On March 11, the Chicago Board Options Exchange (CBOE) proposed new qualifications for Trading Permit Holder (TPH) applicants and direct access users. The proposed amendments require a TPH to be domiciled in (in the case of an individual) or organized under the laws of (in the case of an organization) a jurisdiction expressly approved by CBOE. In addition, the proposed amendments limit direct access by authorized users to CBOE’s trading system from only those jurisdictions approved by CBOE. As reported in the February 27 edition of the Corporate & Financial Weekly Digest, CBOE proposed extended trading hours on certain index option contracts. CBOE expects that the amended TPH and direct access qualifications will accommodate foreign persons and organizations seeking to access CBOE’s trading system during extended trading hours.
CBOE will publish the approved jurisdictions at a later date. The proposed amendments are available here.