This interpretation will not impose upon Trading Permit Holders an affirmative responsibility to provide and post pre-opening option market quote indicators. The spread refers to the difference between the price for which you can buy a security and the price for which you can sell it. The procedure described in this Frading may be used to reopen a class or series after a trading halt; however, based on tradimg facts and circumstances, there may be no pre-opening period or a shorter pre-opening period than the regular pre-opening period. The Back-up Exchange and CBOE have agreed to coordinate with each other regarding surveillance and enforcement respecting trading of CBOE exclusively listed options on CBOE's facility at the Back-up Exchange. Options involve risk and are not suitable for all investors. Options involve risk and are not suitable for all investors. If the Exchange determines to operate during Extended Trading Hours, transactions in options designated as eligible for trading during that trading session as set forth in Rule 6.




The Board shall determine by resolution the days the Exchange shall be open for business and the Regular Trading Hours and Extended Trading Hours of such days during which transactions may options extended hours trading xsp made on the Exchange. The Board of Directors has resolved that, except under unusual conditions as may be determined by the Board or its designee, Regular Trading Hours during which transactions in options on individual stocks may tradihg made on the Exchange shall correspond to the normal hours for business established by the exchanges currently trading the houurs underlying CBOE options.

The Board of Directors has resolved that, except under unusual conditions as may be determined by the Board or its designee, Extended Trading Hours are from a. Central time "CT" to a. CT on Monday through Friday. The Exchange may determine whether to operate during Extended Trading Hours. If the Exchange determines to operate during Extended Trading Hours, transactions in options designated as eligible for trading during that trading session as set forth in Rule 6.

Issued October 1, ; amended January 20, ; February 28, ; May 7, ; February 27, ; May 14,effective Tradihg 23, ; February 7, ; May 10, ; November 28, Issued October 19, ; amended June 6, ; June 28, ; August 17, ; February 25, ; May 22, ; October 10, Regular Trading Hours for options on Units, as defined under Interpretation and Policy. Hourw each business day. Regular Trading Hours for options on Index-Linked Securities, as defined under Interpretation and Policy. Approved December 17, ; amended March 13, ; March 12, ; November 28, Day, Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day or Christmas Day.

The Board has also determined that, when any holiday observed by the Exchange falls on a Saturday, the Exchange will not be open for business on the preceding Friday, and that when any holiday observed by the Exchange falls on a Sunday, the Exchange will not be open for business on the following Monday, unless unusual business conditions exist at the time. Issued February 27, ; amended September 2, ; October 19, ; October 2, ; December 17, This interpretation will not impose upon Options extended hours trading xsp Permit Holders an affirmative responsibility to provide and post pre-opening option market quote indicators.

Generally, pre-opening option market quote indications would be provided by Trading Permit Holders for options classes whose underlying security is sold over-the-counter and those option classes whose underlying security shows little market volatility. The following procedures shall be followed by Trading Permit Holders and the Order Book Official, DPM, or LMM when posting pre-opening option market quote indications. CTrequest market quote indications from the Trading Permit Holders present in the trading crowd.

Upon the opening of the underlying security and in no case earlier than a. CT the OBO, DPM, or LMM shall request verbal confirmation from the trading crowd that such pre-opening option market quote indications reflect the actual market and constitute valid opening quotations. If the crowd indicates that such traading option market quote indications reflect the actual market and constitute valid opening quotations, the OBO, DPM, or LMM shall determine that a simultaneous opening rotation has occurred.

If they do not confirm the indications, an opening rotation in accordance with applicable Exchange Rules for all series in which floor brokers in optione crowd or the Book tradkng executable limit or market orders extenred be held. After such orders have been executed, the OBO, DPM, or LMM shall declare the option class open and the series subject to applicable Exchange Rules. Approved September 4, ; amended December 2, ; December 17, ; June 10, ; March 21, ; May 23, ; June 18, ; May 10, ; November 28, All Rules of the Exchange apply to trading during Extended Trading Hours except as set forth in this Rule and except for Rules that by their terms are inapplicable during Extended Trading Hours or where the context otherwise requires.

Trading fxtended Extended Trading Hours is electronic only on the Hybrid Trading System. If in accordance with the Rules an order would route to PAR, the order entry firm's booth or otherwise for manual handling, the System will return the order to the Trading Permit Holder during Extended Trading Hours. The Exchange may designate as eligible for trading during Extended Trading Tradint any exclusively listed index option designated for trading under Rules FLEX options pursuant to Chapters XXIVA options extended hours trading xsp XXIVB will not be eligible for trading during Extended Trading Hours.

Trading Permit Holders must obtain an Extended Trading Hours Trading Permit to trade during Extended Trading Hours pursuant to Rule 3. A Market-Maker's appointment to a class during Regular Trading Hours does not apply during Extended Trading Hours. Market-Makers may request appointments for Extended Trading Hours in accordance with Rule 8. A Market-Maker may select for each Extended Trading Hours Trading Permit the Market-Maker holds any combination of Extended Trading Hours classes, whose aggregate appointment cost does not exceed 1.

Additionally, notwithstanding the day and next calendar quarter delay requirements in Rule 8. A The Exchange may approve one or more Market-Makers to act as LMMs in each class during Extended Trading Hours in accordance with Xzp 8. B During Extended Trading Hours, LMMs must comply with the continuous quoting obligation and other obligations of Market-Makers volatility trade forex vps forth in subparagraph ii above but not with the obligations in Rule 8.

LMMs do not receive a participation entitlement as set forth in Rules 6. The Exchange may consider other exceptions to this quoting standard based on demonstrated legal or regulatory requirements or other mitigating circumstances. An order submitted during Extended Trading Hours by a Trading Permit Holder that is a Market-Maker in the class for Regular Trading Hours but not Extended Trading Hours may be eligible for Market-Maker treatment. If the Rules impose any percentage limit on "off-floor orders" of Market-Makers in a class, then such an order will be considered an "off-floor order" that counts toward that percentage limit.

All order types that are available for electronic processing during Regular Trading Hours and as otherwise determined by the Exchange will be available for trading during Extended Trading Hours except market orders, market-on-close orders, stop orders and good-til-cancelled orders. The Regular Trading Hours Book is not connected to the Extended Trading Hours Book.

Orders and quotes in the Regular Trading Hours Book are not displayed in the Extended Trading Hours Book, and vice versa. Orders and quotes submitted during Regular Trading Hours do not trade against orders and quotes submitted during Extended Trading Hours, and vice versa. A separate Complex Order Book COB is used during Extended Trading Hours in ohurs with Rule 6. The System cancels all orders and quotes remaining on the Extended Trading Hours Book and COB at the end of an Extended Trading Hours session.

The business conduct rules set forth in Chapter IV of these Rules apply during Extended Trading Hours. To the extent the Rules allow the Exchange to make a determination, including on a class-by-class or series-by-series basis, the Exchange Forex Hacked 25 Free Download make a determination for Extended Trading Hours that differs from that made for Regular Trading Hours.

The Exchange will announce all determinations under this Rule 6. No Trading Permit Holder may accept an order from a customer for execution during Extended Trading Hours without disclosing to that customer that trading during Extended Trading Hours involves material trading risks, including the possibility of lower liquidity, high volatility, changing prices, an exaggerated effect from news announcements, wider spreads, the absence of an updated underlying index or portfolio value or intraday indicative value and lack of regular trading in the securities underlying the index or portfolio and any other relevant risk.

The disclosures required pursuant to this Rule may take the following form or such other form as provides substantially similar information: i Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders and quotes that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold.

There may be lower liquidity during Extended Trading Hours as compared to Regular Trading Hours, including fewer Market-Makers quoting during Extended Trading Hours. As a result, your order may only be partially executed, or not at all. Volatility refers to the houfs in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility during Extended Trading Hours as compared to Regular Trading Hours.

As a result, your order may only be partially executed, or not at all, or you may receive an inferior price during Extended Trading Hours as compared to Regular Trading Hours. The prices of securities traded during Extended Trading Hours may not reflect the prices either at the end of Regular Trading Hours, or upon the opening of Regular Trading Csp the next business day. As a result, you may receive an inferior price during Extended Trading Hours as compared to Regular Trading Hours.

Normally, issuers make news announcements that may affect the price of their securities after Regular Trading Hours. Similarly, important financial information is frequently announced outside of Regular Trading Hours. These announcements may occur during Extended Trading Hours, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security. The spread refers to the xs; between the price for which you can buy a security and the price for which you can sell it.

Lower liquidity and higher volatility during Extended Trading Hours may result in wider than normal spreads for a particular security. For certain products, an updated underlying index or portfolio value or IIV will not be calculated or publicly disseminated during Extended Trading Hours. Since the underlying index or portfolio value and IIV are not calculated or widely disseminated during Extended Trading Hours, an investor who is unable to calculate optilns values for certain products during Extended Trading Hours may be at a disadvantage to market professionals.

Additionally, securities underlying the indexes or portfolios will not be regularly trading as they are during Regular Trading Hours, or may not be trading oltions all. This may cause prices during Trsding Trading Hours to not reflect the prices of those securities when they open for trading. While it may not be calculated and disseminated at all times during Extended Trading Hours, current values of VIX will be widely disseminated at least once every fifteen 15 seconds by the Options Price Reporting Authority lptions one or more major market vendors during that trading session.

No current index value underlying any other index option trading during Extended Trading Hours will be disseminated during or at the close of that trading day. Approved November 28, ; amended September 14, ; April 4, ; April 7, ; December 9, ; January 24, ; February 17, A "trading rotation" is a series of very brief time periods during each of which bids, offers, and transactions in only tradinh single, specified option optoons can be made.

For purposes of iptions Exchange's rules, a "trading rotation" may be conducted using the procedures as described in this Rule 6. The Exchange, or any two Floor Officials, may direct that one or more trading rotations be employed on any business day to aid in producing a fair and orderly market. For each rotation so ooptions, except as the Exchange may direct, rotations shall be conducted in the order and manner the Designated Primary Market-Maker "DPM"Lead Market-Maker "LMM" or Order Book Official "OBO" acting in such class of options determines to be appropriate under the circumstances.

The DPM, LMM or OBO, with the approval of two Floor Officials, may deviate from any rotation policy or procedure issued by the Exchange. The power to determine the rotation order and manner or deviate from rotation policy forex remover spyware trading 21 procedure may be exercised before and during a rotation. Two or more trading rotations may be employed simultaneously, if the Exchange or OBO so prescribes.

Any two Floor Officials may delay the commencement of the opening rotation in any class of options in the interests of a fair and orderly market. Amended May 19, ; December 2, ; February 9, effective through March 31, ; May 30, ; March 21, ; December 21, ; May 23, For each class of option contracts that has been approved for trading, the opening rotation shall be conducted by the DPM, LMM or OBO acting in such class of options.

Houts a rule, a DPM, LMM, or OBO acting in more than one class of options should open them in the same order in which the underlying securities are opened. If both puts and calls covering the same underlying security are traded, the DPM, LLM, or OBO shall determine which type of option will open first, and shall alternate the opening of put series and call series. A DPM, LLM, or OBO may conduct the opening rotation in another manner only with the approval of two Floor Officials or at the direction of the Exchange.

A modified opening rotation such as that described in Interpretation. CTthe DPM, LLM, or OBO acting in option contracts on such security shall report the delay to a Floor Official and an inquiry shall tradkng made to determine the cause of the delay. The opening rotation for option contracts in such security shall be delayed until the underlying security has opened unless two Floor Officials determine that the interests of a fair and orderly market are best options extended hours trading xsp by opening trading in the option contracts.

Issued April 15, ; amended October 1, ; June 3, ; November 22, ; January 11, ; April 27, ; January 11, ; May 15, ; November 19, ; November 20, ; April 29, ; January 19, ; June 10, ; March 21, ; December 21, ; May 23, ; November 28, CTas appropriate, in connection with a trading rotation. Such a trading rotation may be employed whenever any two Floor Officials conclude in their judgment that such action is appropriate in the interests of a fair and orderly market.

The factors that may be considered include, but are not limited to, whether there has been a recent opening or reopening of trading in the underlying security, a declaration of a "fast market" pursuant to Rule 6. The decision to employ a trading rotation after p. In general, no more than one trading rotation will extendee commenced after the end of Regular Tradinf Options extended hours trading xsp.

If a trading rotation is in progress and Floor Officials determine that a final trading rotation after the end of Regular Trading Hours is needed to assure a fair and orderly close, the rotation in progress shall be halted and a final rotation begun as promptly as possible after the end of Regular Trading Hrading. Any trading rotation in non-expiring options conducted after the end of Regular Trading Hours may not begin until five minutes after news of such rotation is disseminated.

Issued October 18, ; amended February 28, ; April 27, ; July 11, ; March 10, ; November 20, ; May 19, ; May 14, tradingg, effective June 23, ; February 7, ; December 21, ; November 28, Open trading in such expiring series shall be permitted until p. CTas appropriate. The closing rotation shall commence at p. CTas appropriate, or after a closing price of the security in its primary market is established, whichever is later.

Open trading on expiring series of index options shall be permitted during Regular Trading Hours xap the last business day prior to expiration until p. CTas appropriate, but a closing rotation for such expiring series of index options is not ordinarily employed. Open trading on expiring series of interest rate options shall be permitted during Regular Trading Hours on the last business day prior to expiration until p.

CTbut as soon as possible thereafter, a closing rotation shall commence. Two Floor Officials may deviate from the procedures set forth in the above paragraph if they determine such deviation is in the interest of a fair and orderly market. Issued November 19, ; xssp December 31, ; February 27, ; November 20, ; June 22, ; May 19, ; May 14,effective June 23, ; amended February 7, ; December 21, ; November 28, Unless otherwise directed by Floor Officials or the Exchange, the only orders which may participate in the closing rotation are those that are received before the end of Regular Trading Hours, i.

The Exchange's Retail Automatic Execution System "RAES" will not be available during the closing rotation. The Exchange may determine not to hold a closing rotation for a particular class of options for a calendar quarter, in which case prior notice will be provided to the Trading Permit Holder. The OBO, with the approval of two Floor Officials, may deviate from the rotation policy or procedures for quarterly closing rotations as provided for in this Rule.

Approved October 16, ; amended May 30, ; February 7, ; March 21, ; December 21, ; May 23, ; June 18, ; November 28, This rule applies only to Regular Trading Hours. This rule has no applicability to series trading on the CBOE Hybrid Opening System. Such series will be governed by Rule 6. The Rapid Opening System "ROS" is an Exchange automated system for opening classes of options at the beginning of Regular Trading Hours or for re-opening classes optoons options during Regular Trading Hours.

The use of ROS will be governed on a class basis by the Exchange. All pre-open orders entered into the electronic book will be included in the ROS calculations. Quotes for all series of each option class, as generated by AutoQuote, will be hougs to ROS. AutoQuote values can be adjusted by the Market-Makers before those values are sent to ROS. In those cases where thresholds for aggregate risk and aggregate contracts to trade are exceeded, AutoQuote values may be adjusted after they have been sent to ROS.

ROS will check the thresholds against the actual optiosn and contracts to trade once AutoQuote has received an input for the underlying security forex trading practice game software best. A pricing algorithm, i. The algorithm was designed to maximize the number of priority customer orders able to be executed on the opening.

ROS will automatically cross priority customer orders that can be crossed; the balance of trwding, if any, to be traded at that price will be assigned to participating Market-Makers if the opening price is at either the AutoQuote bid or offer. If the opening price is between the AutoQuote bid or offer, then no trades will be assigned to participating Market-Makers. However, any orders which are not executed as part of the opening will remain in the Exchange's electronic book and will be reflected in the opening bid or offer improving the AutoQuote bid or offer.

In order to ensure participation on the opening, brokers representing orders that may not be placed on the electronic book broker-dealer orders and public customer contingency orders must inform the OBO or DPM and the options extended hours trading xsp ROS Market-Makers of the terms of such orders including limit price and volume prior to the time the Market-Makers for a particular class lock that class under ROS.

By informing the Optioms prior to the opening bell, the participating Market-Makers can ensure that the class does not auto-open by adjusting their thresholds. The Market-Makers can then incorporate this non-bookable order information in determining how and if they should pptions the AutoQuote values that are sent to ROS.

Once ROS determines the opening price, the participating Market-Makers will trade at the opening price and via open outcry with these non-bookable orders that are deserving a fill at the opening price established by ROS. An order is deserving of a fill for its entire size by the Market-Makers in the crowd assuming any contingency accompanying the order is satisfied at the opening price if that order is a 1 market order; 2 a limit order and the limit price betters the opening price; or 3 a public customer limit order with a contingency where the limit price equals the opening price.

ROS contracts to trade will be assigned to participating Market-Makers equally, to the greatest extent possible. A Market-Maker may participate on ROS only in classes traded at one trading station at any given time. Such failure may also be the subject of remedial action by the Exchange, including but not limited extendwd suspending a Trading Permit Holder's eligibility for participation on ROS and such other remedies as may be appropriate and allowed under Chapter VIII of the Exchange Rules.

Adopted February 9, effective through March 31, ; amended April 7, ; May 19, ; September 29, ; October 5, ; December 1, ; October 1, ; September 30, ; Hour 26, ; May 30, ; September 24, ; November 24, ; March 21, ; December 21, ; May 23, ; June 18, ; November 28, ; January 24, Notwithstanding paragraph b of this Rule, ROS contracts to trade will be assigned to the LMMs logged onto the ROS system. In addition, subject to the review of the Board of Directors, the Exchange may establish from time to time a participation entitlement formula that is applicable to the LMM who determines the formula for generating automatically updated market quotations during the trading day and provides the primary quote feed for an option class during an expiration cycle.

The participation entitlement formula only applies to ROS contracts to trade and is subject to the following conditions: i the LMM will receive this participation right only during expiration cycles and only with respect to time periods during those expiration cycles when the LMM is providing the primary quote feed, and ii the LMM logs onto ROS the designated number of times as established by the Exchange.

Adopted October 5, ; amended May options extended hours trading xsp, ; May 23, ; April 7, All provisions set forth in Rule 6. To facilitate the calculation of a settlement price for futures and options contracts on volatility indexes, the Exchange shall utilize a modified ROS opening procedure for any index option series with respect to which a volatility index is calculated including any index option series opened under Rule 6.

This modified ROS opening procedure will be utilized only on the final settlement date of the options and futures contracts on the applicable volatility index in each expiration month. The following provisions shall be applicable when the modified ROS opening procedure set forth in this Rule 6. CTunless the order is not executed in the modified ROS opening procedure and the cancellation or change is submitted after the modified ROS opening procedure is concluded provided that any such order may be changed or cancelled tarding a.

CT and prior to applicable cut-off time established in accordance with paragraph vi in order to correct a legitimate error, in which case the Trading Permit Holder submitting the change or cancellation shall prepare and maintain a memorandum setting forth the circumstances that resulted in the change or cancellation and shall file a copy of the memorandum with the Exchange no later than the next business day in a form and manner prescribed by the Exchange. In general, the Exchange shall consider index option orders to be related to positions in, or a trading strategy involving, volatility index options or futures for purposes of this Rule 6.

The orders may also be for put and call options with tradjng strike prices. Whether index option orders are related to positions in, or a trading strategy involving, volatility index options or futures for purposes of this Rule 6. Order types other than those provided above may also be deemed by the Exchange to fall within this category exetnded orders if the Exchange determines that to be the case based upon the applicable extfnded and circumstances.

The provisions of this Rule 6. The applicable cut-off time for the affected index option series will be established by the Exchange on a class-by-class basis, provided the cut-off time will be no earlier than a. CT and no later than a. All pronouncements regarding changes to the applicable cut-off time will be announced to the Trading Permit Holders via Regulatory Circular that is issued at least exteded day prior to implementation.

CT and thereafter at approximately a. CT on days that the modified ROS opening procedure is utilized. Approved March 24, ; amended May 6, ; September 2, ; August 4, ; December 21, ; May 23, ; June 18, ; April 7, For each trading session, the System begins accepting orders and quotes subject to subparagraph i below in all classes no earlier than a.

If an order entered during the pre-opening period for Regular Trading Hours is not eligible for book entry including minimum volume, not held and market-if-touched ordersthe System routes the order via the order handling system pursuant to Rule 6. EOIs contain information based on resting orders and quotes in the Book, which may include the expected opening price "EOP"the expected opening size "EOS"any reason why a series may not open pursuant to paragraph d below, and any imbalance information, including the size and side of the imbalance.

The EOP is the price at which any opening trade is expected to execute, and the EOS is the size of any expected opening trade. Notwithstanding the foregoing, the System only disseminates EOP and EOS messages: A if the width between the highest quote bid and lowest quote offer on the Exchange is no wider than the OEPW range as defined belowin classes in which HAL is not activated for openings; or B if the width between the highest quote bid and lowest quote offer on the Exchange or disseminated by other exchanges is no wider than the OEPW range, in classes in which HAL is activated for openings "HALO".

After the System initiates the opening rotation procedure and sends the Rotation Notice, the System begins the opening rotation period. During the opening rotation period for a series: i The System matches and executes resting orders and quotes against each other in order to establish an opening BBO and trade price, if any, for the series. A The opening trade price of a series is the "market-clearing" price, which is the single price at which the largest number of contracts in the Book can execute, leaving bids and offers that tradihg trade with each other.

If there are multiple prices at which the same number of contracts would clear, the System uses: 1 the price at or nearest to the midpoint of the opening BBO, or the widest offer bid point of the OEPW range if the midpoint is higher lower than that price point, in classes in which the Exchange has not activated HALO; or 2 the price at or nearest to the midpoint of the range consisting of the higher hourd options extended hours trading xsp opening NBB and widest options extended hours trading xsp point of the OEPW range, and the lower of the opening NBO and widest offer point of the OEPW range, in classes in which the Exchange has activated HALO.

B All orders except complex orders and, in classes in which the Exchange has not activated HALO, all-or-none orders and orders with a stop contingency and quotes exteended a series in the Book prior to the opening rotation period participate in the opening rotation for that series. Contingency orders that participate in the opening rotation may execute during the opening rotation period only if their contingencies are triggered.

C The System prioritizes orders and quotes in the following order: I market orders, II limit orders and quotes whose prices are better than the opening price, and III resting orders and quotes at the opening price. Contingency orders are prioritized as set forth in Rules 6. Subject to paragraph d below, the opening rotation period including these intervals may not exceed 60 seconds.

However, if the opening quote width is no wider than the intraday acceptable price range as set forth in Rule 6. If sxtended opening quote width is wider than the IEPW range, the System does not open the series; C if the opening trade price would be outside of the OEPW range, the System does not open the series; or D if the opening trade would leave a market order imbalance i. However, if the opening quote width is no wider than the IEPW range and there are no orders or optionw marketable against each other or that lock or cross the OEPW range, the System opens the series.

If the opening quote width is wider than the IEPW range, the System does not open the series. If the opening quote for oltions series consists solely of bids and offers disseminated from an away exchange sthe System opens the series by matching orders and quotes to the extent they can trade and reports the opening trade, if any, at the opening trade price.

The System then exposes any remaining marketable buy sell orders at the widest offer bid point forex metal withdraw the OEPW range or NBO NBBwhichever is lower higher ; C if the opening trade price would be outside of the OEPW range or NBBO, the System opens the series by matching orders and quotes to the extent they can trade and reports the opening trade, if any, at an opening trade price not outside either the OEPW range or NBBO.

The System then exposes any remaining marketable buy sell orders at the widest offer bid point of the OEPW range or NBO NBBwhichever is lower higher ; D if the opening trade would leave a market order imbalance i. The System then exposes any remaining marketable buy sell orders at the widest offer bid point of the OEPW range or NBO NBBwhichever is lower higher ; or E if the opening quote bid offer or NBB NBO crosses the opening quote offer bid or NBO NBB by more than a specified amount determined by the Exchange on a class-by-class and premium basis, the System does not open the series.

If the opening quote bid offer or NBB NBO crosses the opening quote offer bid or NBO NBB by no more than the specified amount, the System opens the series by matching orders and quotes to the extent they can trade and reports the opening trade, if any, at the opening trade price, then exposes any remaining marketable buy sell orders at the widest offer bid point of the OEPW range or NBO NBBwhichever is lower higher. Tradnig the best away market bid and offer are inverted by no more than the specified amount, there is a marketable order on each side of the series, and the System opens the series, the System exposes the order on the side with the larger size and routes for execution the extenred on the side with the smaller size to an away exchange that is at the NBBO.

The exposure of any orders pursuant to this subparagraph ii will be conducted via HAL pursuant to Rule 6. Any remaining balances of orders not executed after the exposure period enter the book at their limit prices to the extent consistent with Rule 6. Any orders exposed under this subparagraph d ii that are priced or would be executed at a price not within an acceptable tick distance from the initial HAL price will route via the order handling system pursuant to Rule 6.

The Exchange determines an "acceptable tick distance" on a class-by-class and premium basis, which may optikns no less than two minimum increment ticks and, in classes in which HAL is also eztended intraday, will be the same as the acceptable tick distance established under Rule 6. Senior Help Desk personnel may deviate from the standard manner of the opening procedure in this Rule 6. The Exchange will make and maintain records to document all determinations to deviate from the standard manner of the opening procedure, and periodically review these determinations for consistency with the interests of a fair and orderly market.

The procedure described in options extended hours trading xsp Rule may be used to reopen a class or series after a trading halt; however, based on then-existing facts and circumstances, there may be no pre-opening period or a shorter pre-opening period than the regular pre-opening period. The Exchange will announce the reopening of a class or series after a trading halt as soon as practicable via verbal message to the trading floor and electronic message to Trading Permit Holders that request to receive such messages.

The Exchange may also reopen a class after a hougs halt as otherwise set forth in the Rules, including Rules 6. For any series that opens pursuant to the procedure described in this Rule, senior Help Desk personnel and senior management may decide to conduct a closing rotation pursuant to the procedure described in this Rule after the end of the normal close of any trading session whenever the Exchange concludes that such action is appropriate in the interests of a fair and orderly market.

The factors that may be considered in holding a closing rotation procedure include, but are not limited to, whether there has been a recent opening or reopening of trading in the underlying security, a declaration of a fast market, or a need for a closing procedure in connection with expiring individual security options, an end of the year procedure, or the restart of a procedure which is already in progress.

The Exchange will notify Trading Permit Holders of the decision to conduct a closing rotation procedure as soon as practicable via verbal message to the trading floor and electronic message to Trading Permit Holders that request to exxtended such messages. All provisions set forth above in this Rule apply to opening series in Hybrid 3. Notwithstanding paragraph a i above, only the DPM s or LMM s with an allocation or appointment, respectively, to the class or series may enter quotes prior to the opening of trading, subject to the obligation set forth in Rule 8.

During the pre-opening period, the System will accept all order types eligible for entry as set forth in paragraph a i above from public customers and only opening rotation orders from non-public customers. Amended September 28, ; June 18, ; December 20, ; February 18, ; November 28, ; December 9, ; January 24, On the dates on which the exercise and final settlement values are calculated for options as determined under Rule The Exchange will announce all determinations regarding changes to the applicable strategy order cut-off time at least one day prior to implementation.

In general, the Exchange will consider orders to be strategy orders for purposes of this Rule 6. B The orders are for option series spanning the full range of strike prices for the appropriate expiration for option series that will be used to calculate the exercise or final settlement value of the applicable volatility index option or futures contract, but not necessarily every available strike price.

C The orders are for put options with strike prices less than the "at-the-money" strike price and for call options with strike prices greater than the "at-the-money" strike price. Whether orders are strategy orders for purposes of this Rule 6. The Exchange may optuons deem order types other than those provided above as strategy orders if the Exchange determines that to be the case based upon the applicable facts and circumstances.

The Exchange will announce all determinations regarding changes to the applicable non-strategy order cut-off time at least one day prior to implementation. Adopted May 30, ; amended May 9, ; June 10, ; August 10, ; March 21, ; December 21, ; June 7, ; June 7, ; October 2, ; December 31, ; May 23, ; March 13, ; September 28, ; June 18, ; December 20, ; December 13, ; March 21, ; November 28, ; December 9, Adopted November 29, ; amended October 21, ; December 20, ; January 2, ; December 9, Adopted August 4, ; amended August 20, ; June 18, ; December 20, ; September 9, ; July 31, ; November 28, ; March 20, ; November 4, ; December 9, The electronic allocation algorithm from Rule 6.

The Exchange may determine to apply a separate electronic allocation algorithm for series that open at a minimum price increment due to a sell market order imbalance. Adopted December 20, ; amended December 9, ; January 24, The Exchange will announce to Trading Permit Holders all determinations it extebded pursuant to Rule 6.

To the extent the Exchange authorizes groups of series of a class to trade on different trading platforms pursuant to Rule 8. SPX Non-Trading Closing Rotations. During such special non-trading closing rotations, an LMM in the SPX options designated by the Exchange in each series of SPX options, will provide bid and offer quotations, the midpoint of which will reflect the theoretical fair value of the series of SPX options, as determined by the LMM pursuant to the LMM's algorithmic analysis of relevant and available data.

Notwithstanding that trading in SPX options on the Exchange continues until fifteen minutes after the close of trading in the underlying cash market, on the last business day of each month, after the close of trading, the Exchange shall disseminate the fair value quotations as of the close of trading in the underlying cash market provided by the designated LMM as the quotations used to calculate the theoretical fair value for each series of SPX options, provided, however, that the Exchange may determine, in the interest of fair and orderly markets, not to disseminate such quotations.

Adopted October 28, ; amended June 29, ; November 24, ; December 9, Limit Up-Limit Down States. If the underlying security for an option class is in a limit up- limit down state as defined in Rule 6. In addition, if the opening rotation has already begun for an options class when a limit up-limit down state initiates for the underlying security of that class, market and limit orders will continue through the end of the opening rotation.

Approved December 13, ; amended March 21, ; November 28, ; December 9, Any two Floor Officials may halt trading in any security in the interests of a fair and orderly market for a period not in excess of two consecutive business days. Any two Floor Officials, in consultation with a designated senior executive opitons of the Exchange, may halt trading in any security in the interests of a fair and orderly market for a period exceeding two consecutive business days.

Any trading halt that lasts more than two consecutive business days shall be reviewed on a regular basis by the Exchange, which may determine whether, in the interests of a fair and orderly market, to terminate or modify any such trading halt that is then still in effect. Among the factors that may be considered in making the foregoing determinations are whether: i in the case of an option on a security, trading in the underlying security has been halted or suspended in the one or more of the markets trading the underlying security, ii in the case of an option on a security, the opening of such underlying security opyions been delayed because of unusual circumstances, iii in the case of any security other than an option, A the opening of such security has been delayed due to order imbalances, B the Exchange has been advised optione the issuer of the security is about to make an important announcement affecting such issue, or C trading in such security has been halted or suspended in one or more of the markets trading such security.

Trading in a security that has been the subject of a halt under paragraph a above may be resumed upon a determination by two Floor Officials that the interests of a fair and orderly market are best served by a opions of trading. Among the factors to be considered in making this metatrader 4 user manual of hoverboard are whether the conditions which led to the halt are no longer present. Amended December 8, ; October 19, ; February 21, ; May 31, ; and November 3, ; March 28, ; May 23, ; May 10, Concurrently with any suspension of trading of a class of tradlng under this Interpretation.

In addition, the Post Director, the OBO or the DPM shall disseminate the designation on the Exchange's quote reporting system, which indicates the option is not trading on the CBOE. If two Floor Officials determine to halt trading, the procedures provided in Rule options extended hours trading xsp. If, on the other hand, two Floor Officials determine not to halt trading in accordance with Rule 6.

A re-opening rotation is not required if the Floor Officials determine not to institute a halt in trading, but may nevertheless be instituted upon the determination of two Floor Officials that the interests of fair and orderly market warrant a re-opening rotation. After exercising such authority, that senior person shall immediately seek approval by two Floor Officials, who may confirm or overrule the decision.

After the trading halt or suspension has ceased, the Post Director, Order Book Official, or their representative will re-start RAES in accordance with other Aliexpresscom YouTrader uzerinde Guvenilir mat tuvalet regarding RAES operation. If, however, trading has not resumed on the primary listing market for the stock after ten minutes have passed since the individual stock trading pause message has been received from the responsible single plan processor, the Exchange may resume trading in the options if at least one market has resumed trading in the stock.

The term "eligible NMS stocks" shall mean NMS stocks, other than rights and warrants. In such event, without the need for action by the Post Director or OBO, all trading in the affected class or classes of options shall be suspended within the limits options extended hours trading xsp subject to the conditions of this Interpretation. This Rule shall be in effect during a pilot period to coincide with the pilot period for the Regulation NMS Plan to Address Extraordinary Market Volatility the "Limit Up-Limit Down Plan" or the "Plan".

The Exchange shall modify extendd order processing during a limit up-limit down state. For purposes of this rule, a "limit up-limit down state" shall mean the period of time when the underlying security of an option enters a limit or straddle state as defined in the Plan. The following order types will be handled specially during a limit up-limit down state: market orders, market-on-close orders, stop orders, and stock-option orders.

The following electronic order handling features shall operate differently during a limit up-limit down state: 1 HOSS. Refer to Rule 6. If a request to replace a limit order with a market order is received while the underlying security is in a limit up-limit down state, then the market order and the original limit order will be returned.

Subject to certain limitations specified in the rules identified below, the Exchange will not require Market-Makers to quote in series of options when the underlying security is in a limit up-limit down state. Market-Maker participation entitlements will continue to apply during a limit up-limit down state. For the particular limitations, refer to the specific Market-Maker category, and corresponding obligations. Approved October 19, ; amended January 14, ; deleted May 31, ; approved April 5, The Exchange shall halt trading in all stocks and stock options whenever a market-wide trading halt commonly known as a circuit breaker is initiated in response to extraordinary market conditions.

Approved October 19, ; amended July 19,effective July 22, ; January 31,effective February options extended hours trading xsp, ; June 10, ; May 31, If the pilot is not either extended or approved permanently at the end of the pilot period, the extendeed version of Rule 6. The Exchange will halt trading in all stocks and stock options and shall not reopen for the time periods specified in this Rule if there is a Level 1, 2, or 3 Market Decline.

The Level 1, Level 2, and Level 3 Market Declines that will be applicable hoyrs the trading day will be publicly disseminated before a. The Exchange shall halt trading based on a Level 1 or Level 2 Market Decline only once per trading day. The Exchange will not halt trading if a Level 1 or Level 2 Market Decline occurs after p. If, however, trading has not resumed on the primary listing market for a stock within 15 minutes following the end of the minute halt period, the Exchange may resume trading in the options if at least one market has resumed trading in the stock.

The Exchange may resume trading in such other stock options anytime after the minute halt period. If, however, trading has not resumed on the primary listing market for a stock within 15 minutes following the end of the minute halt period, the Exchange may resume trading in the stock. Approved October 19, ; amended May 31, ; renumbered January 31, ; amended May 31, Approved October 19, ; renumbered July 19,effective July 22, ; renumbered January 31, If a primary listing market issues an individual stock trading pause in an eligible NMS stock, as defined in Interpretation and Policy.

If, however, trading has not resumed on the primary listing ttading after ten minutes have passed since the individual stock trading pause message has been received from the responsible single plan processor, the Exchange may resume trading in such stock. Trading in an eligible NMS stock will pause between the hours of a. Approved June 10, ; amended September 10, ; December 9, ; April 5, ; amended June 23, ; amended August 9, ; November 23, ; January 17, ; July 20, ; January 28, No regular Trading Permit Holder shall bid, offer, purchase or write sell on the Exchange any security other than an option contract that is currently open for trading in accordance with the provisions of Chapter V.

If the conditions supporting that declaration cannot be managed utilizing one or more of the procedures contained in paragraph b of this Rule, those Floor Officials shall halt trading in the class or classes affected. The Board of Directors must approve any such restriction which is to be effective for more than two consecutive business days. Whenever such action is taken, notice otpions shall immediately be given to two Floor Officials who may continue the deactivation of RAES for more than five minutes or take such actions as they deem necessary pursuant to their authority under this Rule 6.

Amended February 15, ; December 8, ; Options extended hours trading xsp 11, ; November 16, ; December 22, ; September 4, ; December 2, ; April 2, ; March 21, ; December 21, ; March 13, ; May 23, Two Floor Officials are notified promptly by senior help desk personnel each time RAES is automatically suspended.

Depending on the Floor Officials' judgment as to the significance of the news announcement and whether its impact has been reflected in current options quotations, and depending on how much time optiojs before the close of options trading on CBOE, the Floor Officials will consider whether to resume operation of RAES in the affected classes of options.

During the time that RAES is suspended, customer orders are routed to terminals on the trading floor for execution. The implementation of this system does not affect the authority of Floor Officials to halt trading under Rule 6. Approved Extenddd 28, ; amended October 29, ; April options extended hours trading xsp, ; March 13, A routing broker may only cancel orders being routed to another exchange based on the Exchange's standing or specific instructions or as otherwise provided in the Exchange Rules.

The Exchange shall provide notice of the cancellation to affected Trading Permit Holders as soon as practicable. Without limiting the generality of the foregoing, and subject to the same exception, no Covered Person shall have any liability to any person or entity for any loss, expense, damages or claims that result from any error, omission or delay in calculating or disseminating any current or closing index value, any current or closing value of interest rate options, or any reports of transactions in or quotations for options or other securities, including underlying securities.

The Exchange makes no warranty, express or implied, as to results to be obtained by any person or entity from the use or enjoyment of the facilities afforded by the Exchange, including without limitation, of any data transmitted or disseminated by or on behalf of the Exchange or any reporting authority designated by the Exchange, including but not limited to any data described in the preceding sentence, and the Exchange makes no express or implied warranties of merchantability or fitness for a particular options extended hours trading xsp or use with respect to any such data.

The foregoing limitations of liability and disclaimers shall be in addition to, and not in limitation of, the provisions of Article Eighth of the Exchange's Certificate of Incorporation or any limitations otherwise available under law. Nothing in this Rule shall obligate the Exchange to seek tradung under any applicable insurance policy. CT on the next business day following the Loss Event giving rise to such requests. All requests shall be in writing and must be submitted along with supporting documentation by p.

CT on the third business day following the Loss Event giving rise to each such request. Additional information related to the request as demanded by the Exchange is also required to be provided. The Exchange shall not consider requests for which timely notice and submission have not been provided as required under this paragraph c. Nothing in this Rule, nor any payment pursuant to this Rule, shall in any way limit, waive or proscribe any defenses a Covered Person may have to any claim, demand, liability, action or cause of action, whether such defense arises in law or equity, or whether such defense is asserted in a judicial, administrative, or other proceeding.

No claim for liability under any previous version of this Rule shall be valid if brought with respect to any acts, omissions or transactions occurring more than one year prior to the Effective Hourw of this Rule, or if brought more than one month after the Effective Date of this Rule. Adopted July 27, ; amended July 23, ; July 11, ; May 30, ; June 18, ; June 4, No Trading Permit Holder or person associated with a Trading Permit Holder shall institute a lawsuit or other legal proceeding against the Exchange or any of its directors, officers, committee members, round trip trade 01 gr officials, employees, contractors, or agents, or any subsidiaries or affiliates of the Exchange or any of their directors, officers, committee members, other officials, employees, contractors, or agents, for actions taken or omitted to be taken in connection with the official business of the Exchange or any subsidiary or affiliate, except to the extent such actions or omissions constitute violations of the federal securities laws for which a private right of action exists.

This provision shall not apply to appeals of disciplinary actions or other actions by the Exchange as provided for in the Rules. Approved July 11, ; amended April 26, ; June 18, ; June 4, This Rule governs RAES operations in all classes of options, except to the extent otherwise expressly provided in this or other Rules in respect of specified classes of options. An order must meet the following criteria to be eligible for RAES: i The order must be a market order or a marketable limit order.

A marketable limit order is a limit order where the specified price at which to sell is below or at the current bid, or if to buy is above or at the current offer. Except for classes in which the Exchange disseminates options quotations with size, the eligible order size may not be for more than one hundred contracts.

For classes in which the Exchange disseminates options quotations with size, the eligible order size may be set as the disseminated size. Further, the Exchangein its discretion, may determine to restrict the size and kind of eligible orders, including but not limited to, lowering contract limits on particular option issues. Announcements concerning the size and kind of eligible orders will be made promptly as these are adjusted. The Exchange will have discretion to trqding on the system such series in classes of options subject to its jurisdiction as it determines is appropriate.

Orders entered in compliance with CBOE. A buy order will pay the offer, a sell order will sell at the bid. Marketable limit orders will not be executed to sell for less or buy for more than the specified price, but xzp order can be executed to sell for a higher price or buy for a lower price. A When the best bid or offer on the Exchange's book constitutes the best bid or offer on the Exchange and is for a size less than the RAES order eligibility size for that class, Deutsche Bank Tops Currency Trading List For Ninth Year In A incoming RAES order will hourz executed against the order in the book.

In the event the order in the book is for a smaller number of contracts than the RAES order, the balance of the RAES order will be assigned to participating Market-Makers at the same price at which the initial portion of the order was executed up to an amount prescribed by the Exchange on a class-by-class basis traing "Book Price Commitment Quantity". Any remaining balance thereafter shall be 1 routed to the crowd PAR terminal or to another location in the event of system problems or contrary firm routing instructions if Autoquote is not in effect for that series; 2 assigned to participating Market-Makers at the AutoQuote price if AutoQuote constitutes the new prevailing market bid or offer; or 3 executed against any order in the book that constitutes the new prevailing market bid or offer with the balance of the RAES order being assigned to participating Market-Makers at that price yours to the Book Price Commitment Quantity.

Any additional remaining balance of a RAES order shall be handled in accordance with 2 or 3 of this paragraph. B An incoming RAES order will be executed against the order in the book. In the event the order in the book is for a smaller number of contracts than the RAES order, the balance of tradung RAES order will be assigned to participating Market-Makers optiohs the same price at which the initial portion of the RAES order was executed.

The Exchange is responsible for determining the Trigger Volume for a particular series of options. In the event a Trading Permit Holder in the trading crowd verbally initiates a trade with a book order prior to the time the book staff announces to the trading crowd that the order has been removed from the book by Trigger, the book staff will manually endorse the book order to that Trading Permit Holder s.

In the event the order in the book is for a larger number of contracts than xwp applicable Trigger Volume, the balance of the book order may be executed manually by the trading crowd. In the limited circumstance where contracts remain housr the book after an execution or partial execution of a book order up to the applicable Trigger Volume, the bid or offer generated by AutoQuote will be one-tick inferior to the price of the book order such that the disseminated quote will not cross or lock with the AutoQuote bid or offer.

In these instances, or for any series where Trigger has not yet been implemented by the Exchange, orders in RAES for options of that series may either be automatically executed or be rerouted on ORS to the crowd PAR terminal or to another location in the event of system problems or contrary firm routing instructions, as determined by the Exchange. When a manual quote is the disseminated quote, orders submitted for automatic execution in that series shall be automatically routed to PAR, BART, or Live Ammo.

Violations of this rule may be optjons for appropriate disciplinary action pursuant to Chapter XVII of the Rules. Exchange rules shall not apply to the extent that they are inconsistent with these terms, including but not limited to Rules 6. Applicable position and exercise limits will remain in effect for RAES bours.

Transactions executed through Options extended hours trading xsp orders will count towards fulfillment of the in-person requirement of Rule 8. A fill report may be generated to the firm at the firm's point of entry into the system i. If the system is or becomes unavailable, for any reason, eligible orders will be handled as they are handled currently in non-eligible option series.

Approved September 6, ; amended December 2, ; June 16, ; September 1, ; October 8,effective November 23, ; November 22, ; April 3, ; June 30, ; August 7, ; amended October 17, ; November 3, ; February 27, ; March 26, ; February 16, ; February 6, ; May 1, ; June 21, ; July 9, ; March 29, ; March 29, ; April 17, ; October 7, ; October 25, ; December 23, ; May 30, ; November 24, ; April 1, ; December 29, ; November 18, ; March 21, ; May 23, ; June 18, ; January 24, Broker-dealer orders may interact with orders in the limit order book only after being re-routed to a floor broker for representation in the trading crowd unless permitted on a class-by-class basis by the Exchange pursuant to a pilot program that will expire on November 30, Broker-dealer orders are not eligible to be placed in the limit order book pursuant to Rule 7.

In the event broker-dealer orders are not so eligible, they shall instead route to either PAR or BART. Act of wash sales. Further, it shall be a violation of this Rule for any Trading Permit Holder extenedd TPH organization to be a party to any arrangement designed to circumvent this Rule by providing an opportunity for a customer, Trading Permit Holder, TPH organization, or non-Trading Permit Holder broker-dealer to execute immediately against agency orders delivered to the Exchange, whether such trsding are delivered via ORS or represented in the trading crowd by a Trading Permit Holder or a TPH organization.

Approved September 24, ; amended December 2, ; March 26, ; May 20, ; June 18, ; October 3, ; May 13, ; December 1, ; Rrading 30, ; March 21, ; November 17, ; May 23, ; June 18, Under circumstances where two Floor Officials determine options extended hours trading xsp quotes from one or more particular markets in one or more classes of options are not reliable, the Floor Officials may direct the senior person in charge of the Exchange's Control Options extended hours trading xsp to bours the unreliable quotes from the RAES determination of the NBBO in the particular option class es.

Two Floor Officials may determine quotes in one or more particular options classes in a market are not reliable under any of the following circumstances: a QUOTES NOT FIRM: A market's quotes in a particular options class are not firm based upon direct communication to the Exchange from the market or the dissemination through OPRA of a message indicating that disseminated quotes are not firm; or b CONFIRMED QUOTE PROBLEMS: A market has directly communicated to the Exchange or otherwise confirmed that the market is experiencing systems or other problems affecting the reliability of its disseminated quotes.

In all such rahasia profit trading forex mini, the situation will be documented by the Exchange Control Room and fxtended to regulatory authorities at the appropriate market. In all cases where Floor Officials exclude a market or any of its quotes from the RAES determination of the NBBO due to quote unreliability, the Exchange Control Room will promptly notify the market of the action, continue to monitor the reliability of the excluded optiojs in consultation with Floor Officials, and maintain records showing the date, time, duration, and reasons for each such action, as well as the identity of the Floor Officials who authorized the action.

Exclusion of a market or its quotes from the RAES determination of the NBBO will be reported to TPH organizations. If the order has been rerouted to the PAR workstation in the trading crowd, the OBO, or PAR Official will report the execution or non-execution of such orders to the firm options extended hours trading xsp originally forwarded the order to RAES. With respect to the orders that are rerouted for manual handling pursuant to ii above, the Exchange may determine to have the orders for a particular series within a designated class of options executed on RAES notwithstanding the fact that the NBBO is either crossed or locked.

Also, with respect to ii above, the Exchange may determine to have the orders rerouted for manual handling only when the CBOE RAES becomes crossed or locked as a result of applying the step-up amount. As used in this Interpretation and Policy. The Exchange shall determine the step-up amount in respect of specified automatic step-up classes or series of options and may vary the "step-up amount" on the basis of order size parameters. The procedures described in this Interpretation.

Classes of options in which AutoQuote or a proprietary automated quotation updating system are not operative shall not be deemed to be "automatic step-up classes," as that term is defined in paragraph b of this Interpretation. Approved September 14, ; amended June 16, ; September 1, ; November 22, ; August 7, ; June 28, ; July 9, ; September 27, ; April 15, ; November 18, ; March 21, ; May 23, ; June 18, Once the system malfunction has been corrected and the market quotes have been updated, either the senior person then in charge of the Exchange's Control Room, or the Order Book Official, or the RAES Supervisor may re-start RAES.

Under ordinary circumstances, in those option classes where the Automated Book Priority system is not operational or has not yet been implemented, when one or more RAES eligible orders in a class of options is rerouted on ORS as described but not in cases when the orders are routed to the firm's extendwdthe crowd will be obligated to sell buy the rerouted order or the first order in any group of rerouted orders at the same price up to the number of contracts extwnded by the booked order s and, in the event a balance remains on the rerouted order or the first order in any group of rerouted orders at the same priceup to the Book Price Commitment Options extended hours trading xsp as defined trafing paragraph d iv A of this Rule where applicable, at the offer bid which existed at the time of the order's entry into the RAES system.

Because the first such hour order will be entitled to a price that existed when the order was initially entered into the RAES system, it is imperative that such an order be represented by the floor brokers as quickly as possible. Orders rerouted to the firm's booth and orders rerouted to the trading station that are not optoons to the above protection will be entitled to be filled by the trading crowd at the bid or offer existing when the Floor Broker represents the order in open outcry in the crowd, pursuant to Rule.

To the extent the conditions exist on the following trading day, the Exchange must review the situation and make an independent decision to increase the RAES eligible order size for that subsequent day. Any decisions made by the Exchange to increase the RAES eligible order size for a particular option class for consecutive days will be reviewed by the Exchange on a regular basis.

The Exchange may decrease the size of orders in one or more classes of options eligible for Forex with no deposit bonus zar casino when ootions Exchange believes that unusual market conditions exist provided the decision is made for no more than one trading day. To the extent the conditions exist on the following trading day, the Exchange must review the situation and make an independent decision to decrease the RAES eligible order size for that subsequent day.

Any decisions made by the Exchange to decrease the RAES eligible order size for a particular option class for consecutive days will be reviewed by the Exchange on a regular basis. Approved December 1, ; amended September 1, ; January 10, ; March 21, ; May 23, Alternatively, the Exchange may specify that some or all options classes are subject to "Variable RAES," the " Spoke RAES Wheel," or with respect to index option classes only, the " Spoke RAES Wheel.

The designated maximum may not be less than the minimum number of contracts for that class as specified by the Exchange. An assigned Market-Maker is required to buy or sell all or a portion of each assigned RAES order up to his designated maximum. If the number of unassigned contracts in a RAES order is less than or equal to the assigned Market-Maker's designated limit, the Market-Maker is obligated to buy or sell all of the unassigned contracts in the order, and the next RAES order will be assigned to the next Market-Maker on the RAES assignment rotation.

If the number of unassigned contracts in an order exceeds the specified limit, the first assigned Market-Maker is obligated to buy or sell the number of contracts equal to his designated limit, and the remainder of the order is assigned to the next Market-Maker on the RAES assignment rotation, who is obligated to buy or sell the number of remaining unassigned contracts in the order up to that Market-Maker's specified limit. The assignment rotation continues in this manner until all of the contracts extwnded the order have been assigned to one or more Market-Makers, even if this necessitates making more than one assignment to the same Market-Maker as the assignment rotation continues.

The Exchange will notify the Options extended hours trading xsp Permit Holders of each class of fxtended that is subject to Variable RAES. The review period will be determined by the Exchange and may be for any period not in excess of 10 trading days within the previous 30 calendar days. The trading days within the review period may be for non-consecutive trading days. The percentage distribution will be calculated at the conclusion of each trading day and will be applied to the Spoke RAES Wheel distribution on the following trading day.

On each revolution of the RAES wheel, subject to the exceptions described below, traving participating Market-Maker who is logged onto RAES at the time will be assigned enough contracts to replicate his percentage of contracts on RAES that he traded in-person in that class during the review period. A participation percentage will be calculated for each Market-Maker for each class that the Market-Maker trades. For this purpose all DPM Designees of the same DPM unit will have their percentage aggregated into a single percentage for the DPM unit.

Once a Market-Maker has logged onto RAES, he will be assigned contracts on the RAES Wheel until his Market-Maker participation percentage has been met. This may mean that multiple orders or an order and a part of the succeeding order will be assigned to the same Market-Maker on the Wheel. To understand how the RAES orders will actually be allocated to Market-Makers to meet those percentages, one must understand the concepts of "spokes" and "wedges. The Exchange may determine the number of contracts that make up one spoke.

Each Market-Maker logged onto RAES for options extended hours trading xsp class, regardless of his participation percentage, is entitled to be assigned at least one spoke on every revolution of the RAES wheel. For example, if a spoke equals one contract then there will be contracts that will be assigned to Market-Makers on every revolution of the RAES wheel.

If a spoke is defined as five contracts then there will be RAES contracts assigned to the participating Market-Makers optins the RAES wheel completes one revolution. Generally, the RAES Wheel will consist of the number of spokes replicating the cumulative percentage of all Market-Makers logged onto the system who have a participation percentage plus one spoke for each Market-Maker that does not have a specific participation percentage.

A "wedge" is the maximum number of spokes that a Market-Maker may be consecutively assigned at any one time on the RAES wheel. Because the size of the wedge may be smaller than the number of contracts to which a particular Market-Maker is entitled during one revolution of the RAES Wheel, that Market-Maker will receive more than one turn during one revolution of the RAES wheel.

The wedge size will be variable, at the discretion of the Exchange and may extebded different for different classes or the same for all classes. The Exchange will notify the Trading Permit Holders of each class trasing options that is subject to the " Spoke RAES Wheel". The Exchange will notify the Trading Permit Holders of each class of options that is subject to the " Spoke RAES Wheel" and the method of allocation for RAES orders under the Spoke RAES Wheel.

Exchange Act of Approved September 1, ; amended May 25, ; February 27, ; August 28, ; December 26, ; June 28, ; October 10, ; Options extended hours trading xsp frading, ; March 21, ; May 23, ; June 18, Automatic executions will decrement the disseminated size by the amount of the automatic execution. When the number of contracts receiving automatic execution at a particular price exhausts the accompanying disseminated metatrader news feed wont for that series, subsequent orders that are otherwise eligible for RAES will not execute options extended hours trading xsp for a period not to exceed seconds "re-route period" and instead shall be automatically rerouted to PAR, BART or Live Ammo.

When an incoming order is within the eligible order size yet is for a greater number of tading than the disseminated size, that order will receive a partial automatic execution in an amount up to the disseminated size. The balance of the order and any subsequent orders otherwise eligible for RAES that are entered during the reroute period will route automatically to PAR, BART, or Live Ammo.

In the event any orders previously routed to Live Ammo as described in Subparagraph a 1 above are rerouted to RAES "rerouted orders" pursuant to Rule. In addition, any orders rerouted to RAES pursuant to Rule 7. The members of the trading crowd are not required to provide input in these decisions, and in all exrended, the DPM, LMM, or appointed Market-Maker has the responsibility to make the final determination as to the size of the undecremented disseminated quote.

Options extended hours trading xsp those classes in which a DPM, LMM, or appointed Market-Maker does not have the responsibility set forth in Rule 8. Approved March 29, ; amended December 2, ; March 18, ; April 7, Any remaining balance of the marketable public customer ORS order shall be rerouted through ORS and handled in accordance with all applicable Exchange rules and policies. Approved May 4, ; amended April 2, ; April 8, tradijg June 18, ; January 24, A Trading Permit Holder or TPH organization representing tradong order respecting an option traded on the Exchange an "original order"including a spread, combination, or straddle order as defined in Rule.

In addition, whenever a floor broker who is aware of, but does not represent, an original order solicits one or more persons or orders in response to an original order, the persons solicited and any resulting orders are solicited persons or solicited orders subject to this Rule. Original orders and solicited orders are subject to the following conditions. If the terms and conditions of the original order are disclosed to the trading crowd prior to the solicitation and the original order is continuously represented in the crowd throughout the solicitation process without any change in the terms and conditions of the order, and if the solicited person or the solicited order matches the original order's limit and improves the best bid or offer in the trading crowd, then the solicited person or the solicited order will have priority over non-solicited market makers and floor brokers representing non-solicited discretionary orders in the trading crowd and may trade with the original order at the improved bid or offered price subject to customer limit order book priorities set xsl in Rule 6.

If the terms and conditions of the original order are disclosed to the trading crowd prior to the solicitation and the original order is continuously represented in the crowd throughout the solicitation process, and if the solicited person or the solicited order improves the best bid or offer in the crowd but does not match the original order's limit, and if thereafter the original order is modified to match the solicited order's bid or offer, then the following principles apply: i prior to executing the modified original order extneded the solicited person or solicited order or crossing the modified original order with the solicited order, the Trading Permit Holder initiating the original order must announce to the trading crowd all the terms and conditions of the original order as modified, and ii bids or offers thereafter made in the crowd will have priority pursuant to CBOE Rule 6.

If all the terms and conditions of the original order are disclosed to the trading crowd prior to the solicitation and the original order is continuously represented in the crowd throughout the solicitation process, and if the solicited person or the solicited order's bid or offer matches but does not improve the best bid or offer in the trading crowd and does not meet the original order's limit, and if thereafter the original order is modified to match the best bid or offer, then non-solicited market-makers and floor brokers with non-solicited discretionary orders in the trading crowd will have priority opions the solicited person or the solicited order and may trade with the modified original order at the best bid or offered price subject to customer limit order book priorities set forth in Rule 6.

If the terms and conditions of the original order are not disclosed to the trading crowd prior to the solicitation, then, prior to crossing the original order with the solicited order or executing the original order with the solicited person or his agent, the Trading Permit Holder initiating the original order or his agent must disclose all the terms and conditions of the original order to the trading crowd.

Non-solicited market-makers and floor brokers holding non-solicited discretionary orders in the trading crowd will have priority over the solicited person or the solicited order to trade with the original order at the best bid or offered price forex trading for newbies pdf zorro to customer limit order book priorities set forth in Rule.

It will be considered conduct inconsistent with just and equitable principles of opptions and a violation of Rule 4. For purposes of this paragraph ean order to buy or sell a "related instrument," means, in reference to an index option, an order to buy or sell securities comprising optilns percent or more of the component securities in the index or an order to buy or sell a futures contract on any economically equivalent index.

With respect to an SPX option, an OEX option is a related instrument, and vice versa. Approved Houfs 9, ; amended August 25, ; April 21, ; March 5, ; July 12, ; June 18, ; June 16, ; January 24, The initiating Trading Permit Holder, however, must disclose to the trading crowd all the terms and conditions of the original order, and any modifications, as prescribed in this Rule. For example, fxtended original order to buy an option contract will optiobs priority over other bids at the same price only as provided in Rule 6.

Front-running is considered to be a violation of Exchange Rule 4. However, the class will be deemed to be disclosed to the trading crowd if it is apparent that the crowd is aware of which class is being traded, trxding. B concerning booked orders; and vii the order must be in an option class designated by the Exchange as subject to this Rule 6. The senior person then in charge of the Exchange's Control Room shall have the authority to turn off LOU with respect to a class of options if there is a system malfunction that affects the Exchange's ability to disseminate or update market quotes.

When Extehded receives an order smaller than the Exchange's disseminated quotation size, the trzding will automatically stop the order against the Exchange's disseminated market. The order will then be automatically routed for representation in the crowd to allow for price improvement and to allocate the order to members of the trading crowd pursuant to paragraph d below.

When LOU receives an order larger than the Exchange's disseminated quotation size, the system will automatically stop a portion of the order against the Exchange's disseminated market up to the Exchange's disseminated size. The stopped portion of the order will then be automatically routed for representation in the crowd to allow for price improvement and to allocate the order to members of the trading crowd pursuant to paragraph d below. Simultaneously, the balance of the order that was not stopped at the Exchange's disseminated price will be routed for normal order handling.

Tradinng receipt, the LOU order or the stopped portion of the LOU order shall be announced and exposed to the crowd to allow for price improvement. Any portion of a LOU order that does not receive price improvement will be allocated as follows: i The LOU order will be assigned in open outcry consistent with Rule.

To tradiny extent an order is not fully assigned in open outcry, the remaining portion of the order will be assigned to Market-Makers via the In-Person Wheel. If a portion of the LOU order still remains after the In-Person Wheel allocations are exhausted, the balance of the order shall be assigned in accordance with the RAES trade allocation methodology in effect for the subject option class pursuant to Rule 6.

Any Market-Maker who is present in optkons trading crowd and who makes markets in a particular security traded in that crowd, must be logged onto the In-Person Wheel for that security. Approved July 11, ; amended March 13, ; March 21, ; May 23, ; June 18, Approved July 11, ; amended March 13, ; March 21, ; May 23, This extehded describes the process for routing orders through the Exchange's order handling system in classes designated for trading on the CBOE Hybrid System.

The exrended handling system is a feature within the Hybrid System to route orders for automatic execution, book entry, open outcry, or further handling by a broker, agent, or PAR Official, in a manner consistent with Exchange Rules and the Act e. Routing designations may be established based on various parameters defined by the Exchange, order entry firm or Trading Permit Holder, as applicable. If an order entry firm has not designated a PAR workstation or if a PAR workstation is unavailable, the remaining balance will route to an order management terminal designated by the order entry firm.

If it is not eligible to route to a PAR workstation or order management terminal designated by the order entry firm, the remaining balance will be returned to the order entry firm. Orders may be routed from a PAR workstation to an order management terminal by a PAR Official based on instructions from the Trading Permit Holder or if the PAR Official is unable to book or best forex traders to copy 4 less price the order extneded, or maintain the order on, the PAR workstation.

However, this does not apply to orders of Exchange Market-Makers or away Market-Makers; if there is no NBO NBB and the Exchange's previous day's closing price is less greater than the NBB NBO optionx or if there is no NBBO and no Exchange previous day's closing price; ii intraday, A the last disseminated NBO NBB or B the Exchange's best offer bidif the NBBO is locked, crossed or unavailable.

However, this does not apply if there is no NBBO and no BBO; or iii during a halt including during any pre-opening period or opening rotation prior to re-opening following the haltthe last disseminated NBO NBB. However, this does not apply to a buy sell order if the NBBO is locked, crossed or unavailable or if there is no NBO NBB. For purposes of this subparagraph a 3 : An "acceptable tick distance" which is referred to as an "ATD"as determined by the Exchange on a class-by-class and premium basis and announced to the Trading Permit Holders via Regulatory Circular, shall be no less than 2 minimum increment ticks for simple orders.

The Exchange may determine tradlng apply a different ATD to orders entered during the pre-opening, a trading rotation, or a trading halt. The checks in subparagraphs i through iii traading not apply to orders with a stop contingency or to orders routed from a PAR workstation or order management terminal. The limit order price parameter will take precedence over another routing parameter to the extent that both are applicable to an incoming limit order.

However, this does not apply to stock-option orders, to orders for the account of Exchange Market-Makers or away Market-Makers, or if there is no Exchange previous day's closing price in any leg; or ii intraday, the opposite side of the national spread market. This applies to stock-option orders, but does not apply if the NBBO in any leg is locked, crossed or unavailable or if there is no Exchange spread market.

The Exchange may determine to apply a different amount to orders entered during the pre-opening or a trading rotation. No limit order price parameter applies to complex orders submitted during a halt including during any pre-opening period and opening rotation prior to re-opening following the halt or to pairs of orders submitted to AIM and SAM. The checks in subparagraphs i and ii do not apply to complex orders routed from a PAR workstation or order management terminal, or to multi-class spreads.

Each order entry firm must designate an order management terminal s for xdp routed orders via the order handling system. Such relief will not extend beyond the trade day on which it is granted, unless a determination to extend such relief is announced to Trading Permit Holders via Regulatory Circular. The Exchange hoyrs make and keep records to document all determinations to grant this relief under this Rule, and shall maintain those records in accordance with Rule 17a-1 under the Exchange Act.

Approved March 20, ; amended January 5, ; November 4, ; February 23, The PAR workstation PAR is an Exchange-provided order management tool for use on the Exchange's trading floor by Trading Permit Holders or Exchange PAR Officials see Rule 7. The Exchange's Order Handling System allows for orders to be routed to and from PAR in accordance with TPH and Exchange order routing parameters and the Rules including, but not limited to, this Rule 6.

Eligible orders will be routed to PAR in accordance with TPH and Exchange order routing parameters and the order's terms. Once an order is on PAR, the order shall be processed in accordance with the manual or automatic settings established by the user and the order's terms. Subject to the forgoing, once an order is on PAR, the user may: i Submit the order into the Hybrid Trading System including for execution against quotes and orders resting in the electronic book and exposure to appropriate electronic auctions pursuant to Rules 6.

Unless otherwise specified in the Rules, all order types specified in Rule 6. To the ooptions that any provision s of this Rule 6. The CBOE Hybrid System is a extehded platform that allows automatic executions to occur electronically and open outcry trades to occur on the floor of the Exchange pursuant to the priority and allocation principles contained in Rule 6.

Classes not specifically designated tradinv trading through the CBOE Hybrid System will continue to hour subject to Rule 6. This section governs automatic executions and split-price automatic executions. The allocation of orders or quotes that automatically execute through the CBOE Hybrid System is governed by Rule 6. If the eligible order size exceeds the disseminated size, incoming eligible orders shall be entitled to receive an automatic execution up to the disseminated size.

Any remaining balance of the order may be represented options extended hours trading xsp the electronic book provided such order is eligible for book entry pursuant to Rule 7. If the order is not eligible for book entry, or at the order entry firm's discretion, the order will route via the order handling system pursuant to Rule 6. B Orders Bours Eligible for Automatic Execution: Options extended hours trading xsp not eligible for automatic execution will route via the order handling system pursuant to Rule 6.

The eligible order size for these classifications must be the same. Exchange Act of to be eligible for automatic execution. The Exchange may establish the maximum order size eligibility for such options Market-Maker orders at a level lower than the maximum order size eligibility available to non-broker-dealer public customers and options extended hours trading xsp or non-specialist broker-dealers. Pronouncements pursuant to this provision regarding options Market-Maker access shall be made by the Exchange and announced via Regulatory Circular.

The Exchange may establish the maximum order size eligibility for such specialist orders at a level lower than the maximum order size eligibility available to options exchange Market-Makers. Stock exchange specialists, with respect to orders in securities in which they do not act as specialist, will be treated as broker-dealers that are not Market-Makers or specialists on an options exchange and will be eligible to submit orders for automatic execution in accordance with subparagraph 1 above.

The Exchange may shorten the duration of this second period by providing notice to the Trading Permit Holders via a Regulatory Circular that is issued at least one day prior to implementation. For purposes of this rule, orders will be presumed to be for the account s of the same beneficial owner if they are not independently originated by separate Market-Makers or stock exchange specialists and such orders clear into the same account or accounts with common ownership.

The term "independently originated" means that a Market-Maker or stock exchange specialist makes an individual determination to trade and directly communicates its trading determination i. Inbound eligible orders of a size greater than the disseminated size will automatically execute in part, as described below in paragraph 6. Orders executed automatically shall be allocated to contra side trading interest pursuant to Rule 6.

The remaining balance of the order if marketable, will automatically execute at the revised disseminated price provided the revised disseminated price represents the NBBO if the revised price is inferior to NBBO the remaining balance of the order will route via the order handling system pursuant to Rule 6. If not marketable, the remaining xwp of the order will be automatically represented in the electronic book provided such order is eligible for book entry pursuant to Rule 7.

If the order is not eligible for book entry, it will route via the order handling system pursuant to Rule 6. Pronouncements pursuant to this provision shall be made by the Exchange and announced via Regulatory Circular. Eligible options extended hours trading xsp received while the CBOE market is locked e. Eligible orders received while the CBOE market is crossed with the disseminated market of another exchange e. The CBOE Hybrid System will route via the order handling extnded pursuant to Rule 6.

B Drill Through Price Check Parameter. I If a buy sell order not optoons via HAL csp to Rule 6. Hkurs Exchange will determine the ATD on a class and premium basis which may be no less than two minimum increment tickswhich the Exchange will announce via Regulatory Circular. II If a buy sell order is exposed via HAL other than pursuant to subparagraph I or SAL and, following the exposure period pursuant to Rule 6.

Xssp Any order or portion not executed pursuant to subparagraphs I or II above will rest in the book based on the time at which it enters the book for priority purposes for a time period in milliseconds which the Exchange will determine and announce via Regulatory Circular and will not exceed three seconds with a price equal to extendex drill through price except orders or any unexecuted portions that by their terms cancel if they do not execute immediately such as immediate-or-cancel, fill-or-kill, intermarket sweep, and market-maker trade prevention orders will be cancelled.

If any order or any unexecuted portion does not execute during that time period, the System cancels tradihg. IV Notwithstanding subparagraphs I to IIIif the System hourd a buy sell order or any unexecuted portion not eligible for HAL or SAL pursuant to Rule 6. V This subparagraph B does not apply to executions of orders following an exposure via Yrading at the open, which are subject to the drill through protection in Rule 6.

Such intra-day relief may not extend beyond the trade day on which it is granted, unless a determination to extend such relief is announced to Trading Permit Holders via Regulatory Circular. The Exchange will make and keep records to document all determinations to grant intra-day relief under this Rule, and maintain those records in accordance with Rule 17a-1 under the Exchange Act.

The Exchange will periodically review determinations to grant intra-day relief for consistency with the interest of a fair and orderly market. For purposes of this rule, the term "User" means any person or firm that obtains electronic access to the automatic execution feature of the CBOE Hybrid System through an Order Entry Firm. The term "Order Entry Firm" means a TPH organization that is able to route orders to the Exchange's Order Routing System.

Order Entry Firms extender monitor and supervise the entry of orders by Users to prevent the prohibited practices set forth below. B Effecting transactions that constitute manipulation as provided in Rule. Adopted May 30, ; amended June 17, ; Lptions 12, ; January 10, ; January 12, ; May 25, ; September 22, ; November 18, ; January 23, ; March 21, ; April 5, ; July 27, ; June 7, ; September 26, ; May 23, ; July 14, ; August 20, ; September 28, ; June 18, ; amended October 27, ; January 20, ; July 31, ; September 4, ; September 25, ; November 21, ; November 28, ; March 20, ; November 4, ; December 9, ; January 24, This Rule governs the operation of the SAL system.

SAL is a feature within the Hybrid System that auctions marketable orders for price improvement over the NBBO. The Exchange shall designate the eligible order size, eligible order type, eligible order origin code extenedd. For such classes, SAL shall automatically initiate an auction process for any order that is eligible for automatic execution by the Hybrid System pursuant to Rule 6. Prior to commencing the auction, SAL shall stop the Agency Order at the NBBO against Market-Maker quotations displayed at the NBBO on the opposite side of the market as the Agency Order.

SAL will not allow such quotations to be cancelled or to move to an inferior price or size throughout the duration of the auction. The auction will last for a period of time not to exceed two 2 seconds as determined by the Exchange on a class-by-class basis. Market-Makers with an appointment in the relevant option class and Trading Permit Holders acting as agent for orders resting at the top of the Exchange's book in the relevant option series opposite the Agency Order may submit options extended hours trading xsp to the Auction message during the Auction period, unless the Exchange determines, on a class-by-class basis, to allow all Trading Permit Holders to submit responses to the Auction message.

With respect to responses, the following shall apply: i Responses shall not be visible to other auction participants and shall not be disseminated to OPRA. Agency Orders may be allocated at multiple optiobs if necessary and shall be allocated in two rounds per price point as follows: i First Allocation Round. The Agency Order shall first be allocated at the best response price the "First Allocation Round" between all parties responding at that price that represented tracing Exchange's NBBO quotation at the time the auction commenced "Original Quoters" up to the size of such quotation.

During the First Allocation Round, the following shall apply: 1 the Agency Order shall be allocated pursuant to the matching algorithm in effect for the class pursuant to Rule 6. If an Agency Order is not fully allocated at the best response price during the First Allocation Round, then a subsequent allocation "Second Allocation Round" shall occur at that price point. During this round, all responses received during the auction at that price that were not eligible for optoons First Allocation Round shall participate in accordance with the matching algorithm in effect for the class, and the size of such responses shall be capped to the size of the Agency Order for allocation purposes.

There shall be no participation right during the Second Allocation Round. If the Agency Order is not fully allocated in the Second Allocation Round then allocation of the Agency Order shall proceed at the next best response price. The auction will terminate early under the following circumstances: i If the Hybrid System receives an unrelated non-marketable limit order on the opposite side of the market from the Agency Order that improves any auction responses, the unrelated order will trade after any responses that were priced better than the unrelated order have traded to the fullest extent possible at the midpoint of the best remaining auction response and the unrelated order's limit otions rounded towards the unrelated order's limit price when necessary.

If the quote lock occurs at a price that is favorable to the Agency Order, then the Agency Order shall trade against the quote lock interest to the fullest extent possible. If the quote lock occurs at a price that is inferior to the auction responses, then the Agency Order shall trade against the best auction responses in accordance with subparagraph c above. If optionns disseminated quote on the opposite side of the market from the response does not contain a priority customer order then the response shall trade against the Agency Order.

If the disseminated quote on the opposite side of the market from the response does contain a priority customer order then, unless there is sufficient size in the response to execute both the Agency Order and the booked priority customer order in which case they will both execute at that pricethe Agency Order will execute against the response at one cent worse than the response price and any balance shall trade against the priority customer order in the book at such order's limit price.

Adopted July 27, ; amended December 12, ; May 23, ; June 18, ; July 31, ; November 4, ; January exhended, In such instances, SAL shall stop the Agency Order at the NBBO to the extent there are Market-Maker quotations displayed at the NBBO on the opposite side of the market as the Agency Order. The First Round Allocation criteria specified in paragraph c i shall not apply.

The Exchange shall determine, on a class-by-class basis, which electronic matching algorithm xp Rule 6. The size of each response to the SAL auction shall be capped to the size of the Agency Order for allocation purposes. Amended December 12, ; May 23, ; February 25, ; December 30, ; August 23, ; January 24, The Exchange may designate one or more options trading on the Hybrid System for inclusion in the Penny Price Improvement Program. This program is not available for Hybrid 3. Under this program, the Exchange will allow all Trading Permit Holders to provide price improvement beyond the Exchange's disseminated quotation "Penny Pricing" for classes or series that are not already quoted in one-cent increments and for which the Simple Auction Liaison system in Rule 6.

Market-Makers may electronically provide the Exchange with indications of interest that are superior to their own quotations in increments no smaller than one-cent. Such indications shall be firm for all interest received by the Exchange. The Exchange shall disseminate such interest using standard quoting increments by rounding the limit price to the nearest standard quoting increment that does not violate the limit price.

Trading Permit Holders may electronically submit to the Exchange orders priced in one-cent increments. The Exchange shall disseminate such orders using standard quoting increments by rounding the limit price to the nearest standard quoting increment that does not violate the limit price. All Penny Pricing submitted pursuant to 1 or 2 above shall be filed by the System for order allocation purposes but shall not be displayed. If an order is received by the Hybrid System that could trade against Penny Pricing and where the Exchange's disseminated quotation is the NBBO, it will automatically execute against the Penny Pricing pursuant to the Exchange's houts allocation procedures.

Oral bids offers provided by in-crowd market participants may be expressed in one-cent houurs in response to an order represented in open outcry provided that: 1 the oral bids offers better the corresponding bid offer optione the Exchange's disseminated quotation; and 2 any resulting transaction s is consistent with the requirements of Rule 6. The Exchange may also determine on a class-by-class basis to make the split-price priority provisions of Rule 6. The System's acceptance and execution of orders and quotes are subject to the price protection mechanisms and risk controls in this Rule 6.

The Exchange may estended any Trading Permit Holder-designated risk settings in the Hybrid Trading System with a Clearing Trading Permit Holder that clears Exchange transactions on behalf of the Trading Permit Holder. If the System rejects a Market-Maker's quote pursuant to either check in the above subparagraphs, the System cancels any resting quote of the Market-Maker in the same series. The Exchange does not apply the call check in subparagraph i B to a class during Extended Trading Hours, to adjusted classes or if market data for the underlying is unavailable.

The checks in subparagraphs i A and B do not apply to market orders executed during an opening rotation. If the System rejects either order in the pair pursuant to the applicable check, then the System also cancels the paired order. Notwithstanding the foregoing, with respect to an AIM order that instructs the System to process the online forex trader penny stock trading dvd order as an unpaired order if an AIM auction cannot be initiated, if the System rejects the agency order pursuant to the applicable check, then the System also rejects the contra-side order; however, if the System rejects the contra-side order pursuant to the applicable check, the System still accepts the agency order if it satisfies the applicable check.

If CBOE is at the NBO NBBthe System rejects a quote back to a Market-Maker if the quote bid offer crosses the NBO NBB by more than a number of ticks specified by the Exchange which will zsp no less than three minimum increment ticks and announced to Trading Permit Holders by Regulatory Circular. If CBOE is not at the NBO NBBthe System rejects a quote back to a Market-Maker if the quote bid offer locks or crosses the NBO NBB. If the System rejects a Market-Maker's quote tradding to this check, the System also cancels any resting quote of the Market-Maker options extended hours trading xsp the same series.

If the BBO is also unavailable, then the System does not apply this check to incoming quotes. If the System accepts a quote that locks or crosses the NBBO, the System executes the quote bid offer against quotes and orders in the Book at a price s that is the same or better than the best price disseminated by an away exchange s up to the size available on the Exchange and either i cancels any remaining size of the quote, if the price of the quote locks or crosses the price disseminated by the away exchange s or ii books any remaining size of the quote, if the price of the quote does not lock or cross the price of the away exchange s.

Additionally, a senior official at the Exchange's Help Desk may determine not to apply this check in the interest of maintaining a fair and orderly market. The System counts each of the following over rolling time intervals, which the Exchange will set and announce via Regulatory Circular: A the total number of orders of all order types and auction responses entered and accepted by the Hybrid Trading System "orders entered" ; B the total number of contracts from orders and auction responses executed on the Hybrid Trading System, which does not count executed contracts from orders submitted from a PAR workstation or an order management terminal or stock contracts executed as part of stock-option orders "contracts executed" ; C the total number of orders the Hybrid Trading System books or routes via the order handling system pursuant to the drill through price check parameter in Rule 6.

While an acronym or login is restricted, a Trading Permit Holder may continue to interact with orders entered prior to its acronym or login becoming restricted, including receiving trade execution reports and canceling resting orders. The System rejects a Trading Permit Holder's incoming order or quote including both sides of a two-sided quote if its size exceeds the maximum contract size designated by the Trading Permit Holder.

Each Trading Permit Holder must provide a maximum contract size for each of simple orders, complex orders the contract size for which equals the contract size of the largest option leg of the order and quotes applicable to an acronym or, if the Trading Permit Holder requests, a extejded. If the System rejects either order in the pair, then the System also rejects the paired order. Notwithstanding the foregoing, with respect to an A:AIR order, if the Tradkng rejects xxsp Agency Order, then the System rejects the houre order; however, if the System rejects the contra-side order, the System still accepts the Agency Order.

The Hurs will send a Trading Options extended hours trading xsp Holder an automated message when it has processed a kill switch options extended hours trading xsp for an acronym or login. The System will not accept new orders or quotes from a restricted acronym or login until the Exchange receives the Trading Permit Holder's manual extennded in a form and manner determined by the Exchange, forex micro account leverage parker will be announced by Regulatory Circular to reactivate its ability to send orders and quotes for the acronym or login.

Approved January 23, ; amended June 7, ; January 2, ; May 20, ; May extemded, ; June 6, ; August 7, ; June 18, ; deleted July 31, ; amended January 21, ; November 4, ; January 24, This Rule governs the operation of the Hybrid Agency Liaison "HAL" system. HAL is a feature within the Hybrid System that provides automated order handling in designated classes trading on Hybrid for qualifying electronic orders that are not automatically executed by the Hybrid System.

The Exchange shall designate optkons order size, eligible order type, eligible order origin code i. Upon receipt by HAL, the System will immediately expose electronically orders at the NBBO price, if received pursuant to subparagraphs a i through iiior at the better of the NBBO and the drill through price as defined in Rule 6. The exposure shall be for a period of time determined by the Exchange on a class-by-class basis, which period of time shall not exceed 1 second.

Market-Makers with an appointment in the relevant option class and Trading Permit Holders acting as agent for orders resting at the top of the Exchange's book in the relevant option series opposite the order submitted to HAL may submit responses to the exposure message during the exposure period, unless the Exchange determines, on optiins class-by-class basis, to allow all Trading Permit Holders to submit responses to the exposure message.

Any responses priced at the prevailing NBBO options extended hours trading xsp better shall immediately trade against the order on a first come, first served basis. All executions on the Exchange pursuant to this paragraph shall comply with Rule. Executions will be subject to the price check parameter set forth in Rule 6. In addition to the receipt of a response to trade the entire exposed order at the NBBO or better, the exposure period will also terminate early under the following circumstances: i If during the exposure period the Exchange receives an unrelated order or quote on options extended hours trading xsp opposite side of the market from the exposed order that could trade against the exposed order at the prevailing NBBO price or options extended hours trading xsp, then the orders will trade at the prevailing NBBO price unless the unrelated order is a customer order in which case the orders will trade at the midpoint of the unrelated order's limit price and options extended hours trading xsp prevailing NBBO.

Adopted August 20, ; amended June 18, ; July 31, ; April 5, ; November 4, In such cases, any unexecuted balance of such non-public customer orders shall be cancelled at the conclusion of the exposure period. The Exchange may automatically route intermarket sweep opyions to other exchanges under certain circumstances, including pursuant to Rule.

In connection with such services, the following shall apply: a Routing Services will be provided in conjunction with one or more routing brokers that are not affiliated with o;tions Exchange. For each routing broker used by the Exchange, an agreement will be in place between the Exchange and the routing broker that will, among other things, restrict the use of any confidential and proprietary information that the routing broker receives to legitimate business purposes necessary for routing orders at the direction of the Exchange.

The routing broker cannot change the terms of an order or the routing instructions, nor does the routing broker have any discretion about where to route an order. Pursuant to the policies and procedures developed by the routing broker to comply with Rule 15c, if an order or series of orders are deemed by the optionz broker to violate the applicable pre-trade requirements of Rule 15c, the routing broker will reject the order s prior to routing and options extended hours trading xsp seek to cancel any orders that have been routed.

Each routing broker shall maintain, in the name of the routing broker, one or more accounts for the purpose xxp liquidating unmatched trade positions that may occur in connection with the routing service provided under Rule 6. The Exchange may also maintain, in the name of the Exchange, one or more accounts each an "Exchange Error Account" for the purpose of liquidating error positions in the circumstances described below.

Such routing errors would include, without limitation, positions resulting from determinations by the Exchange to cancel or release an order pursuant to Rule 6. An Exchange Error Account may but is not required to be utilized in instances where a routing broker is unable to utilize optins own error account or when the routing error is due to a technical or systems issue at the Exchange. The routing broker shall: i establish and enforce policies and procedures reasonably designed to 1 adequately restrict the flow of confidential and proprietary information associated with the liquidation of the error positions in accordance with Rule 6.

The Exchange shall: i provide complete time and price discretion for the trading to liquidate error positions in an Exchange Error Account to a third-party broker-dealer and shall not attempt to exercise any influence or control over the timing or methods of such trading. Such a third-party broker-dealer may include a routing broker not eextended with the Exchange; ii establish and enforce policies and procedures reasonably designed to adequately restrict the flow of confidential and proprietary information between the Exchange and the third-party broker-dealer associated with the liquidation of the error positions; and iii make and keep records to document all determinations to treat positions as error positions under this Rule whether or not exgended Exchange Error Account is utilized to liquidate such error positionsas well as records associated with the liquidation of Exchange Error Account error positions through a third-party broker-dealer, and shall maintain such records in accordance with Rule 17a-1 under the Exchange Act.

The index licensor shall obtain information xsl inclusion in, or for use in the calculation of, such index from sources it believes to be reliable, but the index dsp does not guarantee the accuracy or completeness of such index, any opening, intra-day or closing value therefor, or any data included therein or related thereto. The index licensor hereby disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to any such index, any opening, intra-day or closing value therefor, any data included therein or relating thereto, or any option contract on Units based thereon.

The index licensor shall have no liability for any damages, claims, losses including any indirect or consequential lossesexpenses or delays, whether direct or indirect, foreseen or unforeseen, suffered by any person arising out of any circumstance or occurrence relating to the person's use of such index, any opening, intra-day or closing value therefor, any data included therein or relating thereto, or any option contract on Units based thereon, or arising out of any errors or delays in calculating or disseminating such index.

For purposes of this Rule 6. The Exchange "CBOE" may enter into arrangements with one or more other exchanges each a "Back-up Exchange" to permit CBOE and its Trading Permit Holders to use a portion of the Back-up Exchange's facilities to conduct the trading of some or all of CBOE's exclusively listed options in the event that the functions of CBOE are severely and adversely affected by an emergency or extraordinary circumstances a "Disabling Event".

Such option classes shall trade extejded listings of CBOE. The facility of the Back-up Exchange used by CBOE for this purpose will be deemed to be a facility of CBOE. Trading of CBOE exclusively listed options on CBOE's facility at the Back-up Exchange shall be conducted in accordance with the rules of the Back-up Exchange, except that i such trading shall be subject to CBOE rules with respect hourz doing business with the public, margin requirements, net capital requirements, listing requirements and position limits, ii CBOE Trading Permit Holders that are trading on CBOE's facility at the Back-up Exchange not including members of the Back-up Exchange who become temporary Trading Permit Holders of CBOE pursuant to paragraph a 1 F will be subject to CBOE rules governing or Start Trading Forex with only $25 to the maintenance of a person's or a firm's status as a Trading Permit Holder of CBOE, and iii CBOE Rule.

In addition, CBOE and the Back-up Exchange may agree that other CBOE rules will apply to such trading. CBOE and the Back-up Exchange have agreed to communicate to their Trading Permit Holders and members, respectively, which rules apply in advance of trading. The Back-up Exchange rules that govern trading on CBOE's facility at the Back-up Exchange shall be deemed to be CBOE rules for purposes of such trading D.

The Back-up Exchange has agreed to perform the related regulatory functions with respect to trading of CBOE exclusively listed options on CBOE's facility options extended hours trading xsp the Back-up Exchange, in each case exrended as CBOE and the Back-up Exchange may specifically agree otherwise. The Back-up Exchange and CBOE have agreed to coordinate with each other regarding surveillance and enforcement respecting trading of CBOE exclusively listed options on CBOE's hourz at the Back-up Exchange.

CBOE shall retain the ultimate legal responsibility for the performance of its self-regulatory obligations with respect to CBOE's facility at the Back-up Exchange. CBOE shall have the right to designate its Trading Permit Holders that will be authorized to trade CBOE exclusively listed options on CBOE's facility at the Back-up Exchange and, if applicable, its Trading Permit Holder s that will be an LMM or DPM in those options.

If the Back-up Exchange is unable to accommodate all CBOE Trading Permit Holders that desire to trade on CBOE's facility at the Back-up Exchange, CBOE may determine which Trading Permit Holders shall be eligible to trade at that facility. Factors to be considered in making such determinations may include, but are not limited to, any one or more of the following: whether the Trading Permit Holder is a DPM or LMM in the applicable product sthe number of contracts traded by the Trading Permit Holder in the applicable product smarket performance, and other factors relating to a Trading Permit Holder's contribution to the market in the applicable product s.

Members of the Back-up Exchange shall houds be authorized to trade in any CBOE exclusively listed options, except that i CBOE may deputize willing floor options extended hours trading xsp of the Back-up Exchange as temporary CBOE Trading Permit Holders to permit them to execute orders as brokers in CBOE exclusively listed options traded on CBOE's facility at the Back-up Exchange, and ii the Back-up Exchange has agreed extennded it will, at the instruction of CBOE, select members of the Back-up Exchange that are willing to be deputized by CBOE as temporary CBOE Trading Permit Holders authorized to trade CBOE exclusively listed options on CBOE's facility at the Back-up Exchange for such period of time trxding a Disabling Event as CBOE determines to be appropriate, and CBOE may deputize such members of the Back-up Exchange as temporary CBOE Trading Permit Holders for that purpose.

CBOE may enter into arrangements with a Back-up Exchange under which the Back-up Exchange will agree, in the event of a Disabling Event, to list for trading singly listed option classes that are then singly listed only by CBOE and not by the Back-up Exchange. Any such option classes listed by the Back-up Exchange shall trade on the Back-up Exchange and in accordance with the rules of the Back-up Exchange. Such option classes shall be traded by members of the Back-up Exchange and by CBOE Trading Permit Holders selected by CBOE to the extent the Back-up Exchange can accommodate CBOE Trading Permit Holders in the capacity of temporary members of the Back-up Exchange.

If the Back-up Exchange is unable to accommodate all CBOE Trading Permit Holders that desire to trade singly listed options at the Back-up Exchange, CBOE may determine which Trading Permit Holders shall be eligible to trade such options at the Back-up Exchange. Any options class listed by the Back-up Optinos pursuant to paragraph a 2 B that does not satisfy the standard listing and maintenance criteria of the Back-up Exchange will be subject, upon listing by the Back-up Exchange, to delisting and, thus, restrictions on opening new series, and engaging in opening ttading in those series with open interest, as may be provided in the rules of the Back-up Exchange.

CBOE may enter into arrangements with a Back-up Exchange to permit CBOE Trading Permit Holders to conduct trading on a Back-up Exchange of some or all of CBOE's multiply listed options in the event of a Disabling Event. Such options shall trade as a listing of the Back-up Exchange and in accordance with the rules of the Back-up Exchange. Extendex options shall be traded by members of the Back-up Exchange and by CBOE Trading Permit Holders selected by CBOE to the extent the Back-up Exchange can accommodate CBOE Trading Permit Holders in the capacity of temporary members of the Back-up Exchange.

If the Back-up Exchange is unable to accommodate all CBOE Trading Permit Holders that desire to trade multiply listed xep at the Opfions Exchange, CBOE may determine which Trading Permit Holders shall be eligible to trade such options at the Back-up Exchange. CBOE may enter into arrangements with one or more other exchanges each a "Disabled Exchange" to permit the Disabled Exchange and its members warren buffett on options trading 4 you use a portion of CBOE's facilities to conduct the trading of some or all of the Disabled Exchange's exclusively listed options in the event of a Disabling Event.

Such option classes shall trade as listings of the Disabled Exchange. The facility of CBOE used by the Disabled Exchange for this purpose will be deemed to be a facility of the Disabled Exchange. Trading of the Disabled Exchange's exclusively listed options on the Disabled Exchange's facility at CBOE shall be conducted in accordance with CBOE rules, except that i such trading shall be subject to the Disabled Exchange's rules with respect to doing business with the public, margin requirements, net capital requirements, listing requirements and position limits, and ii members of the Disabled Exchange that are trading on the Disabled Exchange's facility at CBOE not including CBOE Trading Permit Holders who become temporary members of the Disabled Exchange pursuant tading paragraph b 1 D will be subject to the rules of the Disabled Exchange governing or applying to the maintenance of a person's or a firm's status as a member of the Disabled Exchange.

In addition, the Disabled Exchange and CBOE may agree that other Disabled Exchange rules will apply to such trading. The Disabled Exchange and CBOE have agreed to communicate to their members Trading Permit Holders, respectively, which rules apply in advance of trading. CBOE will perform the related regulatory functions with respect to trading of the Disabled Exchange's exclusively listed options on the Disabled Exchange's facility at CBOE, in each case except as the Disabled Exchange and CBOE may specifically agree otherwise.

CBOE and the Disabled Exchange have agreed to coordinate with each other regarding surveillance and enforcement respecting trading of the Disabled Exchange's exclusively listed options on the Disabled Exchange's facility at CBOE. The Disabled Exchange has agreed that it shall retain the ultimate legal responsibility for the performance of its self-regulatory obligations with respect to the Disabled Exchange's facility at CBOE. CBOE Trading Exteded Holders shall not be authorized to trade in any exclusively listed options of the Disabled Exchange, except i that the Disabled Extendded may deputize willing CBOE floor brokers as temporary members of the Disabled Exchange to permit them to execute orders as brokers in exclusively listed options of the Disabled Exchange traded on the facility of the Disabled Exchange at CBOE, and ii at the instruction of the Disabled Exchange, CBOE shall select CBOE Trading Permit Holders that are willing to be deputized by the Disabled Exchange as temporary members of the Disabled Exchange authorized to trade the Disabled Exchange's exclusively listed options on the facility of the Disabled Exchange at CBOE for such period of time following a Disabling Event as the Disabled Exchange determines to be appropriate, and the Disabled Exchange may deputize such CBOE Trading Permit Holders as temporary members of the Disabled Exchange for that forex trading institute in hyderabad pearls. CBOE may enter into arrangements with a Disabled Exchange under which CBOE will agree, in the event of a Disabling Event, to list for trading singly listed option classes that are then singly listed only by the Disabled Exchange and not by CBOE.

Any such option classes listed by CBOE shall trade on CBOE and in accordance with CBOE rules. Such option classes shall be traded by CBOE Trading Permit Holders and by members of the Disabled Exchange selected by the Disabled Exchange to the extent CBOE can accommodate members of the Disabled Exchange in the capacity of temporary Trading Permit Holders of CBOE.

CBOE may allocate such option classes to a CBOE DPM in advance of optikns Disabling Event, without utilizing the allocation process under CBOE Rule 8. Any options class listed by CBOE pursuant to paragraph b 2 A that does not satisfy the traidng and maintenance criteria under CBOE rules will be subject, upon listing by CBOE, to delisting and, thus, restrictions on opening new series, and engaging in opening transactions in those series with open interest, as may be provided in CBOE rules.

CBOE may enter into arrangements with a Disabled Exchange to permit the Disabled Exchange's members to conduct trading on CBOE of some or all of the Disabled Exchange's multiply listed options in the event of a Disabling Event. Such options shall trade as a listing of CBOE and etended accordance with CBOE rules. Such options shall be traded by CBOE Trading Permit Holders and by members of the Disabled Exchange to the extent CBOE can accommodate members of the Disabled Otpions in the capacity of temporary Trading Permit Holders of CBOE.

A CBOE Trading Permit Holder acting in the capacity of a temporary member of the Disabled Exchange pursuant to paragraph b 1 D shall be subject to, and obligated to comply with, the rules that govern the operation tradint the facility of the Disabled Exchange at CBOE, including the rules of the Disabled Exchange to the extent applicable during the period of such trading. Additionally, i such CBOE Trading Permit Holder shall be deemed to tradng satisfied, and the Disabled Exchange has agreed to waive specific compliance with, rules governing or applying to the maintenance of a person's or a firm's status as a member of the Disabled Exchange, including all dues, fees and charges imposed generally upon members of the Disabled Exchange based on their status as such, ii such CBOE Trading Permit Holder shall have none of the rights of a member of the Disabled Exchange except the right to conduct business on the facility of the Disabled Exchange at CBOE to the extent described in this Rule, iii the TPH organization associated with such CBOE Trading Permit Holder, if any, shall be responsible for all obligations arising out of that CBOE Trading Permit Holder's activities on or relating to the Disabled Exchange, and iv the Clearing Trading Permit Holder of such CBOE Trading Permit Holder shall guarantee and clear the transactions of such CBOE Trading Permit Holder on the Disabled Exchange.

A member of a Back-up Exchange acting in the capacity of a temporary Trading Permit Holder of CBOE pursuant to paragraph a 1 F shall be subject to, and obligated to comply with, the rules that teading the operation of the facility of CBOE at the Lptions Exchange, including CBOE rules to the extent applicable during the period of such trading. Additionally, i such temporary Trading Permit Holder shall be deemed to have satisfied, and CBOE will waive specific compliance with, rules governing or applying to the maintenance of a person's or a firm's status as a Trading Permit Holder of CBOE, including all dues, fees and charges imposed generally upon CBOE Trading Permit Holders based on their status as such, ii such temporary Trading Permit Holder shall have none of the rights of a CBOE Trading Permit Holder except the right to conduct business on the facility of CBOE at the Back-up Exchange to the extent described in this Rule, iii the member organization associated with such temporary Trading Permit Exteded, if any, shall be responsible for all obligations arising out of that temporary Trading Permit Holder's activities on or relating to CBOE, and iv the Clearing Trading Permit Holder of such temporary Trading Permit Holder shall guarantee and clear the transactions on CBOE of such temporary Trading Permit Holder.

A CBOE Trading Permit Holder acting in the capacity of a temporary member of the Back-up Exchange pursuant to paragraphs a 2 B or a 3 shall be subject to, and obligated to comply with, the rules of the Back-up Exchange that are applicable to the Back-up Exchange's own members. Additionally, i such CBOE Trading Permit Holder shall be deemed to have satisfied, and the Back-up Exchange has agreed to waive specific compliance with, rules governing or applying to the maintenance of a person's or a firm's status as a member of the Back-up Exchange, including all dues, fees and charges imposed generally upon members of the Back-up Exchange based on their status as such, optkons such CBOE Trading Permit Holder shall have none of the rights of a member of the Back-up Exchange except the right to conduct business on the Back-up Exchange to the extent described in this Rule, iii the TPH organization associated with such CBOE Trading Permit Holder, if any, shall be responsible for all obligations arising out of that CBOE Trading Permit Holder's activities on or relating to the Back-up Exchange, iv the Clearing Trading Permit Holder of such CBOE Trading Permit Holder shall guarantee and clear the transactions of such CBOE Trading Permit Holder on the Back-up Exchange, and v such CBOE Trading Permit Holder shall only be permitted x to act in those capacities on the Back-up Exchange that are authorized by the Back-up Exchange and that are comparable to capacities in which the CBOE Trading Horus Holder has been authorized to act on CBOE, and y to trade in those option traidng in which the CBOE Trading Permit Holder is authorized to trade on CBOE.

A member of a Disabled Exchange acting in the capacity of a temporary Trading Permit Holder of CBOE pursuant to paragraphs b 2 Sxtended or b 3 shall be subject to, and obligated to comply with, CBOE rules that are applicable to CBOE's own Trading Tradinh Holders. Additionally, i such temporary Trading Permit Holder shall be deemed to have satisfied, and CBOE will waive specific compliance with, rules governing or applying to the maintenance of a person's or a firm's status as a Trading Permit Holder of CBOE, including all dues, fees and charges imposed generally upon CBOE Trading Permit Holders based on their status as such, ii such temporary Trading Permit Holder shall have none options extended hours trading xsp the rights of a CBOE Trading Permit Holder except the right to conduct business on CBOE to the extent described in this Rule, iii the member organization associated with such temporary Trading Permit Holder, if any, shall be responsible for all obligations arising out of that temporary Trading Permit Holder's activities csp or relating to CBOE, iv the Clearing Trading Permit Holder of such temporary Trading Permit Holder shall guarantee and clear the transactions of such temporary Trading Permit Holder on the CBOE, and v such temporary Trading Permit Holder shall only be permitted x to act in those CBOE capacities that are authorized by CBOE and that are comparable to capacities in which the temporary Trading Permit Holder has been authorized to act on the Disabled Exchange, and y to trade in those option classes in which the temporary Trading Permit Holder is authorized to trade on the Disabled Exchange.

Arbitration of any disputes with respect to any trading during a back-up period of singly hourss multiply listed options of the Disabled Exchange or of exclusively listed options of the Disabled Exchange on the Disabled Exchange's facility at CBOE will be conducted in accordance with CBOE rules, unless the parties to an arbitration agree that it shall be conducted in accordance with the rules of the Disabled Exchange. Arbitration of any disputes with respect to any trading during a back-up period of CBOE singly or multiply listed options on the Back-up Exchange or of CBOE exclusively listed options on the facility of CBOE ooptions the Back-up Exchange will be conducted in accordance with the rules of the Back-up Exchange, unless the parties to an arbitration agree that it shall be conducted in accordance with CBOE rules.

CBOE Trading Permit Holders are required to take appropriate actions as instructed ootions CBOE to accommodate CBOE's back-up trading arrangements with other exchanges and CBOE's own back-up trading arrangements. To the extent that this Rule provides that another exchange will take certain action, the Rule is reflecting what that exchange has agreed to do by contractual agreement with CBOE, but the Rule itself is not binding upon the other exchange.

The Chief Executive Officer, the Hous or such other person or persons potions may be designated by the Board shall have the power to halt or suspend trading in some or all securities traded on the Exchange, to close some or all Exchange facilities, to determine the duration of any such halt, suspension or closing, to take one or more of the actions permitted to be taken by any person or body of the Exchange under Exchange rules, or to take any other action deemed to be necessary or appropriate for the maintenance of xetended fair and orderly market or the protection of investors, or otherwise in the public interest, due to emergency conditions or extraordinary circumstances, such as 1 actual or threatened physical danger, severe climatic conditions, natural disaster, civil unrest, terrorism, acts of auto trader x forex etf, or loss or interruption of facilities utilized by the Exchange, or 2 a request by a governmental agency or official, or 3 a period of mourning or recognition for a person or event.

The person taking the action shall notify the Board of actions taken pursuant to this Rule, except for a period of mourning or recognition for a person or event, as soon thereafter as is feasible. The Exchange maintains business continuity and disaster recovery plans that may be effected in the interests of the continued operation of fair and orderly markets in the event of a systems failure, disaster, or other unusual circumstances that might threaten the ability to conduct business on the Exchange.

The Exchange maintains a back-up data center in order to preserve the Exchange's ability to conduct business in the event the Exchange's primary data center becomes inoperable or otherwise unavailable for use due to a significant systems failure, disaster or other unusual circumstances. The purpose of this back-up data center is to allow the Exchange to operate if the primary data center becomes inoperable. The Exchange's back-up data center shall be reasonably designed, as determined by the Exchange, to achieve prompt resumption of systems consistent with Regulation Systems Extedned and Integrity.

Nothing in paragraph b of this Rule shall be interpreted to require the Exchange to develop or maintain a back-up data center designed to fully replicate the capacity, latency, and other features of the primary data center. Prior to commencing trading on the back-up data center, the Exchange shall announce publicly the classes that will be available for trading.

In the event the primary data center becomes inoperable, trading will continue using the back-up data center and all trading rules will remain in effect. Only conduct permissible pursuant to trading rules that are in force shall be allowed via the back-up data center. All non-trading rules of the Exchange shall continue to apply. Trading Permit Holders are required to take appropriate actions as instructed hourw the Exchange to accommodate extenddd Exchange's ability to conduct business via the back-up data center.

B Fair and Orderly Market Conditions. Nothing in paragraph b iv of this Rule shall be interpreted to require the Exchange to assume that average levels of liquidity, depth, or other iptions of a usual trading session must be options extended hours trading xsp in order to achieve a fair and orderly market. C Business Continuity and Disaster Recovery Plans Testing.

The Exchange will provide reasonable prior notice of scheduled business continuity and disaster recovery plans tests to Trading Permit Holders, which notice shall describe the general nature of the test s and identify the Trading Permit Holders required to participate and shall be announced via Regulatory Circular. If the Exchange trading floor becomes inoperable, the Exchange will continue to options extended hours trading xsp in a screen-based only environment using a floorless configuration of the Hybrid Trading System located in the primary data center that is operational while the trading floor facility options extended hours trading xsp inoperable.

The Extenfed will operate using this configuration long call options equity until the Exchange's trading floor facility is operational. Open outcry trading will not be available in the event the trading floor becomes inoperable, except in accordance with paragraph ii below and pursuant to Rule 6. In the event that the trading floor becomes inoperable, trading will be conducted pursuant to all applicable Hybrid System rules, except that open-outcry rules shall not be in force.

In these circumstances, a non-exclusive list traxing trading rules that will not apply include either all or some portion of Houra 6. This Rule does not preclude the Exchange from conducting business, in the event the trading floor is rendered inoperable, pursuant to Rule 6. Approved July 24, ; amended June 18, ; November 27, options extended hours trading xsp October 8, Days and Hours of Tradingg. Amended June 18, ; May 10, ; November 28, Binary Options dxtended Rule Corporate Debt Security Options -- Rule Range Options - Rule The following options are approved for trading on the Exchange during Extended Trading Hours:.

The below provisions will remain in effect until a date specified by the Exchange in a Regulatory Circular, which date shall be no later than July 31, On the date specified extfnded the Exchange in a Regulatory Circular, which date shall be no later than July 31,the following provisions shall be in effect:. Any series in these classes that are expected to be open for trading during Regular Trading Hours will be open for trading during Extended Trading Hours on that same trading day subject to Rules 6.

Each Extended Trading Hours Trading Permit held by a Houts has an appointment credit of 1. The disclosures required pursuant to this Rule may take the following form or such other form as provides substantially similar information:. Approved May 19, Adopted December 1, A must be received prior to a. B may rrading be cancelled or changed after a. Hybrid Opening and Sometimes Closing System "HOSS". A for Regular Trading Hours:.

B for Extended Trading Hours, at a. For purposes of this subparagraph ithe "market for the underlying security" is either the primary listing exchange or the first exchange to open the underlying security as determined by the Exchange on a class-by-class basis. During the opening rotation period for options extended hours trading xsp series:. Notwithstanding paragraph c above:. A if there are no quotes in the series on the Exchange, the System does not open the series. B if the width between the Exchange's best quote bid and best quote offer for purposes of this subparagraph d ithe "opening quote" is wider than an acceptable opening price range as determined by the Exchange on a class-by-class and premium basis the "Opening Exchange Prescribed Width range" xxp "OEPW range" and there are orders or quotes marketable against each other, the System does not open the series.

If the opening quote width is wider than the IEPW range, the System does not open the series. C if the opening trade price would be outside of the OEPW range, the System does not open the series; or. D if the opening trade would leave a market order imbalance i. A if there are no quotes on the Exchange or disseminated from at least one away exchange present in the series, the System does not open the series. B if the width between the best quote bid and best quote offer, which quotes may consist of Market-Maker quotes or bids and offers disseminated from an away exchange s for purposes of this subparagraph d iithe "opening quote" is wider than the OEPW range and there are orders or quotes marketable against each other or that lock or cross the OEPW range, the System does not open the series.

The System then exposes any remaining marketable buy sell orders at the widest offer bid point of the OEPW range or NBO NBBtraxing is lower higher. C if the opening trade price frading be outside of the OEPW range or NBBO, the System opens the series by matching orders and quotes to the extent they can trade and reports the opening trade, if any, at an opening trade price not outside either optuons OEPW range or NBBO. The System then exposes any remaining marketable buy sell orders at the widest offer bid point of the OEPW range or NBO NBBwhichever is lower higher ; or.

E if the opening quote bid offer or NBB NBO crosses the opening quote offer bid or NBO NBB by more than a specified amount determined by the Exchange on a class-by-class and premium basis, the System does not open the series. A The orders are for option series with the expiration that will be used to calculate the exercise or final settlement value of the applicable volatility index option or futures contract.

Adopted December 20, ; amended December 9, Among the factors that may be considered in making the foregoing determinations are whether:. Approved May 27, ; amended August 22, ; May 10, Approved May 27, Approved May 27, ; amended June 18, Approved May 31, ; amended March 28, Approved May 13, ; amended May 10, Approved June 10, ; amended June 23, ; November 23, Amended May 7, Equity Market Plan to Address Extraordinary Market Volatility.

The following electronic order handling features shall operate differently during a limit up-limit down state:. Market-wide Trading Halts Due to Extraordinary Market Volatility. Individual Stock Trading Pause Due to Extraordinary Market Volatility. Approved June 10, xwp Deleted November 3, Amended October 19, ; May 31, Amended June 2, ; July 19,effective August 18, ; June 18,




How to Trade Extended Hours?


Extended Trading ; Options Trading Center; (SPY) Option Chain . SPY. $ * Get Options Commentary, News and Trading suggestions from our Options Center. SPXPM and VIX options are listed for trading during Extended Trading Hours (no XSP other options trading during Extended Trading Hours will. correspond to the normal hours for business established by the exchanges currently trading the stocks underlying CBOE options. (b) Extended Trading Hours. XSP.