About CBSX

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Market Model

Reg-NMS Compliant

  • Automated Trading Center with protected quotes
  • Automatic sweep functionality to ensure NBBO executions
  • Fully electronic order entry and immediate execution

Matching Algorithm

  • Strict Price-Time
  • Anonymous
  • Level playing field

Liquidity Providers

  • Remote Market Maker (RMM) program allows liquidity providers to participate remotely

Taker-Maker Pricing Structure

  • Rich Rebate to Remove Liquidity

CBOE Command

Regulation NMS Compliant
Operating as a facility of CBOE®, CBSX is Reg-NMS compliant, providing automatic sweep functionality to ensure NBBO executions under the Order Protection Rule, and is an Automated Trading Center with protected quotes. At CBSX, incoming orders receive full electronic, immediate execution. Resting orders are always fully accessible. CBSX has floor-based DPM trading stations to facilitate capture of options-related stock business.

Matching Algorithm
CBSX uses a strict, anonymous price-time matching algorithm. There is no customer or agency priority and no participation rights for DPMs or other market participants, ensuring a level playing field for all.

Liquidity Providers
Each security traded on CBSX has an assigned Designated Primary Market Maker (DPM) obligated to quote continuous, 2-sided markets. Unlike traditional Specialist roles, CBSX DPMs will not act as agents on behalf of orders. In addition, CBSX offers a Remote Market Maker (RMM) program, allowing approved applicants to participate remotely, adding to the liquidity pool.

Taker-Maker Pricing Structure
For information on CBSX Execution Fees click here.

Trade Engine: CBOE Command
CBSX is powered by CBOE Command, the highly versatile and robust trading platform developed by CBOE. CBOE Command currently serves as the trade engine for CBOE, C2, CFE, and OneChicago. Built entirely in-house by CBOE, CBOE Command was constructed to be extremely flexible and easily adaptable for a variety of uses.