Quote Only Period

No orders will be accepted for an IPO/New Issue Auction until the start of the Quote Only period. Members may determine when a Quote Only 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 a Security Status = O. A CQS quote message with this Security Status will be published every 5 seconds during the Quote Only period of an IPO/New Issue Auction.

During the Quote Only period of an IPO/New Issue Auction Cboe disseminates Cboe Auction information to market participants via PITCH and the Cboe Auction Feed. Cboe disseminates Cboe Closing Auction information every 5 seconds between 3:00 and 3:59 p.m. and every 1 second between 3:59 and 4:00 p.m. for the Closing Auction. Cboe Auction information contains valuable details about IPO/New Issue orders. Note that the Reference Price for an IPO/New Issue Auction will never take the NBBO into account. Additionally, the Buy Shares and Sell Shares will show the same value during an IPO/New Issue 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.

The standard Quote Only period for a New Issue Auction is 8:00 a.m. to 9:30 a.m. ET but is subject to change based on issuer request.

The standard Quote Only period for a corporate IPO Auction is 9:45 a.m. to 10:15 a.m. ET but is subject to change based on underwriter or issuer request.