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Revision History

  • Document
  • Version
DateDescription
1.0.008/21/17Initial draft version.
1.1.009/01/17Added support for C2.
1.1.110/18/17Cboe branding/logo changes. Removed Fat Finger Max % limits.
1.1.201/20/18Removed unnecessary language concerning number of legs to be eligible for COA. Renamed Origin Code to Order Capacity for consistency with other specifications.
1.1.303/22/18Removed old EDGX Options Fat Finger defaults.
1.1.405/03/18Removed reference to Post Only RoutingInst (9303) for C2 as this feature will not be offered on day 1. Various grammatical corrections, formatting updates, and wording clarifications.
1.1.507/09/18Added additional CIC Request Example for a spread spanning multiple OSI Roots.
1.1.607/17/18Clarified Non-Marketable COA Response order behavior.
1.2.011/16/18Updated for C1 migration to Bats Tech.
1.2.111/30/18Corrected "Complex Options Auction" to "Complex Order Auction".
1.2.206/14/19Updated ineligible leg in scenarios cross product spreads. Removed references to Market Snapshot messages which were sunset 02/28/2019. Added notes indicating Complex AIM and QCC will be available on EDGX, effective with C1 Feature Pack 8.
1.2.306/28/19Added note indicating EDGX will support Complex Auctions with support for underlying stock legs, effective with C1 Feature Pack 9.
1.2.407/01/19Added details about types of instruments created with stock legs in Complex Orders with Stock Legs section.
1.2.507/10/19Updated effective date for C-AIM on EDGX to TBD.
1.2.607/17/19Added detail to Order Capacities section that on C1 orders in SPX and SPXW with a capacity of "M" (Market Maker) or "N" (Away Market Maker) may not rest on the complex book during RTH.
1.2.708/09/19Added note indicating support for C-AIM on EDGX will be effective 08/22/19.
1.2.808/30/19Added section listing Cross Product Spreads on Matching Engine 35 for C1.
1.2.910/03/19Added ratios to Cross Product Spread Symbol List.
1.2.1010/14/19Updated Minimum Price Checks for Roll Spreads (all markets) and Calendar Spreads on C1.
1.2.1110/21/19COA timer updated from 50 ms to 100 ms.
1.2.1202/3/20Updated C-SAM section to indicate C-SAM is supported on EDGX (effective 2/3/30).
1.2.1306/09/20Added Ratios for Combo Orders section for FLEX Index Combos (effective 6/15/20).
1.2.1406/10/20For Diagonal Spreads on SPX, SPXW, and VIX the buffer value is -$50.00. (effective 6/12/20).
1.2.1507/28/20Updated Drill-Through Protection values (effective 08/05/20).
1.2.1608/11/20Added SPX/RUT and SPXW/RUTW to the Cross Product Spread table (effective 08/21/20).
1.2.1708/27/20Added SPESG to the Cross Product Spread table (effective 09/21/20).
1.2.1810/6/20
  • Added additional execution venue information for complex orders with stock legs.
  • Added Position Compression Cross section (effective 10/28/20) (C1 only).
1.2.1910/14/20
  • Added note that Complex PCC orders will not support SPX and SPXW as legs within the same instrument and added SBBO information.
  • Updated drill-through procedures to be iterative (effective 11/9/20 on EDGX and 11/10/20 on C1 and C2)
1.2.2011/5/20Updated iterative drill-through procedures effective date (effective 11/16/20 on EDGX and 11/17/20 on C1 and C2).
1.2.2112/17/20Added Related Futures Cross section (effective 01/19/21) (C1 only).
1.2.2202/01/21Added MRUT to Cross Product Spread Symbol List (effective 03/01/21).
1.2.2303/25/21
  • Added notes identifying new Curb session (C1 only) (effective 04/25/22 TBD 02/07/22 TBD 09/27/21 Q3 2021).
  • Added note indicating complex instruments not tied to a working GTC will be purged at the end of the Curb session each day and will not carry over to the next day (effective 01/24/22 TBD 09/27/21 Q3 2021).
  • Added notes identifying new GTH expanded hours (C1 only) (effective 11/21/21 Q4 2021).
  • Removed mention of BZX Options Exchange in section 2.3.3, as Complex Orders do not trade on BZX.
1.2.2404/05/21Added note indicating Fat Finger Protection will not be applicable for multi-class spread limit orders (effective 04/20/21).
1.2.2505/13/21
  • Added note related to CumQty rounding for Complex Floor Orders.
  • Updated Curb session effective date to 04/25/22 TBD 02/07/22 TBD 09/27/21.
1.2.2606/08/21A maximum of 16 legs will be allowed on complex orders (effective 08/25/21 08/09/21).
1.2.2707/07/21Added section 2.3.4 detailing eligibility of non-FLEX combos for COA, COB, and AIM with a ratio of up to 8 options to 1 combo (effective 07/09/21).
1.2.2808/02/21Updated effective date for 16 legs allowed on complex orders to 08/25/21.
1.2.2908/27/21Updated Curb session effective date to 04/25/22 TBD 02/07/22 TBD.
1.2.3011/04/21
  • Updated Curb session effective date to 04/25/22 TBD 02/07/22.
  • Updated effective date for GTC behavior at end of Curb session to 01/24/22.
1.2.3102/01/22Updated Curb session effective date to 04/25/22 TBD.
1.2.3203/07/22Automated handling of Index Combo orders will be extended to include multiple combos (effective 03/20/22).
1.2.3303/21/22Complex orders of any ratio will be allowed with a net/package price in $.01 increments, except for SPX/SPXW which must have a net/package price in $.05 increments (C1 only) (effective 06/12/22 TBD 05/15/22 04/24/22).
1.2.3404/04/22Updated Curb session effective date to 04/25/22.
1.2.3504/20/22
  • Clarified ratios for combo orders in section 2.3.4.
  • Updated complex orders net price increments effective date to (06/12/22 TBD 05/15/22) (C1 only)
1.2.3605/12/22Updated effective date for new complex order net price increments and electronic handling behavior to 06/12/22 TBD (C1 only).
1.2.3706/03/22Updated effective date for new complex order net price increments and electronic handling behavior to 06/12/22 (C1 only).
1.2.3807/01/22Complex option orders with any ratio may be submitted with a net price in $.01 increments. Automated handling via COA, COB, AIM, and QCC, as applicable, will be available for applicable non-conforming orders (C2 and EDGX only) (effective 07/18/22).
1.2.3907/27/22Automated handling via C-SAM will be available for applicable non-conforming orders (C1 and EDGX only) (effective 08/14/22).
1.2.4010/17/22Zero-priced SPX/SPXW vertical or butterfly complex buy orders will be rejected unless FloorRoutingInst (22303) = D or TimeInForce (59) = 3 (C1 only) (effective 11/20/22).
1.2.4111/07/22Added XSP to GTH and Curb sessions (effective 12/11/22).
1.2.4201/06/23
  • Updated order capacities for COA in section 2.3.3.
  • Removed 8:1 and 3:1 ratio restrictions for non-FLEX Index combo orders in section 2.3.4.
  • Updated starting leg price requirement in section 3.1.
  • Added number of legs allowed for FLEX with price type DAC in section 3.1.2.
  • Updated supported order capacities for FLEX in section 3.1.3.
  • Removed 8:1 and 3:1 ratio restrictions for FLEX Index combo orders in section 3.1.4.
  • Removed 8:100 ratio restriction for Options to Stock in section 11.1.
  • Updated number of supported legs to 16 for complex PCCs in section 12.
  • Updated section 16.2.5. to clarify complex orders do not initiate a SUM auction.
1.2.4302/23/23Updated section 11.6 to clarify that stock legs can be priced up to a buffer amount above (below) the NBBO.
1.2.4406/29/23Updated COA, C-AIM, and C-SAM auction responses with new behavior (effective 07/31/23 for C1 Unit 1, effective 08/07/23 for C1 all Units).
1.2.4507/12/23Box Swaps will be permitted to trade in pennies (C1 only) (effective 08/07/23).
1.2.4608/29/23Complex instruments will support a maximum of 100 legs on non-FLEX 'Floor-Routed' orders (C1 only) (effective 09/25/23).
1.2.4710/16/23Automated handling of SPX/SPXW non-conforming spreads will be enabled in GTH (C1 only) (effective 11/20/23).
1.2.4811/03/23For SPX/SPXW, the COA and C-AIM additional timer will be 100ms (C1 only) (effective 11/20/23).
1.2.4901/10/24Effective 04/29/24 03/11/24, equity legs will be allowed on FLEX orders. FLEX orders will allow up to 99 options legs and one equity leg while FLEX DAC orders will allow up to 98 options legs and one equity leg.
1.2.5001/29/24Added MXACW/ACWI and MXWLD/URTH to the Cross Product Spread table (effective 03/18/24).
1.2.5102/13/24Clarified that stock legs can be traded up to $0.005 outside of the NBBO (not LULD bands) if necessary to avoid residual amounts.
1.2.5203/08/24Updated effective date for equity legs allowed on FLEX Orders to 04/29/24.
1.2.5304/02/24Added section on Exchange Designated Complex Instruments (C1 only) (effective 06/24/24).
1.2.5404/12/24Updated section 2.3.3 Order Capacities to indicate orders in VIX/VIXW with a capacity of "M" or "N" cannot rest on the complex book during RTH (C1 only).
1.2.5505/30/24Noted in section 2.3.3 Order Capacities that on C1, orders in SPX/SPXW and VIX/VIXW with a capacity of "M" or "N" cannot rest on the complex book during RTH, except as otherwise permitted under Exchange Rule 5.33(b).
1.2.5611/19/24Effective 12/04/24 on C2 and 12/06/24 on EDGX, at the conclusion of an auction response or exposure period, the Matching Engine will continue processing messages, including auction responses, for up to an additional 100ms. Effective 12/09/24, all C1 Matching Units will increase the additional timer to 100ms.
1.2.5712/03/24Updated the Complex Orders with Stock Legs (C1 and EDGX only) section to indicate equity legs of stock-option orders will be allowed to execute outside of the equity NBBO by no more than a buffer amount of $0.25 (effective 12/16/24).
1.2.5802/11/25Updated with Cboe Titanium branding.
1.2.5903/25/25Added SPEQX to Cross Product Spread Symbol List (C1 Only) (effective 04/14/25).
1.2.6004/29/25For SPX/SPXW, the COA and C-AIM additional timer will be 900ms (C1 only) (effective 05/12/25).
1.2.6105/23/25

Effective 06/02/25, the price check buffer value will be set to zero.

1.2.6207/02/25
  • Updated Order Entry to indicate that Market-Makers may submit complex orders for select Exchange Designated Complex Options to the Cboe Exchange using Complex Quoting over Bulk Quoting Ports (effective 09/15/25 08/18/25).
  • Updated Legging Into Individual Series to indicate that Complex orders introduced using Complex Quote Update messages on BOE Bulk Quoting ports cannot leg into the simple book (effective 09/15/25 08/18/25).
1.2.6307/24/25Specification updated to indicate complex functionality is available for all Cboe Options Exchanges, with BZX Options complex functionality effective on 10/13/25.
1.2.6407/25/25Added P.M.-settled S&P 500 Equal Weight Index Options symbols to Cross Product Spread Symbol List (C1 Only) (effective 08/25/25).
1.2.6507/25/25Updated Cowen to TD Securities (USA) LLC.
1.2.6608/11/25Updated complex orders functionality effective date to 09/15/25.
1.2.6711/03/25Updated Instrument Creation to indicate that firms will be limited to creating 40,000 Complex instruments per trading day per underlying symbol on C1 and 25,000 per day per underlying symbol on BZX, C2, and EDGX (effective 11/17/25).
1.2.6811/19/25Updated Opening Process Queuing Period to reflect 8pm ET pre-market queuing period for GTH eligible products and 7:30am ET queuing period for RTH only products.
1.2.6901/13/26Added new section for Stop Complex Order Auction (effective TBD 05/18/26 TBD).
1.2.7003/27/26Removed references to MXEA/MXEF/MXUSA/MXWLD.
1.2.7104/06/26Updated Stop Complex Order Auction effective date to TBD 05/18/26.
1.2.7205/14/26
1.2.7307/06/26Noted the maximum additional time spent reading auction responses for all C1 only Matching Units is 900ms (effective 07/20/26).
1.2.7409/03/26Updated Complex Position Compression Cross (Complex PCC), Cross Product Spread Symbol List, Market Order/Limit Order Drill-Through, Minimum Price Checks, Ratios for Combo Orders, and Stop Complex Order Action to include SPXO (effective 11/09/26).
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