COA - Complex Order Auction

See also Complex Orders

COA automates the order handling and execution process for certain complex orders while continuing to provide the potential for price improvement through an automated auction process. When COA is enabled:

  • Eligible marketable (tradable at the current derived spread price) and near-marketable (tradable inside the current derived spread price) will initiate a 100 millisecond electronic auction for price improvement.
  • At the expiration of the auction period, the order will either trade at an improved price, the current price or book to the Complex Order Book (COB).
  • Order flow providers may choose to identify their executing firm number, correspondent and/or CMTA on their COA messages.

COA for Stock: Option Orders

Complex orders combining stock and options legs in a 1-to-1 ratio may be executed automatically after being exposed to a brief auction for possibility of price improvement. The options leg will print on Cboe and will be printed and cleared by a third-party broker.

  • Upon receipt, eligible incoming orders will initiate a 100 millisecond electronic COA auction.
  • The order will be auctioned as a packaged order with one net price; traders will be able to respond to the auction in pennies.
  • Orders that are not marketable at the conclusion of the auction will be electronically monitored and will automatically re-auction if they become marketable.