Update - Cboe Digital Exchange Futures Contracts Migrating to Cboe Futures Exchange

Effective trade date Monday, June 9, 2025, Cboe Digital Exchange, LLC (CDE) plans to transfer its financially-settled margin futures on Bitcoin (FBT) and on Ether (FET) to Cboe Futures Exchange, LLC (CFE), subject to regulatory review. All transactions in FBT and FET futures will continue to clear through Cboe Clear U.S., LLC (CCUS) following the transfer of FBT and FET futures to CFE.

More details regarding the migration of FBT and FET to CFE can be found on the Cboe Digital Migration microsite. Please see below for fee, margin, and reporting information. As a reminder, the first weekend testing opportunity is May 10, 2025.

FBT futures are cash-settled futures contracts based on the price of bitcoin as reflected by the Cboe Kaiko Bitcoin Rate Index. FET futures are cash-settled futures contracts based on the price of ether as reflected by the Cboe Kaiko Ether Rate Index. Both products will reside on CFE Matching Unit 3 as outlined in the PITCH and TOP Market Data specifications linked below.

CFE will make available to CFE Trading Privilege Holders (TPHs) separate Executing Firm IDs (EFIDs) for transacting in CFE products cleared through CCUS. Please contact Cboe Membership Services with any questions about setting up a new EFID.

Transactions in FBT and FET futures on CFE will need to be cleared through a CFE TPH that is a Clearing Member of CCUS. Accordingly, to enter orders and quotes and transact in FBT and FET futures on CFE, a CFE TPH will need to have a CFE clearing guarantee in place with a CFE TPH that is a Clearing Member of CCUS.

The FBT and FET futures queuing periods will mirror those of other CFE futures products with the above trading hours. Accordingly, the FBT and FET futures pre-opening queuing period for the launch date will commence on Sunday, June 8, 2025, at 4:00 p.m. CT plus a randomized time period from 3 to 6 seconds.

Trading hours in expiring FBT and FET futures contracts end at 10:00 a.m. CT on the final settlement date of the contract. The final settlement date for weekly FBT and FET futures contracts is the Friday of the calendar week denoted by the ticker symbol of the contract. The final settlement date for monthly serial or quarterly FBT and FET futures contracts is the last Friday of the calendar month denoted by the ticker symbol of the contract. If the final settlement date is a CFE holiday, the final settlement date shall be the business day immediately preceding the holiday.

The Exchange may list for trading FBT and FET futures contracts with the following expirations: (i) up to three weekly expirations, (ii) up to three monthly serial expirations, and (iii) up to three monthly quarterly expirations on the March quarterly cycle.

The final settlement value of an expiring FBT futures contract shall be the value of the Cboe Kaiko Bitcoin Rate Index, as determined by Kaiko, at 10:00 a.m. CT on the final settlement date of that FBT futures contract.

The final settlement value of an expiring FET futures contract shall be the value of the Cboe Kaiko Ether Rate Index, as determined by Kaiko, at 10:00 a.m. CT on the final settlement date of that FET futures contract.

The current margin requirements for FBT and FET futures are available on the CCUS margin webpage.

• Updates are available on the CCUS margin webpage. On or following the launch date, the CCUS margin webpage can also be reached via a link in the CFE Margin Table.

• The CCUS SPAN® file (CCD) will continue to reflect FBT and FET futures contracts on and after the June 9, 2025, migration to CFE.

• The FBT and FET margin requirements listed are customer minimum maintenance margin requirements and should be scaled up by a minimum of 115% to render customer initial margin requirements. Brokerage firms may impose higher customer initial margin requirements and/or impose other conditions.

• Margin rates for FBT and FET futures are subject to change by CCUS at any time.

"SPAN" is a registered trademark of Chicago Mercantile Exchange Inc. (CME), used herein under license. CME assumes no liability in connection with the use of SPAN by any person or entity.

• Trading Permit Fees

• Direct Data Access Fees

• Match Capacity Fees

• Execution Drop Fees

• Order Drop Fees

• Purge Port Fees

Additionally, all Application Fees are waived through December 31, 2025, for any applicant for CFE trading privileges that submits an application for trading privileges prior to that date and informs CFE during the application process that the applicant intends to limit its activities on CFE to activities involving CFE products cleared through CCUS.

If a TPH no longer qualifies for these fee waivers, these fees will come into effect in a manner that will be further described in an updated version of the CFE Fee Schedule which will be posted at a later date.

Large Trader reporting for FBT and FET futures will continue to be done through CCUS upon the migration of FET and FBT futures to CFE. Please refer to previously issued Regulatory Circular #24-01RC for details on the current Large Trader Reporting format. Please note the exchange code for CFE is ‘E’.

Upon the migration of FET and FBT futures to CFE, firms will need to use CFE's Ownership and Control Reporting (OCR) Portal. Firms will not be able to use the Cboe Digital portal once FBT and FET futures are migrated to CFE. Please refer to previously issued Regulatory Circular RG22-002 for details on current CFE OCR reporting information.

CFE TPHs interested in trading FBT and FET futures must contact their clearing firm to ensure Clearing Firm Risk Controls are set prior to participating in FBT and FET futures trading. Optional TPH Risk Controls are also available to configure through the Cboe Customer Web Portal.

Any TPH who is not currently connected to CFE and who has not certified with the CFE Trade Desk must submit a formal certification through the Customer Web Portal before being enabled to trade in the CFE production environment. TPHs must complete the certification requirement before the first weekend testing opportunity in order to participate. Current CFE TPHs who have certified their trading system with the CFE Trade Desk do not need to re-certify before trading in the new digital futures products.