By Townhall Chicago News Staff
Chicago-based Cboe Global Markets announced Thursday that its clearinghouse, Cboe Clear U.S., received temporary registration from the Securities and Exchange Commission to operate as a Covered Clearing Agency.
The approval allows Cboe Clear U.S. to clear securities products in addition to the futures and swaps it already handles as a Commodity Futures Trading Commission-registered Derivatives Clearing Organization, positioning the firm to support new products across multiple asset classes.
Cboe Clear U.S. will initially use the SEC registration to clear binary securities options tied to corporate key performance indicators, or KPIs, according to an Oct. 23 Cboe news release. Those contracts are planned for listing on Cboe Options Exchange and are expected to be available on Robinhood in the fourth quarter of 2026.
“Clearing plays a critical role in bringing innovation to market,” Dale Michaels, head of Cboe Clear U.S., said in the release. “These expanded capabilities position Cboe Clear U.S. to become an innovation lane to support new products and meet evolving customer needs, while maintaining the rigorous risk management standards that are fundamental to our business.”
The registration expands on Cboe Clear U.S.’s existing regulatory authority. The clearinghouse recently received CFTC approval to clear margined futures broadly and continues to clear digital asset derivatives, according to the release. In June, Cboe Clear U.S. voluntarily elected to become a Subpart C DCO, adopting the enhanced financial, risk management and operational resilience standards that the CFTC applies to systemically important clearing organizations.
Cboe emphasized that the expansion complements its longstanding partnership with The Options Clearing Corporation, which clears traditional equity options. The company said it remains committed to supporting OCC’s established clearing infrastructure.
The development also mirrors growth in Cboe’s European clearing business. Cboe Clear Europe has become the leading pan-European equities central counterparty and has expanded into services such as securities financing transaction clearing, the release said.
Cboe Global Markets has operated in Chicago since launching the world’s first listed options exchange in 1973. The company pioneered S&P 500 index options and created the VIX Index, widely used as a gauge of market volatility. Today, Cboe operates derivatives, equities and foreign exchange markets worldwide.
The SEC’s approval order was issued Oct. 22, according to a related Cboe Options Exchange rule filing. That filing amended exchange rules to accommodate the clearing of listed options by either OCC or Cboe Clear U.S., reflecting the possibility of multiple registered clearing agencies operating on the exchange.
The expanded clearing capabilities underscore Chicago’s role as a hub for financial infrastructure and innovation. Cboe trades on its own exchange under the ticker CBOE.
Cboe Clear U.S. plans to pursue additional opportunities to broaden its clearing services, subject to regulatory approval, according to the release.
