The Cboe Futures Exchange (CFE) and Cboe Options Exchange (Cboe) are wholly-owned subsidiaries of Cboe Global Markets. CFE offers an all-electronic, open access market model. Firms and/or individuals that desire to have direct access to the CFE are required to become a Trading Privilege Holder (TPH) and obtain a TPH permit. Additionally, any firm that desires to become a CFE clearing firm is required to become a TPH and obtain a TPH permit. There is a $500 application fee for Non-Cboe Trading Permit Holder Sole Proprietor applicants and a $1,000 application fee for Non-Cboe Trading Permit Holder Organizations. There is no application fee for Cboe Options Trading Permit Holders.
A more informative discussion of CFE's TPH program can be found in the following document: Description of Trading Privileges on CFE.