Overview

Pursuant to Cboe BYX Exchange, Inc. (BYX) Rule 11.18, Cboe BZX Exchange, Inc. (BZX) Rule 11.18 Cboe EDGA Exchange, Inc. (EDGA) Rule 11.16, and Cboe EDGX Exchange, Inc. (EDGX) Rule 11.16, BYX, BZX, EDGA, and EDGX (collectively, the " Exchange(s)") are each required to establish standards for the designation of those participants that the respective Exchange reasonably determines are, taken as a whole, the minimum necessary for the maintenance of fair and orderly markets in the event of a Market-Wide Circuit Breaker (MWCB) and designate participants pursuant to those standards.

Designated Members ("Designated MWCB Participants") are required to participate in testing of the respective Exchange's market-wide circuit breaker plans.

MWCB weekend tests are held quarterly. Each test will be conducted in coordination with other market centers, the Securities Information Processors (SIPs), and in support of SEC requirements. Information on Designated Participant requirements for this test, as well as the test schedule and scripts, are detailed in this document.

Please note that, under BYX and BZX Rule 11.18 and EDGA and EDGX Rule 11.16, Members are required to establish, maintain, and enforce written supervisory procedures designed to assure compliance with the requirements of applicable securities laws and regulations and applicable Exchange rules, including mandatory testing requirements. Should a Designated Participant fail to supervise and/or participate in the mandatory testing, as required under BYX and BZX Rule 11.18 and EDGA and EDGX Rule 11.16, such failure may result in disciplinary action against the Member.