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Opening Triggers

For each option class category, one or more Opening Triggers are used to transition series from Trading State Q (Queuing) to Trading State R (Opening Rotation). Trading State R is an intermediate state to indicate that that the system is attempting to open the series. Series will transition to Trading State T (Trading) upon successful opening. The table below defines the Opening Trigger for each option class category and session:

Table 1. Opening Trigger by Option Class Category and Session
Option Class CategoryOpening Trigger
No- GTH Multi-list
  1. Observation of the first round-lot print in the underlying from the primary exchange after 09:30 a.m. ET
  2. Observation of the opening two-sided Bid/Ask in the underlying from the primary exchange after 09:30 a.m. ET.

The receipt of one of the two triggers above will result in a one minute delay followed by the transition to "Opening Rotation". The receipt of both triggers will allow a class to transition to the "Opening Rotation" trading state immediately without a delay.

GTH-Enabled Multi-list (effective TBD)GTH:

  1. Observation of the first round-lot print in the underlying from the primary exchange after 07:30 a.m. ET.

  2. Observation of the opening two-sided Bid/Ask in the underlying from the primary exchange after 07:30 a.m. ET.

RTH:

  1. Observation of the first round-lot print in the underlying from the primary exchange after 09:30 a.m. ET.

  2. Observation of the opening two-sided Bid/Ask in the underlying from the primary exchange after 09:30 a.m. ET.

The receipt of one of the two triggers above will result in a one minute delay followed by the transition to "Opening Rotation". The receipt of both triggers will allow a class to transition to the "Opening Rotation" trading state immediately without a delay.
No-GTH ProprietaryObservation of the first underlying index value after 09:30 a.m. ET
GTH-Enabled Proprietary
  • (excludes VIX options)
  • GTH: Time-based
  • RTH: Observation of the first underlying index value after 09:30 a.m. ET
VIX Options and Options with OTC Underlier and Options with Discrete Underlier
  • GTH: Time-based (VIX Options only)
  • RTH: Time-based
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