Trade Desk Updates
Citadel Securities LLC Appointed DPM in Classes to Which Morgan Stanley and Co. LLC Was Previously Appointed DPM
Pursuant to Exchange Rule 3.53(f), on July 2, 2025, the Exchange appointed Citadel Securities, LLC (Citadel), on an interim basis, to act as the Off-Floor DPM in all of the classes to which Morgan Stanley and Co. LLC (Morgan Stanley) had previously been appointed as Off-Floor DPM (see the Interim DPM Appointment of Citadel Securities, LLC notice).
Update - Cboe Introduces New Timestamping Report
Effective today, August 25, 2025, all Cboe-affiliated U.S. Equities and Options Exchanges will introduce a new All Cancels Timestamping Report, subject to regulatory review.
Cboe EDGX Options Exchange Inside Switch Upgrade
Effective August 25, 2025, Cboe EDGX Options Exchange (EDGX) will perform a migration of inside network switches that are nearing end-of-life to a newer model.
Reminder - Cboe Options to List P.M-Settled S&P 500 Equal Weight Index Options
Effective trade date August 25, 2025, Cboe Options Exchange (C1) will begin listing P.M.-settled, cash-settled options on the S&P 500 Equal Weight Index.
Cboe Equities and Options Exchanges Will Perform NY4, NY5, and NY6 1G Switch Replacements
Effective per the schedule below, all Cboe-affiliated U.S. Equities Exchanges and BZX Options (BZX), C2 Options (C2), and EDGX Options (EDGX) Exchanges will perform switch hardware upgrades in their certification and production environments. In preparation for this switch migration, Cboe NOC will not accept new cross connects or interface configuration changes in the certification or production environments for these exchanges during the week before each group of switch replacements.
Cboe Introduces New Timestamping Report
Effective August 25, 2025, all Cboe-affiliated U.S. Equities and Options Exchanges will introduce a new All Cancels Timestamping Report, subject to regulatory review.
Cboe Options Exchange and EDGX Options Exchange Reviews of DPM Performance
Pursuant to Cboe Options Exchange (C1) Rule 3.53(j) and Cboe EDGX Options Exchange (EDGX and, collectively with C1, referred to as the Exchange(s)) Rule 22.2(i), each Exchange may periodically conduct reviews of the operations and performance periodically of each Designated Primary Market Maker Program (DPM) with respect to their allocations on the Exchange and may conduct additional reviews at any other time it deems necessary. The Exchange intends to conduct one of these reviews of DPM performance during the three-month time period beginning September 1, 2025.
Cboe Holiday Reminder – Modified Trading Hours on Monday, September 1, 2025
The table below outlines the modified trading schedules for the Cboe Options Exchanges (Cboe Options (C1), C2, BZX, and EDGX Options) and the Cboe U.S. Equities Exchanges (BYX, BZX, EDGA, and EDGX Equities) in observance of Labor Day.
Update - Cboe Options Exchange Introduces Complex Quoting on BOE Bulk Quoting Ports
Effective trade date September 15, 2025, August 18, 2025, Cboe Options Exchange (C1) will introduce Complex Quoting on BOE Bulk Quoting ports for select Exchange Designated Complex Options, subject to regulatory review.
Reminder - Cboe Options 2025 Mandatory Weekend Virtual Trading Floor Production Testing
The Cboe Options Virtual Trading Floor (VTF) application may be utilized if the Cboe Options Trading Floor becomes inoperable for an extended period. Mandatory VTF production testing will take place on Saturday, November 8, 2025, from 7:30 a.m. to 9:30 a.m. CT for Floor Trading Permit Holder (TPH) firms with a presence in the SPX, VIX, RUT, or Multi-List trading crowds. Participating TPHs must join from their off-site locations and not from the Cboe Trading Floor. Please click title for complete details.
Reminder - Cboe Options Exchanges Add Nanosecond Transaction Time Resolution to Market Data and Order Entry
Effective September 8, 2025, all Cboe-affiliated U.S. Options Exchanges will update the DateTime and Time Offset data types to provide nanosecond precision transaction time in the market data feeds listed below.
Reminder - Cboe Options Announces Forced Opening Mechanism for Proprietary Classes in Wide Markets
Effective trade date August 11, 2025, subject to regulatory review, all Cboe-affiliated U.S. Options Exchanges will modify the opening mechanism for proprietary classes, excluding the VSA constituent series, to include a force open timer.
Final Reminder - Cboe VPN Firewall Migration - Action Required
Effective immediately, Cboe Network Engineering and Network Security are migrating all existing IPSec tunnels to new infrastructure service platforms.
Update - Cboe Options Exchange MSCI ACWI LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for MSCI ACWI options (Symbol: MXACW) for the purposes of the MSCI ACWI LMM Incentive Program (“Program”), subject to regulatory review.
Update - Cboe Options Exchange MSCI World LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for MSCI World options (Symbol: MXWLD) for the purposes of the MSCI World LMM Incentive Program (“Program”), subject to regulatory review.
Update - Cboe Options Exchange MXUSA LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for MSCI USA options (Symbol: MXUSA) for the purposes of the MXUSA LMM Incentive Program (“Program”), subject to regulatory review.
New OCC Clearing Number 577
Please be advised that TD Securities (USA) LLC, OCC Clearing #577, has recently become a valid Clearing Number for trade executions on the EDGX Options (EDGX) Exchange.
Cboe Options to List P.M-Settled S&P 500 Equal Weight Index Options
Effective trade date August 25, 2025, Cboe Options Exchange (C1) will begin listing P.M.-settled, cash-settled options on the S&P 500 Equal Weight Index.
Cboe BZX Options Introduces Complex Orders
Effective October 13, 2025, subject to regulatory review, Cboe BZX Options Exchange (BZX) will introduce complex orders. Please see below for further details.
Restricted Clearing TPH/Member OCC Number 352 on Cboe, C2, BZX, and EDGX Options Exchanges
Pursuant to Cboe Options ("Cboe Options" or the "Exchange") Rule 5.10, C2 Options ("C2 Options" or the "Exchange") Rule 5.10, EDGX Options ("EDGX Options" or the "Exchange") Rule 21.12, and BZX Options ("BZX Options" or the "Exchange") Rule 21.12, Clearing Trading Permit Holders/Members ("Clearing Firms") may request the Exchange restrict their OCC clearing number(s) from being used for give-up purposes by other TPH/Members by "Opting In" to the list of restricted give-up firms on the Exchange.
Cboe Timestamping Service Enhancements
Effective July 25, 2025, all Cboe-affiliated U.S. Equities and Options Exchanges will introduce several enhancements to the Cboe Timestamping Service, including Sponsored Access availability (subject to regulatory review), updates to the Missed Liquidity Report, and the addition of ME NIC Time for an aggressor to all reports.
Cboe Options Updates Quoted Spread Book Box Strikes
Effective July 28, 2025, Cboe Options Exchange (C1) will update exchange designated spreads comprising Quoted Spread Book Box Spreads and Box Swaps from 4000 and 5000 strikes to 5000 and 6000 strikes.
Cboe Options Exchange GTH VIX/VIXW LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Global Trading Hours (GTH) session for VIX options (including VIX weekly options (VIXW)) for the purposes of the GTH VIX/VIXW LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange SPESG RTH LMM Solicitation
Cboe Options (the “Exchange”) will accept applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for SPESG options (Symbol: SPESG) for the purposes of the SPESG LMM Incentive Program (“Program”).
Cboe Options Exchange RTH XSP LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Mini-SPX Index options (Symbol: XSP) for the purposes of the RTH XSP LMM Incentive Program (“Program”).
Cboe Options Exchange MXEA - MXEF LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for MXEA and MXEF options for the purposes of the MSCI LMM Incentive Program (“Program”).
Cboe Options Exchange RTH MBTX (MBTXW) LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Cboe Bitcoin U.S. ETF Index Options (Symbol: MBTX/MBTXW) for the purposes of the RTH MBTX/MBTXW LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange GTH2 XSP LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Global Trading Hours 2 (GTH2) session for XSP options for the purposes of the GTH2 XSP LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange RTH CBTX(CBTXW) LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Cboe Bitcoin U.S. ETF Index Options (Symbol: CBTX/CBTXW) for the purposes of the RTH CBTX/CBTXW LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange GTH2 SPX/SPXW LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Global Trading Hours 2 (GTH2) session from 3:00 a.m. to 9:25 a.m. ET (GTH2) for SPX options (including SPX weekly options (SPXW)) for the purposes of the GTH2 SPX/SPXW LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange MSCI World LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for MSCI World options (Symbol: MXWLD) for the purposes of the MSCI World LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange GTH1 XSP LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Global Trading Hours 1 (GTH1) session for XSP options for the purposes of the GTH1 XSP LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange MSCI ACWI LMM Solicitation
boe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for MSCI ACWI options (Symbol: MXACW) for the purposes of the MSCI ACWI LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange GTH1 SPX/SPXW LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Global Trading Hours 1 (GTH1) session for SPX options (including SPX weekly options (SPXW)) for the purposes of the GTH1 SPX/SPXW LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange SPEQX RTH LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Cboe S&P 500 Equal Weight Index Options (Symbol: SPEQX) for the purposes of the SPEQX RTH LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange MRUT LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Mini-Russell 2000 Index options for purposes of the RTH MRUT LMM Incentive Program (“Program”).
Cboe Options Exchange MXUSA LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for MSCI USA options (Symbol: MXUSA) for the purposes of the MXUSA LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange Nanos LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will accept applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Nanos S&P 500 Index Options for the purposes of the Nanos S&P 500 Index Options LMM Incentive Program (“Program”).
Cboe Options Exchange Updates AM-Settled Index Options Closing Time
Effective September 2025, subject to regulatory review of related updates to the Options Disclosure Document (ODD), Cboe Options Exchange (C1) plans to change the time at which certain expiring AM-settled index options cease trading.
New OCC Clearing Number 577
Please be advised that TD Securities (USA) LLC, OCC Clearing #577, has recently become a valid Clearing Number for trade executions on the BZX Options (BZX) Exchange.
Cboe Options Announces Forced Opening Mechanism for Proprietary Classes in Wide Markets
Effective trade date August 11, 2025, subject to regulatory review, all Cboe-affiliated U.S. Options Exchanges will modify the opening mechanism for proprietary classes, excluding the VSA constituent series, to include a force open timer.
New OCC Clearing Number 234
Please be advised that ABN AMRO Clearing USA LLC, OCC Clearing #234, has recently become a valid Clearing Number for trade executions on BZX Options (BZX), Cboe Options (C1), C2 Options (C2), and EDGX Options (EDGX) Exchanges.
Cboe Options Exchanges Add Nanosecond Transaction Time Resolution to Market Data and Order Entry
Effective September 8, 2025, all Cboe-affiliated U.S. Options Exchanges will update the DateTime and Time Offset data types to provide nanosecond precision transaction time in the market data feeds listed below.
Reminder - Cboe VPN Firewall Migration - Action Required
Effective immediately, Cboe Network Engineering and Network Security are migrating all existing IPSec tunnels to new infrastructure service platforms. Please contact the Cboe NOC to schedule the migration of your current VPN tunnel if it is configured to connect to one of the following public IP addresses.
Morgan Stanley & Co., LLC EDGX Options DPM Appointment Termination
Morgan Stanley & Co., LLC (“Morgan Stanley”) has terminated as a DPM on EDGX Options in all appointed classes. As a result of this DPM termination by the firm, the Exchange has re-allocated all Morgan Stanley DPM appointments to Citadel Securities LLC (Citadel) as of the close of business July 1, 2025 and effective for trade date July 2, 2025.
Cboe Options Exchange Introduces Complex Quoting on BOE Bulk Quoting Ports
Effective trade date August 18, 2025, Cboe Options Exchange (C1) will introduce Complex Quoting on BOE Bulk Quoting ports for select Exchange Designated Complex Options, subject to regulatory review.
Interim DPM Appointment of Citadel Securities LLC
The Exchange has allocated on interim basis, pursuant to Exchange Rule 3.53(f), to Citadel Securities LLC (“Citadel”) the option classes to which Morgan Stanley & Co., LLC (“Morgan Stanley”) was the appointed the DPM as of July 1, 2025 (the “MS DPM classes”).
DPM Appointment Transfer Proposal Approval Between Morgan Stanley & Co. LLC and Citadel Securities LLC
This notice is given in accordance with the procedures utilized by the Exchange under Cboe Rule 3.53 and in considering DPM appointment transfer proposals. Under Cboe Rule 3.53, the Exchange posts notice of any proposal by a DPM involving greater than a nominal transfer of interest in a DPM appointment. During the posting period, TPHs may submit to the Exchange any written comments and/or written alternative proposals.
Reminder - Cboe Options Allows FLEX and Non-FLEX Instruments on Complex FLEX Orders
Effective trade date June 23, 2025, Cboe Options Exchange (C1) will allow a new type of complex FLEX order which may include a combination of FLEX Option series and non-FLEX Option series on the same underlying security or index.
Cboe Options Exchange Frequent Trader Program to Allow Volume Aggregation
Effective trade date July 1, 2025, subject to regulatory review, Cboe Options Exchange (C1) will modify the Frequent Trader Program (the "Program") to allow grouping of Frequent Trader IDs (FTIDs) as detailed below.
Cboe Global Indices Feed Update
The following index closing values were not correctly disseminated over the Cboe Global Indices Feed. Please click title for complete details.
Cboe VPN Firewall Migration - Action Required
Effective immediately, Cboe Network Engineering and Network Security are migrating all existing IPSec tunnels to new infrastructure service platforms.
Update - Cboe Options Exchange Offers New Order Handler Cabinet
Effective trade date June 2, 2025, Cboe Options Exchange (C1) will be adding a new Order Handler cabinet. Cboe will not be performing a rebalance of existing logical ports when the new cabinet is added.
Cboe Options Exchanges Update Maximum Price Check Buffer Amount
Effective June 2, 2025, on Cboe Options (C1), Cboe C2 Options (C2), and EDGX Options (EDGX) Exchanges, Cboe will update the maximum price check buffer amount to zero for Vertical, Butterfly, and Box spreads.
Update - Reminder - Cboe Options 2025 Mandatory Weekend Virtual Trading Floor Production Testing
Mandatory VTF production testing will take place on Saturday, November 8, 2025, from 7:30 a.m. to 9:30 a.m. CT for Floor Trading Permit Holder (TPH) firms with a presence in any trading crowd. Participating TPHs must join from their off-site locations and not from the Cboe Trading Floor. Please click title for complete details.
Reminder - Cboe Options 2025 Mandatory Weekend Virtual Trading Floor Production Testing
Mandatory VTF production testing will take place on Saturday, November 8, 2025, from 7:30 a.m. to 9:30 a.m. CT for Floor Trading Permit Holder (TPH) firms with a presence in the SPX, VIX, RUT, or Multi-List trading crowds. Participating TPHs must join from their off-site locations and not from the Cboe Trading Floor. Please click the title for more information.
Update - Cboe Options Allows FLEX and Non-FLEX Instruments on Complex FLEX Orders
Effective trade date June 23, 2025, Cboe Options Exchange (C1) will allow a new type of complex FLEX order which may include a combination of FLEX Option series and non-FLEX Option series on the same underlying security or index. Complex FLEX orders may optionally include an underlying equity leg component.
Cboe Options Exchange Offers New Order Handler Cabinet
Effective trade date June 2, 2025, Cboe Options Exchange (C1) will be adding a new Order Handler cabinet. Cboe will not be performing a rebalance of existing logical ports when the new cabinet is added.
Cboe Trading Floor Power Maintenance – Saturday, May 17, 2025
On Saturday, May 17, 2025, the Facilities Department will conduct maintenance on the electrical infrastructure on the Cboe Trading Floor at 141 Jackson. The electrical design allows each power source to be shut down individually without disrupting the network. Please click title for complete details.
Cboe Options Updates SPX/SPXW Auction Response Intervals
Effective May 12, 2025, Cboe Options Exchange (C1) will update the SPX/SPXW response time interval for Complex Order Auctions (COA) and Simple and Complex Automated Improvement Mechanism Auctions (AIM/C-AIM) from 500ms to 100ms.
Update - Cboe Options Exchanges Limit IOC Quotes per Quote Update Message
Effective April 25, 2025, on EDGX Options (EDGX) Exchange and effective April 28, 2025, on BZX Options (BZX), Cboe Options (C1), and Cboe C2 Options (C2) Exchanges, Cboe will limit the number of IOC quotes per Quote Update message to one.
Cboe Options Allows FLEX and Non-FLEX Instruments on Complex FLEX Orders
Effective trade date June 23, 2025, Cboe Options Exchange (C1) will allow a new type of complex FLEX order which may include a combination of FLEX Option series and non-FLEX Option series on the same underlying security or index.
Quarterly Rebalance of Option Class Tiers Reminder – 1st Quarter 2025
Pursuant to Cboe Options Rule 5.50(g)(1) and EDGX Options Fees Schedule, each exchange rebalances the option class appointment unit tiers, excluding the "AA" tier, every calendar quarter based on national average daily volume (ADV), which may result in additions or deletions to each tier's composition.
Cboe BZX Options Technology Refresh
Cboe BZX Options Exchange (BZX) will be performing a hardware refresh on its FIX and BOEv3 Convenience order handler systems to be effective for April 28, 2025. No action is required by customers in association with these changes.
Cboe Options Reduces SPX Intraday Initial Minimum Quote Size Requirements for Electronic Bids and Offers
Effective trade date April 28, 2025, Cboe Options Exchange (C1) will change the minimum quote size requirement for appointed Market Makers in symbol SPX. The new minimum size requirement will apply during the Regular Trading Hours (RTH) session.
Cboe Options Exchanges Limit IOC Quotes per Quote Update Message
Effective April 25, 2025, on EDGX Options (EDGX) Exchange and effective April 28, 2025, on BZX Options (BZX), Cboe Options (C1), and Cboe C2 Options (C2) Exchanges, Cboe will limit the number of IOC quotes per Quote Update message to one.
Update - Cboe Options to List S&P 500 Equal Weight Index Options
Cboe is pleased to announce that effective trade date April 14, 2025, Cboe Options Exchange (C1) will begin listing cash-settled options on the S&P 500 Equal Weight Index.
Cboe Options Exchange SPEQX RTH LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Cboe S&P 500 Equal Weight Index Options (Symbol: SPEQX) for the purposes of the SPEQX RTH LMM Incentive Program (“Program”), subject to regulatory review.
Schedule Update - Cboe Options Introduces Wide Market Protection
The effective dates have been postponed until a future date. The new effective date(s) and any additional changes will be communicated in an upcoming notice.
Cboe Options to List S&P 500 Equal Weight Index Options
Cboe is pleased to announce that effective trade date April 14, 2025, Cboe Options Exchange (C1) will begin listing cash-settled options on the S&P 500 Equal Weight Index.
Cboe Options Scheduled Matching Engine Hardware Upgrade
Effective April 6, 2025 and April 13, 2025, Cboe Options Exchange (C1) will perform a migration of Matching Engine processes to newer hardware.
Final Reminder - Cboe Options Updates Unit Symbol Distribution
Effective trade date March 31, 2025, all Cboe-affiliated U.S. Options Exchanges will rebalance the symbol ranges for Matching Units 1-30. Please refer to the technical specifications listed below for the new symbol range distributions.
Cboe BZX Options Scheduled Matching Engine Hardware Upgrade
From April 4, 2025 through April 11, 2025, Cboe BZX Options Exchange (BZX) will perform a phased migration of Matching Engine processes to newer hardware.
Reminder - Cboe BZX Options Sunsets BOE Version 2
As previously announced, effective March 24, 2025, Cboe BZX Options Exchange (BZX) will decommission Version 2 of the Binary Order Entry (BOE) protocol (BOEv2). Cboe Options, C2 Options, and EDGX Options Exchanges will not be impacted.
Cboe Options Introduces Wide Market Protection
Effective April 3, 2025 on EDGX Options Exchange (EDGX), and effective April 7, 2025 on Cboe Options (C1), Cboe C2 Options (C2), and BZX Options (BZX) Exchanges, subject to regulatory review, Cboe will introduce wide market protection (WMP) functionality to reduce the risk of orders executing at adverse prices.
New OCC Clearing Number 132
Please be advised that Clear Street LLC, OCC Clearing #132 has recently become a valid Clearing Number for trade executions on Cboe Options (C1) and Cboe C2 Options (C2) Exchanges.
Cboe Options Changes to Preferred Market Maker Allocation Entitlement
Currently, Cboe Options (C1) and EDGX Options (EDGX) Exchanges allow simple and complex orders in designated classes to be marked with a Preferred Market Maker (PMM), with simple and complex orders executed against the book while the PMM is at the top of market resulting in an allocation entitlement being applied to the PMM. Effective trade date March 24, 2025, subject to regulatory review, the C1 and EDGX allocation entitlement will be changed as described below.
Cboe Options Updates SPX/SPXW Auction Response Time Interval to 500ms
Effective February 28, 2025, Cboe Options Exchange (C1) will update the SPX/SPXW response time interval for Complex Order Auctions (COA) and Simple and Complex Automated Improvement Mechanism Auctions (AIM/C-AIM) from 250ms to 500ms. Cboe may adjust this interval at any time with notice to customers.
Cboe Options Market Data Technology Refresh
Cboe Options Exchange (C1) will be performing a technology refresh on its market data dissemination systems between March 10, 2025, and March 17, 2025.
Cboe C2 Options Scheduled Matching Engine Hardware Upgrade
From March 6, 2025, through March 13, 2025, Cboe C2 Options Exchange (C2) will perform a phased migration of Matching Engine processes to newer hardware.
Reminder - Cboe Options Updates Unit Symbol Distribution
Effective trade date March 31, 2025, all Cboe-affiliated U.S. Options Exchanges will rebalance the symbol ranges for Matching Units 1-30. Please refer to the technical specifications listed below for the new symbol range distributions.
Schedule Update - Cboe BZX Options Sunsets BOE Version 2
As previously announced and effective March 24, 2025, Cboe BZX Options Exchange (BZX) will decommission Version 2 of the Binary Order Entry (BOE) protocol (BOEv2).
Consultation Regarding Potential Changes to Weighting Rules and Spin-Off Treatment to the Cboe Bitcoin U.S. ETF Index Methodology
Cboe Global Indices, LLC (“CGI”) is conducting a consultation with members of the financial community regarding potential changes to the Cboe Bitcoin U.S. ETF Index (“the Index”). Please click title for complete details.
Modifications to the Strike Selection in Volatility Index Calculations
Cboe Global Indices, LLC (“CGI”) is announcing a change to the strike selection criteria in Volatility Index Calculations. Please click title for complete details.
New OCC Clearing Numbers 836 and 899
Please be advised that Clear Street LLC, OCC Clearing #836 and #899 have recently become valid Clearing Numbers for trade executions on Cboe Options Exchange (C1).
Cboe Options to Offer AIM Auto-Match Starting Price Adjust Opt-Out
Effective February 10, 2025, Cboe EDGX Options (EDGX) and Cboe Options (C1) Exchanges will update simple and complex AIM Auto-Match Price order handling, allowing customers to opt-out of the AIM Auto-Match starting price adjust functionality, previously announced here. As part of this update, two new values will be added to AutoMatch (FIX Tag 9040), as outlined below.
Update - Cboe Options Introduces New Cboe Timestamping Service
Effective immediately, all Cboe-affiliated U.S. Options Exchanges are introducing the new Cboe Timestamping Service to provide market participants with additional quote, order and cancel related timestamp information, subject to regulatory review.
Cboe Options Introduces New Cboe Timestamping Service
Effective trade date January 27, 2025, all Cboe-affiliated U.S. Options Exchanges are introducing the new Cboe Timestamping Service to provide market participants with additional quote, order and cancel related timestamp information, subject to regulatory review.
Cboe BZX Options Increases Unitized Logical Port Maximum, Effective February 3, 2025
Effective February 3, 2025, BZX Options (BZX) will increase the Unitized Logical Port maximum from 20 to 30 in support of the new BOEv3 unitized architecture previously announced, subject to regulatory review.
Cboe EDGX Options Scheduled Matching Engine Hardware Upgrade
From January 31, 2025 through February 14, 2025, Cboe EDGX Options Exchange (EDGX) will perform a phased migration of Matching Engine processes to newer hardware.
Quarterly Rebalance of Option Class Tiers Reminder – 4th Quarter 2024
Pursuant to Cboe Options Rule 5.50(g)(1) and EDGX Options Fees Schedule, each exchange rebalances the option class appointment unit tiers, excluding the "AA" tier, every calendar quarter based on national average daily volume (ADV), which may result in additions or deletions to each tier's composition.
Cboe Unveils New Brand for Exchange Technology Platform, Marking New Chapter in Technology Innovation and Growth
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today unveiled a new brand identity for its exchange technology platform, signaling an exciting new chapter in Cboe’s ongoing evolution and deepening commitment to delivering best-in-class trading technology and innovation for market participants around the globe.
Cboe Options Exchange RTH MBTX (MBTXW) LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Cboe Bitcoin U.S. ETF Index Options (Symbol: MBTX/MBTXW) for the purposes of the RTH MBTX/MBTXW LMM Incentive Program (“Program”), subject to regulatory review. Interested parties must submit application materials to become a RTH MBTX/MBTXW LMM no later than 4:00 p.m. ET on Wednesday, January 15, 2025, to Cboe Membership Services.
Cboe Options Exchange SPESG RTH LMM Solicitation
Cboe Options (the “Exchange”) will accept applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for SPESG options (Symbol: SPESG) for the purposes of the SPESG LMM Incentive Program (“Program”), subject to regulatory review. Interested parties must submit application materials to become the SPESG RTH LMM no later than 4:00 p.m. ET on Wednesday, January 15, 2025, to Cboe Membership Services.
Cboe Options Exchange GTH2 XSP LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Global Trading Hours 2 (GTH2) session for XSP options for the purposes of the GTH2 XSP LMM Incentive Program (“Program”), subject to regulatory review. As part of the Exchange’s 24x5 trading model, the GTH2 session begins at 3:00 a.m. ET and ends at 9:25 a.m. ET. Interested parties must submit application materials to become a GTH2 XSP LMM no later than 4:00 p.m. ET on Wednesday, January 15, 2025, to Cboe Membership Services.
Cboe Options Exchange GTH1 XSP LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Global Trading Hours 1 (GTH1) session for XSP options for the purposes of the GTH1 XSP LMM Incentive Program (“Program”), subject to regulatory review. As part of the Exchange’s 24x5 trading model, the GTH1 session begins at 8:15 p.m. ET and ends at 3:00 a.m. ET. Interested parties must submit application materials to become a GTH1 XSP LMM no later than 4:00 p.m. ET on Wednesday, January 15, 2025, to Cboe Membership Services.
Cboe Options Exchange RTH CBTX(CBTXW) LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Cboe Bitcoin U.S. ETF Index Options (Symbol: CBTX/CBTXW) for the purposes of the RTH CBTX/CBTXW LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange MXEA - MXEF LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for MXEA and MXEF options for the purposes of the MSCI LMM Incentive Program (“Program”).
Cboe Options Exchange MRUT LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Mini-Russell 2000 Index options for purposes of the RTH MRUT LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange GTH2 SPX/SPXW LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Global Trading Hours 2 (GTH2) session from 3:00 a.m. to 9:25 a.m. ET (GTH2) for SPX options (including SPX weekly options (SPXW)) for the purposes of the GTH2 SPX/SPXW LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange GTH1 SPX/SPXW LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Global Trading Hours 1 (GTH1) session for SPX options (including SPX weekly options (SPXW)) for the purposes of the GTH1 SPX/SPXW LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange MSCI ACWI LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for MSCI ACWI options (Symbol: MXACW) for the purposes of the MSCI ACWI LMM Incentive Program (“Program”). Interested parties must submit application materials to become a MSCI ACWI RTH LMM no later than 4:00 p.m. ET on Wednesday, January 15, 2025, to Cboe Membership Services.
Cboe Options Exchange GTH VIX/VIXW LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Global Trading Hours (GTH) session for VIX options (including VIX weekly options (VIXW)) for the purposes of the GTH VIX/VIXW LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange RTH XSP LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Mini-SPX Index options (Symbol: XSP) for the purposes of the RTH XSP LMM Incentive Program (“Program”), subject to regulatory review.
Cboe Options Exchange MSCI World LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for MSCI World options (Symbol: MXWLD) for the purposes of the MSCI World LMM Incentive Program (“Program”).
Cboe Options Exchange MXUSA LMM Solicitation
Cboe Options (the “Exchange”) will be accepting applications from interested Trading Permit Holders (TPHs) for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for MSCI USA options (Symbol: MXUSA) for the purposes of the MXUSA LMM Incentive Program (“Program”).
Cboe Options Exchange Nanos LMM Incentive Program Solicitation
Cboe Options (the “Exchange”) will accept applications from interested Trading Permit Holders for the Lead Market-Maker (LMM) role in the Regular Trading Hours (RTH) session for Nanos S&P 500 Index Options for the purposes of the Nanos S&P 500 Index Options LMM Incentive Program (“Program”).