Federal Register #2026-21931

SEC Conditional Relief for Customer Binary-Options Margin Held at CCUS

The SEC issued conditional regulatory relief for broker-dealers clearing customer binary-options contracts through Cboe Clear U.S., LLC (CCUS). - Government agency: U.S. Securities and Exchange Commission (SEC); no procurement buyer or purchasing office is identified. - Entities named: Cboe Clear U.S., LLC (CCUS) and the Options Clearing Corporation (OCC). Neither is identified as an OEM or vendor for a purchase. - What the relief permits: Eligible broker-dealers may treat qualifying margin required and deposited at CCUS for customer binary-options contracts as a debit in customer and proprietary accounts of broker-dealers (PAB) reserve computations under Rule 15c3-3a, comparable to treatment for margin held at OCC. - Key conditions: The relief is limited to customer binary-option positions and depends on CCUS being registered as a clearing agency, compliant margining, separate maintenance of customer and proprietary margin, meeting collateral conditions in Note F to Item 13, and amending CCUS rules to implement the order. - Procurement status: This is a regulatory action, not a solicitation or award; no products, services, quantities, or part numbers are requested.

Description

The Securities and Exchange Commission order grants conditional exemptive relief to broker-dealers that are clearing members of Cboe Clear U.S., LLC (CCUS). It allows those clearing members to include in their customer and proprietary accounts of broker-dealers reserve computations a debit for margin required and on deposit with CCUS for binary options contracts in customer accounts. The relief is subject to conditions, including CCUS registration as a clearing agency, eligibility limited to customer binary-option positions, customer margining and segregation requirements, and amendment of CCUS rules to reflect the order’s conditions.

View original listing