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

May 26, 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-2023-009

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 provide for expanded trading hours in 

Cboe® iBoxx® iShares® Bond Index futures (“CB Index futures”)1 and to make related updates to 

CFE’s rules. Exhibit 1 to this submission sets forth the rule changes included in the Amendment. 

The Amendment will become effective on or after June 12, 2023, on a date to be announced by the 

Exchange through the issuance of an Exchange notice.

Trading Hours

The following CB Index futures are currently listed for trading on CFE: (i) Cboe® iBoxx®

iShares® $ High Yield Corporate Bond Index Futures (“IBHY futures”) and (ii) Cboe® iBoxx®

iShares® $ Investment Grade Corporate Bond Index Futures (“IBIG futures”).

Pursuant to CFE Rule 1502 (Contract Specifications), the current trading hours for CB 

Index futures are on business days Monday through Friday from 8:30 a.m. to 3:00 p.m.2

 The 

Amendment revises Rule 1502(b) (Schedule and Prohibited Order Types) to expand the trading 

hours for CB Index futures in the following manner.

There will continue to be regular trading hours in CB Index futures on business days 

Monday through Friday from 8:30 a.m. to 3:00 p.m. CB Index futures will also have extended 

trading hours on business days Monday through Friday from 5:00 p.m. the previous day to 8:30 

a.m. and from 3:00 p.m. to 4:00 p.m. These changes will not impact the time of the termination of 

trading hours in an expiring CB Index future on its final settlement date which will remain at 3:00 

1 See Exhibit 2 for disclaimers and trademarks with respect to CB Index futures relating to and of 

Markit Indices Limited and BlackRock Fund Advisors.

2 All times referenced in this submission are in Chicago time.
2 

p.m.

The trading hours for CB Index futures during extended trading hours and regular trading 

hours will constitute a single trading session for a business day. Extended trading hours will 

seamlessly transition to regular trading hours at 8:30 a.m. and regular trading hours will seamlessly 

transition to extended trading hours at 3:00 p.m. on business days Monday through Friday. There 

will be no pause in trading at either time.

CB Index futures will follow holiday trading schedules for New Year’s Day, Martin Luther 

King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth National Independence 

Day, Independence Day, Labor Day, Thanksgiving, and Christmas Day that are substantially the 

same as the holiday trading schedules for other CFE products that have extended trading hours. 

The Amendment revises Rule 1502(b) to include these holiday trading schedules.

Among the other CFE products that have extended trading hours are Cboe Volatility Index 

(“VX”) futures and Mini Cboe Volatility Index (“VXM”) futures. The only difference between the 

trading hours for CB Index futures and the trading hours for VX and VXM futures is that CB Index 

futures will stop trading at 12:00 p.m. on a business day that ends at 12:15 p.m. instead of at 12:15 

p.m. as is the case with VX and VXM futures.

CFE Rule 402 (Trading Hours) will also continue to apply to CB Index futures. Rule 

402(b) provides, in pertinent part, that CFE may modify its regular business days and trading hours 

to not be open for business and to have shortened trading hours in connection with a holiday or a 

period of mourning.

Market Orders

CFE does not currently accept market orders for CB Index futures. The Amendment 

revises Rule 1502(b) to make clear that market orders will not be accepted by the Exchange during 

regular or extended trading hours for CB Index futures. Any market orders for CB Index futures 

received by the Exchange will be automatically rejected or canceled back to the sender.

Price Limits

CFE is amending Rule 1502(i) (Price Limits and Halts) to add automated price limits for 

CB Index futures during extended trading hours. Under these automated price limits, CFE’s trading 

system will not consummate the execution of any trade in a CB Index futures contract at a price

which is more than 10% above the daily settlement price for that contract for the prior business day 

(an “Upper Price Limit”) or at a price which is more than 10% below that daily settlement price (a 

“Lower Price Limit”).

CFE’s trading system (“CFE System”) will reject or cancel back to the sender any limit 

order to buy with a limit price that is above the Upper Price Limit and any limit order to sell with 

a limit price that is below the Lower Price Limit. Upon the triggering of a stop limit order, the CFE 

System will cancel the stop limit order back to the sender if it is a stop limit order to buy that is 

triggered to a limit price which is above the Upper Price Limit or is a stop limit order to sell that is 

triggered to a limit price which is below the Lower Price Limit.

New Rule 1502(i)(i)(H) also provides that the CFE Trade Desk may, in its absolute and 

sole discretion, take any action it determines necessary to protect market integrity. This authority 

includes, but is not limited to, the authority to modify or eliminate the price limit parameters under 
3 

Rule 1502(i) at any time. The Amendment updates Policy and Procedure V of the Policies and 

Procedures Section of the CFE Rulebook (Emergency and Physical Emergency Delegations and 

Procedures) to reference that the senior person in charge of the CFE Trade Desk has authority to 

exercise the authority of the Trade Desk under Rule 1502(i)(i)(H). The CFE Trade Desk also 

retains the ability to halt trading in CB Index futures at any time if appropriate (including prior to 

reaching a particular price limit level) in the interest of protecting market integrity pursuant to Rule 

1502(i)(i)(H) and under CFE’s emergency authority pursuant to CFE Rule 418 (Emergencies). 

Daily Settlement Time

The daily settlement prices for CB Index futures are currently determined at 3:00 p.m. on 

a normal business day. The Amendment retains 3:00 p.m. as the point in time in relation to which 

the daily settlement prices of CB Index futures are calculated on a normal business day.

Specifically, the Amendment revises Rule 1502(p) (Daily Settlement Price) to provide that 

the Daily Settlement Time for CB Index futures is the point in time in relation to which the daily 

settlement price of a CB Index futures contract is calculated. The Amendment also revises Rule 

1502(p) to provide that the Daily Settlement Time for CB Index futures is at the close of regular 

trading hours in CB Index futures on a business day (except that the Daily Settlement Time for CB 

Index futures on a business day that ends at 12:15 p.m. is at 12:00 p.m.) Accordingly, pursuant to 

these amended provisions, the Daily Settlement Time for CB Index futures on a normal business 

day will remain at 3:00 p.m.

In addition, the Amendment makes some minor adjustments to the language in Rule 

1502(p) that describes the manner in which daily settlement prices for CB Index futures are 

determined in order to conform that language with the other revisions to Rule 1502(p). These 

revisions do not substantively alter the manner in which daily settlement prices are determined for 

CB Index futures. 

Trade at Settlement Transactions

CFE Rule 404A provides that a Trade at Settlement (“TAS”) transaction is a transaction in 

a contract at a price or premium equal to the daily settlement price, or a specified differential above 

or below the daily settlement price, for the contract on a business day. The actual TAS transaction 

price or premium is determined subsequent to the transaction based upon the daily settlement price 

of the contract.

Because TAS transactions in a CB Index futures contract are based on the daily settlement 

price of that contract which is determined at 3:00 p.m. on a normal business day, the Amendment 

revises Rule 1502(q) (Trade at Settlement Transactions) to provide for the following trading hours 

for TAS transactions in CB Index futures. Trading hours for TAS transaction in CB Index futures 

will be (i) during extended trading hours, except during the extended trading hours period from 

3:00 p.m. to 4:00 p.m. on a normal business day and (ii) during regular trading hours until the Daily 

Settlement Time for CB Index futures. Accordingly, pursuant to the amended provisions, the 

trading hours for TAS transactions in CB Index futures will end at 3:00 p.m. on a normal business 

day in alignment with the Daily Settlement Time.

As is currently the case, TAS transactions in an expiring CB Index futures contract will not 

be permitted during the business day of its final settlement date.
4 

Order Submission Time Frames

Policy and Procedure XIX of the Policies and Procedures Section of the CFE Rulebook 

(Submission Time Frames) sets forth submission time frames for all orders in CFE products, 

including quotes. The Amendment modifies Policy and Procedure XIX to provide for the same 

order submission time frames that apply to other CFE products that have extended trading hours. 

Non-Substantive and Technical Updates

The Amendment also includes some non-substantive and technical updates to the rules 

noted above. For example, the Amendment replaces references to “an CB Index future” in various 

rule provisions with the language “a CB Index future”. 

Statutory Basis

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

(“DCM”) Core Principles under Section 5 of the Act. In particular, CFE believes that the 

Amendment is consistent with:

 (i) DCM Core Principle 3 (Contracts Not Readily Subject to Manipulation) in that the 

Amendment provides for maximum price fluctuation limits applicable to CB Index futures in the 

form of automated price limits for CB Index futures during extended trading hours which are set at 

levels that are not overly restrictive in relation to price movements in the corporate bond market 

which underlies CB Index futures; 

 (ii) DCM Core Principle 4 (Prevention of Market Disruption) in that the automated 

price limit provisions are intended to contribute to reducing the potential risk of price distortions 

and market disruptions in CB Index futures during volatile market conditions;

(iii) DCM Core Principle 6 (Emergency Authority) in that the Amendment provides 

that the CFE Trade Desk may, in its absolute and sole discretion, take any action with respect to 

CB Index futures that the Trade Desk determines is necessary to protect market integrity and makes 

clear that the senior person in charge of the Trade Desk may exercise this authority on behalf of the 

Trade Desk; 

 (iv) DCM Core Principle 7 (Availability of General Information) in that the 

Amendment describes to market participants in CFE’s rules how the expanded CB Index futures 

trading hours will function; and

 (v) DCM Core Principle 9 (Execution of Transactions) in that the Amendment 

contributes to the provision by CFE of a competitive, open, and efficient market and mechanism 

for executing transactions that protects the price discovery process of trading on CFE’s centralized 

market by making CB Index futures more available for trading by market participants. 

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

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 it 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.
5 

Contact Information

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-2023-009 

in any related correspondence.

Cboe Futures Exchange, LLC

 /s/ Laura Fuson

By: Laura Fuson

Managing Director
6 

EXHIBIT 1

(Additions are shown in underlined text and

deletions are shown in stricken text) 

Cboe Futures Exchange, LLC

Rulebook

* * * * *

1502. Contract Specifications

(a) No change.

(b) Schedule and Prohibited Order Types. The Exchange may list for trading up to 

four near-term serial months and four months on the March quarterly cycle for each CB 

Index futures product. The final settlement date for an a CB Index future is the first 

business day of the calendar month denoted by the ticker symbol for the Contract. If the 

final settlement date is a CFE holiday, the final settlement date shall be the business day 

immediately following the holiday.

The trading days for CB Index futures are any Business Day the Exchange is open for 

trading.

The trading hours for CB Index futures are from 8:30 a.m. to 3:00 p.m. Chicago time are 

set forth in the charts below. The trading hours for CB Index futures contracts during 

extended trading hours and regular trading hours shall constitute a single trading session 

for a Business Day. All times set forth in the charts below are in Chicago time.

Trading Week with No Exchange Holiday. Unless otherwise specified below in relation 

to Exchange holidays, the following schedule applies.

Type of Trading 

Hours Monday - Friday

Extended 5:00 p.m. (previous day) to 8:30 a.m.

Regular 8:30 a.m. to 3:00 p.m.

Extended 3:00 p.m. to 4:00 p.m.

Domestic Holidays Always Observed on Mondays. The below schedule applies when 

the following domestic holidays are observed: Martin Luther King, Jr. Day, Presidents’ 

Day, Memorial Day and Labor Day.
7 

Type of Trading Hours Monday Tuesday

Extended 5:00 p.m. (Sunday) to 10:30 a.m.* 5:00 p.m. (Monday) to 8:30 a.m.

and

3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:00 p.m.

Thanksgiving. The below schedule applies when the Thanksgiving Day holiday is 

observed.

Type of Trading Hours

Thanksgiving Friday

Extended 5:00 p.m. (Wednesday) to 10:30 a.m.* 5:00 p.m. (Thursday) to 8:30 a.m.

Regular None 8:30 a.m. to 12:00 p.m.

Floating Holidays and Good Friday. The below schedules apply when the following 

holidays are observed: New Year’s Day, Good Friday, Juneteenth National Independence 

Day (June 19), Independence Day (July 4) and Christmas Day. If the holiday falls on a 

Saturday, the holiday will be observed on the previous day (Friday), except for New Year’s 

Day. If the holiday falls on a Sunday, the holiday will be observed on the next day 

(Monday). The holidays specified in the below charts refer to the day on which the 

Exchange observes the applicable holiday. Regular trading hours will typically end at 

12:00 p.m. on July 3 (the day before Independence Day) and December 24 (Christmas 

Eve). Holiday closures and shortened holiday trading hours will be announced by circular. 

If New Year’s Day or Christmas is on a Monday - Thursday: 

Holiday

Type of Trading 

Hours

Holiday Observed

(Monday - Thursday)

New Year’s Day and 

Christmas 

Extended 5:00 p.m. (on holiday) to 8:30 a.m. (day after holiday) and

3:00 p.m. to 4:00 p.m. (day after holiday)

New Year’s Day and 

Christmas 

Regular 8:30 a.m. to 3:00 p.m. (day after holiday)
8 

If New Year’s Day or Christmas is on a Friday:

Holiday

Type of Trading 

Hours

Holiday Observed

(Friday)

If New Year’s Day

or Christmas on Friday

Extended None

If New Year’s Day

or Christmas on Friday

Regular None

Good Friday:

One of the following two schedules will apply when Good Friday is observed. The 

Exchange shall designate for each year which of these alternative schedules will be utilized 

in connection with the observation of Good Friday during that year.

Good Friday Schedule Alternative 1:

Holiday Type of Trading Hours Friday

Good Friday Extended None

Good Friday Regular None

Good Friday Schedule Alternative 2:

Holiday

Type of 

Trading Hours

Friday Monday

Good Friday Extended 5:00 p.m. (Thursday) to 

8:30 a.m.*

5:00 p.m. (Sunday) to 8:30 a.m.

and

3:00 p.m. to 4:00 p.m.

Good Friday Regular None 8:30 a.m. to 3:00 p.m.
9 

Juneteenth:

Type of Trading Hours Holiday Observed

Business Day After Holiday 

Observed

Extended 5:00 p.m. (day before holiday) to

10:30 a.m.* (on holiday)

5:00 p.m. (on holiday or on Sunday if 

holiday observed on Friday)

to 8:30 a.m.

and

3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:00 p.m.

Independence Day: 

Type of Trading Hours Holiday Observed

Business Day After Holiday 

Observed

Extended 5:00 p.m. (day before holiday) to

10:30 a.m.* (on holiday)

5:00 p.m. (on holiday or on Sunday if 

holiday observed on Friday)

to 8:30 a.m.

and

3:00 p.m. to 4:00 p.m.

Regular None 8:30 a.m. to 3:00 p.m.

General Holiday Provisions:

* A holiday trading session includes extended trading hours on the calendar day of the 

holiday and any extended trading hours for the holiday on the previous calendar day. 

Holiday trading sessions are not separate Business Days and are part of the next Business 

Day. Trading in CB Index futures is suspended between sessions of extended trading hours 

on the calendar day of a holiday. Since these suspension periods are a regular feature for 

certain holiday trading sessions in CB Index futures, they shall not be considered the 

declaration of a trading halt by the Exchange. Trades in CB Index futures made during a 

holiday trading session will be submitted for clearing for the next Business Day.

Friday Holiday Provisions:

The Exchange may have a Friday holiday trading session if Juneteenth or Independence 

Day fall on a Friday or under the Good Friday Schedule Alternative 2. In those cases:

As is the case with other holiday trading sessions, the Friday holiday trading session from 

5:00 p.m. on Thursday to either 8:30 a.m. or 10:30 a.m. on Friday also applies to Trade at 
10

Settlement (“TAS”) transactions in CB Index futures and TAS transactions in CB Index

futures are permitted during that time frame.

The Friday holiday trading session is part of the next Business Day on Monday. The Friday 

holiday trading session is not a separate Business Day. Trades in CB Index futures made 

during the Friday holiday trading session are submitted for clearing for Monday. Since the 

time frames between the sessions of trading hours during this Business Day are a regular 

feature of this schedule, they are not considered the declaration of a trading halt by the 

Exchange.

As is the case with other holiday trading sessions, the applicable daily settlement price is 

the daily settlement price for the Business Day. Accordingly, in this case, the applicable 

daily settlement price is determined on Monday pursuant to Rule 1502(p). 

As is also the case with other holiday trading sessions, Day Orders and Quotes entered 

during the Friday holiday trading session persist and remain executable during the trading 

hours on the remainder of the Business Day, unless they are executed or canceled. 

Accordingly, Day Orders and Quotes entered during the Friday holiday trading session 

persist and remain executable during the trading hours on the remainder of the same 

Business Day on the Sunday and Monday following the Friday holiday trading session, 

unless they are executed or canceled.

Market Orders:

Market Orders for CB Index futures will not be accepted by the Exchange during regular 

or extended trading hours for CB Index futures. Any Market Orders for CB Index futures 

received by the Exchange will be automatically rejected or canceled back to the sender.

(c) - (d) No change.

(e) Termination of Trading. Trading hours for an expiring CB Index future end at 

3:00 p.m. Chicago time on its final settlement date.

(f) - (h) No change.

(i) Price Limits and Halts.

 (i) Price Limits During Extended Trading Hours. Pursuant to Rule 

413, CB Index futures are not subject to the following price limits during extended 

trading hours.:

(A) Each CB Index futures Contract shall have a price limit 

that is 10% above the daily settlement price for that CB Index futures 

Contract for the prior Business Day (an “Upper Price Limit”) and a price 

limit that is 10% below the daily settlement price for that CB Index futures 

Contract for the prior Business Day (a “Lower Price Limit”). An Upper 

Price Limit and a Lower Price Limit may also be referred to as a “Price 

Limit.”

(B) The CFE System will not consummate the execution of 

any trade in a CB Index futures Contract that is at a price that is more than 
11

the Upper Price Limit for that CB Index futures Contract or that is less 

than the Lower Price Limit for that CB Index futures Contract.

(C) The CFE System will reject or cancel back to the sender 

any Limit Order to buy with a limit price that is above the Upper Price 

Limit and any Limit Order to sell with a limit price that is below the Lower 

Price Limit. Upon the triggering of a Stop Limit Order, the CFE System 

will cancel the Stop Limit Order back to the sender if it is a Stop Limit 

Order to buy that is triggered to a limit price which is above the Upper 

Price Limit or is a Stop Limit Order to sell that is triggered to a limit price 

which is below the Lower Price Limit.

(D) The Upper Price Limit and Lower Price Limit will be 

applicable with respect to the execution of single leg CB Index futures 

Orders. The Upper Price Limit and Lower Price Limit will apply to CB 

Index futures Spread Orders in that each leg of a CB Index futures Spread 

Order will be subject to the applicable Upper Price Limit and Lower Price 

Limit for that individual leg and may not be executed at a price that is more 

than the Upper Price Limit for that single leg CB Index futures Contract 

or less than the Lower Price Limit for that single leg CB Index futures 

Contract. The Upper Price Limit and Lower Price Limit shall not apply to 

TAS Orders because TAS transactions may only occur within a 

permissible price range.

(E) The price limit provisions of this Rule 1502(i)(i) shall be 

applicable during the opening process for a CB Index futures Contract 

during extended trading hours.

(F) In calculating a Price Limit, the calculation will be 

rounded to the nearest minimum increment in the CB Index futures 

Contract, with the midpoint between two consecutive increments rounded 

up.

(G) The daily settlement price that will be utilized to calculate 

the Price Limits for a newly listed CB Index futures Contract will be the 

daily settlement price of the CB Index futures Contract with the nearest 

expiration date in calendar days to the expiration date of the newly listed 

CB Index futures Contract. If there is a CB Index futures Contract with 

an earlier expiration date and a CB Index futures Contract with a later 

expiration date that each meet this criterion, the daily settlement price of 

the CB Index futures Contract with the earlier expiration date will be 

utilized.

(H) Notwithstanding any provisions of this Rule 1502(i)(i), 

the Trade Desk may, in its absolute and sole discretion, take any action it 

determines necessary to protect market integrity. For avoidance of doubt, 

this authority includes, but is not limited to, modifying or eliminating the 

Price Limit parameters in this Rule 1502(i)(i) at any time. The senior 

person in charge of the Trade Desk may exercise the authority of the Trade 

Desk under this Rule 1502(i)(i)(H). The Trade Desk will promptly issue 

an alert with respect to actions taken pursuant to this Rule 1502(i)(i)(H).
12

(ii) Circuit Breaker Halts. Trading in CB Index futures shall be halted 

pursuant to Rule 417A if there is a Level 1, 2 or 3 Market Decline.

(iii) Halts in Other Markets. CFE shall halt trading in an a CB futures 

product during any regulatory halt by the primary listing market in the exchangetraded fund with holdings that are used in determining the constituents of the CB 

Index underlying that CB Index futures product. The Exchange shall commence a 

trading halt in an a CB Index futures product pursuant to this Rule 1502(i)(iii) as 

soon as practicable following the initiation of the regulatory halt by the primary 

listing market in the applicable exchange-traded fund, and there may be time 

between the initiation of the regulatory halt and the commencement of the trading 

halt in the CB Index futures product.

(j) - (m) No change.

(n) Reportable Position and Trading Volume. 

(i) Reportable Position. Pursuant to Commission Regulation §15.03 

and Commission Regulation Part 17, the position level that is required to be 

reported to the Commission is any open position in an a CB Index futures Contract

product at the close of trading on any trading day equal to or in excess of 200 

contracts on either side of the market. 

(ii) Reportable Trading Volume. Pursuant to Commission Regulation 

§15.04 and Commission Regulation Part 17, the reportable trading volume that 

triggers the requirement to report a volume threshold account to the Commission 

is 50 or more contracts in an a CB Index futures product during a single trading 

day or such other reportable trading volume threshold as may be designated by the 

Commission.

(o) No change.

(p) Daily Settlement Price. The daily settlement price for an a CB Index futures 

Contract is calculated in the following manner for each Business Day:

(i) The Daily Settlement Time for CB Index futures is the point in 

time in relation to which the daily settlement price of a CB Index futures Contract 

is calculated. The Daily Settlement Time for CB Index futures is at the close of 

regular trading hours in CB Index futures on a Business Day (except that the Daily 

Settlement Time for CB Index futures on a Business Day that ends at 12:15 p.m. 

Chicago time is at 12:00 p.m. Chicago time.) Accordingly, on a normal Business 

Day, the Daily Settlement Time for CB Index futures is 3:00 p.m. Chicago time.

(iii) The daily settlement price for a CB Index futures Contract is the 

average of the bid and the offer from the last best two-sided market in that CB 

Index futures Contract during the applicable Business Day prior to the Daily 

Settlement Time which simultaneously includes both a pending bid with a nonzero value and a pending offer with a non-zero value. If a two-sided market 

includes either no bid or no offer, the bid or offer would be considered to have a 

zero value and that two-sided market would not be used for this purpose.
13

(iiiii) If there is no two-sided market in the CB Index futures Contract 

during the applicable Business Day prior to the close of trading hours on that 

Business Day Daily Settlement Time which simultaneously includes both a 

pending bid with a non-zero value and a pending offer with a non-zero value, the 

daily settlement price for the CB Index futures Contract will be the daily settlement 

price of the futures Contract on the same CB Index with the nearest expiration date 

in calendar days to the expiration date of the CB Index futures Contract for which 

the daily settlement price is being determined. If there is an a CB Index futures 

Contract with an earlier expiration date and an a CB Index futures Contract with a 

later expiration date that each meet this criterion, the daily settlement price of the 

CB Index futures Contract with the earlier expiration date will be utilized.

(iiiiv) The daily settlement price may go out to four decimal places and 

may be a price that is not at a minimum increment for the CB Index futures 

Contract.

(ivv) The Exchange may in its sole discretion establish a daily 

settlement price for an a CB Index futures Contract that it deems to be a fair and 

reasonable reflection of the market if:

(A) the Exchange determines in its sole discretion that the 

daily settlement price determined by the parameters set forth in paragraphs 

(p)(iii) - (p)(iiiii) above is not a fair and reasonable reflection of the 

market; or

(B) there is a trading halt in the CB Index futures Contract or 

other unusual circumstance at the scheduled close of trading hours for the 

CB Index futures Contract on the applicable Business Day or around the 

Daily Settlement Time.

(q) Trade at Settlement Transactions. Trade at Settlement (“TAS”) transactions 

pursuant to Rule 404A are permitted in CB Index futures and may be transacted on the 

CFE System, as spread transactions, as Block Trades (including as spread transactions) and 

as Exchange of Contract for Related Position transactions. The trading hours for all types 

of TAS transactions in CB Index futures are (i) during extended trading hours, except 

during the extended trading hours period from 3:00 p.m. Chicago time to 4:00 p.m. Chicago 

time on a normal Business Day; and (ii) during the regular trading hours until the Daily 

Settlement Time for CB Index futures. Accordingly, on a normal Business Day, the trading 

hours for all types of TAS transactions in CB Index futures end at 3:00 p.m. Chicago time. 

TAS transactions in an expiring CB Index futures contract are not permitted during the 

Business Day of its final settlement date.

The permissible price range for all types of TAS transactions in CB Index futures is from 

0.10 index points below the daily settlement price to 0.10 index points above the daily 

settlement price. The permissible minimum increment for a TAS single leg transaction, a 

TAS spread transaction, a TAS Block Trade (including as a spread transaction) and a TAS 

Exchange of Contract for Related Position transaction in CB Index futures is 0.005 index 

points.

(r) No change.
14

* * * * *

Cboe Futures Exchange, LLC

Policies and Procedures Section of Rulebook

* * * * *

Policy and Procedure V. Emergency and Physical Emergency Delegations and Procedures 

(Rules 135 and 418)

A. Specific Emergency and Physical Emergency Delegations

1. Emergency Delegations

Chapter 1 defines the term “Emergency” and provides a non-exclusive list of 

circumstances that may constitute an Emergency.

Rule 418(a) grants the President or any individual designated by the President the 

authority to determine on behalf of the Board the existence of an Emergency and 

the authority to take actions in response to an Emergency, including all of the 

actions listed below. The President or the President’s designee may also order the 

removal of any restriction previously imposed based upon a determination that the 

Emergency no longer exists or has sufficiently abated to permit the function of the 

Exchange to continue in an orderly manner. 

Pursuant to Rule 418(a), the following individuals in addition to the President are 

authorized as designees of the President to determine the existence of an 

Emergency and to take the actions specified in the delegations below in response 

to an Emergency. These additional individuals may also order the removal of any 

restriction that the applicable individual has been delegated the authority to impose 

based upon a determination by the applicable individual that the Emergency no 

longer exists or has sufficiently abated to permit the function of the Exchange to 

continue in an orderly manner.

The Senior Person in Charge of the Trade Desk refers to the individual in charge 

of the Trade Desk at the applicable time.

Rule Emergency Actions Emergency Delegations

* * * * *

1202(i)(i)(H)

1302(i)(i)(I) 

1402(l)(i)(I) 

1502(i)(i)(H) 

1702(i)(i)(H) 

2002(l)(i)(I) 

2102(l)(i)(I) 

2202(l)(i)(I)

Action necessary to protect market 

integrity, such as imposing or modifying 

price limits with respect to any Contract

• Senior Person in Charge of Trade Desk
15

2502(l)(i)(I)

418(a)(iv)

* * * * *

Sections A.2. - B. of Policy and Procedure V No changes.

* * * * *

Policy and Procedure XIX. Submission Time Frames (Rules 402(c)) 

All times referenced in this Policy and Procedure are Chicago time.

A. Cboe Volatility Index (“VX”), Mini Cboe Volatility Index (“VXM”), Cboe® iBoxx®

iShares® Bond Index (“CB Index”) and AMERIBOR Futures Submission Time 

Frames

The time frames during which Trading Privilege Holders may submit Orders (including 

Cancel Orders and Cancel Replace/Modify Orders) to the CFE System for VX, VXM, CB Index

and AMERIBOR futures are set forth in the chart below.

Time Frame Period Type

What May be Submitted to 

CFE System

4:00 p.m.* to 5:00 p.m.

(Sunday)

Queuing Period Orders (except Market Orders, 

Immediate or Cancel Orders 

and Fill or Kill Orders)**

5:00 p.m. (previous day) to 

8:30 a.m. (Monday – Friday)

Extended Trading Hours Orders (except Market Orders)

Orders (except Market Orders) 

until 8:00 a.m. in expiring VX 

or VXM future on its final 

settlement date

8:30 a.m. to 3:00 p.m. 

(Monday – Friday)

Regular Trading Hours Orders (except Market Orders 

in CB Index and AMERIBOR 

futures)

3:00 p.m. to 4:00 p.m. 

(Monday – Friday)

Extended Trading Hours Orders (except Market Orders)

4:00 p.m. to 4:45 p.m. 

(Monday – Thursday)

Suspended Nothing (except Cancel Orders 

after CFE System restart)
16

4:45 p.m.* to 5:00 p.m.

(Monday – Thursday)

Queuing Period Orders (except Market Orders, 

Immediate or Cancel Orders 

and Fill or Kill Orders)**

4:00 p.m. (Friday) to 4:00 p.m. 

(Sunday)

Suspended Nothing (except Cancel Orders 

after CFE System restart)

5:00 p.m. (previous day) to 

3:00 p.m. (Monday – Friday)

(Solely for Trade at Settlement 

(“TAS”) transactions in VX, 

and VXM and CB Index

futures)

Extended and Regular 

Trading Hours for all types of 

TAS transactions in VX, and

VXM and CB Index futures

TAS Orders are accepted until 

3:00 p.m. 

No TAS Orders are accepted 

from 3:00 p.m. to 4:45 p.m. 

(Monday – Thursday)

No TAS Orders are accepted 

from 3:00 p.m. to 4:00 p.m.

(Friday) 

TAS Orders are accepted from 

4:00 p.m.*** to 5:00 p.m. 

during Queuing Period 

(Sunday) and from

4:45 p.m.*** to 5:00 p.m. 

during Queuing Period 

(Monday – Thursday)**

Whenever VX, VXM, CB 

Index or AMERIBOR futures 

are in a queuing period

Queuing Period Orders (except Market Orders, 

Immediate or Cancel Orders 

and Fill or Kill Orders)**

Whenever trading in VX, 

VXM, CB Index or 

AMERIBOR futures is halted

Halted Nothing (except

Cancel Orders) 

Whenever trading in VX, 

VXM, CB Index or 

AMERIBOR futures is 

suspended

Suspended Nothing (except Cancel Orders 

after CFE System restart)

*A queuing period for VX, VXM, CB Index and AMERIBOR non-TAS single leg Contract 

expirations and non-TAS spreads at the beginning of a Business Day or that otherwise follows 

immediately after the CFE System is in a suspended state for that product commences at the 

referenced start time for the queuing period plus a randomized time period from three to six 

seconds.
17

**Orders permitted to be submitted to the CFE System during these times are not executable until 

extended or regular trading hours next commence or open trading resumes following a trading halt

or suspension. 

***A queuing period for any VX, and VXM and CB Index TAS single leg Contract expirations 

and TAS spreads at the beginning of a Business Day or that otherwise follows immediately after 

the CFE System is in a suspended state for that product commences at the referenced start time for 

the queuing period plus a randomized time period from zero to three seconds.

B. Submission Time Frames for All Exchange Contracts Other Than VX, VXM and 

AMERIBOR Futures

The queuing period for any TAS single leg Contract expirations and TAS spreads in 

Exchange Contracts other than VX, and VXM and CB Index futures commences for each Business 

Day at 5:00 p.m. on the previous calendar day plus a randomized time period from zero to three 

seconds. The queuing period for any non-TAS single leg Contract expirations and non-TAS 

spreads in Exchange Contracts other than VX, VXM, CB Index and AMERIBOR futures 

commences for each Business Day at 5:00 p.m. on the previous calendar day plus a randomized 

time period from three to six seconds.

A queuing period for any TAS single leg Contract expirations and TAS spreads in 

Exchange Contracts other than VX, and VXM and CB Index futures that follows immediately after 

the CFE System is in a suspended state for that product other than at the beginning of a Business 

Day commences at the referenced start time for the queuing period plus a randomized time period 

from zero to three seconds. A queuing period for any non-TAS single leg Contract expirations and 

non-TAS spreads in Exchange Contracts other than VX, VXM, CB Index and AMERIBOR futures 

that follows immediately after the CFE System is in a suspended state for that product other than 

at the beginning of a Business Day commences at the referenced start time for the queuing period 

plus a randomized time period from three to six seconds.

The CFE System accepts Orders (including Cancel Orders and Cancel Replace/Modify 

Orders) for Exchange Contracts other than VX, VXM, CB Index and AMERIBOR futures during 

the queuing period (except for Market Orders, Immediate or Cancel Orders and Fill or Kill Orders). 

Orders permitted to be submitted to the CFE System during the queuing period are not executable 

until trading hours next commence.

The trading hours for Exchange Contracts other than VX, VXM, CB Index and 

AMEIRBOR futures are set forth in the rules governing the applicable Contract. The CFE System 

accepts Orders (including Cancel Orders and Cancel Replace/Modify Orders) for Exchange 

Contracts other than VX, VXM, CB Index and AMERIBOR futures during the respective trading 

hours for these Contracts (except to the extent set forth in the rules governing the applicable 

Contract).

C. Submissions Made During Other Queuing, Halt or Suspension Periods

For any Exchange Contract, whenever the Contract is in a queuing period other than a 

queuing period as described above, the CFE System accepts Orders (including Cancel Orders and 

Cancel Replace/Modify Orders) except for Market Orders, Immediate or Cancel Orders and Fill or 

Kill Orders.
18

For any Exchange Contract, the CFE System does not accept any Orders (including Cancel 

Replace/Modify Orders) except Cancel Orders whenever the Contract is halted.

For any Exchange Contract, the CFE System does not accept any Orders (including Cancel 

Orders and Cancel Replace/Modify Orders) whenever the Contract is suspended except Cancel 

Orders after the restart of the CFE System.

In relation to Quotes, references to CFE System acceptance of Cancel Orders when a 

Contract is halted or suspended mean that (i) during a halt or during a suspension period after the 

restart of the CFE System, the CFE System will not accept any Quote that would cause the 

price/premium, quantity or open/close indication of an existing bid or offer established by a 

previous Quote to be changed and (ii) as a result, if such a Quote is submitted during the halt or 

suspension, the CFE System will cancel the existing bid or offer pursuant to the Cancel on Reject 

Functionality under Rule 513A(l). When a Contract is halted or is in a suspension period after the 

restart of the CFE System, the CFE System accepts any Quote that would not cause the 

price/premium, quantity or open/close indication of an existing bid or offer established by a 

previous Quote to be changed. Notwithstanding the other provisions of this paragraph, all Quote 

submissions are prohibited and may not be submitted during a suspension period between Exchange 

Business Days.

D. Submissions Made Prior to Applicable Pre-Open Start Times

Orders (including Cancel Orders and Cancel Replace/Modify Orders) that are received 

prior to the applicable queuing period start time while the CFE System is in a suspended state will 

be rejected, with the following exceptions:

(i) The CFE System accepts Cancel Orders while the CFE System is in a suspended 

state after the restart of the CFE System during the suspended state.

(ii) Other Exchange rule provisions also address submissions prior to the start of a 

queuing period during the time period between Exchange Business Days for a Contract, including 

without limitation, Rule 405A(a)(vii), Rule 404A(c) and Policy and Procedure XVIII(R).

E. Modified Trading Hours

Trading hours may be modified or shortened in connection with a holiday or period of 

mourning. In those instances, the time frames for submission of Orders (including Cancel Orders 

and Cancel Replace/Modify Orders) will be modified accordingly.

F. Opening Process

Rule 405A contains additional provisions relating to the opening process for Exchange 

Contacts.
19

EXHIBIT 2

The iBoxx® iShares® $ High Yield Corporate Bond Index and the iBoxx® iShares® $ Investment 

Grade Corporate Bond Index (the “Indexes”) referenced herein are the property of Markit Indices 

Limited (“Index Sponsor”) and have been licensed for use in connection with Cboe® iBoxx®

iShares® $ High Yield Corporate Bond Index Futures, Options on Cboe® iBoxx® iShares® $ High 

Yield Corporate Bond Index Futures, Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond 

Index Futures and Options on Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond Index 

Futures. Each party to a transaction in Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index 

Futures, Options on Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index Futures, Cboe®

iBoxx® iShares® $ Investment Grade Corporate Bond Index Futures or Options on Cboe® iBoxx®

iShares® $ Investment Grade Corporate Bond Index Futures acknowledges and agrees that the 

transaction is not sponsored, endorsed or promoted by the Index Sponsor. The Index Sponsor 

makes no representation whatsoever, whether express or implied, and hereby expressly disclaims 

all warranties (including, without limitation, those of merchantability or fitness for a particular 

purpose or use), with respect to the Indexes or any data included therein or relating thereto, and in 

particular disclaims any warranty either as to the quality, accuracy and/or completeness of the 

Indexes or any data included therein, the results obtained from the use of the Indexes and/or the 

composition of the Indexes at any particular time on any particular date or otherwise and/or the 

creditworthiness of any entity, or the likelihood of the occurrence of a credit event or similar event 

(however defined) with respect to an obligation, in the Indexes at any particular time on any 

particular date or otherwise. The Index Sponsor shall not be liable (whether in negligence or 

otherwise) to the parties or any other person for any error in the Indexes, and the Index Sponsor is 

under no obligation to advise the parties or any person of any error therein.

The Index Sponsor makes no representation whatsoever, whether express or implied, as to the 

advisability of purchasing or selling Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index 

Futures, Options on Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index Futures, Cboe®

iBoxx® iShares® $ Investment Grade Corporate Bond Index Futures and Options on Cboe® iBoxx®

iShares® $ Investment Grade Corporate Bond Index Futures; the ability of the Indexes to track 

relevant markets’ performances; or otherwise relating to the Indexes or any transaction or product 

with respect thereto, or of assuming any risks in connection therewith. The Index Sponsor has no 

obligation to take the needs of any party into consideration in determining, composing or 

calculating the Indexes. No party purchasing or selling Cboe® iBoxx® iShares® $ High Yield 

Corporate Bond Index Futures, Options on Cboe® iBoxx® iShares® $ High Yield Corporate Bond 

Index Futures, Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond Index Futures or 

Options on Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond Index Futures, nor the 

Index Sponsor, shall have any liability to any party for any act or failure to act by the Index Sponsor 

in connection with the determination, adjustment, calculation or maintenance of the Indexes. 

iBoxx® is a service mark of IHS Markit Limited. 

The iBoxx® iShares® $ High Yield Corporate Bond Index and the iBoxx® iShares® $ Investment 

Grade Corporate Bond Index (the “Indexes”), futures contracts on the Indexes and options on 

futures contracts on the Indexes (“Contracts”) are not sponsored by, or sold by BlackRock, Inc. or 

any of its affiliates (collectively, “BlackRock”). BlackRock makes no representation or warranty, 

express or implied to any person regarding the advisability of investing in securities, generally, or 

in the Contracts in particular. Nor does BlackRock make any representation or warranty as to the 

ability of the Index to track the performance of the fixed income securities market, generally, or 

the performance of HYG, LQD or any subset of fixed income securities.

BlackRock has not calculated, composed or determined the constituents or weightings of the fixed 
20

income securities that comprise the Indexes (“Underlying Data”). BlackRock is not responsible 

for and has not participated in the determination of the prices and amounts of the Contracts, or the 

timing of the issuance or sale of such Contracts or in the determination or calculation of the equation 

by which the Contracts are to be converted into cash (if applicable). BlackRock has no obligation 

or liability in connection with the administration or trading of the Contracts. BlackRock does not 

guarantee the accuracy or the completeness of the Underlying Data and any data included therein 

and BlackRock shall have no liability for any errors, omissions or interruptions related thereto. 

BlackRock makes no warranty, express or implied, as to results to be obtained by Markit or its 

affiliates, the parties to the Contracts or any other person with respect to the use of the Underlying 

Data or any data included therein. BlackRock makes no express or implied warranties and expressly 

disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to 

the Underlying Data or any data included therein. Without limiting any of the foregoing, in no 

event shall BlackRock have any liability for any special, punitive, direct, indirect or consequential 

damages (including lost profits) resulting from the use of the Underlying Data or any data included 

therein, even if notified of the possibility of such damages.

iShares® is a registered trade mark of BlackRock Fund Advisors and its affiliates.