CBOE Europe has informed its participants on the upcoming introduction of the volatility auction functionality for the negotiation of mobile values in the regulated section of the market (regm), for liberation in
Production environment in force Monday, September 29, 2025, subject to external evaluations.
The functionality of volatility auction will be introduced into the DXE and CXE platforms for mobile values only and will be used to determine the price of a medium in place of the static collar mechanism after a manual barrier or automated volatility.
Volatility CBOE auctions use the same mechanism as existing opening and closing auctions, but start with price movements and not for the scheduled time. If an order in titles negotiating with REGM run more than 10% away from CBOE’s reference price, the CBOE will immediately launch a 5 -minute volatility auction plus any auction extensions. The price set by the auction will become the new CBOE reference value.
Double reported regm charges will continue to use static collars.
In addition to the auctions caused by volatility, the CBOE will use the same auction mechanism to reopen a primary reported CBOE REGM security after regulatory interruption. This is to ensure that the transaction continues in a way that supports a fair and smooth market.
Opening auction orders that are not executed at the end of the auction will be transferred to the CBOE LIT book, and the LIT commands that remain active at the end of the transaction day will be automatically included in the closing auction.
REGM auctions will now accept iceberg orders, but only the promotion will be prioritized.
There is no impact on the magazine auction book (PAB) or change the functionality of the PAB.
CBOE Europe also announced the upcoming introduction of multi-day order functionality for mobile values on REGM, including Good-Till-Cancel (“GTC”) and Good-Till (“GTD”). These will be released in the production environment in force on Monday,
November 3, 2025, subject to external evaluations.
- GTC and GTD orders are fully fully supported for the RGM titles, with orders being re -entered when the system is launched until the expiration (maximum 90 days).
- GTC or GTD orders with multi -day expiration for non -active securities will be rejected.
- The new Subliquidityindicator prices for GTC and GTD Orders are available for BOE sessions, allowing participants to receive day -to -day messages and reprint. When activated, the participants must request the Subliquidityindicator Bit Bit for orders.
- New Tradeliquidents (9730) for GTC and multi -day GTD orders are also available and can be activated for FIX sessions and Drop copies.
Effectively, these changes are available in DXE and CXE CBOE (UAT) testing environments.