Notice2026-20714
Cboe Clear U.S., LLC; Notice of Filing of an Amendment to Application for Registration as a Clearing Agency Under Section 17A of the Securities Exchange Act of 1934
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 9, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 195 (Friday, October 9, 2026)</title>
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[Federal Register Volume 91, Number 195 (Friday, October 9, 2026)]
[Notices]
[Pages 64709-64710]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-20714]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106610; File No. 600-47]
Cboe Clear U.S., LLC; Notice of Filing of an Amendment to
Application for Registration as a Clearing Agency Under Section 17A of
the Securities Exchange Act of 1934
October 6, 2026.
On October 1, 2026, Cboe Clear U.S., LLC (``CCUS'') filed with the
Securities and Exchange Commission (``Commission'') an amendment
(``Amendment'') to its application on Form CA-1 (``Application'')
seeking to register as a clearing agency pursuant to Section 17A of the
Securities Exchange Act of 1934 (``Exchange Act'') and Rule 17Ab2-1
thereunder.\1\ CCUS originally filed its Application on June 30,
2026.\2\ CCUS previously amended its Application on July 7 and 17,
August 18, and September 4, 2026.\3\
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\1\ 15 U.S.C. 78q-1; 17 CFR 240.17ab2-1.
\2\ Notice of filing of the Application was published for
comment in the Federal Register on July 24, 2026. Release No. 34-
105960 (July 21, 2026), 90 FR 46817 (July 24, 2026) (``Notice'').
\3\ On August 18 and September 4, 2026, CCUS amended its
application to update certain exhibits for which confidential
treatment had been requested. The amendments filed on July 7 and 17
were filed prior to the Notice and included as part of the
description of the Application set forth in the Notice.
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The Commission is publishing this notice (``Notice of Amendment'')
to solicit comments on the Amendment.\4\ The Commission will consider
any comments received in response to this Notice of Amendment prior to
taking any action on the Application with respect to permanent
registration. A summary of the Application exhibits modified by the
Amendment appears below.
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\4\ Non-confidential aspects of the Application exhibits
modified by the Amendment, including any exhibits cited in this
Notice of Amendment, are available on the Commission's website
together with the previously filed Application at: <a href="https://www.sec.gov/rules-regulations/commission-orders-notices/other-commission-orders-notices-information/ccus-form-ca-1">https://www.sec.gov/rules-regulations/commission-orders-notices/other-commission-orders-notices-information/ccus-form-ca-1</a>.
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I. Discussion
The Amendment adds two exhibits: (i) in new Exhibit E-6, CCUS
provides its Certificate of Good Standing from the state of Delaware,
and (ii) in new Exhibit J-2, CCUS provides its most recent disclosure
under the CPMI-IOSCO Principles for Financial Market
Infrastructures.\5\ The Amendment also modifies existing Exhibits A, E-
2, E-3, J, L, O, and S of the Application, as described below.
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\5\ See CPMI-IOSCO, Public quantitative disclosure standards for
central counterparties (Rev. May 2026), <a href="https://www.iosco.org/library/pubdocs/pdf/IOSCOPD819.pdf">https://www.iosco.org/library/pubdocs/pdf/IOSCOPD819.pdf</a>; CPMI-IOSCO, Principles for
financial market infrastructures (Apr. 2012), <a href="https://www.bis.org/publications/principles-financial-market-infrastructures.pdf">https://www.bis.org/publications/principles-financial-market-infrastructures.pdf</a>,
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In its amendment to Exhibit A, CCUS has added a table describing
the composition of CCUS's current Board of Directors (``Board''), and
CCUS has included a note that CCUS's ultimate parent, Cboe Global
Markets, Inc. (``CGM''), will evaluate adopting a governance policy
providing that it will give due regard to the principles reflected in
Articles Fourteenth through Sixteenth of the CGM Third Amended and
Restated Certificate of Incorporation with respect to any registered
securities clearing agency it controls, including CCUS, in the same
manner as those principles apply to its ``Regulated Securities Exchange
Subsidiaries'' (as defined in that document).\6\
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\6\ Capitalized terms not defined in this Notice of Amendment
are defined in the Application.
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In its amendment to Exhibit E-2 (``CCUS Rules''), CCUS has amended
CCUS Rules by adding processes for appeal or review of decisions,
revising Rule 405 to include portions of the Default Financial
Resources Policy, and making other edits for clarity and consistency.
In its amendment to Exhibit E-3 (``LLC Agreement''), CCUS has
modified its proposed Ninth Amended and Restated LLC Agreement to
include a new section to place limitations on Cboe Clear Digital
Holdings, LLC (``Member'')'s exercise of reserved authorities to ensure
that the Member shall not exercise its reserved authority in a manner
that: (i) impairs the Board's authority to direct the operations of the
clearing agency consistent with Section 17A of the Exchange Act; (ii)
denies or impairs the fair representation of participants of the
clearing agency pursuant to Section 17A(b)(3)(C) of the Exchange Act;
or (iii) prevents the Board from being composed or operating in a
manner required by the Exchange Act or applicable SEC regulations,
including Rule 17Ad-25. CCUS has also added a new definition of
``director'' that refers to the definition of ``director'' in Section
3(a)(7) of the Exchange Act, to ensure consistency with Exchange Act
requirements. The modifications to the LLC Agreement also require
CCUS's annual budget plan to be first reviewed and approved by the
Board before going to the Member for written consent and require any
auditors of CCUS to be first recommended by the Audit Committee and
approved by the Board before going to the Member for written consent.
In its amendment to Exhibit J, CCUS has added description of CCUS's
``Open Access Model,'' which is based on CCUS's open-access framework.
In its amendment to Exhibit L, CCUS has added reference to CCUS's
$25 million in contributed equity or ``skin in the game.''
In its amendment to Exhibit O, CCUS has added a description of
Direct Clearing Members. Exhibit O explains that Direct Clearing
Members are entities, not individuals, including proprietary trading
firms, commercial firms, corporations, institutional investors or other
market participants'' that trade for their own proprietary accounts
``and do not carry customer accounts or otherwise engage in customer-
facing brokerage activities.'' Direct Clearing Member applicants are
subject to CCUS's membership and approval process which includes an
evaluation of the firm's financial condition, governance, operational
capabilities, risk management framework, legal authority and ability to
satisfy its obligations to CCUS.''
In its amendment to Exhibit S, CCUS has removed its exemption
requests related to Regulation Systems Compliance and Integrity.\7\
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\7\ 17 CFR 242.1000 through 242.1007.
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II. Request for Comment
Interested persons are invited to submit written data, views, and
arguments concerning the Application as amended, including whether the
Application as amended is consistent with the Exchange Act and the
rules and regulations thereunder applicable to clearing agencies (e.g.,
Exchange Act
[[Page 64710]]
Rules 17Ad-22, 17Ad-25, 17Ad-26, and Regulation Systems Compliance and
Integrity).\8\
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\8\ See 17 CFR 240.17ad-22 (``Rule 17Ad-22''), 240.17ad-25
(``Rule 17Ad-25''), and 240.17ad-26 (``Rule 17Ad-26''); 17 CFR
242.1000 through 242.1007 (``Regulation Systems Compliance and
Integrity'').
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Comments may be submitted by any of the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules-regulations/how-submit-comment">https://www.sec.gov/rules-regulations/how-submit-comment</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#8ffdfae3eaa2ece0e2e2eae1fbfccffceaeca1e8e0f9"><span class="__cf_email__" data-cfemail="e99b9c858cc48a8684848c879d9aa99a8c8ac78e869f">[email protected]</span></a>. Please include
File Number 600-47 on the subject line.
Paper Comments
<bullet> Send paper comments to Secretary, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number 600-47. This file number
should be included on the subject line if email is used. To help the
Commission process and review your comments more efficiently, please
use only one method. The Commission will post all comments on the
Commission's internet website (<a href="https://www.sec.gov/rules-regulations/commission-orders-notices/other-commission-orders-notices-information">https://www.sec.gov/rules-regulations/commission-orders-notices/other-commission-orders-notices-information</a>).
Do not include personal identifiable information in submissions;
you should submit only information that you wish to make available
publicly. We may redact in part or withhold entirely from publication
submitted material that is obscene or subject to copyright protection.
All submissions should refer to File Number 600-47 and should be
submitted on or before October 30, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(16).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-20714 Filed 10-8-26; 8:45 am]
BILLING CODE 8011-01-P
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