Related Futures Cross (RFC) (C1 only)

This section describes the Related Futures Cross (RFC) functionality offered on the Cboe Options Exchange. An RFC represents an order mechanism used for VIX/VIXW options, enabling Trading Permit Holders (TPHs) to exchange futures contracts for related options positions in VIX/VIXW and is executed as an unexposed cross.

RFCs may only be used to execute complex orders comprised of an option combo order coupled with a contra-side order or orders totaling an equal number of option combos. An RFC order must be comprised of a two-legged order with one leg to purchase (sell) VIX/VIXW calls and another leg to sell (purchase) the same number of VIX/VIXW puts with the same expiration date and strike price.