Cboe Global Markets, Inc. (CBOE: CBOE)

Cboe Global Markets, Inc. operates as a leading global derivatives and securities exchange network. The company provides cutting edge trading clearing and investment solutions across equities derivatives and foreign exchange markets in North America Europe and Asia Pacific. It runs the largest options exchange and the third largest equities exchange operator in the United States. Through subsidiaries such as Cboe Europe Equities Cboe Clear Europe BIDS Holdings Cboe Australia Cboe Clear U. S. and Cboe Canada it supports a broad marketplace for exchange traded products and aims to foster a trusted inclusive environment for sustainable financial futures. The firm emphasizes innovation reliability and broad access to enable participants to manage risk and pursue investment goals worldwide.

The company generates revenue primarily from transaction and clearing fees on its exchanges and alternative trading systems. Additional income comes from licensing of proprietary market data index licensing routing and access services and listing fees for exchange traded products. Revenue also includes market data fees from U. S. tape plans and fees from the Cboe Data Vantage offerings such as real time depth of book quotes analytics and cloud based data distribution. The firm also earns from listing services for ETPs and from access and capacity fees that provide connectivity and trading rights to its venues.

The company operates through the following segments: Options North American Equities Europe and Asia Pacific Futures and Global FX.

• Options: This segment covers index options equity options and exchange traded options on ETFs and ETNs that are multi listed and traded on Cboe Options C2 BZX EDGX and other U. S. national security exchanges. It also earns market data fees from consolidated tape plans licensing of proprietary options market data index licensing routing services and access and capacity services. The segment benefits from the exclusive U. S. rights to list options on the S&P 500 Index S&P 100 Index S&P 500 ESG Index and S&P Select Sector Indices which drive significant trading volume and fee revenue.

• North American Equities: This segment includes U. S. equities and ETP transaction services on BZX BYX EDGX EDGA equities trades on the BIDS Trading platform in the United States and the Cboe BIDS Canada platform and Canadian equities and other transaction services on Cboe Canada order books. It also provides corporate listing services on Cboe Canada ETP listings on BZX the Cboe Global Markets common stock listing and market data fees from consolidated tape plans licensing of proprietary equities market data routing services and access and capacity services. The segment further benefits from the BIDS block trading system that facilitates anonymous large scale executions in NMS stocks.

• Europe and Asia Pacific: This segment comprises pan European derivatives transaction services ETPs such as exchange traded funds exchange traded notes exchange traded commodities and international depository receipts hosted on MTFs operated by Cboe Europe Equities Cboe Europe and Cboe NL equities exchanges and CEDX. It also includes ETP listings business on regulated markets clearing activities of Cboe Clear Europe and equities services of Cboe Australia. Prior to the wind down of CEDX the segment contributed derivatives transaction services and market data revenues while Cboe Clear Europe provided clearing for equity and equity like instruments and for derivative contracts executed on CEDX. The segment further generates revenue from licensing of proprietary market data and access and capacity services for Cboe Europe Cboe NL and Cboe Australia. The platform supports lit and dark books periodic auction books closing cross books and two BIDS order books along with a large in scale trading negotiation facility and a volume weighted average price trajectory crossing facility.

• Futures: This segment consists of transaction services provided by CFE a fully electronic futures exchange that offers VIX futures and other futures products. It also includes licensing of proprietary market data and access and capacity services. As of January 1 2025 the segment incorporates the Digital operating activity comprising Cboe Digital Exchange Cboe Clear U. S. and associated market data and access revenues. The migration of cash settled Bitcoin and Ether futures from Cboe Digital Exchange to CFE was completed in June 2025 and no products remain listed for trading on Cboe Digital Exchange. The segment additionally benefits from the exclusive focus on volatility based products and the integration of digital assets into the futures marketplace.

• Global FX: This segment provides institutional FX trading services on the Cboe FX fully electronic platform and non deliverable forward FX transactions executed on Cboe SEF. It also offers transaction services for U. S. government securities on the Cboe Fixed Income fully electronic platform. Revenue is derived from licensing of proprietary market data and access and capacity services across these activities. The segment leverages the firm’s expertise in electronic trading and its global connectivity to serve institutional clients seeking efficient foreign exchange execution and hedging solutions.

Cboe holds a leading position as the world's largest options exchange operator and the third largest equities exchange provider in the United States. Its competitive strengths stem from a broad product suite that includes proprietary offerings such as SPX options VIX futures and VIX options a technologically advanced Cboe Titanium platform deep liquidity across multiple asset classes and a global footprint spanning North America Europe and Asia Pacific. The company faces competition from other U. S. options exchanges European multilateral trading facilities Asian exchanges and various alternative trading systems but differentiates itself through proprietary indices innovative fee models and strong relationships with liquidity providers and clearing houses. Continuous investment in technology and product development enables Cboe to maintain speed reliability and scalability while meeting evolving regulatory requirements.

The company serves a diverse clientele that includes financial institutions trading platforms institutional and individual investors professional traders banks futures commission merchants hedge funds asset managers proprietary trading firms commodity trading advisors and corporates. Its clearing members consist of EEA regulated banks and brokerage trading firms while its options and equities users comprise SEC registered broker dealers and their customers as well as Canadian and Australian registered investment dealers. The firm also supports retail investors through accessible trading platforms and provides data and analytics services to a wide range of market participants seeking informed decision making tools.