Order Types
| Auction Eligible Order Types | Description |
|---|---|
| Regular Market and Limit Orders | Day, GTC, GTX, and Immediate Or Cancel (IOC) orders are executable from 7:00 a.m. to 8:00 p.m., including during the Opening/Closing Auction. At the time of an auction match Cboe will not honor the MinQty, Discretion, Post Only or Match Trade Prevention (MTP) attributes on a regular market or limit order; however, these attributes will be re-applied to the order immediately following the auction. An imbalance only order is not an available order type, and imbalance only orders are never accepted or executed by Cboe. |
| Routable Orders | Regular Hours Only orders may be marked as routable. At the conclusion of an Opening Auction, a routable, RHO limit order will be added to the Cboe continuous book. If the routable limit order has Re-Route enabled, the order will be routed out when an away market locks the order. |
| Limit On-Open Orders | Specifically request an execution at the opening price. Executable only in the Opening Auction. Limit-On-Open (LOO) orders must be received prior to 9:28 a.m. (Opening cutoff) to guarantee eligibility for participation in the Opening Auction. LOO orders received after 9:28 a.m. will be rejected. LOO orders cannot be cancelled between 9:28 a.m. and 9:30 a.m. |
| Market On-Open Orders | Specifically request an execution at the opening price. Executable only in the Opening Auction. Market-On-Open (MOO) orders must be received prior to 9:28 a.m. (Opening cutoff) to guarantee eligibility for participation in the Opening Auction. MOO orders received after 9:28 a.m. will be rejected. MOO orders cannot be cancelled between 9:28 a.m. and 9:30 a.m. |
| Limit On-Close Orders | Specifically request an execution at the closing price. Executable only in the Closing Auction. Limit-On-Close (LOC) orders must be received prior to 3:59 p.m. (Closing cutoff) to guarantee eligibility for participation in the Closing Auction. LOC orders received after 3:59 p.m. will be rejected. LOC orders cannot be cancelled between 3:59 p.m. and 4:00 p.m. For ETPs and Corporate Listings, LOC orders cannot be canceled or modified after 3:55 p.m.. For Corporate Listings, a LOC order received between 3:55 p.m. and 3:59 p.m. will be accepted at its limit price, unless the limit price is more aggressive than the 3:55 p.m. Reference Price. If a LOC order is priced more aggressive than the Reference Price, the LOC order will be re-priced to the Reference Price. For ETPs, a LOC order received between 3:55 p.m. and 3:59 p.m. with any limit price will be accepted. |
| Market On-Close Orders | Specifically request an execution at the closing price. Executable only in the Closing Auction. Market-On-Close (MOC) orders must be received prior to 3:55 p.m. (Closing cutoff) to guarantee eligibility for participation in the Closing Auction. MOC orders cannot be modified or canceled after 3:55 p.m. |
| Late-Limit-On-Open Orders | Specifically request an execution at the open. Late-Limit-On-Open (LLOO) orders differ from a standard On-Open order in that at the time of entry, the effective price is set to be no more aggressive than the NBB for bids and the NBO for offers. As the NBBO changes, the effective price will be adjusted to be more aggressive (to a defined limit price), but will never be adjusted to a less aggressive effective price. If there is no NBBO, the Late order will assume its full limit price.The effective price is the limit price that will be considered for the order at the time calculations occur for the Reference Price, Indicative Price, and the Auction Only Price. LLOO orders must be received between 9:28 a.m. and 9:30 a.m. to guarantee eligibility for participation in the Opening Auction. LLOO orders received before 9:28 a.m. or after 9:30 a.m. will be rejected. LLOO orders cannot be cancelled between 9:28 a.m. and 9:30 a.m. |
| Late-Limit-On-Close Orders | Specifically request an execution at the closing price. Late-Limit-On-Close (LLOC) orders differ from a standard On-Close order in that at the time of entry, the effective price is set to be no more aggressive than the NBB for bids and the NBO for offers. LLOC orders may be entered starting at 3:55 p.m. LLOC orders will not be able to be modified or cancelled after 3:55 p.m. LLOCs are continuously adjusted to the less aggressive of the limit price or the NBB (NBO) or bids (offers). If there is no available NBBO, the Late order will assume its full limit price. |
| Regular Hours Only Orders | The Regular Hours Only (RHO) order will only be accepted for Cboe Listed securities between 2:30 a.m. and 4:00 p.m. Not executable during pre/post-market hours, RHO orders will be executable in the Opening, Closing and in IPO/New Issue/Halt Auctions. Unfilled limit order shares remaining after participation in the Opening Auction will be transferred to the continuous book. Unfilled market order shares remaining after participation in the Opening Auction will be cancelled. Unfilled shares remaining on the continuous book at the Closing Auction will participate in the Closing Auction. Unfilled shares remaining at the conclusion of the Closing Auction will be cancelled.Market RHO orders will be rejected between 9:28 a.m. and 9:30. Limit RHO orders will be accepted between 9:28 a.m. and 9:30 a.m. and will behave as Late-Limit-On-Open Orders for the Opening Auction. Finally, limit and market RHO orders cannot be cancelled between 9:28 a.m. and 9:30 a.m. |