Effective trade date June 23, 2025, Cboe Options Exchange (C1) will allow a new type of complex FLEX order which may include a combination of FLEX Option series and non-FLEX Option series on the same underlying security or index.
Complex FLEX orders may optionally include an underlying equity leg component. All complex FLEX orders, including those with or without non-FLEX instruments, will allow legs with different exercise styles (e.g., European vs. American) within the same order.
Orders containing both FLEX and non-FLEX Option series will be considered complex FLEX instruments, which will be subject to the same trading rules and procedures governing trading of other FLEX orders.
In general, a complex FLEX order with FLEX and non-FLEX legs may be submitted to the Exchange for electronic processing via FLEX AIM, FLEX SAM, or FLEX Single-Sided Auctions; or to the Cboe Trading Floor for manual handling in Open Outcry.
As with all FLEX orders, there will be no book for complex FLEX orders that include non-FLEX legs. Any non-FLEX leg(s) of a FLEX vs. non-FLEX order will not be allowed to leg into the simple book.
Complex FLEX orders with a non-FLEX option leg are eligible only via FIX order entry protocol. No FIX order entry changes are necessary to support this enhancement.
