CBOE Hybrid offers powerful features to maximize market quality and efficiency, including:

Individual Streaming Quotes
CBOE Hybrid allows in-crowd market makers to submit real-time, streaming quotes reflecting their individualized trading interest. CBOE disseminates the best bid and offer from all market participants, resulting in tighter, deeper markets that can be accessed electronically by customers.

Liquidity Enhanced by Remote Participants
Access to CBOE Hybrid by Electronic Designated Primary Market Makers (e-DPMs) and Remote Market Makers (RMMs) increases CBOE's universe of liquidity providers by allowing these market participants to stream quotes and trade electronically from remote locations.

Point and Click Execution
Together with our technology partner, Belzberg Technologies, CBOE offers the HyTS Terminal - a universal, multifunctional trading solution workstation. Through this terminal, or other point and click technology available in the marketplace, eligible orders will be afforded automatic execution against displayed quotes and size.

Potential for Price Improvement / Customer Choice
CBOE believes that customers should be allowed to choose whether their orders are represented in the face-to-face, open outcry marketplace or submitted to the electronic environment. With CBOE Hybrid, trading crowds will continue to offer price improvement to orders of size, multi-asset orders and other orders that are exposed to the open outcry, auction market. In the electronic environment, CBOE Hybrid provides price improvement opportunities through features like AIM (Automated Improvement Mechanism) and COA (Complex Order Auction).

Automated Complex Order Handling
With the introduction of the Complex Order Book (COB) and further augmented by the Complex Order Auction (COA), CBOE Hybrid provides enhanced automatic execution possibilities for complex orders while continuing to provide potential for price improvement.


KEY FEATURES

Automated Improvement Mechanism (AIM)
With AIM, CBOE has created an automated process for paired orders of any origin type, which provides potential for price improvement and a participation right through an auction process. For details, click here.

Complex Order Book (COB) / Complex Order Auction (COA)
COB and COA automate the order handling and execution process for complex orders while continuing to provide the potential for price improvement through a brief auction process. With COA, eligible complex orders will initiate a brief auction for price improvement. An order exposed to COA will, after COA, be sent to COB where it will execute or book. For details on COB and COA click here.

Hybrid Agency Liaison (HAL)
HAL automates the handling of orders that had previously been subject to manual handling, such as "NBBO rejects" and limit orders between the bid/ask. With HAL, CBOE Hybrid quoters will match the NBBO in less than one second of order receipt or the order will automatically be routed to the exchange(s) showing the best price. For details of the HAL process, click here.