Cboe Clear U.S. seeks exemption to treat binary-option margin like OCC margin

On September 18, 2026 Cboe Clear U.S., LLC (CCUS) filed an application with the Securities and Exchange Commission requesting exemptive relief under section 36(a)(1) of the Exchange Act. The relief would allow broker-dealers that are CCUS clearing members to include margin required and on deposit at CCUS for binary options in the Item 13 debit of the customer reserve computation, the same treatment currently afforded only to margin held at the Options Clearing Corporation (OCC). The notice, published September 29, 2026 in the Federal Register (Vol. 91, No. 187, pages 61528-61530; FR Doc No. 2026-19916; Release No. 34-106493; File No. 4-930), seeks public comment on the request.

The application cites Rule 0-12 procedures and argues that the existing limitation in Item 13 and Note F of Exhibit A to Rule 15c3-3a (17 CFR 240.15c3-3a) was drafted when OCC was the sole registered options clearing agency. CCUS contends that section 17A(a)(2) of the Exchange Act requires the Commission to treat functionally equivalent margin held at any registered clearing agency alike, and that Items 14 and 15 of the customer reserve computation already reference a "registered clearing agency" without naming a specific entity.

CCUS further states that its proposed clearing platform will maintain separate customer, firm, and market-maker accounts, with all customer funds held in a segregated Securities Customer Account. The binary options it intends to clear will be fully margined, and its risk-management framework includes daily and intraday margin collection, a guaranty fund, and a default waterfall.

The SEC's notice makes clear that the exemption, if granted, would also apply to the PAB reserve computation. Interested persons may submit comments as outlined in the notice, which references the application available on the Commission's website at www.sec.gov.