Cboe Unleashes Complex Order Trading: Faster, Smarter Stock Bundles Live
Published Date: 9/23/2025
Notice
Summary
Cboe BZX Exchange just rolled out new rules letting traders buy and sell complex orders—think combos of different stocks or options—all in one go. This change makes trading smoother and faster for investors using the Exchange, starting right away with no extra fees announced. If you trade on BZX, get ready for a smarter, more flexible way to handle your orders!
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
BZX Allows Multi-Leg Complex Orders
Cboe BZX filed new Rule 21.18 to let Members submit and trade complex orders (multi-leg option strategies) on the Exchange. The filing was submitted on September 11, 2025 and the rule filing is listed as immediately effective.
Bulk Port Submission Allowed For Complex Orders
The Exchange will permit Users to submit complex orders through bulk ports and will limit Users to one bid and one offer for a complex strategy per EFID per bulk port. Firms may have multiple EFIDs and bulk ports to submit additional bids or offers.
Complex Order Auctions (COAs) With 500ms Window
The proposed rules establish Complex Order Auctions (COAs) where responses must be submitted within a Response Time Interval the Exchange sets that may not exceed 500 milliseconds. The rules also create a Priority Complex Order status that gives allocation priority to contra-side interest that had displayed NBBO quotes when the auction began.
Exchange Can Create New Complex Strategies
Under the proposed rules, the Exchange may create new complex strategies (combinations of option legs) in addition to those created by users. The Exchange may also limit how many new complex strategies exist at one time for an Executing Firm ID.
$0.01 Minimum Increments for Complex Trades
The Exchange sets the minimum increment for complex order bids and offers at $0.01, and individual components of a complex order may execute in $0.01 increments. The Exchange may allow complex orders of up to 16 legs for a class-by-class basis.
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