| 1.0.0 | 05/09/11 | Initial draft version. |
| 1.0.1 | 05/27/11 | Final draft based on feedback. |
| 1.0.2 | 06/24/11 | - Added clarification of RHO order handling behavior during the opening cut-off period.
- On-Open/On-Close Orders must send 9303=B.
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| 1.0.3 | 07/19/11 | Added further clarification regarding limit RHO order handling behavior during the opening cut-off period. |
| 1.0.4 | 07/21/11 | Clarification added regarding prioritization of hidden versus reserve orders during an auction. |
| 1.0.5 | 08/17/11 | For Volume Based Tie Breakers as well as Collars, only use NBBO as a reference if there is no ZBBO and there is at least one limit order on the BZX Exchange book. |
| 1.0.6 | 11/02/11 | Removed reference that indicated LOO and LOC orders would be automatically converted to LLOO and LLOC orders after the cutoff. |
| 1.0.7 | 12/15/11 | - Added BOE references.
- For IPO Auctions Cboe will halt issue in morning and send administrative message to consolidated tape.
- Opening/Closing Auction orders will not be cancelled automatically due to halt dissemination.
- Updated automatic extensions.
- Updated RHO orders.
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| 1.1.0 | 01/05/12 | Clarification added to IPO/Halt Auction language to include other types of new issues such as Exchange Traded Products. |
| 1.2.0 | 02/01/12 | - Added description for routable order behavior during auctions.
- Added clarification regarding use of ‘Q’ versus ‘O’ and ‘M’ versus ‘6’ for Cboe Official Opening/Closing pricing.
- Added support for RHO, LOO, MOO and LLOO during IPO/New Issue auctions.
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| 1.2.1 | 02/17/12 | Clarification added noting market RHO orders cannot be cancelled between 9:28 a.m. and 9:30 a.m. |
| 1.2.2 | 03/07/12 | Clarification added noting that Buy Shares and Sell Shares will be equal during IPO/New Issue/Halt Auction. |
| 1.2.3 | 04/04/12 | Omitted support for RHO orders in non-BZX Listed Securities. |
| 1.2.4 | 07/20/12 | - Added clarification regarding acceptable attributes for auction order types.
- Added clarification regarding odd lot handling in auctions.
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| 1.2.5 | 08/01/13 | - Added Collar Midpoint to definitions.
- Updated Collar Price Range definition.
- Added update to behavior when no limit orders would participate on one or both sides for Opening/Closing Auctions and for New Issue/IPO/Halt Auctions.
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| 1.3.0 | 04/02/15 | - Updated definitions of Eligible Auction Orders, Volume Based Tie Breaker, Final Last Sale Eligible Trade, Reference Price Range.
- Removed auction behavior where no limit orders would participate on one or both sides.
- Clarification to RHO orders.
- Updated behavior of Late Orders to use NBBO instead of ZBBO.
- Fixed broken links throughout document.
- Updated references to NBBO instead of ZBBO.
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| 1.3.1 | 05/01/15 | Removed references to legacy auction behavior. |
| 1.3.2 | 12/16/15 | - Updated order types allowed in corporate IPO Auction.
- Transfer section added.
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| 1.3.3 | 01/26/16 | Increased length of Auction information dissemination periods for Opening/Closing Auctions. |
| 1.4.0 | 02/16/16 | - Added Auction Contingency Plans section.
- Added IPO/New Issue/Halt Auction Quoting Period section.
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| 1.5.0 | 02/19/16 | Bats branding/logo changes. |
| 1.5.1 | 03/04/16 | - Fixed MinQty FIX Tag error.
- Additional Bats branding changes.
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| 1.5.2 | 10/17/17 | - Cboe branding/logo changes.
- Updates for LULD Amendment 12.
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| 1.5.3 | 11/30/18 | - CQS field name changed from Quote Condition to Security Status.
- Updates to Official Closing Price calculation for ETPs.
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| 1.5.4 | 01/11/19 | Updated Regulatory Halt section detailing new collar calculations and Volatility Close Auction processes. |
| 1.5.5 | 04/15/20 | - Clarified Sale Condition Code "M" will be disseminated to the SIP for Cboe-listed securities, even those that are halted at the close.
- Condition Code "M" and "9" will be disseminated at 3 intervals after the close.
- Various updates to time references.
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| 1.5.6 | 11/04/20 | Clarification to how auction price is determined in Opening/Closing Auction section. |
| 1.5.7 | 04/27/21 | Added new Periodic Auctions section (BYX only) . |
| 1.5.8 | 05/19/21 | Updated closing auction cutoff time, MOC/LOC order cutoff time, and LLOC acceptance time to 3:59 p.m. ET. |
| 1.5.9 | 07/19/21 | Updated Periodic Auctions effective date to (Effective 04/14/22 TBD). |
| 1.5.10 | 09/01/21 | Updated the IPO/New-Issue Auction and Halt Auction Quote Only Period Sections to indicate that CTS recipients will need to look for a Trading Status message and for CQS to look for a Long Quote message. |
| 1.5.11 | 11/17/21 | Updated details regarding Periodic Auction orders (BYX Only). |
| 1.5.12 | 02/14/22 | When there is no round lot closing auction, the OCP calculation will exclude any quote from the TWAP calculation if the quote spread is greater than 10 percent of the midpoint price. |
| 1.5.13 | 03/25/22 | Updated Periodic Auctions effective date to 04/14/22 (BYX Only). |
| 1.5.14 | 07/15/22 | When Default CrossTradeFlag = 2, IOC, FOK, and displayed orders will not be converted to a Periodic Auction Eligible order and will be sent to the book as-is (BYX Only). |
| 1.5.15 | 11/17/23 | When Default CrossTradeFlag = 3, IOC, FOK, IOC/FOK orders with ExecInst (18) = M, and all other orders where ExecInst (18) does not = m will not be converted and will be sent to the book as-is. |
| 1.5.16 | 9/20/24 | Added new Closing Contingency Procedures. |
| 1.5.17 | 11/27/24 | - Clarified odd lot behavior in Periodic Auction Order Details.
- When the Default CrossTradeFlag port attribute set to 2, DisplayIndicator (9479) will be ignored if ExecInst (18) = m or M. Additionally, orders with RPI instructions will set this port attribute to 0 (BYX only).
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| 1.5.18 | 01/15/25 | Updated with Cboe Titanium branding. |
| 1.5.19 | 04/21/25 | - Cboe will disseminate Cboe Closing Auction information every 5 seconds between 3:00 and 3:59 p.m. every 1 second between 3:59 and 4:00 p.m. for the Closing Auction.
- Updated the MOC cutoff time to 3:55 p.m.
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| 1.5.20 | 06/06/25 | Updated Order Types formatting. |
| 1.5.21 | 08/12/25 | Updated IPO/New Issue Auction to indicate that Cboe will disseminate a halt for new issues prior to the start of the Early Trading Session on the morning of the IPO/New issue Auction. |
| 1.5.22 | 09/12/25 | Updated IPO/New Issue Auction to indicate that Issuers may choose between the current New Issue Auction process where new ETPs launch during RTH or an Early First Day Trading option where new ETPs will begin trading during the Early Trading Session. |
| 1.5.23 | 09/22/25 | - Updated the Closing Auction Times to indicate that LOC orders in Corporate Listings entered after 3:55 p.m. are capped to the 3:55 p.m. Reference Price, LLOC orders are accepted at 3:55 p.m., and new LOC orders are cutoff at 3:59 p.m. (effective 11/07/25)
- Updated Limit-On-Close orders to indicate that for Corporate Listings, LOC orders received prior to or after 3:55 p.m. cannot be canceled or modified. An 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. (effective 11/07/25).
- Updated Limit-On-Close orders to indicate that for ETPs, an LOC order received between 3:55 p.m. and 3:59 p.m. with any limit price will be accepted (effective 11/07/25).
- Updated LLOC orders to indicate that LLOC orders cannot be modified or cancelled after 3:55 p.m. LLOCs are adjusted to the less aggressive of the limit price or the NBB for bids and the NBO for offers (effective 11/07/25).
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| 1.5.24 | 11/07/25 | - Updated Limit-On-Close orders wording to indicate that for ETPs and Corporate Listings, LOC orders cannot be canceled or modified after 3:55 p.m.
- Updated Periodic Auction Order Details to note that for orders less than 100 shares in symbols trading below $500 (based on Last Sale), Periodic Auction Only orders will be rejected upon entry.
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| 1.5.25 | 4/17/26 | - Updated Order Type to indicate that RHO orders will only be accepted for Cboe Listed securities between 2:30 a.m. and 4:00 p.m.
- The Cboe Official Opening Price will be represented by a sale condition code of O (Market Center Opening Trade) followed by a sale condition code of Q (Market Center Official Open).
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| 1.5.26 | 08/14/26 | |
