On September 18, 2026, Cboe Clear U.S., LLC (“CCUS”), an applicant for registration with the Securities and Exchange Commission (“Commission”) as a clearing agency, filed an application with the Commission (the “Application”) to obtain an exemption pursuant to section 36(a)(1) ^[1] of the Securities Exchange Act of 1934 (“Exchange Act”),^[2] in accordance with the procedures set forth in Exchange Act Rule 0-12.^[3] Specifically, CCUS is requesting exemptive relief on behalf of broker-dealers that are CCUS clearing ( printed page 61529) members (“Clearing Members”) from the limitation in Item 13 and Note F of Exhibit A to Rule 15c3-3 ^[4] that confines the Item 13 debit to the amount of margin required and on deposit with the Options Clearing Corporation (“OCC”) for all option contracts written or purchased in customer accounts. The requested exemption would allow CCUS Clearing Members to include as a debit under Item 13 and Note F margin that is required and on deposit at CCUS for binary options that are cleared by CCUS on behalf of Clearing Member customers in the same manner as is currently provided for margin required and on deposit with OCC. The Commission is publishing this notice to provide interested persons with an opportunity to comment.

I. Background

Rule 15c3-3, the broker-dealer customer protection rule, requires, among other things, broker-dealers that hold customer cash and securities (“carrying broker-dealers”) to compute the net amount of cash owed to customers under a formula in Rule 15c3-3a (“customer reserve computation”).^[5] Generally, carrying broker-dealers must perform their customer reserve computation and make any required deposits in a special reserve account at a bank daily or weekly. The rule also requires a carrying broker-dealer to perform a PAB reserve computation for the proprietary securities and cash it holds for other broker-dealers, known as proprietary accounts of broker-dealers (“PAB accounts”).^[6]

Item 13 of the customer reserve computation in Rule 15c3-3a includes as a debit in the computation the amount of margin required and on deposit with OCC for all option contracts written or purchased in customer accounts. Note F to Item 13 states that Item 13 must include the amount of margin required and on deposit with the OCC to the extent such margin is represented by cash, proprietary qualified securities and letters of credit collateralized by customers' securities.^[7] Under that framework, the permitted debit is based on the margin amount posted by the broker-dealer to OCC that is calculated by OCC across all of the broker-dealer's customers with listed options ( i.e., on an omnibus or net basis).

II. Summary of the Application and Proposed Conditions

In the Application, CCUS requests, pursuant to section 36(a)(1) of the Exchange Act, and in accordance with the procedures set forth in Rule 0-12, that the Commission issue an order exempting Clearing Members of CCUS from the limitation in Item 13 and Note F of Rule 15c3-3a that confines the Item 13 debit to the amount of margin required and on deposit with OCC for option contracts written or purchased in customer accounts. CCUS is also requesting that the exemptive relief apply with respect to the PAB reserve computation.^[8]

CCUS states that it has filed an application with the Commission to register as a clearing agency, seeking temporary registration to provide central counterparty services for binary options that are securities.^[9] In connection with its application to register as a clearing agency, CCUS is seeking under this Application comparable treatment under the customer reserve computation with respect to the margin that is required and on deposit at CCUS as has been afforded OCC.

In support of its request, CCUS states that when the Commission adopted Item 13, and Note F thereto, OCC was the only clearing agency registered with the Commission to provide central counterparty services for securities options. CCUS states that it does not believe that the Exchange Act requires or warrants different treatment for margin held on similar terms for security option products at different registered clearing agencies. Further, CCUS states that section 17A(a)(2) of the Exchange Act ^[10] directs the Commission, with due regard for the maintenance of fair competition among clearing agencies, to facilitate a national system for the prompt and accurate clearance and settlement of securities transactions and to assure equal regulation under the Exchange Act of registered clearing agencies. Consequently, CCUS states that reading Item 13 to exclude margin held at a second registered options clearing agency because it did not exist when the rule was amended would be inconsistent with this statutory mandate.^[11]

To further support its position, CCUS states that Item 14 ^[12] and Item 15 ^[13] of the customer reserve computation do not name any particular clearing agency, and do not distinguish between registered clearing agencies.^[14] CCUS states that where the Commission anticipated that more than one clearing agency could hold margin, it framed the customer reserve computation treatment of such margin by reference to a registered category rather than name a specific existing clearing agency. Consequently, CCUS states that permitting broker-dealers to treat margin held at other registered clearing agencies would treat functionally equivalent margin on equivalent terms.^[15]

In its Application, CCUS states that its proposed rules contemplate customer protection standards that satisfy the same regulatory requirements as those under which OCC operates. Specifically, CCUS states that it will offer separate customer, firm, and market-maker accounts, and that its rules require all funds and assets held for securities customers of a Clearing Member be maintained in a segregated Securities Customer Account. Further, CCUS states that the binary options it proposed to clear will be fully margined and that its risk management framework provides for daily and intraday margin collection, guaranty fund resources, and a default waterfall.^[16]

In its Application, CCUS states that a failure to provide equivalent treatment under the customer reserve computation to margin required and on deposit at ( printed page 61530) CCUS would result in its Clearing Members facing a customer reserve computation penalty for clearing customer security options at CCUS. CCUS goes on to state that this result could hinder the development of a cleared securities environment for trading in binary options that CCUS expects to clear.^[17]

CCUS proposes certain conditions that would apply in connection with its Clearing Members being able to include margin required and on deposit with respect to customer binary options transactions in the Item 13 debit. Specifically, CCUS proposes that:

1. Registration: CCUS must register with the Commission as a clearing agency in accordance with section 17A(b) ^[18] of the Exchange Act and Rule 17ab2-1 ^[19] thereunder.

2. Eligibility Limitation: The relief will apply solely to margin required and on deposit with CCUS with respect to customer positions in binary options.

3. Margined Customer Positions: The binary options that CCUS clears will be margined by CCUS consistent with the requirements of Rule 17Ad-22(e) ^[20] and Clearing Members will collect such margin from their customers, with any proposed changes to CCUS's margin system subject to Commission review, and, as appropriate, approval pursuant to section 19(b) ^[21] of the Exchange Act and Rule 19b-4 ^[22] thereunder.

4. Segregation of Customer Margin: For purposes of Rule 15c3-3a, CCUS will maintain margin required and on deposit with CCUS for options contracts written or purchased in customer accounts separately and independently from margin required and on deposit for proprietary positions of Clearing Members.

5. The relief would be subject to the same conditions set forth in Note F to Item 13 of Rule 15c3-3a that apply to margin required and on deposit with OCC for all option contracts written or purchased in customer accounts.

6. The rules of CCUS must comply with the conditions on any exemptive order the Commission may issue in response to this request and CCUS shall amend its rulebook as may be necessary to ensure that its rulebook complies with such conditions.

III. Request for Comment

We request and encourage any interested person to submit comments regarding the Application, including whether the Commission should grant the request. In particular, we solicit comment on the following questions:

1. Do commenters agree with CCUS's reasons described in the Application ^[23] in support of the Commission finding that the exemptive relief is consistent with section 36 of the Exchange Act? Why or why not?

2. Are the conditions upon which the relief would be granted sufficient? Why or why not? Are there other or alternative conditions not outlined in the Application, or modifications to the conditions proposed within the Application, that the Commission should consider? If so, please describe those conditions or modifications.

3. Would the exemption requested in the Application have a competitive impact—either positive or negative—on broker-dealers and their customers in the context of clearing security options? What would be the potential benefits and costs of the exemption? Would the exemption and conditions impact investor protection? If so, what would those impacts be?

Comments should be received on or before October 20, 2026. Comments may be submitted by any of the following methods:

Electronic Comments

• Use the Commission's internet comment form (www.sec.gov/​comments/​4-930/​notice-application-cboe-clear-us-llc-exemption-pursuant-section-36-securities-exchange-act-1934); or
• Send an email torule-comments@sec.gov. Please include File Number 4-930 on the subject line.

Paper Comments

• Send paper comments to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number 4-930. 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 of submission. The Commission will post all comments on the Commission's internet website ( www.sec.gov/​rules-regulations/​public-comments/​4-930). 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.

For further information, you may contact Raymond A. Lombardo, Acting Associate Director; Sheila Dombal Swartz, Senior Special Counsel; or Abraham Jacob, Special Counsel at (202) 551-5500, Office of Broker-Dealer Finances, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-7010.