Deep Liquid Markets with Solid Execution Quality
Cboe BZX and EDGX Options Exchanges power your potential with innovative solutions to meet the needs of traders in the changing options climate. With our cutting-edge technology and maker-taker pricing, the Cboe BZX and EDGX Options Exchanges were built for today's options traders.
Cboe BZX and EDGX Options Exchanges offer trading in all multiply-listed equity options with a variety of order types and functionalities to meet customers' diverse needs. The Cboe BZX and EDGX Options Exchanges Market Guide contains brief descriptions of each of our order types and routing instructions.
Cboe offers routing strategies that provide access to multiple pools of liquidity.
Parallel Routing Strategies – Route to Multiple Venues Simultaneously
Parallel D targets the best price by splitting a routable order and sending it to multiple market centers simultaneously at the same price level. Liquidity is exhausted at each price level to the limit price.
Parallel 2D provides a faster execution than Parallel D. It splits a routable order and sends it to multiple market centers and multiple price levels simultaneously.
Re-Route – Aggressive Routing Strategy
Re-route is designed to aggressively re-route and fill orders. Orders come off the Cboe order book and target a locking or crossing quote at another market center, matching or improving upon the limit price. This behavior occurs anytime Cboe receives an updated quote from another market that locks OR crosses the order resting on the Cboe order book, and may continue until the order is completely filled.
Cboe+ (AMEX, ARCA, BOX, C2, Cboe, Gemini, ISE, MIAX, PHLX, NOM) Order
Access Cboe and one of the above market centers’ liquidity (ex. AMEX) by sending the order to Cboe with the Cboe+ routing strategy. The order will first remove liquidity on Cboe. If there is a remainder, an IOC (immediate or cancel) order will be sent to the corresponding market center.
Cboe Default Order (Cboe+ All)
Access liquidity at all market centers by sending order flow to Cboe with the default, or ALL, routing strategy. This order makes use of routing strategies available within the Cboe Smart Order Router.
Cboe Only Order
Access Cboe liquidity only. By default this order isn’t routed to away markets.
Ready to trade? View our Routing Strategies FIX Tags and Instructions document.