Scenario description
Assume U.S. regulators provide Cboe with sufficient approval, non-objection, or finalized actionable guidance for Cboe to list perpetual futures tied directly to the VIX cash level in the United States. The cleared product scope includes perpetual futures referencing the VIX cash level rather than only existing listed VIX futures structures. The exact launch date, contract specifications, leverage limits, margin methodology, settlement mechanics, eligible participants, fee schedule, and trading volume are not specified unless announced by Cboe or the relevant regulator.