The CBOE Futures Exchange, LLC (CFE) and Chicago Board Options Exchange, Incorporated (CBOE) are wholly-owned subsidiaries of CBOE Holdings, Inc. 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 applicants. There is no application fee for CBOE 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.