This report does not constitute a rating action. Cboe has sharpened its strategic focus following the completion of a business review. After announcing its plans to wind down its Japanese equities business, the company also recently announced that it plans to: Sell its Australian and Canadian equities businesses; Discontinue corporate listings efforts in the U.S. and Europe; and Reduce costs related to U.S. and European ETP listings businesses, European derivatives exchange, and other small risk and market analytics businesses. Although the timing around the completion of these actions is uncertain, the company expects a 3% reduction in net revenue and an 8%-10% reduction in adjusted operating expenses once fully executed (versus its 2025 guidance). We believe these decisions will further
