Matching Engine Resiliency

Cboe’s technology includes rigorously engineered matching engine resiliency to ensure markets operate in a fair and orderly manner, especially for Cboe Listed securities. Cboe Listed products trade on a dedicated matching engine, and each matching engine has a primary and secondary instance. If the primary instance fails (software or hardware), the secondary instance automatically takes over continuous trading in approximately 45 seconds.

Cboe matching engine resiliency also applies during BZX Exchange auction periods. Cboe has a detailed auction resiliency matrix that automatically drives matching engine recovery during critical auction periods. Cboe endeavors to fail over to the secondary matching engine during these critical periods to conduct the auction.