Sign In

New Order Multileg Message Fields

A New Order Multileg message is used to submit a complex order. The message consists of all order details including a number of required fields such as Price (44), OrdQty (38), and relevant clearing information, as well as a number of optional fields. Complex orders in cross product spreads (i.e., SPX/SPXW, IWM/RUT, DIA/DJX, VIX/VXX) where the products do not operate on the same matching unit cannot leg into the simple book.

The New Order Multileg message supports two distinct styles of request:

Short Form

If the complex symbol is known at the time of entry, a short form of the New Order Multileg message can be utilized. Note that Complex Symbol ID’s may be different between all Cboe Options Exchanges.

  • Symbol (55) and Side (54) are required.
  • LegRefID (654) and LegPositionEffect (564) are required for each of the legs. The order of the legs (and LegPositionEffect) must match the Security Definition response, as legs can be re-ordered during security definition.
  • Sending any additional fields in the legs repeating group (LegSymbol, LegCFICode, LegMaturityDate, LegStrikePrice, LegRatioQty, or LegSide) will result in the order being rejected to avoid confusion with an invalid long form request.

Long Form

If the complex symbol is not known, a long form of the request exists to enter the symbol legs at the same time as the order. The legs will be used to find an appropriate complex symbol in the Cboe Complex Order Book; the resulting symbol (if accepted by the system) will be returned on the Execution Report message in Symbol (55). A minimum of two (2) legs must be specified and a maximum of 16 legs will be accepted, including one (1) equity leg or one (1) futures leg (C1 only) (effective 12/14/26). For non-FLEX Floor-Routed orders, a minimum of two (2), maximum of 100 total legs, including one (1) equity leg (C1 only) will be supported.

  • If Symbol (55) or Side (54) are present and non-blank, the order will be rejected to avoid confusion with an invalid short form request.
  • Each leg must be fully entered as described below.

Please see the US Options Complex Book Process Specification for more information on complex orders.

For complex instruments with futures legs, all prices in the message except for the LegPrice refer to the price of the options legs only, and does not include the price of the futures leg. The prices can be from 2 to 4 decimal places depending on option/futures product pair (effective 12/14/26).

Table 1. New Order Multileg Message Fields
TagField NameReq’dDescription
35
  • Standard Message
  • Header
Standard Message Header		YMsgType= AB
97PossResendN
  • N=(Default) Indicates a new order.
  • Y=Indicates an application level resend and is NOT SUPPORTED.
  • For reasons of economy, Cboe does not track in primary storage the ClOrdID values of orders that are no longer live.
  • For reasons of performance, Cboe does not access secondary storage to enforce unique ClOrdID values against orders that are no longer live.
  • Without full duplicate ClOrdID value enforcement, it is not possible to safely implement the full behavior specified in the FIX 4.2 Protocol for PossResend = Y.
  • To remain economical, fast and safe, all messages with PossResend = Y will be simply ignored.
1AccountN
  • Up to 16 characters in ASCII range 33-126 are allowed.
  • When clearing OCC, value is passed to clearing in the Customer ID field (max 10 characters). If the Send ClearingOptionalData FIX port attribute is not set to 'No', the full 16 character value is also passed to clearing in the Optional Data field.
  • When clearing Cboe Clear U.S., value is passed in the Customer Account Number field.
9324ClearingOptionalDataN
  • Up to 16 characters in ASCII range 33-126 are allowed, except for comma, semicolon and pipe characters.
  • Value will be reflected back on Execution Reports including FIX Drop.
  • FIX Port attribute Send ClearingOptionalData set to 'Yes' is required to pass value to clearing.
11ClOrdIdY
  • ID chosen by client. 20 characters or less. Characters in ASCII range 33-126 are allowed, except for comma, semicolon, and pipe.
  • A leading tilde (~) cannot be sent on any ClOrdId and will result in a reject. These are reserved for internal use by Cboe and could be received as a result of a system-generated ClOrdId.
  • If the ClOrdId matches a live order it will be rejected as duplicate (unless PossResend=Y, see above).
  • Note: Cboe only enforces the uniqueness of ClOrdID values among currently live orders, which includes long-lived, persisting GTC/GTD orders. However it is strongly recommend users maintain unique ClOrdID values.
60TransactTimeYTime order initiated/released. Required by FIX 4.2.
167SecurityTypeY
  • Indicates the type of security
  • MLEG=Multileg
54SideY
  • Required only for short form request
  • 1=Buy
  • 2=Sell
55SymbolY
  • Required only for short form request
  • Cboe Complex Order Book symbol (case sensitive)
  • 555
  • Repeating Group
NoLegsY
  • Indicates the number of legs in this complex order. Minimum of 2, maximum of 16 total legs, including 1 equity leg or 1 futures leg (effective 12/14/26).
  • A minimum of 2, maximum of 100 total legs, including 1 equity leg will be allowed on non-FLEX 'Floor-Routed' orders (C1 only).
➔654LegRefIDY
  • Required tag to start each repeated group.
  • Leg ID chosen by client. Five alphanumeric or space characters or less.
➔600LegSymbolY
  • OSI root symbol (upper case),Cboe format symbol (case sensitive), or futures product (effective 12/14/26).
  • Not required for short form requests
➔608LegCFICodeN
  • CFI Code for leg. Required if tag 600 is an OSI root.
  • OP=Option Put
  • OC=Option Call
  • E=Equity - Required for Equity legs of complex orders(C1 and EDGX Only)
  • F = Future - Required for futures legs of complex orders(C1 Only) (effective 12/14/26)
➔611LegMaturityDateNIndicates maturity date (YYYYMMDD) for the option or futures contract in leg. Required if tag 600 is an OSI root or futures product (effective 12/14/26).
➔612LegStrikePriceN
  • Indicates strike price for option contract in leg. Required if tag 600 is an OSI root.
  • 0 - 999999.999
➔623LegRatioQtyY
  • Ratio of number of contracts in this leg per order quantity. All legs must be reduced (i.e., 2:2 must be sent as 1:1) in order to be accepted by the system when using this message type.
  • Accepted values will be 1 -999,999.
  • C2 and EDGX Only
  • In addition, when reduced, the ratio between the smallest and largest leg must be no more than 1:3.
  • Not required for short form requests
➔624LegSideY
  • 1=Buy
  • 2=Sell
  • 5=Sell Short (stock leg only)
  • 6=Sell Short Exempt (stock leg only)
  • Not required for short form requests
➔566
  • LegPrice
  • (C1 only)
N
  • Only applies for FLEX orders and futures legs.
  • This field is optional for complex FLEX orders that are routed directly to the floor using FloorRoutingInst (22303) = D. It can be included for all legs, a subset, or none.
  • This field is required for futures legs submitted via the long form and defines the futures leg price for the complex instrument (effective 12/14/26).
➔564LegPositionEffectY*
  • Indicates status of client position in option for this leg.
  • O=Open
  • C=Close
  • N=None*
  • *Orders with an OrderCapacity (47) of M or N will not be required to specify LegPositionEffect on their orders or may specify a value of NN’, in which case. A <blank> will be sent to clearing.
  • If the series is limited to closing only transactions, only OrderCapacity (47) = M will be permitted to submit OpenClose = O if the order has a TimeInForce (59) = 3 (IOC) and RoutingInst (9303) = B.
  • Equity should specify N (effective 12/14/26).
➔22024
  • LegDelta
  • (C1 only)
N
  • Only applies for FLEX DAC orders or for the option legs of a complex instrument that contains a futures leg (effective 12/14/26).
  • Indicates the specific delta value applied to each leg.
  • For FLEX DAC orders:
  • For Calls, the delta value for a call leg must be ≤ delta of the call leg with the next largest strike price. As the strike price increases, the delta should decrease. Valid values are 0.0001 to 1.0000.
  • For Puts, the delta value for a put leg must be ≥ delta of the put leg with the next smallest strike price. As the strike price increases, the delta should increase. Valid values are -1.0000 to -0.0001.
  • The maximum number of legs on a FLEX DAC order is 99. Equity legs are allowed on FLEX orders. FLEX DAC orders allow up to 98 options legs and one equity leg.
  • (Effective 12/14/26), for complex orders with futures legs this is required for both short and long form:
  • For Calls, the delta value must be 0.0001 to 1.0000.
  • For Puts, the delta value must be -1.0000 to -0.0001
7933RoutingFirmIDN
  • Used to optionally convey the routing firm of the order.
  • If supplied, value must be a valid EFID.
18ExecInstN
  • Single value only (with no trailing space)
  • G=All or None (AON). Order must be DAY and COA eligible(C1 and EDGX only)
38OrderQtyYNumber of contracts for order, 1 to 999,999
111
  • MaxFloor
  • (C2 Only)
N
  • Portion of OrderQty to display. The balance is reserve.
  • 0=Display entire quantity (Default).
  • The displayed quantity of each order at a price level is decremented first. When displayed quantity is fully decremented, it is reloaded up to MaxFloor from reserve.
  • Ignored if order is IOC.
  • An order with a MaxFloor greater than 0 will be rejected for Cboe proprietary classes (such as DJX, RUT, SPX, XSP, and VIX).
8020DisplayRangeN
  • Used for random replenishment of reserve orders. This is the random replenishment amount in contracts. The value specified will create a DisplayRange around MaxFloor. Value must be less than the value specified for MaxFloor.
  • Example
  • If MaxFloor = 20 and DisplayRange = 2, the displayed quantity will be selected randomly from one of the following values: 18, 19, 20, 21, 22.
40OrdTypeY
  • 1=Market
  • 2=Limit
  • 4=Stop Limit (effective TBD)
  • Note market and stop/stop limit orders are not supported during GTH or Curb sessions.
44PriceY
  • Accepted values will be -$999,999,999.90 to $999,999,999.90.
  • Short form request
  • Net Price of the Strategy.
  • Buy Orders:
  • Positive Value, Debit
  • Negative Value, Credit
  • Even Order - 0 (Zero)
  • Sell Orders:
  • Positive Value, Credit
  • Negative Value, Debit
  • Even Order - 0 (Zero)
  • Long form request
  • Net Price of the Strategy.
  • Positive Value, Debit
  • Negative Value, Credit
  • Even Order - 0 (Zero)
  • Price must be in whole pennies for option-only spreads. Can be up to 4 decimal places for spreads with stock legs and FLEX instruments.For complex instruments with futures legs, this is the net price of the options only legs, and does not include the price of the futures leg. Price can be from 2 to 4 decimal places depending on option/futures product pair (effective 12/14/26).
439ClearingFirmN
  • CMTA Number of the firm that will clear the trade.
  • Must be supplied for CMTA orders and left unspecified for non-CMTA orders.
440ClearingAccountN
  • When OrderCapacity (47) is set to a value of ‘M’ or ‘N’ this field should be filled with desired market maker ID.
  • When OrderCapacity (47) is set to a value of ‘M’ any unregistered Market-Maker Accounts in this field will cause the quote or order to be rejected with a reason code of ‘A’ and sub-reason code ‘L’.
  • When using CMTA, this value is the market maker ID for the CMTA member instead of the Cboe member executing the trade.
  • When FIX Port Attribute Reject Non-Market Maker With Clearing Account is set to 'Yes' (C1 and C2 only) orders with OrderCapacity (47) other than 'M' and 'N' with a specified value for ClearingAccount (440) will be rejected.
  • Field value is reflected on Execution Reports including FIX Drop
6253DrillThruProtectionN
  • Amount sender is willing to trade through SNBBO at time of order entry. A zero value provides full SNBBO protection. The amount should be entered as a non-negative dollar value.
  • Exchange default values are 5% of the opposite of the SNBBO, with a minimum value of $0.02, a maximum value of $2.00 for SPX/SPXW, and a maximum value of $0.25 for non-SPX/SPXW.
  • Values provided on the New Order Multileg message do not have a minimum or maximum.
9303RoutingInstN
  • 1st character
  • B=Book Only (Default) Allowed to interact with single-leg orders and other complex orders
  • P=Post Only1
  • D=Complex Book Only. Allowed to interact with other complex orders only. Requires TimeInForce (59) = 0 (DAY) or 3 (IOC) AND OrderCapacity (47) = M.
  • 2nd character
  • L=Do not Expose order via Complex Option Auction (COA)
  • S=Expose order via Complex Option Auction (COA)1 (Default)
  • Non-IOC orders will default the 2nd character to ‘S’ and IOC orders will default the 2nd character to ‘L’ unless otherwise specified.
  • 1Post Only COA eligible orders RoutingInst (9303) = PS not supported.
9732AttributedQuoteN
  • Allow for order to be attributed to firm’s Executing Firm ID (EFID) in Cboe market data feeds. The order may also be included within attributed summary information displays related to quote/trade information on the Cboe web site. Must opt-in to support through the Cboe Trade Desk.
  • N=(Default) Do not attribute EFID (115) to this order.
  • Y=Attribute EFID (115) to this order.
  • C=Attribute ClientID (109) only.
  • Z=Attribute both EFID (115) and ClientID (109).
109ClientIDNUser-defined identifier for quote attribution if AttributedQuote (9732) = C or Z.
1462
  • TargetPartyID
  • (C1 and EDGX only)
NA valid ParentID of the Directed Market Maker (EDGX only) or Preferred Market Maker (C1 only) is required for Directed Orders.
9370AuctionIDNAuction order identifier supplied by Cboe. This identifier corresponds to the identifiers used in Cboe market data products.
47Rule80A (aka OrderCapacity)Y
  • The capacity for the order.
  • C=Customer
  • F=Firm
  • M=Market Maker
  • U=Professional Customer
  • N=Away Market Maker
  • B=Broker-Dealer
  • J=Joint Back Office
  • L=Non-TPH Affiliate(C1 and C2 only)
  • D=Non-TPH Broker-Dealer (FLEX only)(C1 only)
59TimeInForceN
  • 0=DAY (Default) Expires at end of market day.
  • 1=GTC. Remains in system until executed, canceled or option expires.
  • 2=At The Open. Will remain queued and only interact in the Opening Process.
  • 3=IOC. Portion not filled immediately is cancelled.
  • 6=GTD. Expires at specified ExpireTime for a specified day.
  • Only DAY and IOC are valid for orders that include a futures leg (effective 12/14/26).
22017
  • SessionEligibility
  • (C1 only)
N
  • R=(Default) Order participates in Regular Trading Hours only.
  • A=Order participates in both Global and Regular Trading Hours. Also allows for participation in Curb Trading Session.
  • B=Order participates in both Regular Trading Hours and Curb Session.
126ExpireTimeNRequired for TimeInForce = 6 (GTD) orders. Specifies the date-time (in GMT) that the order expires. Values may be specified at a millisecond level.
7928PreventMatchN
  • Cboe Match Trade Prevention. 3 characters (not space separated):
  • 1st character - MTP Modifier ***:
  • N=Cancel Newest
  • O=Cancel Oldest
  • B=Cancel Both
  • 2nd character - Unique ID Level:
  • F=Prevent Match at Cboe Exchange Member level
  • M=Prevent Match at MPID Level
  • 3rd character - Trading Group ID (optional):
  • Member specified alphanumeric value 0-9, A-Z, or a-z.
  • The Unique ID Level (character 2) of both orders must match to prevent a trade. If specified on both orders, Trading Group ID (character 3) must match to prevent a trade.
  • *** Note: These values only apply on complex vs. complex matches. When a complex order with Match Trade Prevention interacts with a single-leg order with Match Trade Prevention, the complex order will always be cancelled.
7692RiskResetN
  • For use by Users using Cboe’s Risk Management tools to reset or release firm, symbol or Custom Group ID level lockout conditions resulting from risk profile trips or self-imposed lockouts issued via Cancel Order or Purge Orders messages.
  • Single Character Values - with counter reset:
  • S=Risk Root-level risk/lockout reset
  • F=EFID level risk/lockout reset
  • G=EFID Group level risk/lockout reset1
  • C=CustomGroupID lockout reset
  • Single Character Values - without counter reset:
  • T=Risk Root-level risk/lockout reset
  • E=EFID risk/lockout reset
  • Values may be combined together to allow for resets of multiple risk trips or self-imposed lockouts in a single message. For example, ‘FS’, ‘SC’, ‘FC’, and ‘SFC’ are all acceptable value;
  • For more information, see the Cboe Titanium U.S. Options Risk Management Specification.
7699CustomGroupIDN
423
  • PriceType
  • (C1 only)
N
  • 1=Percentage, when trading FLEX percentage instruments
  • 2=(Default) Price per unit (contract)
  • 3=Fixed amount (cash spread pricing) - only for complex orders routed to floor.
  • D=FLEX DAC
9465
  • OrderOrigin
  • (C1 only)
NFloor acronym of Market Maker on whose behalf this order is being entered by a floor broker.
20012
  • Held
  • (C1 only)
N
  • Y=Mark order as Held
  • N=Mark order as Not Held
  • Default value is ‘N’ if the order is direct routed to a Non-PAR Official on the floor
21010
  • FLEXAuctionDuration
  • (C1 Only)
N
  • Duration of the FLEX Auction in milliseconds. The minimum valid value is 3,000 milliseconds. The maximum valid value is 300,000 milliseconds.
  • Applicable only to FLEX instruments.
21005
  • FLEXHedgeExecInst
  • (C1 only)
N
  • Hedge execution instruction to carry the hedge information for the order.
  • Applicable only to FLEX instruments.
21008
  • FLEXPreFacilPrice
  • (C1 only)
N
  • The pre-facilitation price for the hedge instruction.
  • Applicable only to FLEX instruments.
21097
  • FrequentTraderID
  • (C1 only)
N
  • Identifies the frequent trader program in which the order is participating.
  • Six alphanumeric characters or less (0-9, A-Z, or a-z).
22303
  • FloorRoutingInst
  • (C1 only)
N
  • D=Direct. Do not attempt to process electronically1
  • E=Electronic only
  • X=Route to floor if unable to process electronically1
  • <blank> = Port level default
  • The default value for any given port can be changed by requesting an update to the Default FloorRoutingInst port attribute.
  • 1 When FloorRoutingInst is D or X, RoutingInst (9303) must be set to B for complex or FLEX instruments.
22002
  • StrategyID
  • (C1 only)
N
  • Used to declare when a strategy is used.
  • C=Conversion
  • R=Reversal
  • M=Merger
  • S=Short stock interest
  • J=Jelly roll
  • F=CompressionForum
  • B=BoxSpread
  • A=BoxSwap
22003
  • ORS
  • (C1 only)
N
  • Order router subsidy eligible (used for billing purposes).
  • N=No (Default)
  • Y=Yes
22005
  • ComboOrder
  • (C1 only)
N
  • Used to declare the order as a Combo (for regulatory relief if trading SPX on the floor).
  • N=(Default) No
  • Y=Yes
22006
  • Compression
  • (C1 only)
N
  • Order is a compression trade.
  • N=No (Default)
  • Y=Yes
22018
  • TiedHedge
  • (C1 only)
N
  • Order is a tied hedge.
  • N=No (Default)
  • Y=Yes
22008
  • EquityPartyID
  • (C1 and EDGX only)
NMPID used to clear the equity leg being cleared via the Exchange.
22016
  • EquityExDestination
  • (C1 and EDGX only)
N
  • Valid when LegSymbol (600) = Equity symbol.
  • Exchange venue to which equity leg matching will be submitted. Supported values are:
  • C=TD Securities (USA) LLC (default)
  • P=Penserra via NYSE Chicago
  • F=FOG Equities via NYSE Chicago
  • L=Libucki & Co. via NYSE Chicago
  • S=SRT Securities via NYSE Chicago
  • If buyer and seller do not provide matching venues, then the equity match will be reported to TD Securities (USA) LLC (C).
22026
  • CrossInitiator
  • (C1 and EDGX only)
Y
  • MPID field required on orders routed to destinations via NYSE Chicago using EquityExDestination (22016). Should be populated with the originator or routing broker MPID. May or may not be the same as the buyer/seller MPID.
  • Note that Broker Choice is allowed on any stock/option order including FLEX or Non-FLEX orders of any ratio.
22028
  • CrossOnBehalfOfID
  • (C1 and EDGX only)
N
  • Optional identifier of the initiating customer on orders routed to destinations via NYSE Chicago using EquityExDestination (22016). Populate with the order initiator’s MPID or any other identifier of choice.
  • Should be populated if not the same broker specified in CrossInitiator (22026).
  • Note that Broker Choice is allowed on any stock/option order including FLEX or Non-FLEX orders of any ratio.
22624
  • EquityLegShortSell
  • (C1 and EDGX only)
N
  • 5=Sell Short (stock leg only)
  • 6=Sell Short Exempt (stock leg only)
  • Valid for short form requests only.
22100
  • FloorDestination
  • (C1 only)
N
  • Specifies a default PAR workstation (ex. W001) to route to on the floor (or PARO to route to the Floor PAR Official of the underlying symbol) if not specified on inbound messages.
  • 4 characters or less (ASCII 33-126).
22021
  • TerminalOperatorId
  • (C1 only)
N
  • The ID associated with the operator logged into the terminal when an order is entered.
  • 20 characters or less (ASCII 32-126).
  • This field is recorded and returned in execution reports. Available via Odrop.
22022
  • AdditionalClientInfo
  • (C1 only)
N
  • Client information populated by the Member during order entry via terminal.
  • 16 characters or less (ASCII 32-126).
  • This field is recorded and returned in execution reports. Available via Odrop.
22025
  • ReferencePrice
  • (C1 only)
N
  • Reference price for underlying security or index of a FLEX DAC order.
  • If a reference price is not specified, the system applies the current value of the underlying at the time of order entry.
25004OEOID (effective 12/14/26)N
  • Required for complex instruments with futures legs.
  • Identifies the Order Entry Operator responsible for this message.
  • Minimum and maximum length is 3 and 18 characters, respectively.
  • Characters in ASCII range 33-126 are allowed, except for comma, semicolon, and pipe.
9702CTICode (effective 12/14/26)N
  • Required for complex instruments with futures legs
  • 1 = CTI 1: Transactions initiated and executed by an individual TPH for the TPH's own account, for an account the TPH controls, or for the account in which the TPH has an ownership or financial interest.
  • 2 = CTI 2: Transactions executed for the proprietary account of a clearing TPH or non-clearing TPH.
  • 3 = CTI 3: Transactions where an individual TPH or authorized trader executes for the personal account of another individual TPH, for an account the other individual TPH controls or for an account in which the other individual TPH has an ownership or financial interest.
  • 4 = CTI 4: Any transaction not meeting the definition of CTI 1, 2 or 3. (These should be non-TPH customer transactions).
1028ManualOrderIndicator (effective 12/14/26)N
  • Required for complex instruments with futures legs.
  • Y = Manual order entry
  • N = Automated order entry
99StopPx (effective TBD)N
  • The trigger price for stop-limit complex orders. Required if OrdType (40) = 4. Only one trigger condition can be designated per order. The stop limit trigger conditions are as follows:

  1. Net price of the complex strategy: an order will trigger when either the same side Market-Maker SBBO equals or betters the designated threshold price, or a trade in the same complex instrument occurs via COB, COA, AIM, SAM, or PAR at or better than the designated threshold price.

  2. Underlying price: an order will trigger when a designated threshold price of the underlying security is either (i) at or above the underlying price or index level or (ii) at or below the underlying price or index level. For (i) the underlying price designated must be higher, and for (ii) the underlying price designated must be lower, than the current value of the equity same side NBBO or index level. If not, the order will be rejected.

    1. Equity: triggers when the underlying security bid (ask) is equal to or higher (lower) than the designated stop price, or a trade occurs at a price equal to or higher (lower) than the stop price.

    2. Index: triggers when the underlying index level is equal to or higher (lower) than the designated threshold price. This trigger does not include any bid/ask component.

25030FuturesSenderLocationID (effective 12/14/26)N
  • Required for complex instruments with futures legs.
  • Identifies the country code of the person or system submitting the order using the ISO 3166 two-character code (must be entered using uppercase letters only).
  • An order with a country code for a comprehensively sanctioned country will be rejected.
25027FuturesAccount (effective 12/14/26)NFor Futures legs the Account used when clearing the Futures leg.
25028FuturesEFID (effective 12/14/26)NFutures legs the EFID used when clearing the futures leg.
25026StopPxType (effective TBD)N
  • Indicates what kind of stop price is being sent.
  • L = Fixed limit price
  • B = Fixed underlying bid price or index level (complex orders only)
  • A= Fixed underlying ask price or index level (complex orders only)
25029FuturesCapacity (effective 12/14/26)N
  • The capacity for the futures leg.
  • C = Customer. C denotes an account that clears in the Customer range at OCC.
  • F = Firm. Refers to the OCC account type. F denotes an account that clears in the Clearing Firm range at OCC.
Standard Message TrailerY
PreviousNext
Cboe Titanium U.S. Options FIX Specification - New Order Multileg Message Fields | Cboe