Cboe Updates Paperwork to Clear Trades Legally
Published Date: 10/9/2026
Notice
Summary
Cboe Clear U.S., LLC is updating its application to become a registered clearing agency, adding important documents like its Delaware Certificate of Good Standing and a recent financial market disclosure. This update affects investors and market participants by ensuring transparency and compliance. The SEC is now asking for public comments before making a final decision, so keep an eye out for deadlines and possible impacts on market operations.
Analyzed Economic Effects
7 provisions identified: 6 benefits, 1 costs, 0 mixed.
New appeal/review processes in CCUS rules
CCUS amended its Rules (Exhibit E-2) to add processes for appeal or review of decisions and revised Rule 405 to include portions of the Default Financial Resources Policy. These rule changes were included in the amendment filed October 1, 2026.
Limits on Member authority; budget and auditor approvals
In its Exhibit E-3 amendment to the LLC Agreement, CCUS added limits on a Member's reserved authorities so the Member cannot: (i) impair the Board's authority consistent with Section 17A of the Exchange Act, (ii) deny or impair fair representation of clearing participants under Section 17A(b)(3)(C), or (iii) prevent the Board from meeting Exchange Act or SEC rule requirements including Rule 17Ad-25. The amendment also requires the Board to review and approve the annual budget before it goes to the Member for written consent and requires auditors to be recommended by the Audit Committee and approved by the Board before Member consent.
CCUS removed requests for Reg SCI exemptions
In its Exhibit S amendment, CCUS removed its exemption requests related to Regulation Systems Compliance and Integrity (Reg SCI). That change was filed as part of the October 1, 2026 amendment.
CCUS adds public CPMI‑IOSCO disclosure
On October 1, 2026, Cboe Clear U.S., LLC (CCUS) added its most recent disclosure under the CPMI‑IOSCO Principles for Financial Market Infrastructures as new Exhibit J-2 to its Form CA-1 amendment. This means the clearing agency has publicly filed quantitative disclosure material that investors and market participants can review.
CCUS discloses $25 million 'skin in the game'
CCUS amended Exhibit L to add a reference to $25 million in contributed equity (described as 'skin in the game'). This is a stated amount of capital contributed to the clearing agency.
Who can be a Direct Clearing Member, and how they're vetted
CCUS added Exhibit O describing Direct Clearing Members as entities (not individuals) such as proprietary trading firms, commercial firms, corporations, or institutional investors that trade for their own accounts and do not carry customer accounts. Applicants are subject to CCUS's membership and approval process, including evaluation of financial condition, governance, operations, risk management, legal authority, and ability to satisfy obligations to CCUS.
CCUS added an 'Open Access Model' description
CCUS amended Exhibit J to add a description of its 'Open Access Model,' based on CCUS's open-access framework. The amendment was included in the filing dated October 1, 2026.
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