The Chicago Board Options Exchange (CBOE) issued Regulatory Circular RG09-105 on September 25 reminding members to systematize orders in connection with their requirement to implement a consolidated options audit trail system under CBOE Rule 6.24. In the circular, CBOE reminds members that when receiving a non-electronic order on the CBOE floor, they must systematize the order and record any event in the lifecycle of the order (i.e., change, cancel or cancel/replace). A customer order that is systematized after a contra party to that order has reported a trade indicates that the customer order was not systematized prior to representation as required by CBOE Rule 6.24.

Click here to read Regulatory Circular RG09-105.