Risk Limits During the Opening

During the Price Forming Opening Process, risk limits for either GTH or RTH trading are in effect. However, within the context of a series opening, executions in the matching phase that cause a risk limit to be exceeded will not be stopped. In other words, risk limit trips will not prevent a series from opening. As a result risk limits can be exceeded as a result of a series opening. Immediately after the series opening in which the risk limit was tripped (exceeded), associated live orders are cancelled, from both simple and complex series books still in the Queuing state and those that have transitioned to regular GTH or RTH trading.

New orders received after the risk limit is tripped and before a risk reset operation is effected through FIX/BOE are rejected.

Mass Cancel functionality exists in the Queuing Periods, the same as in GTH and RTH trading.

See the Cboe Titanium U.S. Options Risk Management Specification for more detail on configuring GTH and RTH risk limits.