Opening a Series in a Rotation

What this video covers

• How the composite market uses the higher of the local or away bid and the lower of the local or away offer, with away information supplied through the Options Price Reporting Authority (OPRA)
• The three branches of the maximum composite width check, including when a market wider than the maximum can still open
• Why a crossed market or no composite market leaves a series ineligible and continues the queuing period
• How the opening collar limits the price and how the sequential tiebreakers use maximum volume, minimum imbalance, then price direction or the collar midpoint
• Why passing the width check does not guarantee a trade, and when a series opens flat because no orders or quotes are marketable against each other
• The difference between priority and allocation, including market orders, better-priced limit orders, and pro rata allocation at the opening price
• The priority customer overlay exceptions for the Standard and Poor's 500 Index (SPX) and Cboe Volatility Index (VIX), plus the class conditions and no-trade result for a forced opening