Cboe Global Markets, announced plans to refocus its digital asset business to leverage its core strengths in derivatives, technology and product innovation while realizing operating efficiencies for both Cboe and its clients. These changes are being made as part of Cboe’s strategic review, taking into consideration the lack of regulatory clarity in the digital space, and are aligned with Cboe’s longer term strategy. Cboe plans to transition and fully integrate its digital asset derivatives, currently offered by Cboe Digital, into its existing Global Derivatives and Clearing businesses. This move is expected to create efficiencies for Cboe and clients, while enabling Cboe to harness the power of its broader global derivatives franchise and global technology platform to support and fuel growth of the exchange-traded digital asset derivatives market. Additionally, the company plans to wind down operations of the Cboe Digital Spot Market, the company’s spot digital asset trading platform, in the third quarter of 2024, subject to regulatory review. John Palmer, President of Cboe Digital, will become Head of U.S. Derivatives Market Development, under the leadership of Cathy Clay, EVP, Head of Global Derivatives. Cboe plans to transition its cash-settled bitcoin and ether futures contracts, currently available for trading on the Cboe Digital Exchange to the Cboe Futures Exchange (CFE) in the first half of 2025, pending regulatory review and certain corporate approvals. This move will consolidate all Cboe U.S. futures products, including digital asset futures, onto one exchange powered by world-class technology, creating efficiencies for clients across the globe. By transitioning digital asset derivatives to CFE, this product set will benefit from the holistic support of the Cboe Global Derivative s business, including global derivatives sales and distribution, product development, market structure and investor education expertise. In addition, Cboe will maintain ownership and operation of Cboe Clear Digital, the clearing arm of Cboe Digital, and plans to align Cboe Clear Digital with Cboe Clear Europe, its European clearing house, under unified leadership. Cboe Clear Digital will continue to facilitate the clearing of bitcoin and ether futures. Cboe Clear Europe will continue to serve as the pan-European central clearing party (CCP) for Cboe’s European equities and derivatives exchanges across the EU, UK and Switzerland. Vikesh Patel, the current President of Cboe Clear Europe, will now also oversee U.S. clearing.