Cboe Exchange Tweaks Risk Rules for Smarter Trader Controls
Published Date: 1/27/2026
Notice
Summary
Cboe BZX Exchange is updating its Risk Monitor rules to give traders more control over how their trades count toward risk limits. This change helps members manage their trading risks better and takes effect immediately, with no extra costs. If you trade on BZX, this new flexibility could make your risk tracking smoother and smarter starting now!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Exclude COA Volume From Risk Counts
If you are a BZX Member, the Exchange added a new Rule 21.16(b) option letting you choose to exclude volume or executions from Complex Order Auctions (COA) when counting toward the Risk Monitor Mechanism volume parameter (Rule 21.16(a)(i)) and count parameter (Rule 21.16(a)(iii)). You may apply this exclusion at the class, EFID, or EFID Group level and on both interval and absolute (daily) bases, effective as of the January 14, 2026 filing.
Count Trades By Contra-Party Capacity
If you are a BZX Member, the Exchange added a new Rule 21.16(b)(ii) option letting you set the volume or count parameters as a percentage (up to 100%) of each trade to be counted based on contra-party capacity. For example, you could specify that only 20% of quantity on trades against Capacity "C" (Public Customer) count toward your class, EFID, or EFID Group limit; this option is available on both interval and absolute bases as of the January 14, 2026 filing.
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