The Cboe Quoted Spread Book (QSB) service allows Market Makers to use the Binary Order Entry (BOE) Complex Quoting Interface to quote select Exchange Designated Spread Instruments on the Cboe Exchange during Regular Trading Hours (RTH).
The Quoted Spread Book provides customers with the ability to trade popular complex instruments against lit Market Maker quotes during RTH. Prior to QSB, access to liquid spread instruments markets typically required open outcry trading.
SPX Box Spreads: Box Spreads on the first four serial, the first three quarterly, and the first three December standard SPX contracts. The Box Spread strikes are 4000 and 5000. Approximately 10 Box Spreads will be quotable complex instruments each trading day.
SPX Box Swaps: Box Spread rolls (aka, Box Swaps) roll Box Spreads from the first four serial and the first two quarterly expirations to forward serial, quarterly and December SPX contracts. The Box Spread strikes at both expirations in a Box Swap are 4000 and 5000. Approximately 25 Box Swaps will be quotable complex instruments each trading day.
SPX/SPXW Jelly Rolls: Jelly Rolls roll a combo position forward from the 0-DTE, 1-DTE, and nearest Friday SPXW contract expirations, the first three serial and the first two standard quarterly SPX contract expirations to select forward expirations. For each expiration pair, Jelly Rolls with multiple strikes are designated quotable including a 50-dollar rounded at-the-money strike plus and minus three increments of 50 dollars. Approximately 120 Jelly Rolls will be quotable complex instruments each trading day.
XSP Vertical Spreads (Effective 06/15/26): As part of the Cboe Prediction Markets product ecosystem, $1 wide XSP Vertical Call Spreads and Vertical Put Spreads will be quotable complex instruments each trading day.
See the Cboe Titanium U.S. Options Quoted Spread Book User Manual for more details on the covered Quoted Spread Book complex instruments.
Market makers may use the BOE Complex Quoting interface to quote with OrderCapacity = M in Quoted Spread Book complex instruments. Class appointments are not required for Market Makers to rest orders in QSB complex instruments.
QSB symbol reference data is available via two channels; 1) on the Cboe U.S. Options Reference Data webpage as a downloadable file in JSON format and as HTML, and 2) a new Exchange Designated Complex Instrument Definition (EDCID) message disseminated on Cboe US Options Complex PITCH and TOP data feeds. See the Cboe Titanium U.S. Options Quoted Spread Book User Manual for Reference Data channel details, and see the Cboe Titanium U.S. Options Complex Multicast PITCH Specification and Cboe Titanium U.S. Options Complex Multicast TOP Specification data feed specifications for details on the new EDCID message structure and dissemination. Note that EDCID messages are supplementary to the standard Complex Instrument Definition messages that appear on the Options Complex PITCH and TOP for all spread instruments on the Cboe Exchange.
A complete list of QSB symbol reference data is available via both channels by 7:00 a.m. ET each trading date. The designated spread information is updated daily, and once presented each morning, the list will not change during the trading day.
Customers using order entry and execution platform tools can trade QSB spread instruments the same as any other spread instrument. Customers and Market Makers who connect directly to the Exchange can also trade QSB spread instruments the same as any other spread instrument.
Cboe is in discussions with brokerage platform and order entry application vendors to customize trading interfaces to highlight QSB spread instruments and to create customized trading interfaces for select instruments.
Other than Market Makers being allowed to rest orders directly in QSB spread instrument COBs during RTH, all aspects of order processing, matching, allocation, risk management, etc. remain the same. See the Cboe Titanium U.S. Options Complex Book Process for details. Allocation of SPX spreads remains pro-rata, SPXW spreads remains price-time, and cross SPX/SPXW spreads remains pro-rata (i.e., governed by SPX allocation).
Market Makers can use BOE Complex Quote Update and Complex Quote Update (Short) messages to introduce quotes to Quoted Spread Book spread instruments over BOE Bulk Quoting ports.
Market Makers are not required to quote QSB spread instruments and are not subject to quoting requirements for complex strategies in its appointed classes (see section 5.33 of the Cboe Exchange Rule Book).
Please reach out to cboelabs@cboe.com.
