Cboe Options to Introduce Maximum Quote Width Requirements for Market Makers

Cboe-affiliated U.S. options exchanges will introduce maximum quote width requirements for market makers starting December 7, 2026, according to an announcement. The new rules will apply to BZX Options, Cboe Options, C2 Options, and EDGX Options.

Currently, Cboe's market maker quoting obligations specify minimum quote size requirements but not maximum quote width. The upcoming change adds maximum quote width as a component of quoting obligations, allowing market makers to configure systems for automatic compliance. The exchange will not systematically enforce the requirements.

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

For multi-list options, maximum quote width will be based solely on days to expiration (DTE), with the bid price bucket set to all prices. In-the-money (ITM) options may exceed the maximum quote width if the underlying security's National Best Bid and Offer (NBBO) is wider, in which case the quote width may match the NBBO.

For proprietary index options, maximum quote width will depend on both DTE and bid price, with no separate specifications for ITM options.

The functionality will be available for testing in U.S. options certification environments starting November 2, 2026.