Deep Liquid Markets with Solid Execution Quality

Cboe Options Exchanges power your potential with innovative solutions to meet the needs of traders in the changing options climate. Below is an overview of our Cboe BZX Options, C2 Options and EDGX Options Exchange. Information about our Cboe Options Exchange can be found here.

Order Book

The Cboe BZX, C2 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.

Order Router

Cboe offers routing strategies that provide access to multiple pools of liquidity.

SWPA (Default)

SWPA orders will route the minimum quantity needed to clear the top of book of each protected market up to the order’s limit price. Any remaining quantity will be posted or executed on the Cboe order book. SWPA is the default routing strategy on the Cboe BZX, C2 and EDGX Options Exchanges.

ROUT

ROUT combined with the Route to Improve (RTI) instruction 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 up to the limit price.

ROUT with the Route to Fill (RTF) instruction provides a faster execution than with the Route to Improve instruction. It splits a routable order and sends it to multiple market centers and multiple price levels simultaneously.

DIRC

DIRC IOC orders will first remove liquidity on the Cboe book. If there is a remainder, the order will be sent to the market center specified on the order instructions.

DIRC ISO orders will bypass the Cboe book and send a directed ISO IOC order to the market center specified on the order instructions. Any unexecuted quantity will be canceled.

Optional Re-Routing Instructions

Generally, orders sent to Cboe will only be eligible for routing if marketable on entry and will not be routed after being posted to the Cboe order book. However, for members that want the option of routing after being posted to the order book, Cboe offers the Aggressive and Super Aggressive re-routing instructions.

Aggressive

Routable orders marked with the Aggressive instruction will be re-routed after being posted to the Cboe order book if another market center crosses its limit price.

Super Aggressive

Routable orders marked with the Super Aggressive instruction will be re-routed after being posted to the Cboe order book if another market center locks or crosses its limit price.

Ready to trade? View our Routing Strategies FIX Tags and Instructions document.