Cboe Global Markets, Inc. (CBOE)

Cboe Global Markets, Inc. is a global derivatives and securities exchange network that provides trading, clearing and investment solutions across equities, derivatives, FX and other asset classes in North America, Europe and Asia Pacific. Its subsidiaries include the largest U.S. options exchange and the third largest U.S. equities exchange operator, along with Cboe Europe Equities, Cboe Clear Europe, BIDS Holdings, Cboe Australia, Cboe Clear U.S. and Cboe Canada. In 2025, after a strategic review, Cboe began winding down its Japanese equities business, started a sales process for Cboe Australia and Cboe Canada, discontinued U.S. and European corporate listings efforts, and cut costs in several smaller businesses. After year end it also began winding down its European derivatives platform, CEDX.

Cboe reports five segments. Options covers index, equity and ETP options traded on Cboe Options (a hybrid open outcry and electronic market in Chicago) and the all-electronic C2, BZX and EDGX options exchanges. North American Equities covers U.S. equities and ETP trading on BZX, BYX, EDGX and EDGA, the BIDS Trading ATS, and Canadian trading and listings on Cboe Canada. Europe and Asia Pacific covers Cboe Europe and Cboe NL trading venues, ETP listings, Cboe Clear Europe clearing, and Cboe Australia. Futures covers the CFE futures exchange (including VIX futures and Bitcoin and Ether futures) and, from 2025, the Digital activities, including Cboe Digital Exchange and Cboe Clear U.S. Global FX covers institutional FX trading, NDFs on Cboe SEF, and U.S. government securities trading on Cboe Fixed Income. Revenue is also reported in three captions: cash and spot markets, derivatives markets, and Cboe Data Vantage. Data Vantage covers market data, access and capacity services, proprietary indices, and risk and market analytics tools such as Silexx and LiveVol Pro. Flagship proprietary products are SPX options, for which Cboe holds exclusive U.S. rights under its S&P license, and VIX options and futures. Cboe also earns market data revenue from U.S. tape plans and operates five listing venues, with about 2,952 listings at year end 2025.

Customers include financial institutions, trading platforms, institutional and individual investors, and professional traders. By market, they include SEC-registered broker-dealers and members of Cboe's U.S. exchanges, Canadian and Australian registered dealers, and EU-regulated brokerage and proprietary trading firms. Futures customers include banks, futures commission merchants, hedge funds, asset managers, proprietary trading firms and Commodity Trading Advisors. Global FX customers include banks, broker-dealers, hedge funds, asset managers and corporates. Cboe Clear Europe's clearing members are EEA-regulated banks and brokerages, and Cboe Fixed Income serves broker-dealers that are FICC members.

Cboe operates its own fully electronic and hybrid trading platforms and clearinghouses. Cboe Clear Europe is a central counterparty clearing equities on 47 European trading segments, with average daily cleared value of €69 billion in 2025. Cboe Clear U.S. is a CFTC-registered derivatives clearing organization. The company licenses index rights from providers including S&P Dow Jones Indices and FTSE Russell, with the S&P license running through 2033. It describes its industry as intensely competitive, with competition based on price, speed, platform functionality, liquidity, technology and product innovation. In proprietary products it competes with other futures exchanges, swap execution facilities and over-the-counter derivatives providers.