Trade Message Fields

The Trade message provides information about executions of non-displayed orders or shares on the Cboe book and routed orders. Trade messages are necessary to calculate Cboe execution based data. Trade messages do not alter the book and can be ignored if you are just building a book.

No Add Order message is sent for non-displayed and routed orders, and thus, no modify order messages may be sent when non-displayed orders are executed. Instead, a Trade message is sent whenever a hidden or routed order is executed in whole or in part. A Trade message is also sent when there is an execution against any non-displayed portion of a reserve order. As with visible orders, hidden orders may be executed in parts. A complete view of all Cboe executions can be built by combining all Order Executed messages and Trade messages.

The OrderID of a non-displayed order is obfuscated by default in the Trade message, but may be optionally disseminated for a member's own orders upon request. As such, partial executions against the same hidden order will by default have different OrderIDs.

The following long version of the Trade message accommodates larger symbol sizes possible through the ISRA plan.

The following extended version of the Trade message accommodates larger prices.