Order Books

With four exchanges to choose from – BZX, BYX, EDGX, EDGA — Cboe allows Members to focus on what they value most when executing their trading strategies. Each exchange has a unique order book and offers trading in all NMS securities, but have independent fee schedules and attract different types of order flow.

Key Differentiators Hidden Price Improvement Retail, Attribution Retail Price Improvement Routing, Low Cost
Pricing Model Traditional “Maker-Taker” model Traditional “Maker-Taker” model “Taker-Maker” with low fee and rebates Low fee
Exchange Code Z K Y J
Fee Schedule View View View View

Refer to the Order Type Guide for detailed information about order type characteristics, order type priority and the behavior of various different order types, order instructions and re-pricing options.

Order Router

Cboe offers a vast selection of routing strategies designed to provide Members with fast, efficient access to multiple pools of liquidity.

View our Routing Strategies document for a full list of our routing strategies.

Additional Documents