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CUBE (Customer Best Execution)

Electronic price improvement auction mechanism for paired orders of any size. A Principal CUBE will support quantity entry with a minimum size of 1 contract while a Facilitation CUBE will support quantity entry with a minimum size of 50 contracts.

How it Works

  • Paired orders consist of an initiating CUBE order, which may be submitted in any clearing capacity, and an accompanying contra order, which may be submitted by any clearing capacity except for Customer
  • Upon receipt of a CUBE order, the auction will be announced via a Request For Response (“RFR”) message broadcast to all XDP Options subscribers disclosing the price, side, and size of the CUBE order
  • The auction will end after a random duration between 100 and 105 milliseconds
  • RFR responses with Customer account type will take first priority at a price; all other responses will be capped at the initiating order size and executed on a pro-rata basis
  • If only the accompanying contra order and one other RFR response are eligible to trade at the CUBE execution price, each will receive a 50% allocation; otherwise, the accompanying contra order will receive a 40% guaranteed allocation unless more than 60% of the order is price improved by other participants (the accompanying contra will yield priority at a given price once the 40% entitlement is satisfied)

Now Available: AON CUBE

AON CUBE functionality is now available on NYSE American Options.

AON CUBE provides new, optional All-or-None functionality in Single-Leg CUBE and Complex CUBE orders with a minimum size of 500 contracts (min. requirement applies to each leg in a Complex CUBE order).

For additional details, please refer to the CUBE FAQs

Key Benefits & Features


Price Improvement
Orders have the opportunity to seek price improvement prior to execution.
Execution Guarantee
Even if there is no price improvement on the CUBE order, the execution is guaranteed upon submission.
Size Flexibility
Orders of any size may be submitted to CUBE for price improvement, there are no minimum requirements.
Targeted Response
Using GTX orders Members can apply a special Time In Force designation that can be used for CUBE auction responses.
Price Accessibility
CUBE auctions can trade in penny increments even when the MPV for the series is higher.

Related resources


Customer Best Execution (CUBE)

CUBE offers electronic price improvement for single-leg and complex paired orders of any size.

NYSE American Options CUBE Mechanism

CUBE is NYSE American Options’ (the “Exchange”) electronic crossing price improvement auction mechanism.

Customer Best Execution (CUBE)

CUBE offers electronic price improvement for single-leg and complex paired orders of any size.

NYSE American Options CUBE Mechanism

CUBE is NYSE American Options’ (the “Exchange”) electronic crossing price improvement auction mechanism.