Cboe C2 Updates Opening Rules for Index Options Classes
Published Date: 6/12/2025
Notice
Summary
Cboe C2 Exchange is changing how it opens simple orders for certain special index options that only trade on their platform. This update aims to make the opening process smoother and faster for traders using these exclusive options. The new rules took effect right away on May 27, 2025, with no extra costs for users.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Forced Opens Now Include Exclusive Options
If you trade exclusively listed index options on Cboe C2, the exchange can force a series to open even when there is no Composite Market, so long as no non-M Capacity orders are crossed. The change applies to openings after the exchange's designated forced-open timer and was filed on May 27, 2025.
Series May Open Without a Trade
When the system forces open an exclusively listed option series, Cboe C2 will open the series without conducting the normal opening auction trade price determination — the system will open the series without a trade. This means the series can begin trading on the exchange even if the on-exchange market is wide or has no quotes.
Exchange Sets Separate Forced-Open Timers
Cboe C2 may use a different forced-opening time period for exclusively listed options than it uses for equity or ETP options. For example, the filing describes a hypothetical three-minute forced-open timer for an exclusively listed series that triggers after the opening rotation.
Users Can Cancel Orders During Forced Open
If Cboe C2 forces open a series, you may instruct the system to cancel your market orders or all of your orders before the forced opening occurs. If you cancel, only your non-cancelled orders will be entered into the Book at the forced open.
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