The CBOE advises Floor-Brokers to take steps to prevent miscommunication with a solicited party - verbally or through IM's and/or chats - to ensure the solicited party has a clear understanding of the status of an order.  Ambiguous language may give the solicited party the perception that an order has been disclosed to the trading crowd, when in fact it has not.  Examples of 'Ambiguous Language':

• "Going to trade now."
• "Can get you (x) total contracts."
• "You'll be on the order, going to trade soon."

That sort of language can be misleading to a solicited party, and unintentionally result in their pre-facilitating and/or front-running of the order which, in turn, could lead to such violations as Exchange Rules 4.1 and/or 6.9(e). Floor-Brokers are advised to use clear language so that the solicited party understands the current status of an unexecuted order brought to the trading floor.  Examples of 'Clear Communications' prior to/following execution of an order:

• "The order has not reached the trading crowd yet.  I will inform you when the order is in the trading crowd."
• "The order is in the trading crowd."
• "The order has been disclosed to the crowd."
• "You have been filled on (x) total contracts."

[CBOE RegCirc 11-142, 11/21/11] Regulatory Circular RG11-142 To: Floor Brokers From: Regulatory Services Division Date: November 21, 2011 Re: