⦿ Executive Snapshot

• What: Cboe appoints Julie Bauer as Senior VP, Head of Government Relations.
• Who: Julie Bauer, Cboe Global Markets, Patrick Sexton.
• Why it matters: This appointment is significant as it positions Cboe to enhance its advocacy and regulatory engagement amid evolving financial technologies and market dynamics.

⦿ Key Developments

• Julie Bauer will start her role on May 19, 2026, leading Cboe’s global engagement and advocacy efforts.
• Bauer previously served as Chief External Relations Officer at OCC, directing engagement with congressional and regulatory policymakers.
• She has extensive experience in government relations, having also worked at FINRA and the Chicago Board of Trade.

⦿ Strategic Context

• Cboe has a history of shaping the U.S. options industry for over 50 years, emphasizing innovation and regulatory trust.
• The current landscape of rapidly changing technologies necessitates strong leadership in government relations to navigate regulatory challenges and opportunities.

⦿ Strategic Implications

• The immediate consequence of this appointment may enhance Cboe's influence in regulatory discussions, potentially benefiting its strategic priorities.
• Long-term, Bauer's expertise may facilitate Cboe's adaptation to regulatory changes, positioning the firm for future growth and market leadership.

⦿ Risks & Constraints

• Potential risks include navigating complex regulatory environments that could impact Cboe's operations and strategic initiatives.
• Competition from other market participants and the need for robust infrastructure to support advocacy efforts may present challenges.

⦿ Watchlist / Forward Signals

• Key milestones to watch include Cboe's engagement strategies with policymakers and any upcoming regulatory changes that may arise in the coming years.
• Future developments in Cboe's advocacy efforts and their impact on the options market will signal the success of this leadership change.