At some point during my time as Chief Counsel of Corp Fin, I had to delve into the intricacies of the listed options market, and I recall that it was a fascinating world from a regulatory perspective that was very different from the market for listed common stock and debt securities. For example, The Options Clearing Corporation (OCC) acts as the central counterparty, guarantor, and issuer for all U.S. exchange-listed options. The OCC is an SRO that is overseen by the SEC. Prior to buying or selling an option, investors must read a copy of the Characteristics and Risks of Standardized Options, also known as the options disclosure document, which explains the characteristics and risks of exchange traded options. The offer and sale of standardized options are registered pursuant to Section 5 of the Securities Act on Form S-20, which is probably not an SEC form that you have had much interaction with over the years! You can save that bit of information for the next time you are participating in an SEC trivia competition.

Last week, the SEC announced that it will host a roundtable “to discuss listed options market structure, including facilitating competition in a quote driven market, evaluating the customer experience, and identifying opportunities and challenges for continued growth.” The roundtable will take place on April 16, 2026 at the SEC’s headquarters and via webcast. The announcement notes:

“The U.S.-listed options market has seen remarkable growth, particularly among retail investors,” said SEC Commissioner Hester M. Peirce. “The roundtable will offer the Commission a valuable opportunity to foster public dialogue that celebrates the market’s achievements while also considering areas for further reflection, ultimately supporting ongoing growth and expanding opportunities for all investors.”

The public is invited to submit comments on this topic by using the SEC’s online submission form or by sending an email to rule-comments@sec.gov.

– Dave Lynn