Cboe Rewrites Its Definition of a Clearing Corporation
Published Date: 11/9/2026
Notice
Summary
Cboe Exchange is updating its rules to change how it defines a Clearing Corporation and tweaking related rules, including how trading units work. This affects traders and firms using Cboe’s platform, making the rules clearer and more up-to-date. The changes took effect right away on October 23, 2026, with no new fees involved.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Exchange rules now clearing-agency neutral
The Exchange changed the definition of “Clearing Corporation” so it means the clearing agency registered under Section 17A of the Securities Exchange Act that issues and clears the applicable option. This update explicitly accommodates options cleared by The Options Clearing Corporation (OCC), Cboe Clear US, LLC (CCUS), or any other clearing agency that registers under Section 17A.
Letters of guarantee tied to specific clearing membership
The Exchange revised Rule 3.61 so letters of guarantee and authorization a Clearing Trading Permit Holder (Clearing TPH) files with the Exchange are tied to that Clearing TPH's membership at the specific Clearing Corporation to which the letters relate. If a Clearing TPH is suspended or terminated as a Clearing Member at one Clearing Corporation, the letters tied to that Clearing Corporation become invalid, and the Exchange may prevent the suspended Clearing TPH from accessing the Exchange (including for options issued by other Clearing Corporations).
Clarification on who sets unit of trading
The Exchange updated Rule 5.2 to clarify that, in certain instances, the Exchange may establish the unit of trading for an option rather than the applicable Clearing Corporation, as set forth in the Exchange and Clearing Corporation rules. The change aligns Rule 5.2 with the Exchange's and Clearing Corporations' respective authorities over units of trading.
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