Cboe Global Markets (NASDAQ: CBOE) is a derivatives and securities exchange network that operates trading and clearing venues across equities, derivatives, and foreign exchange markets. It makes money through transaction and clearing fees, market data licensing, access and capacity fees, regulatory fees, and listings revenue. Cboe's subsidiaries include the largest options exchange and the third-largest equities exchange operator in the U.S. (per the FY2025 10-K filed 2026-02-20), along with Cboe Europe Equities, one of the largest equities exchanges by value traded in Europe, and Cboe Clear Europe, a pan-European equities and derivatives clearinghouse. The company operates across five segments: Options, Futures, North American Equities, Europe and Asia Pacific, and Global FX. Flagship proprietary products include SPX options on the S&P 500 Index and VIX options and futures, both exclusive to Cboe, which contribute substantially to transaction fee volumes. The company also operates Cboe Data Vantage, a market data and proprietary index licensing business, and BIDS Holdings, a block-trading alternative trading system.

Revenue model

Transaction and clearing fees (per-contract fees on options, futures, equities, and FX trades), market data licensing (proprietary indices, data products via Cboe Data Vantage), access and capacity fees, regulatory fees, and listings revenue across five operating segments.

Products and services

SPX options (S&P 500 Index, exclusive to Cboe), VIX options and futures (introduced 2004 and 2006), multi-listed equity options, futures (via CFE), North American equities trading (BZX, BYX, EDGX, EDGA exchanges), block trading (BIDS Holdings ATS), FX spot markets (Cboe FX), pan-European equities trading (Cboe Europe, Cboe NL), clearing (Cboe Clear Europe, Cboe Clear U.S.), Australian equities trading (Cboe Australia), Canadian equities trading (Cboe Canada), and market data and index licensing (Cboe Data Vantage, LiveVol, Cboe Hanweck, Trade Alert).

Customers and end markets

Pension funds, asset managers, hedge funds, broker-dealers, and institutional traders using derivatives for hedging, yield enhancement, and risk-premia strategies; equities market participants including retail and institutional order flow; FX market participants; ETP issuers seeking listings.

Value-chain role

Exchange operator and clearinghouse. Cboe sits at the center of price discovery and trade execution, providing the regulated venue, matching engine, clearing, and market data infrastructure for derivatives, equities, and FX markets globally.

Geographic exposure

North America (U.S. options, futures, equities, FX, block trading; Canada via Cboe Canada), Europe (equities and derivatives via Cboe Europe and Cboe NL; clearing via Cboe Clear Europe), Asia Pacific (equities via Cboe Australia; wind-down of CEDX pan-European derivatives platform initiated subsequent to December 31, 2025).

Source: SEC 10-K, filed 2026-02-20

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