Cboe Doubles Up on Clearing Houses for Bitcoin and Ether Futures
Published Date: 4/8/2025
Notice
Summary
Cboe Futures Exchange (CFE) is shaking things up by adding a new clearing house, Cboe Clear U.S. (CCUS), to handle some of its products like bitcoin and ether futures. This means CFE will use two clearing houses instead of one, giving traders more options and flexibility. The change is coming soon and won’t affect current products cleared by the existing clearing house, OCC.
Analyzed Economic Effects
6 provisions identified: 4 benefits, 2 costs, 0 mixed.
New Clearing House for Bitcoin/Ether Futures
If you trade or plan to trade financially-settled bitcoin (FBT) or ether (FET) futures on Cboe Futures Exchange (CFE), those initial products are planned to be cleared by Cboe Clear U.S., LLC (CCUS). FBT and FET are not currently listed on CFE and CFE plans to list them in the near future; CCUS will act as the derivatives clearing organization for those products.
Authorized Reporter Must Match Clearing House
If you are a Trading Privilege Holder (TPH) that uses an Authorized Reporter to report block trades or ECRP transactions to CFE, the Authorized Reporter must be authorized by a Clearing Member of the Clearing House that clears that contract (OCC for OCC-cleared contracts, CCUS for CCUS-cleared contracts).
No Change for Currently-Cleared Products
CFE will continue to use The Options Clearing Corporation (OCC) to clear the CFE products that are currently listed for trading. Existing products cleared by OCC will remain cleared by OCC under this proposed rule change.
Order Entry Codes Stay the Same for Users
CFE is changing rule text from “Clearing Corporation origin code” to “Clearing House origin code” to cover either OCC or CCUS, but you will still submit the origin code in the current OCC format (C for Customer and F for Firm). CFE will convert those codes behind the scenes to CCUS's format (1 for Customer and 2 for House) when submitting to CCUS.
Position Reporting Exception Limited to OCC
Rule 410A's current exception that gross position adjustment reporting is not required for Market Maker accounts or for transactions where a TPH designates opening/closing applies only with respect to OCC, not CCUS. The rule text is being amended to make clear that this provision applies solely to OCC.
Security Futures Rules Specify OCC Clearance
CFE is amending Chapters 16, 18, and 19 of its rulebook (security futures product chapters) to identify OCC as the Clearing House for Volatility Index futures, Single Stock Futures, and Narrow-Based Stock Index Futures if CFE lists any security futures in the future. These chapters are updated to address clearance, delivery, and settlement with OCC.
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