The Hybrid Opening System (HOSS) disseminates Expected Opening
Price and Size Messages during the Pre-Open and Rotation States until series
move into the OPEN State.
The messages that may be disseminated are:
Need More Buyers / Need More Sellers
The NEED MORE messages indicate that there is an imbalance
in the market and more liquidity is needed.The Quantity field displays the additional quantity needed to
successfully open the series, and the Price field shows the widest point that
the series can open with the current BBO.
This message is sent in pre-open and rotation states when
the system has calculated that a trade will occur under current
Be advised that the EOP should NOT be used to calculate a final settlement value nor is it designed to be used as a proxy for or as a substitute for the final settlement value. Information regarding the series used in VIX settlement can be found here:
For any additional information or questions concerning the HOSS process, please contact the Help Desk at 1-866-728-2263.