Member Participation Requirements

As required by Reg SCI and CFE Rule 513B, certain Members of each Cboe equities, options, and futures trading platform will have mandatory participation requirements in an annual DR test. Requirements for qualifying Members are based on the platform as defined below. Non-qualifying Members are also encouraged to participate but will have no registration or level of activity requirements during the test.

Annually, and at least three (3) months prior to scheduled testing, Cboe will provide notice to qualifying Members that will be Designated BCP/DR Participants having a mandatory DR testing participation requirement. Members that qualified for mandatory participation based on designation criteria including executed volume measured during Q1 2026 are required to participate in the test. Designated Participants are required to connect to each designated Exchange’s secondary site and submit a meaningful number of orders during the test. The required level of activity will be at least two (2) executions on each designated Exchange. Quote messages will not satisfy the execution requirements and executions may be either buy or sell. All symbols will be available for order entry and the Cboe Trade Desk will be available to support crossing orders if needed.

For questions about mandatory participation requirements, please contact Cboe Compliance at SCIquestions@cboe.com or CFEDRQuestions@cboe.com or 312.786.7050.

For questions about related rule requirements, please contact Regulatory Interpretations (312.786.8141).