SEC Reviews Combo Orders for VIX Volatility Trading Tools
Published Date: 4/14/2026
Notice
Summary
The SEC is reviewing a proposal from Cboe Exchange to let traders place combined orders for VIX options and VIX futures together, making it easier and less risky to trade these products. This change affects investors who use VIX products for hedging or investing and could speed up trades without extra costs. The SEC will decide by April 16, 2026, whether to approve this new trading option.
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Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Combine VIX Options and Futures Trades
If you trade VIX products, the Exchange proposes to let you submit a single "VIX future-option order" made up of VIX options and VIX futures that will only execute if both the option and futures components can trade. The package is priced together and the option leg executes only if the futures leg can also be executed; if the futures leg cannot execute, the option trade is nullified.
Futures Access Requirement for Non‑Members
If you are not a member of CFE, you must designate a specific futures commission merchant (FCM) or introducing broker (IB) with which you have an agreement under proposed Exchange Rule 5.33, Interpretation and Policy .05, and that has connectivity to send the VX futures part of the order to CFE. Without that designated FCM/IB with the required agreement and connectivity, you cannot use the VIX future-option order functionality.
Futures Leg Price Locked at Entry
Under the proposal, the price(s) of the VX futures leg(s) of a VIX future-option order are set when the order is entered, while price competition on the Exchange occurs for the option leg(s), so the package execution price reflects the net of the option legs and the specified futures prices. This gives traders a specified futures price at order entry combined with competitive pricing for the option side.
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