Mutual Adjust/Bust Overview (Effective 09/28/26)
The Mutual Adjust/Bust tool is used to request a voluntary adjustment or a voluntary bust for a Cboe options trade. Members can use the self-service Mutual Adjust/Bust tool in the Customer Web Portal to electronically submit, manage, and approve mutual adjust and bust requests for eligible electronic executions without the need to submit a request to the Cboe Trade Desk.
The tool provides two views for managing requests:
- Outbound Requests – Displays requests submitted by the user's firm, including open requests and historical outcomes.
- Inbound Requests – Displays mutual requests from other firms awaiting the user's approval or denial.
Historical records include the outcome of each request (completed, cancelled, denied, or expired).
User Privileges
The self-service Mutual Adjust/Bust tool is controlled by a portal privilege that must be assigned by Account Administrators.
By default, permissions apply to all EFIDs associated with the firm. Account Administrators may optionally configure a different set of approvers for a specific EFID or group of EFIDs by contacting the Cboe Trade Desk.
Notifications
When a mutual adjust/bust request is submitted, an email notification is sent to authorized users at the contra party firm. The email contains a link to the Customer Web Portal where the contra party must log in to review and respond to the request.
A banner is displayed at the top of the Customer Web Portal homepage indicating the number of outstanding adjust/bust requests awaiting review.
Email notifications are sent to both parties when a request is submitted, approved, or denied.