Introduction

This specification is the standard Multicast TOP specification for Options to be used for the Cboe Futures Exchange (CFE) platform.

CFE participants may use the CFE Options Multicast TOP protocol to receive real-time top of book quotations direct from CFE. Market data received through Multicast TOP is less timely than receiving the same data from the CFE Options Multicast PITCH Depth of Book feed. The TOP protocol offers approximately 66% reduction in the number of events and 66% reduction in the number of bytes of application data sent, compared to the CFE Options Multicast PITCH protocol.

The quotations received via Multicast TOP provide an aggregated size and do not indicate the size or number of individual orders at the best bid or ask. The Multicast TOP protocol also provides last trade price and size and cumulative volume data.

Complete depth of book market data can be received via the CFE Options Multicast PITCH protocol.

TOP cannot be used to enter orders. For order entry, refer to the appropriate CFE FIX or BOE Specification.

All versions of the Multicast TOP feed are WAN-shaped (maximum 100 Mb/s) and are available from one or both of CFE's datacenters. Participants may choose to take one or more of the following Multicast TOP feeds depending on their location and connectivity to CFE.