Effective date of commercial trade August 1125, without prejudice to the Regulatory Review, all CBOE -connected options exchanges will modify the opening mechanism for privately owned classes, excluding the VSA series to include an open power timer.
The timer will force the series to open after a configurable waiting period for a valid complex width market.
This new functionality applies to regular trading hours and world trading hours and only to simple instruments. The opening mechanism for complex organs will not change.
In addition, the feature of the compulsory cancellation command can be used to determine the default order behavior if a series of rest commands is forced open.
No opening auction will take place in a row with forced open. Orders that are not canceled will be converted to the book with priority and processing based on normal class management based on order instructions and NBBO at that time. Orders that choose to be canceled in the event of a forced opening will receive a cancellation for “N” (no liquidity).