Cboe Gives Traders Extra Second for Option Auction Responses
Published Date: 5/7/2025
Notice
Summary
Cboe Exchange is giving traders a bit more time—up to 1 second—to respond during certain option auctions until the end of 2025. This change affects anyone trading non-FLEX SPX options and aims to make auctions smoother without changing costs. The update kicks in right away, helping the market work better and faster.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
SPX auctions get up to 1 second
The Exchange may allow up to 1,000 milliseconds (1 second) total for the auction response exposure period plus post-exposure processing for non-FLEX S&P 500 Index (SPX) options. This applies to SPX/SPXW auction mechanisms such as AIM and COA and is intended to increase the chance that timely-submitted auction responses are processed and can execute.
Change is immediate and temporary
The rule change became operative upon filing (filed April 29, 2025) and the increased 1,000 millisecond processing cap will remain in place until December 31, 2025. The Exchange may file future rule changes to extend or make the change permanent.
FLEX SPX auctions are excluded
The increased auction response processing cap does not apply to FLEX SPX options; FLEX auctions (which can last from three seconds to five minutes) are explicitly excluded from this change. Traders using FLEX SPX auctions will not receive the extended post-exposure processing under this rule.
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