Complex Automated Improvement Mechanism (Complex AIM) (C1 and EDGX only)

The system will support an Automated Improvement Mechanism (Complex AIM) for two-sided complex auctions. Complex AIM auctions function in a similar manner to simple book AIM auctions, however, executions are allowed outside of the SNBBO for the Complex Instrument but must be within the SBBO.

The information below details the important differences for Complex AIM relative to AIM. Unless mentioned below, all other AIM behaviors (described in the Cboe Titanium U.S. Options Auction Process Specification) should be assumed to also apply to Complex AIM.

• Complex AIM orders may only be entered after all individual component legs have opened.
• The system enforces Customer Priority for both Simple Book orders and Complex Book orders for Complex AIM auctions even if Customer Priority is not enabled for the series.
• Drill Through protections are applied to both the Agency and contra sides of the Complex AIM order.
• All Complex Pricing Checks applying to standard COB orders (i.e., Minimum or Maximum Price, Strategy Specific Price Restrictions) also apply to Complex AIM orders.
• The Complex AIM auction message is published on the separate Complex Order Auction Feed and on the Complex Depth of Book Feed (Complex PITCH).
• Complex AIM orders cannot be canceled or modified.
• Complex AIM orders may specify a Preferred Market Maker (PMM) on the order that will receive the Marketing Fees but will not receive any priority benefits in the auction.
• Customer to Customer Complex AIM orders, regardless of size, are executed immediately and are not subjected to an exposure period if the auction price is in between the SBBO, or equal to or better than resting COB orders.