CBOE to extend trading hours to near 24hrs; Massive sell offs in crypto markets; US passes bill for Crypto assets task force;
CBOE to extend trading hours to near 24hrs
CBOE announced that they plan to extend the trading hours of options markets to nearly 24hrs per day. The exchange believes that this would attract more traders on to S&P500 and VIX based options. CBOE currently has two main trading sessions, GTH – Global Trading Hours, run from 3:00 AM to 9:15 AM ET. The regular market session starts at 9:30 AM and run until 4:15 PM ET. In the planned extension, GTH will run from previous day 8:15 PM ET till 9:15 AM. A new session for an additional 30 mins will be introduced after the closing of regular trading as well.
CBOE plans to introduce the extensions by Q4, 2021.
Massive sell offs in crypto markets
Crypto markets saw a turbulent week during the week ended on 23rd April. Bitcoin fell over 16% to end the week at 50880 USD while ETH fell also fell 16% and closed the week at nearly 5% down. It’s estimated that nearly 300B USD worth of Bitcoin, Ethereum and Ripple were sold off this week.
US passes bill for Crypto assets task force
Biden government passed a bill to “Eliminate Barriers to Innovation” on 20th April. If passed by the Senate, the bill will become a law. Republican leader McHenry addressed the matter stating that there needs to be more cohesiveness between the SEC and CFTC on whether cryptos are securities or commodities. He noted that “American citizens are missing out on innovation and the upside of those innovations…This one of the few pieces of tech in the last 100 years that the U.S. has not been the drivers of…”
The Democrat leader who co-sponsored the bill, Lynch stated that “Digital assets have the potential to improving make transactions more efficient, improve the raising of capital for small businesses, and increase inclusion in the financial system.”
