines in its sole discretion that the daily 

settlement price determined by the parameters set forth in paragraphs (s)(iii) -

(s)(iiiiv) above is not a fair and reasonable reflection of the market; or

(B) there is a trading halt in the AMB1 futures Contract or other 

unusual circumstance at the scheduled close of regular trading hours for the 

AMB1 futures Contract on the applicable Business Day or around the Daily 

Settlement Time.

(t) - (u) No changes.

* * * * *

2502. Contract Specifications

(a) - (d) No changes.

(e) Schedule and Prohibited Order Types. The final settlement date for an AMW future 

is the Thursday immediately following the last day of the contract measurement period for the 

AMW future. If the final settlement date is an Exchange holiday, the final settlement date shall 

be the Business Day immediately following the holiday.

The trading days for AMW futures are any Business Days the Exchange is open for trading.

The trading hours for AMW futures are set forth in the charts below. The trading hours for 

AMW futures contracts during extended trading hours and regular trading hours shall constitute 

a single trading session for a Business Day. All times set forth in the charts below are in 

Chicago time.
29

Trading Week with No Exchange Holiday. Unless otherwise specified below in relation to 

Exchange holidays, the following schedule applies.

Type of Trading 

Hours

Monday – Friday

Extended 5:00 p.m. (previous day) to 8:30 a.m.

Regular 8:30 a.m. to 3:15 3:00 p.m.

Extended 3:30 3:00 p.m. to 4:00 p.m.

Domestic Holidays Always Observed on Mondays. The below schedule applies when the 

following domestic holidays are observed: Martin Luther King, Jr. Day, Presidents’ Day, 

Memorial Day and Labor Day.

Type of Trading Hours Monday Tuesday

Extended 5:00 p.m. (Sunday) to 10:30 a.m.* 5:00 p.m. (Monday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.

Thanksgiving. The below schedule applies when the Thanksgiving Day holiday is observed.

Type of Trading Hours Thanksgiving Friday

Extended 5:00 p.m. (Wednesday) to 10:30 a.m.* 5:00 p.m. (Thursday) to 8:30 a.m.

Regular None 8:30 a.m. to 12:15 p.m.

Floating Holidays and Good Friday. The below schedules apply when the following holidays 

are observed: New Year’s Day, Good Friday, Independence Day (July 4) and Christmas Day. 

If the holiday falls on a Saturday, the holiday will be observed on the previous day (Friday), 

except for New Year’s Day. If the holiday falls on a Sunday, the holiday will be observed on 

the next day (Monday). The holidays specified in the below charts refer to the day on which 

the Exchange observes the applicable holiday. The Exchange will typically close at 12:15 p.m.

on July 3 (the day before Independence Day) and December 24 (Christmas Eve). Holiday 

closures and shortened holiday trading hours will be announced by circular. 

If New Year’s Day or Christmas is on a Monday - Thursday:
30

Holiday Type of Trading 

Hours

Holiday Observed

(Monday - Thursday)

New Year’s Day and 

Christmas

Extended 5:00 p.m. (on holiday) to 8:30 a.m. (day after holiday) and

3:30 3:00 p.m. to 4:00 p.m. (day after holiday)

New Year’s Day and 

Christmas

Regular 8:30 a.m. to 3:15 3:00 p.m. (day after holiday)

If New Year’s Day or Christmas is on a Friday:

Holiday Type of Trading 

Hours

Holiday Observed

(Friday)

If New Year’s Day

or Christmas on Friday

Extended None

If New Year’s Day

or Christmas on Friday

Regular None

Good Friday:

One of the following two schedules will apply when Good Friday is observed. The Exchange 

shall designate for each year which of these alternative schedules will be utilized in connection 

with the observation of Good Friday during that year.

Good Friday Schedule Alternative 1:

Holiday Type of Trading Hours Friday

Good Friday Extended None

Good Friday Regular None

Good Friday Schedule Alternative 2:

Holiday

Type of 

Trading Hours Friday Monday

Good Friday Extended 5:00 p.m. (Thursday) to 

8:30 a.m.

5:00 p.m. (Sunday) to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.
31

Holiday

Type of 

Trading Hours Friday Monday

Good Friday Regular None 8:30 a.m. to 3:15 3:00 p.m.

Under the Good Friday Schedule Alternative 2, the Good Friday holiday trading session from 

5:00 p.m. on Thursday to 8:30 a.m. on Friday is part of the next Business Day on Monday. The 

Good Friday holiday trading session is not a separate Business Day. Trades in AMW futures 

made during the Good Friday holiday trading session are submitted for clearing for Monday. 

Since the time frames between the sessions of trading hours during this Business Day are a 

regular feature of this schedule, they are not considered the declaration of a trading halt by the 

Exchange.

As is the case with other holiday trading sessions, the applicable daily settlement price is the 

daily settlement price for the Business Day. Accordingly, in this case, the applicable daily 

settlement price is determined on Monday pursuant to Rule 2502(s).

As is also the case with other holiday trading sessions, Day Orders and Quotes entered during 

the Good Friday holiday trading session persist and remain executable during the trading hours 

on the remainder of the Business Day, unless they are executed or canceled. Accordingly, Day 

Orders and Quotes entered during the Good Friday holiday trading session persist and remain 

executable during the trading hours on the remainder of the same Business Day on the Sunday 

and Monday following the Good Friday holiday trading session, unless they are executed or 

canceled.

Independence Day:

* A holiday trading session includes extended trading hours on the calendar day of the holiday 

and any extended trading hours for the holiday on the previous calendar day. Holiday trading 

sessions are not separate Business Days and are part of the next Business Day. Trading in 

AMW futures is suspended between sessions of extended trading hours on the calendar day of 

a holiday. Since these suspension periods are a regular feature for certain holiday trading 

sessions in AMW futures, they shall not be considered the declaration of a trading halt by the 

Exchange. Trades in AMW futures made during a holiday trading session will be submitted 

for clearing for the next Business Day.

Market Orders for AMW futures contracts will not be accepted by the Exchange during regular 

Type of Trading Hours Holiday Observed Business Day After Holiday 

Observed

Extended 5:00 p.m. (day before holiday) to

10:30 a.m.* (on holiday)

5:00 p.m. (on holiday or on Sunday if 

holiday observed on Friday)

to 8:30 a.m.

and

3:30 3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:15 3:00 p.m.
32

or extended trading hours for the AMW futures contract. Any Market Orders for AMW futures 

contracts received by the Exchange will be automatically rejected or canceled back to the 

sender. 

(f) - (r) No changes.

(s) Daily Settlement Price. The daily settlement price for an AMW futures Contract is 

calculated in the following manner for each Business Day:

(i) The Daily Settlement Time for AMW futures is the point in time in 

relation to which the daily settlement price of an AMW futures Contract is calculated. 

The Daily Settlement Time for AMW futures is at the close of regular trading hours in 

AMW futures on a Business Day (except that the Daily Settlement Time for AMW

futures on a Business Day that ends at 12:15 p.m. Chicago time is at 12:00 p.m. 

Chicago time.) Accordingly, on a normal Business Day, the Daily Settlement Time 

for AMW futures is 3:00 p.m. Chicago time.

(iii) The daily settlement price for an AMW futures Contract is the average 

of the bid and the offer from the last best two-sided market in that AMW futures 

Contract during the applicable Business Day prior to the close of regular trading hours 

on that Business Day Daily Settlement Time which simultaneously includes both a 

pending bid with a non-zero value and a pending offer with a non-zero value. If a twosided market includes either no bid or no offer, the bid or offer would be considered to 

have a zero value and that two-sided market would not be used for this purpose.

(iiiii) If there is no two-sided market in the AMW futures Contract during 

the applicable Business Day prior to the close of regular trading hours on that Business 

Day Daily Settlement Time which simultaneously includes both a pending bid with a 

non-zero value and a pending offer with a non-zero value, the daily settlement price 

for the AMW futures Contract will be the daily settlement price of the AMW futures 

Contract with the nearest expiration date in calendar days to the expiration date of the 

AMW futures Contract for which the daily settlement price is being determined. If 

there is an AMW futures Contract with an earlier expiration date and an AMW futures 

Contract with a later expiration date that each meet this criterion, the daily settlement 

price of the AMW futures Contract with the earlier expiration date will be utilized.

(iiiiv) The daily settlement price may go out to four decimal places and may 

be a price that is not at a minimum increment for the AMW futures Contract.

(ivv) The Exchange may in its sole discretion establish a daily settlement 

price for an AMW futures Contract that it deems to be a fair and reasonable reflection 

of the market if:

(A) the Exchange determines in its sole discretion that the daily 

settlement price determined by the parameters set forth in paragraphs (s)(iii) -

(s)(iiiiv) above is not a fair and reasonable reflection of the market; or

(B) there is a trading halt in the AMW futures Contract or other 

unusual circumstance at the scheduled close of regular trading hours for the 

AMW futures Contract on the applicable Business Day or around the Daily 

Settlement Time.
33

(t) - (u) No changes.

* * * * *

Cboe Futures Exchange, LLC

Policies and Procedures Section of Rulebook

* * * * *

XIX. Submission Time Frames (Rule 402(c))

All times referenced in this Policy and Procedure are Chicago time.

A. Cboe Volatility Index (“VX”), Mini Cboe Volatility Index (“VXM”), Cboe Bitcoin (USD) 

(“XBT”) and AMERIBOR Futures Submission Time Frames

The time frames during which Trading Privilege Holders may submit Orders (including Cancel 

Orders and Cancel Replace/Modify Orders) to the CFE System for VX, VXM, XBT and AMERIBOR 

futures are set forth in the chart below.

Time Frame Period Type

What May be Submitted to 

CFE System

4:00 p.m.* to 5:00 p.m.

(Sunday)

Queuing Period Orders (except Market Orders, 

Immediate or Cancel Orders 

and Fill or Kill Orders)**

5:00 p.m. (previous day) to 

8:30 a.m. (Monday – Friday)

Extended Trading Hours Orders (except Market Orders)

Orders (except Market Orders) 

until 8:00 a.m. in expiring VX 

or VXM future on its final 

settlement date

8:30 a.m. to 3:15 3:00 p.m. 

(Monday – Friday)

Regular Trading Hours Orders (except Market Orders 

in XBT and AMERIBOR 

futures)

Orders (except Market Orders) 

until 2:45 p.m. in expiring XBT 

future on its final settlement 

date

3:15 p.m. to 3:30 p.m. 

(Monday – Friday)

Queuing Period Orders (except Market Orders, 

Immediate or Cancel Orders 
34

and Fill or Kill Orders)**

3:30 3:00 p.m. to 4:00 p.m. 

(Monday – Friday)

Extended Trading Hours Orders (except Market Orders)

4:00 p.m. to 4:45 p.m. 

(Monday – Thursday)

Suspended Nothing (except Cancel Orders 

after CFE System restart)

4:45 p.m.* to 5:00 p.m.

(Monday – Thursday)

Queuing Period Orders (except Market Orders, 

Immediate or Cancel Orders 

and Fill or Kill Orders)**

4:00 p.m. (Friday) to 4:00 p.m. 

(Sunday)

Suspended Nothing (except Cancel Orders 

after CFE System restart)

5:00 p.m. (previous day) to

3:00 p.m. (Monday – Friday)

(Solely for Trade at Settlement 

(“TAS”) transactions in VX 

and VXM futures)

Extended and Regular 

Trading Hours for all types of 

TAS transactions in VX and 

VXM futures

TAS Orders are accepted until 

3:00 p.m. 

No TAS Orders are accepted 

from 3:00 p.m. to 4:45 p.m. 

(Monday – Thursday)

No TAS Orders are accepted 

from 3:00 p.m. to 4:00 p.m.

(Friday)

TAS Orders are accepted from 

4:00 p.m.*** to 5:00 p.m. 

during Queuing Period 

(Sunday) and from

4:45 p.m.*** to 5:00 p.m. 

during Queuing Period 

(Monday – Thursday)**

Whenever VX, VXM, XBT or 

AMERIBOR futures are in a 

queuing period

Queuing Period Orders (except Market Orders, 

Immediate or Cancel Orders 

and Fill or Kill Orders)**

Whenever trading in VX, 

VXM, XBT or AMERIBOR

futures is halted

Halted Nothing (except

Cancel Orders)
35

Whenever trading in VX, 

VXM, XBT or AMERIBOR 

futures is suspended

Suspended Nothing (except Cancel Orders 

after CFE System restart)

*The A queuing period at the beginning of a Business Day for VX, VXM, XBT and AMERIBOR nonTAS single leg Contract expirations and non-TAS spreads at the beginning of a Business Day or that 

otherwise follows immediately after the CFE System is in a suspended state for that product commences 

at the referenced start time for the queuing period plus a randomized time period from zero to three to 

six seconds.

**Orders permitted to be submitted to the CFE System during these times are not executable until 

extended or regular trading hours next commence or open trading resumes following a trading halt or 

suspension.

***The A queuing period at the beginning of a Business Day for any VX, and VXM, XBT and 

AMERIBOR TAS single leg Contract expirations and TAS spreads at the beginning of a Business Day 

or that otherwise follows immediately after the CFE System is in a suspended state for that product

commences at the referenced start time for the queuing period plus a randomized time period from zero 

to three to six seconds.

B. Submission Time Frames for All Exchange Contracts Other Than VX, VXM, XBT and 

AMERIBOR Futures

The queuing period for non-TAS TAS single leg Contract expirations and non-TAS TAS

spreads in Exchange Contracts other than VX, and VXM, XBT and AMERIBOR futures commences 

for each Business Day at 5:00 p.m. on the previous calendar day plus a randomized time period from 

zero to three seconds. The queuing period for any TAS non-TAS single leg Contract expirations and 

TAS non-TAS spreads in Exchange Contracts other than VX, VXM, XBT and AMERIBOR futures 

commences for each Business Day at 5:00 p.m. on the previous calendar day plus a randomized time 

period from three to six seconds.

A queuing period for TAS single leg Contract expirations and TAS spreads in Exchange 

Contracts other than VX and VXM futures that follows immediately after the CFE System is in a 

suspended state for that product other than at the beginning of a Business Day commences at the 

referenced start time for the queuing period plus a randomized time period from zero to three seconds. 

A queuing period for non-TAS single leg Contract expirations and non-TAS spreads in Exchange 

Contracts other than VX, VXM and AMERIBOR futures that follows immediately after the CFE 

System is in a suspended state for that product other than at the beginning of a Business Day commences 

at the referenced start time for the queuing period plus a randomized time period from three to six

seconds.

The CFE System accepts Orders (including Cancel Orders and Cancel Replace/Modify Orders)

for Exchange Contracts other than VX, VXM, XBT and AMERIBOR futures during the queuing period 

(except for Market Orders, Immediate or Cancel Orders and Fill or Kill Orders). Orders permitted to 

be submitted to the CFE System during the queuing period are not executable until trading hours next 

commence.

The trading hours for Exchange Contracts other than VX, VXM, XBT and AMEIRBOR futures 

are set forth in the rules governing the applicable Contract. The CFE System accepts Orders (including 
36

Cancel Orders and Cancel Replace/Modify Orders) for Exchange Contracts other than VX, VXM, XBT

and AMERIBOR futures during the respective trading hours for these Contracts (except to the extent

set forth in the rules governing the applicable Contract).

C. - F. No changes.