# 2025-15625: Cboe Speeds Up Complex Trade Bids: Yawn-Worthy Update 2025-15625, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Rules Related to the Submission of Bids and Offers for Certain Complex Strategies for Execution Using Bulk Message Functionality, is a Federal Register notice from Securities and Exchange Commission published 2025-08-18, effective 2025-08-12; PRIA reads it as touching household money (as of 2026-06-08). - Canonical: https://policyrisk.com/federal-register/2025-15625 - As of: 2026-06-08 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Document number: 2025-15625 - Title: Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Rules Related to the Submission of Bids and Offers for Certain Complex Strategies for Execution Using Bulk Message Functionality - Type: Notice - Agencies: Securities and Exchange Commission - Citation: 90 FR 40093 - Published: 2025-08-18 - Effective: 2025-08-12 - Comments close: not stated - Significant: no - Touches household money: yes - Regulation identifier numbers: none - Last updated: 2026-06-08 ## In one line Cboe Speeds Up Complex Trade Bids: Yawn-Worthy Update ## Summary Cboe Exchange is updating its rules to make it easier for market-makers to submit bids and offers for complex trading strategies using a bulk message system. This change helps speed up trading and encourages more market activity. The new rules took effect right away on August 12, 2025, with no extra costs for traders. ## Effects PRIA read - Bulk Messages Can Include Complex Strategies: benefit, medium. As of August 12, 2025, the Exchange allows Market-Makers to submit bulk messages that include bids and offers for Exchange-designated complex strategies, letting a Market-Maker enter, modify, or cancel multiple complex bids and offers in a single electronic message. The Exchange says this expansion… - Complex Bulk Messages Limited to Day Time‑in‑Force: cost, low. The rule requires that bulk messages comprised of complex bids and offers must have a Time-in-Force of Day. Separately, orders submitted through bulk ports must be designated as Day or Good‑til‑Date (GTD) where the GTD date must be the date the order was entered. - IOC Not Allowed for Complex Bulk Messages: cost, low. The Exchange does not permit Immediate‑or‑Cancel (IOC) designations on complex bulk messages. The IOC designation on simple quotes remains permissible only for appointed Market‑Makers in their appointed classes. - Complex Bulk Messages Must Be Post Only and Can't Leg: mixed, medium. Complex bulk messages and complex orders submitted through bulk ports must be designated Post Only, meaning they may not remove displayed liquidity. A complex bid or offer submitted in a bulk message is not eligible to initiate a complex order auction (COA) and will not leg into the simple book for… - MTP Modifiers Allowed for Complex Bulk Ports: benefit, low. Market‑Makers may set the same match trade prevention (MTP) default modifiers for complex bulk messages that are permitted for simple bulk messages: MTP Cancel Newest (MCN), MTP Cancel Oldest (MCO), or MTP Cancel Both (MCB), and set a default attributable or non‑attributable value for a bulk port.… - Users May Submit Complex Orders Through Bulk Ports: benefit, low. All Users (not just Market‑Makers) may submit single complex orders through bulk ports in the same manner they submit complex orders through other ports. Complex orders submitted through bulk ports must be designated Day or GTD (date must be the date entered) and must be Post Only when submitted th… - Fat‑Finger Check Applied to Complex Bulk Messages: benefit, low. The Exchange moved the bulk-message fat‑finger price check so it applies to bulk messages containing simple or complex bids and offers, and for complex bulk messages the check references the synthetic national best bid or offer (SNBBO). The check otherwise operates the same as it does for simple bu… - Complex Bulk Messages Treated as Quotes for CAT Reporting: benefit, low. Complex bulk messages will be reported to the Consolidated Audit Trail (CAT) in the same manner as simple quotes: Options Market‑Makers do not have to send quote data to CAT for bulk messages but must include a quote sent time, which the Exchange will report to CAT. Market‑Makers must continue to s… ## Related documents - [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06 - [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21 - [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10 - [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04 - [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21 - [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17 ## Sources - [2025-15625 on federalregister.gov](https://www.federalregister.gov/documents/2025/08/18/2025-15625/self-regulatory-organizations-cboe-exchange-inc-notice-of-filing-and-immediate-effectiveness-of-a) - [2025-15625 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-08-18/pdf/2025-15625.pdf) ## Related - [Previous: 2025-15624, Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immedi…](https://policyrisk.com/federal-register/2025-15624) - [Next: 2025-15626, Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-15626) - [All Federal Register documents](https://policyrisk.com/federal-register) Source: PRIA, https://policyrisk.com/federal-register/2025-15625 (as of 2026-06-08).