Complex Order Auction (COA)

Complex Order Auction (COA) provides execution opportunity by exposing marketable complex orders prior to (1) canceling the order back or (2) booking the order to the complex order book. COAs are exposed for 100ms (the Response Time Interval) but this may be adjusted by the Exchange with appropriate notice.

New complex orders will initiate an auction upon entry if the Net Limit price of the buy (sell) complex order is equal to or greater (less) than the Synthetic Best Bid (Synthetic Best Offer) and better than any resting buy (sell) orders on the complex order book, regardless of the resting COB order’s capacity.

If there are Priority Customer orders on the individual leg book at the SBB (SBO), the auction will only be initiated if the Net Limit price of the complex order is at least $0.01 better than the SBB (SBO). If the Net Limit price on the buy (sell) order is greater (less) than the SBO (SBB), the order will still be auctioned at the complex order’s Net Limit price but will be restricted to executing within the SBBO at the end of the auction period.

Other Exchange customers can interact with a COA by entering regular complex orders or Response Orders.

Priority Quoter algorithm is enabled on BZX only.