Rules, Filings, and Disclosures

Quantitative Disclosures

Governance

Cboe Clear U.S., LLC (“CCUS” or the “Clearinghouse”) is registered with the Commodity Futures Trading Commission as a Derivatives Clearing Organization (“DCO”) and the Securities and Exchange Commission as a Covered Clearing Agency (“CCA”). CCUS’s governance arrangements support the public interest requirements in Section 17A of the Securities Exchange Act, support the objectives of its owners and participants, and place high priority on the safety and efficiency of the Clearinghouse by requiring all material risk issues to be addressed by its Risk Management Committee and Board of Directors.

Description of Board and Its Responsibilities

The Board of Directors (“Board”) maintains primary oversight of the governance of CCUS, with its central objective being to promote the safety and efficiency of the Clearinghouse and to contribute to the overall stability of the broader financial system, while also taking into account the legitimate interests of key market stakeholders.

As part of fulfilling its oversight and governance responsibilities, the Board has established an Audit Committee, a Nominating Committee, and a Risk Management Committee to serve as advisory committees to the Board.

The Risk Management Committee will advise the Board with regard to any matters that could materially affect the risk profile of CCUS. To assist in fulfilling these responsibilities, the Risk Management Committee has also established the Default Management Committee to oversee CCUS’s default management process and its default management drills, and the Risk Advisory Working Group to provide risk-focused perspectives of market participants on matters that could materially affect the risk profile of CCUS.

Audit Committee

The Audit Committee will provide independent and objective oversight of CCUS’s financial statement and financial reporting process, its systems of internal accounting and financial controls, its internal audit function, and the annual independent audit of CCUS’s financial statements. In this role, the Audit Committee assists the Board in overseeing the integrity of CCUS’s financial statements, compliance with legal and regulatory requirements as they relate to financial reporting, and the qualifications, independence, and performance of CCUS’s independent auditors. The Audit Committee also seeks to promote effective communication among the Board, management, internal audit, and the independent auditors.

Nominating Committee

The Nominating Committee is responsible for identifying, evaluating, and recommending to the Board qualified individuals for appointment as directors of CCUS. The Nominating Committee develops and maintains written policies, procedures, and fitness standards for evaluating the independence, fitness, and qualifications of director candidates. In doing so, it considers each candidate’s expertise and integrity, as well as the overall mix of skills and perspectives on the Board and the views of participants and other stakeholders.

Risk Management Committee

The Risk Management Committee works in close coordination with the Board, and provides guidance on the Clearinghouse’s risk management oversight, including evaluating the effectiveness of CCUS’s overall risk management framework.

As part of its mandate, the Risk Management Committee advises the Board on any matter that could materially affect CCUS’s risk profile as a DCO and CCA. These matters include, but are not limited to:

• Significant modifications to CCUS’s risk models, default‑management procedures, financial resources, and credit‑risk management practices, as well as substantial updates to related policies governing the development, testing, and calculation of those elements;
• Approval of applicants for membership as CCUS Clearing Members; material changes to Clearing Member participation standards and eligibility requirements;
• The introduction of new products whose margin, liquidity, pricing, default‑management, or other risk characteristics differ meaningfully from those of products currently cleared by CCUS;
• Material revisions to CCUS’s risk‑monitoring methodologies;
• Regulatory proposals that may raise novel issues or regulatory risks prior to implementation, including advising the Board on the potential regulatory impact of such changes; and
• Any other significant risk management concerns, including those related to policy matters, financial safeguards, financial surveillance, or membership issues.

Default Management Committee

The Default Management Committee (“DMC”) is responsible for managing risks to the Clearinghouse and its non-defaulting Clearing Members when a Clearing Member defaults, is at risk of defaulting, or when a non-default loss arises. The DMC’s responsibilities include:

• Providing strategic direction for default preparedness;
• Meeting during a Clearing Member default or imminent default to assist with all aspects of default management, including reviewing and approving actions to manage and mitigate risks associated with the positions of one or more defaulting Clearing Members;
• Meeting in the event of a non‑default loss to review and approve how the Guaranty Fund will be applied and how such losses will be allocated between the Clearinghouse and its Clearing Members;
• Contributing to the annual testing of the Clearinghouse Default Management Plan; and
• Providing an annual report on its activities to the Risk Management Committee.

Risk Advisory Working Group

The Risk Advisory Working Group (“RWG”) provides the Risk Management Committee with independent and informed risk-based input from the perspective of market participants regarding matters that could materially affect the risk profile of the Clearinghouse. The RWG must include at least two clearing member representatives and at least two representatives of customers of clearing members. This composition ensures that the RWG has the industry expertise needed to provide independent, knowledgeable input on matters that may materially affect the Clearinghouse's risk profile. Under its charter, RWG participants must act in a manner that supports the Clearinghouse’s safety and efficiency and contributes to the stability of the broader financial system.

Registrations, Licenses, Ownership Structure

Cboe Clear U.S., LLC (“CCUS” or the “Clearinghouse”) is a Delaware limited liability company and a wholly-owned subsidiary of Cboe Global Markets, Inc., a publicly-traded Delaware corporation based in Chicago, Illinois. CCUS is registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a derivatives clearing organization (“DCO”) and the Securities and Exchange Commission (“SEC”) as a covered clearing agency (“CCA”). The Clearinghouse’s primary regulators are the CFTC and SEC. CCUS operates under a U.S. legal framework comprised of the Commodity Exchange Act and regulations promulgated thereunder, the Securities Exchange Act and regulations promulgated thereunder, and the U.S. Bankruptcy Code.

Disciplinary Actions

Cboe Clear U.S. Disciplinary Notices will be located on the Notices page when they are actioned.