Effective December 7, 2026, all Cboe-affiliated U.S. Options Exchanges, including BZX Options, Cboe Options, C2 Options, EDGX Options, will introduce maximum quote width requirements for Market Makers.

Currently, Cboe U.S. Options Market Maker quoting obligations specify minimum quote size requirements but not maximum quote width requirements. On the effective date, Cboe will introduce maximum quote width requirements as a component of Market Maker quoting obligations, enabling Market Makers to configure systems for automatic rule compliance. The maximum quote width requirements will not be systematically enforced by the Exchange.

Two maximum quote width structures will be implemented, one for all multi-list classes and one for all proprietary index options. Quote width multipliers will be applied by options class to provide quote relief. Start-of-day multipliers will be available as a downloadable CSV file on the Cboe Reference Data webpage, and intraday multiplier updates will be disseminated in real time via Cboe Options Multicast PITCH and TOP feeds.

Maximum quote width requirements for multi-list options will be specified as a function of Days to Expiration (DTE) only. Configuration of multi-list classes will define the Bid Price bucket as all prices.

In-the-money (ITM) option quote width may exceed the maximum quote width below if the National Best Bid and Offer (NBBO) of the underlying security is wider than the maximum quote width. For such series, quote width may be as wide as the NBBO of the underlying security.

Maximum quote width requirements for all proprietary index options will be specified as a function of both DTE and Bid Price with no additional or separate specifications for ITM options.

This functionality will be available to test in the U.S. Options certification environments on November 2, 2026.