Cboe's Automated Improvement Mechanism (AIM) is an automated process for crossing of any origin type, which provides potential for price improvement and a participation right through an auction process. By utilizing the AIM crossing mechanism, an order flow provider is afforded the opportunity to participate against their customers' orders (facilitation) or solicit another firm's liquidity (solicitation).
(NOTE: During Regular Trading Hours (RTH) AIM is available in all classes except SPX, SPXW, OEX and XEO. There must be at least 3 Market Makers quoting the relevant series to begin an AIM auction.
AIM All or None (AON) Solicitation (SAM) is available in all Cboe non-exclusive classes. During Extended Trading Hours (ETH) AIM is available in all classes).
See the table below for AIM rules for :
- AIM for Simple (non-complex) Orders
- AIM Customer to Customer Transactions
- AIM for Complex Orders
- AIM All Or None (AON) Solicitation (SAM)- Simple and Complex