Cboe Global Markets
Cboe Global Markets is a leading operator of global market infrastructure, providing trading, clearing, and investment solutions across multiple asset classes including equities, derivatives, and foreign exchange. The company operates a network of securities and derivatives exchanges in North America, Europe, and Asia Pacific, offering proprietary products and market data services. Its core value proposition lies in providing liquid, transparent marketplaces and innovative risk management tools for global financial participants.
Financials
Based on Q1 2026 filing
Revenue
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Options
primaryOperates multiple U.S. options exchanges offering trading in index, equity, and ETP options. This segment includes the company's primary hybrid market and several all-electronic venues, generating revenue from transaction fees, market data, and index licensing.
SPX options, VIX options, Cboe Options, C2 Options, BZX Options, EDGX Options
Broker-dealers, Hedge funds, Asset managers, Professional traders, Retail investors
North American Equities
majorProvides transaction and listing services for U.S. and Canadian equities and exchange-traded products. It operates fully electronic exchanges and alternative trading systems, including block-trading facilities.
BZX, BYX, EDGX, EDGA, BIDS Trading, Cboe Canada, MATCHNow
Institutional investors, Registered investment dealers, SEC-registered broker-dealers, Corporate issuers
Europe and Asia Pacific
majorOperates pan-European equities and derivatives exchanges, clearinghouses, and Australian trading venues. This segment facilitates the trading and clearing of European and Australian equities, ETPs, and international depository receipts.
Cboe Europe Equities, Cboe NL, Cboe Clear Europe, Cboe Australia, BIDS Europe
EU regulated banks, Proprietary trading firms, Australian investment dealers, Clearing members
Futures
moderateIncludes transaction services for volatility-related futures and digital asset futures. It operates a fully electronic futures exchange and a regulated clearinghouse for cash-settled contracts.
VIX futures, Cboe Futures Exchange (CFE), Cboe Clear U.S., Cboe Digital Exchange
Banks, Futures commission merchants, Commodity Trading Advisors, Hedge funds
Global FX
moderateOffers institutional foreign exchange trading services and electronic trading for U.S. government securities. It utilizes electronic communication networks for spot FX and non-deliverable forward transactions.
Cboe FX, Cboe SEF, Cboe Fixed Income
Global banks, Institutional FX traders, Corporates, Primary dealers
Business Overview
Competitive Position
Cboe is a leading global exchange operator and the largest options exchange in the U.S., holding exclusive rights to key proprietary index products like SPX and VIX.
Geographies
United States, Canada, United Kingdom, Netherlands, Australia, Japan
Customer Segments
Financial Institutions, Institutional Investors, Retail Investors, Corporates
Upstream Dependencies
Index providers, Technology hardware vendors, Cloud service providers, Telecommunications providers
Downstream Customers
Investment banks, Retail brokerages, Asset management firms, Market makers, Proprietary trading firms
Competitors & Partners
Competitors
Similar Companies
Partners
S&P Global
SPGI
Exclusive licensing partner for S&P 500 and S&P 100 index options
FTSE Russell
Strategic relationship for index-based proprietary products
OCC
Sole provider of clearing for U.S. options exchanges
FINRA
Provider of regulatory services under a Regulatory Services Agreement
Morgan Stanley
MS
Routing and clearing firm for Cboe Trading
Goldman Sachs Group
GS
Routing and clearing firm for Cboe Trading
Subsidiaries
BIDS Holdings
Operator of a leading block-trading ATS in the U.S.
Cboe Clear Europe
Pan-European equities and derivatives clearinghouse
Cboe Canada
Recognized Canadian securities exchange
Cboe Australia
Regulated stock exchange in Australia
Cboe Global Markets FAQ
Common questions about Cboe Global Markets
Cboe Global Markets is a leading operator of global market infrastructure, providing trading, clearing, and investment solutions across multiple asset classes including equities, derivatives, and foreign exchange. The company operates a network of securities and derivatives exchanges in North America, Europe, and Asia Pacific, offering proprietary products and market data services. Its core value proposition lies in providing liquid, transparent marketplaces and innovative risk management tools for global financial participants.
Cboe Global Markets (CBOE) has a market capitalization of $37.5B and trades on BATS.
Cboe Global Markets generated $4.8B in trailing twelve-month revenue with net income of $1.2B, representing a net margin of 25.8%. Gross margin stands at 54.1%, with free cash flow of $2.7B. These figures are based on the Q1 2026 filing.
Cboe Global Markets's key competitors include Nasdaq, Intercontinental Exchange, CME Group, and others. These companies compete in similar markets and product categories.
Cboe Global Markets has approximately 1,647 employees.