Cboe Seeks Temporary Nod to Clear Binary Options
Published Date: 7/24/2026
Notice
Summary
Cboe Clear U.S., LLC wants to become a temporary official clearing agency to handle special financial contracts called binary options. This change affects traders and companies dealing with these contracts by adding a trusted middleman to make sure trades settle smoothly. The SEC is reviewing the application and asking for public feedback before making a final decision.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
Possible large member assessments on default
CCUS's Rules permit assessments on non‑defaulting clearing members if initial margin, guaranty fund deposits, CCUS contributed capital, and mutualized guaranty fund are exhausted. For a single clearing member default, CCUS may assess non‑defaulting members up to 300% of their required guarantee fund deposit; for multiple defaults, up to 600%.
Clearing membership limited to broker‑dealers
CCUS's Rules require clearing members for Securities Contracts (including KPI Binary Options) to be registered broker‑dealers under the Exchange Act. CCUS requests temporary registration relief from certain Exchange Act participant‑category requirements during its temporary registration period.
Binary options fully margined with $0/$1 payouts
CCUS will clear binary security options that have bounded payouts of $0.00 or a maximum of $1.00 and will treat them as fully margined. CCUS does not require prefunding of margin, so it will have intraday exposure before daily settlement, mitigated by real‑time margining and its default waterfall.
CCUS seeks temporary clearing role for binary options
CCUS applied (filed June 30, 2026; amended July 7 and July 17, 2026) to register temporarily as a clearing agency under Section 17A to provide central counterparty services for binary security options, including KPI Binary Options that would trade on Cboe Exchange. The SEC is soliciting public comment before deciding on CCUS's request.
New per‑contract clearing fee
CCUS proposes a new clearing fee of $0.0002 (2 basis points) per KPI Binary Option contract, effective August 31, 2026. The additional Fee Schedule will be publicly posted on CCUS's website no later than that effective date.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-14978, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.190 to Permit Trading of Pegged Orders During Pre-Market and Post-Market Sessions
Investors Exchange (IEX) is making it easier to trade by allowing special pegged orders and discretionary limit orders during pre-market and post-market hours. This change helps traders get more flexible and timely trades outside regular hours, potentially boosting market activity. The new rule took effect right after filing on July 10, 2026, so traders can start using it immediately.
2026-14977, Self-Regulatory Organizations; MEMX LLC; Notice of Filing of Partial Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Partial Amendment No. 1, To Amend Rules 19.3 and 19.4 To Establish Listing Criteria and Withdrawal Standards for Options on Commodity-Based Trusts That Hold Multiple Crypto Assets
MEMX is updating its rules to allow options trading on special trusts that hold multiple cryptocurrencies, not just one. This change affects investors and traders interested in crypto-based options and aims to make these options easier to list and withdraw. The SEC quickly approved this update, so expect these new options to hit the market soon, opening fresh opportunities without extra costs.
Previous / Next Documents
Previous: 2026-14978, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.190 to Permit Trading of Pegged Orders During Pre-Market and Post-Market Sessions
Investors Exchange (IEX) is making it easier to trade by allowing special pegged orders and discretionary limit orders during pre-market and post-market hours. This change helps traders get more flexible and timely trades outside regular hours, potentially boosting market activity. The new rule took effect right after filing on July 10, 2026, so traders can start using it immediately.
Next: 2026-14980, Government Owned Invention Available for License: Pigment Epithelium-Derived Factor Peptides and Their Use for Treating Retinal Degeneration
The National Eye Institute has a cool new invention using special peptides to help protect eyes from inherited diseases like retinitis pigmentosa, which causes vision loss for over 100,000 Americans. They’re looking for partners to help develop easy-to-use eyedrops or gene therapy to slow down or stop this eye damage. This could bring hope and new treatments to many people with few options, and interested parties can start talking to the NIH now!