Trade Message Fields

The Trade message provides information about executions of complex order auctions on the Cboe complex book. A Trade message can also be sent when an auction executes against a non-displayed order, such as a contra response. Trade messages are necessary to calculate Cboe execution-based data. Trade messages do not alter the complex book and can be ignored if messages are being used solely to build a complex book.

No Add Order message is sent for complex auction orders, and thus, no order modification messages may be sent when complex auctions are executed. Instead, a Trade message is sent whenever a complex auction is executed in whole or in part. A complete view of all Cboe complex executions can be built by combining all Order Executed messages and Trade messages.