Complex Position Compression Cross (Complex PCC) (C1 only)

This section describes the Complex Positions Compression Cross (PCC) functionality offered on the Cboe Options Exchange. A PCC represents an order mechanism used for SPX/SPXW/SPXO* options electronic compression orders. PCC orders are used to reduce open positions in SPX/SPXW/SPXO* options series and can be executed as unexposed crosses.

Multi-leg positions include vertical call spreads, vertical put spreads, combos (i.e., purchase (sale) of a call and a sale (purchase) of a put with the same expiration date and strike price), and box spreads. The entry of SPX versus SPXW, SPXO* versus SPXW, or SPX versus SPXO* as a complex spread is not supported for PCC. If any such combination of legs are submitted in the same complex instrument, the order will be rejected. PCC orders submitted separately for SPX, SPXW, and SPXO* legs are accepted.

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

• Complex PCCs support up to 16 legs and up to 10 contra orders.
• The execution price must be at or inside the SBBO or better than the SBBO if there is a priority customer on any leg of the SBBO, and better than the price of a priority customer complex order on the COB (if the order is multi-leg).
• All positions (both opening and closing positions) are permitted in compression orders and can be entered and executed in pennies. The legs of complex compression orders can be executed in $0.01 increments.

*Effective 11/09/26