Cboe Exchange Inc has posted a notice of a disciplinary decision against X-Change Financial Access LLC.

On or about May 8, 2025 (the “Review Date”), XFA (by and through an employee Floor Broker) violated Exchange Rules by trading through the market provided by three In-Crowd Market Participants (“ICMPs”) for VIX May 21, 2025 $35.00 Calls, May 21, 2025 $75.00 Calls, and July 16, 2025 $35.00 Calls.

The firm announced the Structured Spread to the VIX Trading Crowd, received a price in response, failed to cancel the Structured Spread order, then subsequently traded the Structured Spread as an Automated Improvement Mechanism (AIM) auction, fully crossed, at an inferior price compared to the market provided by the ICMPs.

This conduct constitutes a violation of Exchange Rules 5.85, 5.87, and 5.91 by the firm, in that the firm traded through a market provided by ICMPs who had expressed interest in the order, and exceeded any applicable permissible participation entitlement for the order without first determining whether the ICMP interest had been exhausted.

The firm consented to the imposition of:

• A censure; and
• A monetary fine in the amount of $30,000.