Overview

Cboe Clear U.S. ("CCUS") is a next-generation, CFTC-registered derivatives clearing organization ("DCO") purpose built to support the development of emerging asset classes, including digital asset derivatives and event contracts. Leveraging Cboe’s proven risk management standards, governance and operational frameworks, Cboe Clear U.S. brings institutional-grade clearing infrastructure which supports new asset classes in their growth and adoption. CCUS currently acts as the central counterparty ("CCP") for certain digital asset derivatives executed on Cboe Futures Exchange ("CFE"), interposing itself between buyers and sellers to eliminate bilateral counterparty risk for clearing members. CCUS manages risk through the collection of initial and variation margin, maintains collateral and settlement services, and operates a structured default waterfall to protect the broader market in the event of a participant failure.