Cboe Canada Will Add Visible Primary Pegged Order Type to NEO Books

Reference ID: C2025063001

Applicable Cboe Exchange: Cboe Canada Inc. (NEO-L and NEO-N Trading Books)

OVERVIEW

Effective September 30, 2025, subject to regulatory approval, the Cboe Canada Inc. ("Cboe Canada") NEO-L and NEO-N Trading Books will add a visible primary pegged order type.

TECHNICAL DETAILS

Upon the effective date, visible primary pegged orders will be supported over FIX and BOE order entry protocols on the NEO-L and NEO-N Trading Books. Visible primary pegged orders will only be available during Regular Trading Hours (RTH) and will not participate in opening or re-opening auctions, but will participate in closing auctions if the price allows. Only board lot size primary peg orders will be supported, and any odd lot or mixed lot orders will be rejected. Only non-aggressive primary pegged offsets will be supported, and primary pegged orders will only be allowed to quote at or away from the Protected National Best Bid or Best Offer.

The order entry instructions listed below can be used in the New Order Single (FIX) message or the NewOrderCAEquitiesV2 (BOE) message (which is being added to Cboe Canada's BOE protocol) to send visible primary pegged orders. The PegDifference field will be added to BOE (and the description of the existing PegDifference field in the current FIX spec will be expanded to cover NEO-L and NEO-N), and a new value for ExecInst (FIX Tag 18) will be added to FIX and BOE. The table below summarizes these technical specification changes.

It also important to note that, effective December 31, 2025, Cboe Canada will sunset NewOrderCAEquitiesV1and NewOrderCrossCAEquitiesV1 message types. All users must switch over to the new NewOrderCAEquitiesV2 and NewOrderCrossCAEquitiesV2 message types by this date.

The NewOrderCrossCAEquitiesV2 message type is currently available in both certification and production environments. The certification and production effective dates for the NewOrderCAEquitiesV2 message type will be announced in a future notice.
FIX TagField NameReq'dDescription
18ExecInstNR = Trade at the near-side PNBBO (NEW)
40OrdTypeYP = Pegged
44PriceNOptional cap price
211PegDifferenceNFor NEO-L and NEO-N:
  • Optional tag for use with Primary Peg orders (ExecInst = R). If not sent or sent with a zero value, the order will peg directly to its respective side of the PNBBO.
  • Signed dollar value up to two (three) decimal places is added to result of peg calculation when the peg difference is at or above (below) $0.50.
  • NOTE: Only non-aggressive offsets are supported for visible primary pegs, i.e., pegging at or away from the PNBBO; visible buy orders cannot have a positive value, and visible sell orders cannot have a negative value.
  • Offset entered must be tick-aligned. The system will appropriately round down (up) to the nearest 1 cent tick for buy (sell) peg offsets with half cent offset amounts, if the calculated price is at or above 50 cents. Order rejected if PegDifference is specified without ExecInst (18) = R (Primary Peg).
9479DisplayIndicatorNV = Visible

TESTING OPPORTUNITIES

This functionality is expected to be available to test in the Cboe Canada NEO-L and NEO-N certification environments by the end of July 2025. An exact date will be communicated in a future notice.