Ratios

The quantity of each leg of a complex order broken down to the lowest terms determines the ratio of the complex order. All legs must be reduced (i.e., 2:2 must be sent as 1:1) to be accepted by the system. The ratio allows the Exchange to partially execute the complex order in smaller pieces when possible while maintaining the proper proportions of each leg in the customer’s strategy.

C1 only allows submission of complex options orders with any ratio to have a net price in a $.01 increment, except for orders in SPX/SPXW/SPXO* which must have a net price in a $.05 increment (other than SPX/SPXW/SPXO* boxes/rolls which may have a net price in a $0.01 increment). Further, for electronic and open outcry trades, leg execution prices for all complex orders in all classes, regardless of ratio, are permitted in $0.01 increments for all classes, including SPX/SPXW.

EDGX, C2, and BZX also allow submission of complex options orders with any ratio to have a net price in a $.01 increment. Further, leg execution prices for all complex orders, regardless of ratio, are permitted in $0.01 increments.

For stock-option orders of any ratio, the net price is accepted with up to four decimal places. Options legs must print in $.01 increments.; and stock legs may print in increments up to four decimal places.

On C1 only, box swaps submitted electronically or utilizing a PAR Tablet on the trading floor are permitted to trade in pennies in all symbols, including SPX/SPXW/SPXO*, during all trading sessions regardless of the minimum complex price increment applicable to the class.

*Effective 11/09/26