The SEC has approved Cboe Clear U.S., LLC for temporary registration as a securities clearing agency, effective under its 22 October 2026 order for no more than 18 months. Cboe announced the decision on 23 October and said the first intended use is clearing binary securities options tied to corporate key performance indicators.[1][2]
Regulatory approval and commercial rollout
| Step | Status and scope |
|---|---|
| CFTC derivatives clearing | Pre-existing DCO registration for the permitted derivatives activities |
| SEC securities clearing | Temporary registration granted under Section 17A |
| Targeted statutory relief | Specified exemptions from Sections 17A(b)(3)(B) and (F) during the temporary period |
| Corporate KPI options | Cboe Options Exchange listing planned for Q4 2026 |
| Broker distribution | Robinhood availability planned for Q4 2026 |
The membership and collateral model
Details in the 68-page SEC order
| Feature | Published arrangement |
|---|---|
| Broker-dealer clearing members | Registered broker-dealers with the appropriate clearing approval |
| Direct Clearing Members | Eligible legal entities trading only their own proprietary accounts |
| Direct-member restriction | No carrying customer accounts, clearing customer transactions or facilitating customer access |
| Binary option collateral | Fully margined to cover potential price movements after initial settlement |
| Other participant classes | Temporary relief allows further development of standards for statutory classes not yet fully addressed |
The order’s treatment of Direct Clearing Members is important: the initial model is not confined solely to broker-dealers, but direct access is restricted to qualifying entities and proprietary activity. The exemptions address specified participant-related requirements; they are not a general waiver of clearing supervision.[1]
Cboe says the planned KPI options will supplement its established clearing relationships, including the Options Clearing Corporation’s role in traditional equity options. CCUS’s new SEC status and existing CFTC status belong to different regulatory functions, even though they sit within the same legal entity.[2]
The next commercial milestones are the actual exchange listing, final contract specifications and broker access conditions. The reviewed announcement continues to describe those steps as planned for the fourth quarter.[2]
Sources & further reading
- Cboe Clear U.S., LLC; order granting temporary registration, Release 34-106723 US Securities and Exchange Commission · 22 Oct 2026 · Accessed 26 Oct 2026
- Cboe Clear U.S. Receives SEC Approval to Expand Clearing Capabilities Cboe Global Markets · 23 Oct 2026 · Accessed 26 Oct 2026