Complex Order Auction

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The CBOE's Complex Order Book (COB) and Complex Order Auction (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."^[1]

When COA is Enabled

Eligible complex orders will initiate an 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 COB.
If booked, the order will electronically execute if COB conditions are met.

COB Conditions

Once in the COB, the order will automatically execute if:

The quotes for the individual legs line up to make the resting order marketable;
An opposing order is booked that touches the resting order;
A CBOE Hybrid quoter submits a strategy order that touches the resting order.