Cboe Exchange, Inc.

Cboe Exchange, Inc.

Rules of Cboe Exchange, Inc.

(Updated as of December 15, 2020)

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TABLE OF CONTENTS CHAPTER 1. GENERAL PROVISIONS

SECTION A. DEFINITIONS

1.1. Definitions

SECTION B. ADMINISTRATIVE MATTERS

1.5. Exchange Determinations 1.6. Time

SECTION C. EXCHANGE LIABILITY AND DISCLAIMERS

1.10. 1.11. 1.12.

1.13. 1.14. 1.15.

Exchange Liability Disclaimers and Limitations Limitation on Liability of Index Licensors for Options on Units Limitation on Liability of Reporting Authorities for Indexes Underlying Options Limitation of Liability of Reporting Authority for Interest Rate Options Limitation of Liability of Reporting Authority for Credit Options Legal Proceedings Against the Exchange

CHAPTER 2. TRADING PERMIT HOLDER FEES

2.1. Trading Permit Holder Fees And Charges 2.2. Regulatory Revenues 2.3. Integrated Billing System (IBS) 2.4. Liability for Payment 2.5. Exchange's Costs of Defending Legal Proceedings

CHAPTER 3. TPH MEMBERSHIP, REGISTRATION, AND PARTICIPANTS

SECTION A. TPH QUALIFICATIONS

3.1. 3.2. 3.3. 3.4. 3.5. 3.6. 3.7. 3.8. 3.9. 3.10. 3.11.

Trading Permits Qualifications of Individual TPHs Qualifications of TPH Organizations Foreign TPHs Additional TPH Qualifications Denial of and Conditions to Being a TPH or Associated with a TPH Persons Associated with TPH Organizations Certain Documents Required of TPHs, Applicants, and Associated Persons Responsible Persons and Nominees Application Procedures and Approval or Disapproval Effectiveness of TPH or Approved Associated Person Status

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3.12. 3.13.

3.14. 3.15. 3.16. 3.17. 3.18.

Educational Classes TPHs and Associated Persons Who Are or Become Subject to a Statutory Disqualification Termination from TPH Status Dissolution and Liquidation of TPH Organizations Obligations of Terminating TPHs Extension of Time Limits Ownership Concentration and Affiliation Limitation

SECTION B. TPH REGISTRATION

3.30. 3.33. 3.35. 3.36. 3.37. 3.38. 3.39. 3.40.

Qualification and Registration of Trading Permit Holders and Associated Persons Continuing Education for Registered Persons Exchange Approval Registration of Options Principals Registration and Termination of Representatives Other Affiliations of Registered Associated Persons Discipline, Suspension, Expulsion of Registered Persons Branch Offices of TPH Organizations

SECTION C. TPH TRADING FUNCTIONS

3.50. 3.51. 3.52. 3.53. 3.54. 3.55. 3.56. 3.57. 3.58. 3.59. 3.60. 3.61. 3.62. 3.63. 3.64. 3.65.

Floor Brokers OEFs Market-Makers DPMs DPM Designees LMMs PMMs FLEX Trader FLEX Market-Makers Order Service Firms Sponsored Users Letters of Guarantee and Authorization Affiliation Between the Exchange and a TPH Cboe Trading as Outbound Router Cboe Trading as Inbound Router Membership in OneChicago, LLC

CHAPTER 4. OPTIONS LISTING

SECTION A. EQUITY AND ETP OPTIONS

4.1. Designation of Underlying Securities 4.2. Rights and Obligations of Holders and Writers 4.3. Criteria for Underlying Securities

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4.4. Withdrawal of Approval of Underlying Securities 4.5. Series of Option Contracts Open for Trading 4.6. Adjustments 4.7. Select Provisions of Options Listing Procedures Plan 4.8. Single Stock Dividend Options

SECTION B. INDEX OPTIONS

4.10. 4.11. 4.12. 4.13. 4.14. 4.15. 4.16. 4.17.

Designation of the Index Index Option Definitions Dissemination of Information Series of Index Options Debit Put Spread Cash Account Transactions Range Options Binary Options End-of-Day Indicative Values

SECTION C. FLEX OPTIONS

4.20. FLEX Option Classes 4.21. Series of FLEX Options 4.22. FLEX Fungibility

SECTION D. CORPORATE DEBT SECURITY OPTIONS

4.30. 4.31. 4.32. 4.33. 4.34. 4.35.

Definitions Designation of Corporate Debt Security Options Approval of Underlying Corporate Debt Securities Terms of Corporate Debt Security Options Series of Corporate Debt Security Options Open for Trading FLEX Trading

SECTION E. CREDIT OPTIONS

4.40. 4.41. 4.42. 4.43. 4.44. 4.45. 4.46.

Definitions Designation of Credit Default Option Contracts Designation and Terms of Credit Default Basket Option Contracts Withdrawal of Approval of Underlying Reference Entity Adjustments FLEX Trading Trading Rotations

SECTION F. GOVERNMENT SECURITY OPTIONS

4.50. Definitions 4.51. Designation of Government Security Options (Treasury Bonds and Notes)

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4.52.

4.53. 4.54. 4.55. 4.56. 4.57. 4.58. 4.59.

Approval of Underlying Treasury Securities for Specific Coupon Options (Treasury Bonds and Notes) Terms of Treasury Security Options (Treasury Bonds and Notes) Series of Treasury Security Options Open for Trading (Treasury Bonds and Notes) Special Rules for Treasury Bill Options Wire Connections Trading Rotations Priority of Bids and Offers Limit Order Book for Government Securities Options

SECTION G. INTEREST RATE OPTIONS

4.60. Definitions 4.61. Terms of Interest Rate Option Contracts 4.62. Wire Connections

CHAPTER 5. OPTIONS TRADING

SECTION A. GENERAL PROVISIONS

5.1. 5.2. 5.3. 5.4. 5.5. 5.6. 5.7. 5.8. 5.9. 5.10. 5.11. 5.12.

Trading Days and Hours Unit of Trading Bids and Offers Minimum Increments for Bids and Offers System Access and Connectivity Order Types, Order Instructions, and Times-in-Force Entry of Orders and Quotes Incoming Orders Order Exposure Give Up of Clearing TPH Binding Transactions Transactions Off the Exchange

SECTION B. EXCHANGE AUTHORITY

5.20. 5.21. 5.22. 5.23. 5.24. 5.25. 5.26.

Trading Halts Equity Market Plan to Address Extraordinary Market Volatility Market-wide Trading Halts due to Extraordinary Market Volatility Unusual Market and Emergency Conditions Disaster Recovery Message Traffic Mitigation Back-Up Trading Arrangements

SECTION C. ELECTRONIC TRADING

5.30. Availability of Orders and Quotes for Electronic Processing

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5.31. 5.32. 5.33. 5.34. 5.35. 5.36. 5.37. 5.38. 5.39. 5.40. 5.41.

Opening Auction Process Order and Quote Book Processing, Display, Priority, and Execution Complex Orders Order and Quote Price Protection Mechanisms and Risk Controls Step Up Mechanism ("SUM") Order Routing Automated Improvement Mechanism ("AIM" or "AIM Auction") Complex Automated Improvement Mechanism ("C-AIM" or "C-AIM Auction") Solicitation Auction Mechanism ("SAM" or "SAM Auction") Complex Solicitation Auction Mechanism ("C-SAM" or "C-SAM Auction") S&P 500 Variance Trades

SECTION D. MARKET-MAKER OBLIGATIONS

5.50. 5.51. 5.52. 5.53. 5.54. 5.55. 5.56. 5.57. 5.58. 5.59.

Market-Maker Appointments Market-Maker Obligations Market-Maker Quotes Good Standing for Market-Makers DPMs LMMs PMMs FLEX Market-Makers Stopping of Option Orders Firm Disseminated Market Quotes

SECTION E. INTERMARKET LINKAGE

5.65. Definitions 5.66. Order Protection 5.67. Locked and Crossed Markets

SECTION F. FLEX TRADING

5.70. 5.71. 5.72. 5.73.

5.74.

5.75.

Availability of Orders Opening of FLEX Trading FLEX Trading FLEX Automated Improvement Mechanism ("FLEX AIM" or "FLEX AIM Auction") FLEX Solicitation Auction Mechanism ("FLEX SAM" or "FLEX SAM Auction") FLEX Official

SECTION G. MANUAL ORDER HANDLING AND OPEN OUTCRY TRADING

5.80. Admission to and Conduct on the Trading Floor 5.81. Equipment and Communications on the Trading Floor

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5.82. 5.83. 5.84. 5.85. 5.86. 5.87. 5.88. 5.89. 5.90. 5.91. 5.92. 5.93.

Public Automated Routing System (PAR) Availability of Orders Opening of Open Outcry Trading Order and Quote Allocation, Priority, and Execution Facilitated and Solicited Transactions Crossing Orders Reserved Risk-Weighted Assets ("RWA") Transactions PAR Official Responsibilities Floor Broker Responsibilities Trading Space Allocations SPX and VIX Trading Crowd Space Disputes

CHAPTER 6. POST-TRANSACTION MATTERS

SECTION A. TRANSACTION REPORTS AND MODIFICATIONS

6.1. Report Transactions to the Exchange 6.2. Transaction Reports; Users' Identities 6.3. Unmatched Trade Reports 6.4. Reporting of Trades to OCC 6.5. Nullification and Adjustment of Option Transactions Including Obvious Errors 6.6. Clearing Editor 6.7. Off-Floor Transfers of Positions 6.8. Off-Floor RWA Transfers 6.9. In-Kind Exchange of Options Positions and ETF Shares and UIT Units

SECTION B. EXERCISES AND DELIVERIES

6.20. Exercise of Options Contracts 6.21. Allocation of Exercise Notices 6.22. Delivery and Payment

CHAPTER 7. REGULATORY RECORDS, REPORTS, AND AUDITS

SECTION A. GENERAL

7.1. Maintenance, Retention and Furnishing of Books, Records and Other Information 7.2. Reports of Uncovered Short Positions 7.3. Financial Reports 7.4. Audits 7.5. Automated Submission of Trading Data 7.6. Securities Accounts and Orders of Market-Makers 7.7. Risk Analysis of Market-Maker Accounts 7.8. Risk Analysis of Portfolio Margin Accounts 7.9. Regulatory Cooperation

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7.10. Fingerprint-Based Background Checks of Exchange Directors, Officers, Employees and Others

SECTION B. CONSOLIDATED AUDIT TRAIL (CAT) COMPLIANCE RULE

7.20. 7.21. 7.22. 7.23. 7.24. 7.25. 7.26. 7.27. 7.28. 7.29. 7.30. 7.31. 7.32.

Definitions Clock Synchronization Industry Member Data Reporting Customer Information Reporting Industry Member Information Reporting Time Stamps Clock Synchronization Rule Violation Connectivity and Data Transmission Development and Testing Recordkeeping Timely, Accurate and Complete Data Compliance Dates Fee Dispute Resolution

CHAPTER 8. BUSINESS CONDUCT

SECTION A. GENERAL CONDUCT

8.1. Just and Equitable Principles of Trade 8.2. Adherence to Law 8.3. Gratuities 8.4. Nominal Employment 8.5. False Statements 8.6. Manipulation 8.7. Rumors 8.8. Disciplinary Action by Other Organizations 8.9. Other Restrictions on Trading Permit Holders 8.10. Prevention of the Misuse of Material, Nonpublic Information 8.11. Prohibition Against Harassment 8.12. Anti-Money Laundering Compliance Program 8.13. Third Party Deposits Prohibited 8.14. Communications to the Exchange or the Clearing Corporation 8.15. Unbundling of Orders to Maximize Rebates of Fees 8.16. Supervision 8.17. Proxy Voting 8.18. Failure to Pay Premium 8.19. Restriction on Acting as Market-Maker and Floor Broker 8.20. Prohibition Against Customers Functioning as Market-Makers 8.21. Multiple Representation Prohibited 8.22. Trading by Trading Permit Holders on the Floor

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