Quote Only Period

No orders will be accepted for a Halt Auction until the start of the Quote Only period. Members may determine when a quoting period has begun by looking for a TradingStatus of Quoting on the Cboe PITCH feed. Recipients of CTS will need to look for a Trading Status message with a Security Status = 5. Recipients of CQS will need to look for a Long Quote message with the appropriate Security Status Indicator code as per the CQS Output Specifications. A CQS quote message with this Security Status will be published every 5 seconds during the Quote Only period of a Halt Auction.

During the Quote Only period of a Halt Auction Cboe disseminates Cboe Auction information to market participants via PITCH and the Cboe Auction Feed. Cboe Auction information contains valuable details about orders received during the Quote Only period. Note that the Reference Price for a Halt Auction will never take the NBBO into account. Additionally, the Buy Shares and Sell Shares will show the same value during a Halt Auction. This allows market participants to determine the number of matched shares without providing information about potential differences between Buy and Sell Shares at the Reference Price.