Cboe Order Types and Routing
Order Books
With four exchanges to choose from - BZX, BYX, EDGX, EDGA - Cboe allows Members to focus on what they value most when executing their trading strategies. Each exchange has a unique order book and offers trading in all NMS securities, but have independent fee schedules and attract different types of order flow.
| BZX | EDGX | BYX | EDGA | |
|---|---|---|---|---|
| Key Differentiators | Hidden Price Improvement | Retail, Attribution | Retail Price Improvement | Routing, Low Cost |
| Pricing Model | Traditional “Maker-Taker” model | Traditional “Maker-Taker” model | “Taker-Maker” with low fee and rebates | Low fee |
| Exchange Code | Z | K | Y | J |
| Fee Schedule | View | View | View | View |
Order Router
Cboe offers a vast selection of routing strategies designed to provide Members with fast, efficient access to multiple pools of liquidity.
View our Routing Strategies document for a full list of our routing strategies.