Cboe has received a proposal from Morgan Stanley & Co, LLC and Citadel Securities LLC, both TPH organizations approved to operate as designated primary market makers (DPMs), regarding a transfer of Morgan Stanley & Co., LLC’s Off-Floor DPM appointments to Citadel Securities LLC.

Under the proposal, all classes currently allocated to Morgan Stanley & Co., LLC as a DPM would be reallocated to Citadel Securities LLC as an Off-Floor DPM, who will be responsible for the management and operation of the DPM products they are assigned.

Any written comments and/or alternative written proposals must be received by the Exchange, in care of Membership Services on or before 3:00 PM CT on July 1, 2025.

Under Cboe Rule 3.53, the Exchange posts notice of any proposal by a DPM involving greater than a nominal transfer of interest in a DPM appointment. During the posting period, TPHs may submit to the Exchange any written comments and/or written alternative proposals.

Following the posting period, the Exchange will determine what action to take regarding the proposal based on the factors enumerated in Cboe Rule 3.53 and any accompanying guidelines. The

Exchange has not yet made any determination regarding whether to approve or disapprove the proposal and the posting of the proposal does not imply that the Exchange has reached a particular determination with respect to the proposal.