SEC Reviews Cboe's Plan for Bundled VIX Futures and Options Trading
Published Date: 4/14/2026
Notice
Summary
The SEC is deciding whether to approve a new Cboe rule that lets traders bundle VIX options and VIX futures into one order, making it easier and safer to trade these together. This change affects investors who use these products to hedge or invest, potentially saving them money and reducing risk. The SEC will decide by April 16, 2026, so stay tuned for the final call!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Bundle VIX Options and Futures
You could be able to send one order that bundles VIX options and VIX futures (called a VIX future-option order). The package would be priced together and would only execute if both the option and future legs can trade, which the Exchange says would reduce the risk of ending up with only one leg filled and an unhedged position. The SEC will decide whether to approve or disapprove the proposal by April 16, 2026.
Broker Requirement for Non‑CFE Members
If you are not also 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 to have the VX futures part of a VIX future-option order sent to CFE. The designated FCM/IB must have connectivity to electronically communicate the futures component to CFE, which is a new step for non‑members.
Split Oversight and Data Sharing
The options parts of VIX future-option orders would be under SEC jurisdiction and the futures parts under CFTC jurisdiction, and Cboe and CFE will share order, trade, and regulatory data about these packaged orders. The Exchange says its regulatory division will incorporate information from CFE into surveillance to detect manipulative trading activity for these orders.
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Key Dates
Department and Agencies
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