Member Selection Criteria

The Exchanges designate Members to participate in mandatory testing. Members meeting the following criteria have been determined to be Designated Participants of each Exchange and shall be required to connect to each applicable Exchange’s Disaster Recovery (DR) facility and participate in functional and performance testing:

• Member accounts for five (5) percent or more of the executed volume, measured on a quarterly basis during Q1 2026, on BYX Equities, BZX Equities, BZX Options, EDGA Equities, EDGX Equities, EDGX Options, Cboe Options, or C2 Options; or
• Member participates as a Lead Market-Maker (LMM) with respect to one or more securities listed on BZX Equities during Q1 2026¹; or
• Trading Permit Holder accounts for two (2) percent or more of the executed customer volume in SPX and VIX options combined on Cboe Options, measured during Q1 2026; or
• Trading Permit Holder participates as a Market-Maker (MM) or Lead Market-Maker (LMM) in option classes exclusively listed by Cboe Options and has streamed quotes in such class(es) at any point during Q1 2026²; or
• Trading Permit Holder participates as a Designated Primary Market-Maker (DPM) in any multiply listed option class(es)on Cboe Options during Q1 2026.

• Trading Privilege Holder is (1) an LMM for a CFE product during Q1 2026 that accounts for ten (10) percent or more of the executed proprietary trading volume in that product measured during Q1 2026; or (2) a Trading Privilege Holder that accounts for five (5) percent or more of the executed proprietary trading volume in VX futures measured during Q1 2026.

While Designated Participants are required to connect to the applicable Exchange DR facility, all Members are permitted and encouraged to connect to the Exchanges’ DR facilities, as well as participate in the testing of the DR systems.

Designated Participants are required to connect to and participate in testing on each Exchange market for which they meet the established criteria. Please note that Designated Participants that use a third party for connectivity must participate; it is not sufficient for only the third party to participate in testing. The Exchanges will announce mandatory testing dates periodically, with at least one mandatory test per year.

¹ Aggregated executed volume will be determined based on the volume of orders a TPH/member routes directly to the Exchange(s) or the volume of orders the TPH/Member routes on behalf of other TPHs/Members in a Designated Give Up Capacity.

² Exclusively listed means an option that is listed exclusively by an Exchange(s) because the Exchange(s) has an exclusive license to use, or has proprietary rights in, the interest underlying the option.