Regulation

Disclosures and Disclaimers Related to Cboe Products and Services here.

Cboe Clear U.S., LLC (“CCUS” or the “Clearinghouse”) is a Delaware limited liability company and a wholly-owned subsidiary of Cboe Global Markets, Inc., a publicly-traded Delaware corporation based in Chicago, Illinois. CCUS is registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a derivatives clearing organization (“DCO”). The Clearinghouse’s primary regulator is the CFTC. CCUS operates under a U.S. legal framework comprised of the Commodity Exchange Act, corresponding CFTC regulations, and the U.S. Bankruptcy Code.

Cboe Clear U.S., LLC: Principals for Financial Market Infrastructures Disclosures here.

Cboe Clear U.S., LLC: 2026 Q1 Quantitative Disclosure here.

CCUS is registered with the Commodity Futures Trading Commission as a Derivatives Clearing Organization (“DCO”). CCUS’s governance arrangements place high priority on the safety and efficiency of the Clearinghouse by requiring all material risk issues to be addressed by its Risk Management Committee and Board of Directors.

The Board of Directors (“Board”) maintains primary oversight of the governance of CCUS, with its central objective being to promote the safety and efficiency of the Clearinghouse and to contribute to the overall stability of the broader financial system, while also taking into account the legitimate interests of key market stakeholders.

As part of fulfilling its oversight and governance responsibilities, the Board has established a Risk Management Committee to serve as advisory committee to the Board with regard to any matters that could materially affect the risk profile of CCUS. The Risk Management Committee has also established, to assist in fulfilling these responsibilities, at the Default Management Committee to oversee CCUS’s default management process and its default management drills, and the Risk Advisory Working Group to provide risk-focused perspectives of market participants on matters that could materially affect the risk profile of CCUS.

The Risk Management Committee works in close coordination with the Board, and provides guidance on the Clearinghouse’s risk management oversight, including evaluating the effectiveness of CCUS’s overall risk management framework.

As part of its mandate, the Risk Management Committee advises the Board on any matter that could materially affect CCUS’s risk profile as a DCO. These matters include, but are not limited to:

• significant modifications to CCUS’s risk models, default‑management procedures, financial resources, and credit‑risk management practices, as well as substantial updates to related policies governing the development, testing, and calculation of those elements;
• major changes to clearing‑member participation standards and eligibility requirements;
• the introduction of new products whose margin, liquidity, pricing, default‑management, or other risk characteristics differ meaningfully from those of products currently cleared by CCUS;
• material revisions to CCUS’s risk‑monitoring methodologies;
• regulatory proposals that may raise novel issues or regulatory risks prior to implementation, including advising the Board on the potential regulatory impact of such changes; and
• any other significant risk management concerns, including those related to policy matters, financial safeguards, financial surveillance, or membership issues

The Default Management Committee (“DMC”) is established by the Risk Management Committee to help manage risks to the Clearinghouse and its non-defaulting Clearing Members when a Clearing Member defaults, is at risk of defaulting, or when a nondefault loss arises. The DMC’s responsibilities include:

• Providing strategic direction for default preparedness;
• Meeting during a Clearing Member default or imminent default to assist with all aspects of default management, including reviewing and approving actions to manage and mitigate risks associated with the positions of one or more defaulting Clearing Members;
• Meeting in the event of a non‑default loss to review and approve how the Guaranty Fund will be applied and how such losses will be allocated between the Clearinghouse and its Clearing Members;
• Contributing to the annual testing of the Clearinghouse Default Management Plan; and
• Providing an annual report on its activities to the Risk Management Committee.

The Risk Advisory Working Group (“RWG”) provides the Risk Management Committee with independent and informed risk-based input from the perspective of market participants regarding matters that could materially affect the risk profile of the Clearinghouse. The RWG must include at least two clearing member representatives and at least two representatives of customers of clearing members. This composition ensures that the RWG has the industry expertise needed to provide independent, knowledgeable input on matters that may materially affect the Clearinghouse’s risk profile. Under its charter, RWG participants must act in a manner that supports the Clearinghouse’s safety and efficiency and contributes to the stability of the broader financial system.

Cboe Clear US no longer conducts money transmission or related activity.

Questions? Please contact us at [email protected]

If you wish to place a complaint with the Cboe Digital Market Regulation Department, please send an email to [email protected] and include the following information:

• Your first and last name
• Your phone number
• Whether your complaint involves an individual, a firm, or market activity generally
• The date and time of the incident
• The contract(s) or product(s) involved in the incident
• Any other information you can provide that will help the Market Regulation Department investigate the incident.

The information obtained from a complaint is confidential and will generally not be shared outside of the Market Regulation Department. Subject to the Exchange rules, and state and federal regulations, information related to the complaint may be shared with the CFTC or state regulatory agencies.

If you wish to place a complaint anonymously, please contact Cboe Digital and request to speak with the Market Regulation Department.

• Cboe Digital communicates with participants electronically through the Client Member Portal, email, and/or the Cboe Digital website. It is your responsibility to check the Client Member Portal, your email, and the Cboe Digital website regularly. In particular, confirmations, receipts, and statements related to all deposits, withdrawals, trades, transactions, and other activities within your clearing account will be posted to your Client Member Portal.
• Confirmations of activities posted to the Client Member Portal shall be conclusive and final. You must notify Cboe Digital of any error within 24 hours of Cboe Digital posting the confirmation.

• No Cboe Global Markets, Inc. (“CGM”) Company is an investment adviser or tax advisor, and no representation is made regarding the advisability or tax consequences of investing in, holding, or selling any digital asset or financial product. A decision to invest in, hold, or sell any digital asset or financial product should not be made in reliance on any of the statements or information provided. Market participants are advised to make an investment in, hold, or sell any digital asset or financial product only after carefully considering the associated risks and tax consequences, including information detailed in any offering memorandum or similar document prepared by or on behalf of the issuer of a financial product, with the advice of a qualified professional investment adviser and tax advisor.
• Under section 1256 of the Tax Code, profit and loss on transactions in certain exchange-traded futures are entitled to be taxed at a rate equal to 60% long-term and 40% short-term capital gain or loss, provided that the market participants involved and the strategy employed satisfy the criteria of the Tax Code. Market participants should consult with their tax advisors to determine how the profit and loss on any particular futures strategy will be taxed. Tax laws and regulations change from time to time and may be subject to varying interpretations.

See our statement on privacy here.

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To help ensure the integrity of our markets, all participants and all market activity are subject to the rules of Cboe Clear U.S., LLC and Cboe Digital Exchange LLC. Among other things, these rules prohibit manipulative and fraudulent activity, and provide remedies to Cboe Digital Exchange or Cboe Clear US and other participants in the event of violative conduct

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