Status

Update: 98% Threshold Reached at Market Close for Cboe Options Exchange (“C1”) Proprietary Market Data Sequence Number Limitation Issue on Matching Unit 34 Supporting SPXW

February 28, 2020 16:01:15

Please be advised as of the 3:00 pm CT market close, Cboe C1 Options Exchange had reached 98% of the maximum allowable sequenced messages on its Multicast PITCH proprietary market data feeds for Matching Unit 34 supporting SPXW.

Should this limit be exceeded during post market trading, Cboe is prepared to take actions to continue trading in SPXW as indicated in this previous notice. Subsequent notification will also be sent.

In addition, should this limit be exceeded 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.

Note that this issue only impacts SPXW market data; all other systems not related to SPXW market data, including all systems supporting SPX, 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.

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

Cboe Trade Desk
+1.913.815.7001
[email protected]

Update: 95% Threshold Surpassed for Cboe Options Exchange (“C1”) Proprietary Market Data Sequence Number Limitation Issue on Matching Unit 34 Supporting SPXW

February 28, 2020 15:37:51

While all Cboe systems are currently operating normally, please be advised that due to current market activity as of approximately 2:34 pm CT, Cboe C1 Options Exchange surpassed 95% of the maximum allowable sequenced messages on its Multicast PITCH proprietary market data feeds for Matching Unit 34 supporting SPXW. Should C1 exceed this limit, 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.

Please refer to this notice for additional detail regarding modifications to floor trading which would result should this limit be exceeded.

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

Cboe Trade Desk
+1.913.815.7001
[email protected]

Update: 90% Threshold Surpassed for Cboe Options Exchange (“C1”) Proprietary Market Data Sequence Number Limitation Issue on Matching Unit 34 Supporting SPXW

February 28, 2020 14:59:58

While all Cboe systems are currently operating normally, please be advised that due to current market activity as of approximately 1:57 pm CT, Cboe C1 Options Exchange surpassed 90% of the maximum allowable sequenced messages on its Multicast PITCH proprietary market data feeds for Matching Unit 34 supporting SPXW. Should C1 exceed 95% 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.

Please refer to this notice for additional detail regarding modifications to floor trading which would result should this limit be exceeded.

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

Cboe Trade Desk
+1.913.815.7001
[email protected]

Modifications to Floor Trading in the Event Proprietary Market Data Sequence Number Limitation is Exceeded for SPXW, Unit 34, on Cboe Options Exchange (“C1”)

February 28, 2020 14:17:16

As indicated in a previous notice, Cboe Options Exchange (“C1”) has identified a limitation in the number of available sequenced messages on the 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 current market activity, as of approximately 12:45 pm CT Cboe C1 Options Exchange surpassed 80% of this value and the potential exists to exceed this allowable number during today’s trading at a non-predetermined time. 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.

In the event C1 exceeds the maximum allowed sequence messages on the Multicast PITCH feed for Matching Unit 34 supporting SPXW, electronic and open outcry trading will remain available for SPXW as well as for all other classes. SPXW simple order book market data will remain available to all market participants via OPRA, via the data walls which will be sourced from OPRA, and via OPRA data on PULSe, but market data for SPXW will be unavailable for the remainder of the day on PAR or via any other proprietary or third-party systems that rely on Cboe proprietary PITCH/TOP data. SPXW proprietary complex order book PITCH/TOP market data and COA market data will remain available and unaffected.

Should SPXW market data become unavailable via PAR, Cboe will send a market data value message to the PAR terminals which will appear as bid/ask prices of 0.01 – 9999.9999, 9999 x 9999. This message will clear any stale data present after SPXW market data becomes unavailable, thereby allowing continued use of the Trade with All, Sweep, Book, and Auction functionality. Note however that Trade with Book functionality will not be available. In addition, the PAR calculator will not provide accurate leg prices and should not be used for this purpose; all SPXW leg prices should be entered manually. PAR brokers are also requested to use the PAR “SWEEP” button to clear any electronic interest that may be resting in the book in the event an open outcry trade might occur at or outside the BBO viewable via OPRA data on PULSe or on the data walls and other market data sources.

Please refer to forthcoming Cboe Regulatory Circulars for more information.

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

Cboe Trade Desk
+1.913.815.7001

Update: 80% Threshold Surpassed for Cboe Options Exchange (“C1”) Proprietary Market Data Sequence Number Limitation Issue on Matching Unit 34 Supporting SPXW

February 28, 2020 13:49:01

While all Cboe systems are currently operating normally, please be advised that due to current market activity as of approximately 12:45 pm CT, Cboe C1 Options Exchange surpassed 80% 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
+1.913.815.7001
[email protected]

Update: 70% Threshold Surpassed for Cboe Options Exchange (“C1”) Proprietary Market Data Sequence Number Limitation Issue on Matching Unit 34 Supporting SPXW

February 28, 2020 12:50:01

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
+1.913.815.7001
[email protected]

Cboe Options Exchange (“C1”) Proprietary Market Data Sequence Number Limitation Issue for SPXW, Matching Unit 34

February 28, 2020 10:33:56

While all Cboe systems are currently operating normally, please be advised that Cboe Options Exchange (“C1”) has identified a limitation in the number of available sequenced messages on the Multicast PITCH proprietary market data feeds for Matching Unit 34 supporting SPXW. Due to an increase in market activity, the potential exists to exceed this allowable number during the course of today’s trading. Should C1 exceed 70% of this value, additional notification will 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.

All proprietary Cboe market data feeds support a four (4) byte decimal sequence number which has a max value of 4,294,967,295. 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 market data will remain available to market participants via OPRA; SPXW proprietary complex order book market data and COA market data will also remain unaffected.

In addition, 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
+1.913.815.7001
[email protected]

Issue Resolved: Cboe Options Exchange Experiencing Delays in Submitting Trades to the OCC

February 27, 2020 12:40:28

Please be advised that the Cboe Options Exchange ("C1") has resolved the issue causing trade submission delays to the OCC and delays to order lookups. All C1 systems and all other Cboe exchanges are operating normally.

Cboe Options Exchange Experiencing Delays in Submitting Trades to the OCC

February 27, 2020 11:19:26

Please be advised that the Cboe Options Exchange ("C1") is currently investigating an issue which is causing trade submission delays to the OCC and delays to order lookups. All other C1 systems and all other Cboe exchanges are operating normally.

UPDATE: Post Mortem: Cboe Options Exchange OPRA Trade Reporting Issue

January 10, 2020 16:30:07

Per the Post Mortem update distributed on Wednesday, January 8, 2020, effective for today's trading Cboe has deployed a software patch to resolve the issue where the Cboe Clearing Editor could improperly reduce trading volume on OPRA.  A list of trades where volume was incorrectly removed is available here. This list also includes 58 trades which under specific edge case conditions were not originally reported to the Tape. Cboe is currently addressing this issue and will provide an updated notice with a list of any additional such trades should they occur. In all cases, each row in the list of trades represents volume that should be added back to the Tape for an accurate historical record.

Post Mortem: Cboe Options Exchange OPRA Trade Reporting Issue

January 08, 2020 17:13:12

Post Mortem: Cboe Options Exchange OPRA Trade Reporting Issue

SCI System(s) Affected: OPRA Printer (Trade Reporter)

Incident Description: Compliance
Please be advised that Cboe Options Exchange has identified a software defect where the Cboe Clearing Editor could improperly reduce trading volume counts on OPRA. This issue had no impact related to clearing of any trades. This issue was introduced on October 7, 2019 and unnecessarily reduced the contract volumes on less than 300 trades since that date.

Members Affected: OPRA recipients.

Corrective Action: This defect will be resolved by a software patch to be deployed this Friday, January 10, 2020 at which time Cboe will also issue an updated notice with a link to a full list of trades where volume was incorrectly removed from the tape.