FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2021072501001 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Cobra Trading, Inc. (Respondent) Member Firm CRD No. 132078 Pursuant to FINRA Rule 9216, Respondent Cobra Trading, Inc. submits this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below.