433 West Van Buren Street Suite 700S › Chicago, IL 60607 › cboe.com

October 19, 2023

Christopher J. Kirkpatrick

Secretary

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: Cboe Futures Exchange, LLC Rule Certification

Submission Number CFE-2023-018

Dear Mr. Kirkpatrick: 

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and 

Regulation 40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission 

(“CFTC” or “Commission”) under the Act, Cboe Futures Exchange, LLC (“CFE” or “Exchange”) 

hereby submits a CFE rule amendment (“Amendment”) to amend CFE Policy and Procedure VI

(“P&P VI”). P&P VI is included in the Policies and Procedures Section of the CFE Rulebook and

describes CFE’s Trading Privilege Holder Permit Program (“TPH Program”). Exhibit 1 to this 

submission sets forth the rule changes included in the Amendment. The Amendment will become 

effective on November 2, 2023. 

The TPH Program details the manner in which CFE issues trading permits (“TPH Permits”) 

to CFE Trading Privilege Holders (“TPHs”). The TPH Permits issued under the TPH Program 

currently expire on December 31, 2023. 

The Amendment extends the term of the TPH Permits for an additional two years so that all

TPH Permits issued under the TPH Program will now expire on December 31, 2025, unless a TPH 

notifies the Exchange in a form and manner and within the applicable period prescribed by the 

Exchange that the TPH would like to have an existing TPH Permit expire on December 31, 2023 or 

on another date during 2024 or 2025. 

As is currently the case under the TPH Program terms, CFE may subsequently determine to 

further extend the term of TPH Permits issued under the TPH Program or replace the TPH Program 

with a different permit program at any time. The Amendment also makes clear that this provision 

allows for CFE to amend the TPH Program at any time. Any of these actions would be done through 

a subsequent rule amendment submission to the Commission. 

CFE believes that the Amendment is consistent with Designated Contract Market Core 

Principles 2 (Compliance with Rules) and 7 (Availability of General Information) under Section 5 of 

the Act because the Amendment provides for fair and non-discriminatory access requirements and

sets forth the provisions of CFE’s TPH Program in a clear and transparent way.

CFE believes that the impact of the Amendment will be beneficial to the public and market 
2 

participants. CFE is not aware of any substantive opposing views to the Amendment. CFE hereby 

certifies that the Amendment complies with the Act and the regulations thereunder. CFE further 

certifies that CFE has posted a notice of pending certification with the Commission and a copy of this 

submission on CFE’s website (http://www.cboe.com/us/futures/regulation/rule_filings/cfe/) 

concurrent with the filing of this submission with the Commission.

Questions regarding this submission may be directed to Arthur Reinstein at (312) 786-7570

or Shane Wilkerson at (484) 798-9350. Please reference our submission number CFE-2023-018 in 

any related correspondence.

Cboe Futures Exchange, LLC

/s/ Laura Fuson

By: Laura Fuson

Managing Director
3 

EXHIBIT 1

(Additions are shown in underlined text and

deletions are shown in stricken text) 

Cboe Futures Exchange, LLC

Policies and Procedures Section of Rulebook

* * * * *

VI. Trading Privilege Holder Permit Program

Any Person that desires to become a Trading Privilege Holder is required to obtain a Trading 

Privilege Holder permit (“TPH Permit”).

Initially, the Exchange will make available 2,500 TPH Permits. The Exchange may 

subsequently make available additional TPH Permits if the initial supply of 2,500 TPH 

Permits is exhausted.

A TPH Permit may be obtained by any Person that satisfies the requirements set forth in Rule 

304(a).

Each Person desiring to obtain a TPH Permit must submit an application to the Exchange in a 

form and manner prescribed by the Exchange pursuant to Rule 305 and become approved by 

the Exchange as a Trading Privilege Holder. Each Trading Privilege Holder may permit one 

or more individuals to act as its Authorized Traders pursuant to Rule 303.

Any organization that desires to become a Clearing Member of the Exchange is required to 

become a Trading Privilege Holder and to obtain a TPH Permit. Additionally, in order to be 

an Exchange Clearing Member, an organization is required to be a member of the Clearing 

Corporation that is authorized under the rules of the Clearing Corporation to clear trades in 

Contracts traded on the Exchange.

Each TPH Permit provides a Trading Privilege Holder with Trading Privilege Holder status 

and entitles a Trading Privilege Holder to Trading Privileges on the Exchange. Trading 

Privilege Holders may obtain TPH Permits from the Exchange in a form and manner 

prescribed by the Exchange.

A Trading Privilege Holder shall be entitled to obtain a single TPH Permit. 

The Exchange may assess a fee or fees to a Trading Privilege Holder for a TPH Permit based 

on the capacity or capacities of the Trading Privilege Holder on the Exchange. The following 

capacities have the following meanings solely for the purpose of assessment of Exchange fees 

for TPH Permits:

• Clearing Firm: A Trading Privilege Holder has a Clearing Firm capacity if the 

Trading Privilege Holder (i) is a member of the Clearing Corporation that is 

authorized under the rules of the Clearing Corporation to clear trades in Contracts 

traded on the Exchange and (ii) guarantees and/or clears transactions on the 

Exchange executed by the Trading Privilege Holder itself and/or one or more other 

Trading Privilege Holder(s). If a Clearing Member executes transactions on the 
4 

Exchange as agent for one or more other Person(s), the Clearing Member shall also 

be deemed to have a Broker capacity. If a Clearing Member executes transactions on 

the Exchange for its own account, the Clearing Member shall also be deemed to have 

a Proprietary Trading capacity.

• Broker: A Trading Privilege Holder has a Broker capacity if the Trading Privilege 

Holder executes transactions on the Exchange as agent for one or more other 

Person(s). If a Trading Privilege Holder with a Broker capacity executes transactions 

on the Exchange for the Trading Privilege Holder’s own account, the Trading 

Privilege Holder shall also be deemed to have a Proprietary Trading capacity. If a 

Trading Privilege Holder has a Proprietary Trading capacity and the only other 

Person(s) for which the Trading Privilege Holder executes transactions on the 

Exchange as agent are affiliates of the Trading Privilege Holder, the Trading 

Privilege Holder shall not be deemed to have a Broker capacity for this purpose.

• Proprietary Trading: A Trading Privilege Holder has a Proprietary Trading capacity 

if the Trading Privilege Holder executes transactions on the Exchange for the Trading 

Privilege Holder’s own account.

• Pool Manager/Pooled Investment Vehicle (“Pool”): These capacities have the 

meanings set forth in Rule 305A.

A Pool Manager may obtain a single TPH Permit for the Pool Manager and all of the Pools 

approved under Rule 305A for which it acts as Pool Manager. If there is more than one Pool 

Manager for a Pool or Pools, the Pool Managers for the Pool(s) may obtain a single Trading 

Permit for the Pool Managers and all of the Pools approved under Rule 305A for which they 

act as Pool Manager. Pool Managers and Pools must have a separate EFID or EFIDs for 

trading on the Exchange involving each distinct combination of Pool Manager and clearing 

number for that trading. A Pool Manager may utilize any of these EFIDs for trading 

involving a Pool or multiple Pools approved under Rule 305A for which it acts as Pool 

Manager. 

TPH Permit holders shall have all of the rights and obligations of Trading Privilege Holders 

under the Rules of the Exchange except to the extent otherwise provided under this Policy 

and the Rules of the Exchange.

Any recipient of a TPH Permit as permitted by Rule 302 is required to provide the Exchange 

with the appropriate application materials and to be approved as a Trading Privilege Holder 

pursuant to Rule 305 before the recipient will be permitted to act as a Trading Privilege 

Holder.

A TPH Permit is non-transferable, non-assignable and may not be sold or leased, except that 

a Trading Privilege Holder may, with the prior written consent of the Exchange, transfer a 

TPH Permit to a Trading Privilege Holder organization or organization approved to be a 

Trading Privilege Holder: (i) which is an Affiliate; or (ii) which continues substantially the 

same business without regard to the form of the transaction used to achieve such 

continuation, e.g., merger, sale of substantially all assets, reincorporation, reorganization or 

the like.

The term of each TPH Permit that is issued and outstanding at the end of 2021 2023 shall be 

automatically extended until December 31, 2023 2025 unless the TPH Permit holder notifies 
5 

the Exchange in a form and manner and within the applicable time period prescribed by the 

Exchange that the TPH Permit holder would like to have the TPH Permit expire on December 

31, 2021 2023 or on another date during 2022 or 2023 2024 or 2025. All TPH Permits issued 

and outstanding at the end of 2023 2025 shall expire on December 31, 2023 2025. The 

Exchange may determine to extend the term of these TPH permits or allow these TPH 

permits to expire. The Exchange may also amend or replace the TPH Permit program with a 

different permit program at any time.

The issuance of a TPH permit does not include the issuance of a match capacity allocation, 

port or EFID. A Trading Privilege Holder must separately obtain in a form and manner 

prescribed by the Exchange any match capacity allocations, ports or EFIDs that the Trading 

Privilege Holder desires to obtain.

All Exchange fees applicable to TPH Permit holders and all other Exchange fees will be as

set forth in a separate Exchange fee schedule.

The Exchange may make available and publish in a form and manner determined by the 

Exchange the names of TPH Permit holders and the capacities in which they are approved to 

act on the Exchange, such as a list of all TPH Permit Holders and their Exchange capacities 

or a list of all TPH Permit Holders that have a particular Exchange capacity. 

* * * * *