Combo Trade Condition Code

Complex Orders may be marked as Combo Orders using ComboOrder (22005) in FIX or BOE. To qualify for the CMBO exemption, the complex order must meet the following criteria:

• Complex Order must be identified as Combo on the order message.
• Underlying symbol must be SPX.
• Order must be directed to PAR and cannot be electronic.
• Complex Instrument can have any number of legs (up to max) but must have at least one Combo pair as defined below:
  • One Buy Call Leg and One Sell Put Leg (or opposite)
  • Both legs must have the same Strike and Expiration.
• An order marked CMBO but not meeting all of the above criteria will be rejected.