Introduction

Cboe Titanium U.S. Options Risk Management has been designed to assist BZX Options, Cboe Options (C1), C2 Options, and EDGX Options customers in managing the risk of over-executing. Customers can design a risk profile that defines execution limits as a function of time or absolute limits. These rules can be applied to unique EFID Group Level, EFID Level and Risk Root (Symbol) (see Risk Limit Types). When these limits are reached, additional executions will be prevented, outstanding orders/quotes will be cancelled, new orders/quotes rejected, and customers can control when they are willing to trade again. Risk profiles will apply to both single leg and complex orders/quotes. For information on how risk will be applied on complex orders, see the Cboe Titanium U.S. Options Complex Book Process. Risk Management will not be applied to floor-routed orders on the C1 Exchange.