Effective trade date May 18, 2026, and subject to regulatory review, all Cboe-affiliated U.S. Options Exchanges will introduce Stop-Limit order functionality for complex orders.

This enhancement will allow market participants to submit complex orders with stop-limit instructions, providing greater flexibility in managing risk and executing multi-leg options strategies.

A new Stop Complex Order Auction (SCOA) mechanism will be used to expose orders for potential price improvement and maximize execution quantity.

Currently, Cboe supports stop-limit orders for electronic single-leg options orders. Upon the effective date, stop-limit functionality will be extended to electronic complex orders. Stop-limit complex orders will be accepted during all trading sessions, but will only be eligible for triggering and execution during Regular Trading Hours (RTH).

A stop-limit complex order is a conditional order that becomes a limit order when triggered by one of the below configurable conditions. Only one trigger condition can be designated per order.

The stop trigger conditions are as follows:

1. Net price of the complex strategy: an order will trigger when either the same side Market-Maker SBBO equals or betters the designated threshold price, or a trade in the same complex instrument occurs via COB, COA, AIM, SAM, or PAR at or better than the designated threshold price.
2. Underlying price: an order will trigger when a designated threshold price of the underlying security is either (i) at or above the underlying price or index level or (ii) at or below the underlying price or index level. For (i) the underlying price designated must be higher, and for (ii) the underlying price designated must be lower, than the current value of the equity same side NBBO or index level. If not, the order will be rejected.

• Equity: triggers when the underlying security bid (ask) is equal to or higher (lower) than the designated stop price, or a trade occurs at a price equal to or higher (lower) than the stop price.
• Index: triggers when the underlying index level is equal to or higher (lower) than the designated threshold price. This trigger does not include any bid/ask component.

Stop-limit complex orders having both SPX and SPXW leg components and designating the net price trigger condition will only trigger if a trade occurs at or better than the designated threshold price.