While all Cboe systems are currently operating normally, please be advised that due to current market activity as of approximately 11:42 am CT, Cboe C1 Options Exchange surpassed 70% of the maximum allowable sequenced messages on its Multicast PITCH proprietary market data feeds for Matching Unit 34 supporting SPXW. Should C1 exceed 90% of this value, notification will again be provided to market participants.

Note that this issue only impacts SPXW market data; all other systems not related to SPXW market data, including all systems supporting SPX, will continue to operate normally. Note also that Cboe does not intend to close trading early in SPXW or any other classes today, nor are there plans to cease floor trading for SPXW or any other class.

As indicated in a previous notice, Cboe has identified a limitation in the number of available sequenced messages on the C1 Multicast PITCH proprietary market data feeds for Matching Unit 34 supporting SPXW. This is a result of all proprietary Cboe market data feeds supporting a four (4) byte decimal sequence number which has a maximum value of 4,294,967,295. Due to an increase in market activity, the potential exists to exceed this allowable number during the course of today’s trading at a non-predetermined time.

In the event C1 exceeds the maximum allowed sequence messages on the Multicast PITCH feed for Matching Unit 34 supporting SPXW, the C1 proprietary TOP and PITCH market data feeds for the SPXW simple order book will become unavailable for the remainder of the day. SPXW simple order book PITCH/TOP market data will remain available to market participants via OPRA; SPXW proprietary complex order book market data and COA market data will also remain available and unaffected.

In addition, in such an event the SPXW simple order book market data available to the trading floor will be impacted. Additional detail regarding the exact nature of that impact will be provided to all market participants as it becomes available.

Please contact the Cboe Trade Desk or your director of sales with any questions.

Cboe Trade Desk
[email protected]