** Brokerage Oppenheimer says it's a "major surprise" that exchange operator Cboe Global Markets CBOE.Z had engaged a search firm to look for the next CEO

** CBOE said last week it was considering both internal and external candidates to replace CEO Fredric Tomczyk

** Tomczyk became CBOE CEO in 2023 when Edward Tilly stepped down after failing to disclose personal relationships with colleagues

** Oppenheimer says the new CEO search could also revive the longstanding reports of a possible merger with exchange operator CME Group CME.O at this point, given CBOE's "perceived" lack of strong revenue growth drivers and relaxed M&A attitude under Trump administration

** A 2021 report had said that CME had approached rival CBOE with a $16 billion all-stock takeover offer

** At that time, CME had denied the report that it was in conversations to acquire CBOE

** CBOE stock rose 9.4% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))