CBOE Overview

TT® provides access to the Chicago Board Options Exchange (CBOE), which is an open access market that is home to listed options contract, index options, and VIX options. CBOE completed its acquisition of Bats Global Markets, Inc. in February of 2017 and completed its migration to the Bats trading platform in February of 2018. Orders are routed via Bats Binary Order Entry (BOE) and Bats FIX protocols.

CBOE Exchange API

TT® supports the following:

  • Prices: Bats PITCH
  • Orders: Bats FIX 4.2

Matching Algorithms

CBOE matches orders by price/time priority (FIFO) algorithms.

CBOE trading hours

TT supports trading during CBOE global trading hours (GTH) and regular trading hours (RTH).

CBOE Frequent Trader support on TT

TT supports the CBOE exchange's Frequent Trader program. Contact CBOE to enroll in this program.

To use this functionality on TT, enter your exchange-provided frequent trader ID in the Frequent Trader ID field on the Accounts | Exchanges | CBOE screen. When set for an account, the ID value populates FIX Tag 21097 on all order actions sent to the exchange.

CBOE Match Trade Prevention (Self Match Prevention) support on TT

TT supports the CBOE Match Trade Prevention (MTP) (Self Match Prevention) functionality on a per account basis. To configure MTP, refer to Adding a CBOE Account.

Supported exchange functionality

TT supports the following CBOE functionality:

  • Strategy Creation
  • Cancel on Disconnect

Note: Cancel on Disconnect is set by the exchange by default. There is no configuration needed in TT to enable or disable this functionality.

Unsupported exchange functionality

The following CBOE functionality is not supported on TT:

  • RFQ
  • Complex with Equity (Cross Products): TT only supports Complex with option legs
  • Cross Orders
  • Mass Cancellation
  • Cabinet Orders
  • PAR Routing: Any related features for PAR such as Compression Trades, PAR Routing, Terminal Operator ID

Connectivity Options

The TT® platform provides connectivity to the exchange, so you do not have to contact the exchange regarding connectivity options. Refer to TT Access for more details about your connectivity options for connecting to TT.