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."
When COA is Enabled
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.
- Complex Order Features. CBOE.