Cboe Global Markets

What Cboe Global Markets does

Cboe Global Markets, Inc. (NASDAQ: CBOE) is a publicly traded derivatives and securities exchange operator headquartered in Chicago, with additional offices in New York, Amsterdam, and Washington D.C. Founded in 1973 as the Chicago Board Options Exchange, the company operates a multi-asset trading platform spanning U.S. options (including proprietary index options SPX and the VIX volatility complex), U.S. and European equities, futures (including Bitcoin and Ether Continuous Futures), global FX, credit derivatives, and clearing services. Cboe serves institutional investors (hedge funds, asset managers, broker-dealers), retail traders, and product issuers through direct exchange access, prime brokerage relationships, and retail brokerage distribution partnerships with Interactive Brokers and Charles Schwab.

The company's technology stack centers on proprietary volatility indexing (VIX), the SPX options suite (including SPX, Mini-SPX XSP, and NANOS), the new Cboe Predicts binary options prediction markets platform cleared through OCC, and execution infrastructure including Cboe Titanium (low-latency market data), Cboe Silexx (order execution management), Cboe LiveVol (options analytics), and the Quoted Spread Book framework. Supporting modules include Cboe Data Vantage for market data licensing, The Options Institute for trader education, and a multi-channel marketing operation anchored by a CNBC daily broadcast from the Chicago trading floor.

Cboe's revenue model is primarily transaction-fee based across its six revenue streams (options trading, equities trading, futures, global FX, market data licensing, and clearing services), supplemented by index licensing royalties on the VIX and SPX franchises. Q1 2026 net revenue reached a record $728.9 million, up 29% year-over-year, with record U.S. options ADV of 22.0 million contracts in May 2026. The company is executing a strategic realignment announced in May 2026 that includes approximately 20% workforce reduction, the $300 million divestiture of Cboe Australia and Cboe Canada to TMX Group, and reinvestment in prediction markets, digital assets, and tokenization.

Name

Cboe Global Markets

Legal name

Cboe Exchange, Inc.

Website

https://bats.com

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Cboe Global Markets is a publicly traded derivatives and securities exchange operator offering options (SPX, VIX), equities, futures, FX, and clearing services to institutional and retail market participants. Revenue is primarily transaction-fee based, with a record Q1 2026 net revenue of $728.9 million.

Ownership category

akta.pro rank

Product category

Derivatives Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Commodity Contracts Intermediation (523160)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Options Exchanges (Listed Options Markets) (FSAFABAK)

akta.pro secondary industries

Volatility & Variance Derivatives Exchanges (e.g., VIX-style products) (FSAFABAH), Equity Index Futures & Options Exchanges (FSAFABAA), Crypto Derivatives Exchanges (Futures, Options & Perpetuals) (FSADAAAD)

Keywords

• Derivatives exchange
• Options trading
• Market data
• Volatility products
• Clearing services

Headquarters

HQ city

Lenexa

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Options Trading & Transaction Fees: Transaction fees from trading options contracts across U.S. options exchanges, including proprietary index options (SPX, VIX) and multi-listed equity options. Revenue driven by trading volume which fluctuates with market volatility.
2. Equities Trading: Revenue from equities trading across U.S., European, Canadian, and Australian markets, though Canadian and Australian operations are being divested to TMX Group.
3. Futures Trading: Revenue from futures products including index futures, VIX futures, and cryptocurrency futures (Bitcoin and Ether Continuous Futures).
4. Global FX Trading: Revenue from foreign exchange trading operations, with Global FX up 16.8% year-over-year.
5. Market Data & Licensing: Licensing fees from proprietary indices including VIX, SPX, and custom indices; market data services through Cboe Data Vantage and Cboe Market Data.
6. Clearing Services: Clearing and settlement services for derivatives, supporting institutional investors, advisors, hedge funds, and product issuers.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Cboe Global Markets operates derivatives and securities exchanges offering options, futures, equities, and foreign exchange trading across the U.S., Europe, and (pending divestiture) Canada and Australia. Its core offerings include the VIX volatility index and SPX S&P 500 options suite, the new Cboe Predicts binary options prediction markets, cryptocurrency continuous futures, and proprietary market data and analytics services. The company also provides centralized clearing services through the Options Clearing Corporation (OCC) and serves institutional investors, broker-dealers, and retail traders via partnerships with major brokerage platforms.

Product overview

Cboe Global Markets operates a diversified derivatives and securities exchange network offering a comprehensive platform-plus-modules architecture. The core offerings include VIX Index products (the company's flagship volatility benchmark), S&P 500 Index Options (SPX, XSP, NANOS), and binary prediction market contracts under the new Cboe Predicts brand. The platform extends across equity index derivatives, cryptocurrency derivatives (Bitcoin and Ether Continuous Futures), credit derivatives, U.S./European/Canadian/Australian equities trading, and Foreign Exchange. Supporting modules include data services (Cboe Data Vantage, Cboe Market Data Services), analytics (Cboe LiveVol, Cboe Silexx, FT Options, Trade Alert), education (The Options Institute), and execution tools (Quoted Spread Book, Global Trading Hours, Curb extended hours). The company also provides clearing services and access solutions. Recent launches include Cboe Predicts binary options (June 2026), extended single-stock options trading hours (July 2026), and Bitcoin/Ether Continuous Futures (December 2025).

Differentiator

Problem solved

Functional benefit

Brands

• Cboe Predicts: Prediction markets suite offering binary option contracts on the Mini-S&P 500 Index (XSP), listed under symbols XSPBW and XSPBX, providing yes-or-no payout event contracts cleared through the Options Clearing Corporation
• Cboe Vantage
• Cboe LiveVol
• Cboe Silexx
• Cboe Titanium
• The Options Institute

Products and services

• VIX Volatility Products VIX Options and Futures products that allow investors to measure, model, and trade market volatility expectations based on S&P 500 index option prices. Used by institutional investors, hedge funds, and traders for hedging, volatility trading, and risk management.
• S&P 500 Index Options Suite (SPX, XSP, NANOS) Comprehensive S&P 500 index options products that provide investors with tools to gain efficient exposure to the U.S. equity market. Includes standard SPX, Mini-SPX (XSP), and NANOS options for risk management, hedging, asset allocation, and income generation strategies.
• Cboe Predicts Prediction Markets Prediction markets suite featuring binary option contracts on the Mini-S&P 500 Index that provide retail-friendly yes/no payout event contracts. Cleared through the Options Clearing Corporation (OCC) under SEC-supervised options rules, differentiating from CFTC-regulated competitors like Kalshi and Polymarket.
• Bitcoin and Ether Continuous Futures Cash-settled cryptocurrency futures contracts with 10-year expirations featuring daily cash adjustments, 23x5 trading hours, and funding rates tied to Cboe Kaiko Real-Time Rate. Provides institutional investors, advisors, hedge funds, and product issuers with U.S.-regulated, centrally cleared crypto derivatives.
• 0DTE Options Zero-day-to-expiry index options providing short-dated exposure to the S&P 500 index, enabling intraday trading strategies and rapid event-based positioning.
• FLEX Options Flexibly structured options that allow investors to customize expiration dates, exercise prices, and settlement styles to meet specific risk management and trading requirements.
• Magnificent 10 Options and Futures Options and futures products providing exposure to the Magnificent 10 technology and growth stocks, enabling concentrated single-stock derivatives exposure to leading technology companies.
• Bitcoin U.S. ETF Index Options Options on Bitcoin ETFs providing exposure to the largest U.S. Bitcoin ETF products, enabling institutional and retail investors to hedge and trade U.S.-listed crypto ETF positions.
• DJX Options Index options based on the Dow Jones Industrial Average providing scaled exposure to all 30 DJIA components in a single contract with cash settlement and European-style exercise.
• U.S. Equities Trading (EDGX/BZX) Equities trading through Cboe EDGX and BZX exchanges, including extended trading hours for select single-stock options covering approximately 20 major names including Magnificent 7 stocks. Plans for 23x5 U.S. equities trading on Cboe EDGX Equities Exchange announced.
• European Equities Trading European equities trading through Cboe Europe, operating both equities and derivatives venues across multiple European countries including UK, Germany, France, Netherlands, and Switzerland.
• Global FX Trading Global foreign exchange trading services through Cboe FX platform with $5.8 billion in notional value and 16.8% year-over-year growth in May 2026.
• Credit Derivatives Corporate credit derivatives products including credit indices and single-name credit options for managing corporate credit exposure and trading credit risk.
• U.S. Treasury Futures and Options U.S. Treasury futures and options products providing exposure to U.S. government debt instruments for hedging and trading interest rate risk.
• BIDS Trading Institutional block trading platform for equities acquired from BIDS Trading, providing alternative trading system (ATS) services for large institutional orders.
• Cboe Data Vantage Data analytics and market intelligence platform providing real-time and historical market data, statistics dashboards, and analytics for institutional and retail users across Cboe's global markets.
• Cboe Market Data Services Real-time and historical market data services distributed across Cboe's global markets, including quotes dashboards, market statistics, and licensed data feeds.
• Cboe Global Indices Proprietary index calculation and licensing services for Cboe's family of indices including VIX, SPX, and custom indices, enabling product issuers to create ETFs and structured products.
• Clearing Services Clearing and settlement services for derivatives, supporting institutional investors, advisors, hedge funds, and product issuers through the Options Clearing Corporation (OCC) and other central counterparties.
• Cboe Titanium Premium low-latency market data and execution services for high-volume institutional participants, providing differentiated trading technology and market data solutions.
• The Options Institute Comprehensive education arm offering courses, events, research, and training for options traders of all experience levels through virtual and in-person classes, webinars, and learning resources.

Quantifiable outcome

• Q1 2026 net revenue of $728.9 million, up 29% year-over-year
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered core and flagship.

• Charles SchwabcoreGTM or Marketing Partner · 23 June 2026Charles Schwab partnered with Cboe Global Markets to launch Cboe Predicts binary options contracts on the S&P 500 index, available through Schwab's brokerage platform. The contracts allow customers to place yes-or-no bets on whether the index closes above or below specified price levels, with fixed or partial 'plus zone' payouts. Rollout expected in coming months, positioning Schwab to compete with Robinhood and Interactive Brokers in the prediction market space.
• Interactive BrokerscoreGTM or Marketing Partner · 23 June 2026Interactive Brokers became the first retail brokerage platform to offer Cboe Predicts binary options contracts (XSPBW and XSPBX) on the Mini-S&P 500 Index, providing immediate market access for the new prediction markets suite.
• Options Clearing Corporation (OCC)coreTechnology or Integration · 20 June 2026OCC serves as the central clearing counterparty for Cboe Predicts binary options contracts, clearing products under SEC-supervised options rules. This regulatory framework differentiates Cboe's prediction market offerings from CFTC-regulated competitors like Kalshi.
• CNBCflagshipStrategic or Co-development Partner · 31 March 2026Multi-year collaboration for daily live market coverage from Cboe's Chicago trading floor starting April 6, 2026. Coverage focuses on options activity, market volatility, and real-time analysis, enhancing Cboe's brand visibility and media presence in financial markets.

Scale indicators18 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• CME Group: Chicago-based derivatives exchange operator offering futures and options across interest rates, equity indices, FX, commodities, and crypto. Most direct competitor to Cboe's index options, VIX futures, and crypto futures franchises.
• Intercontinental Exchange (ICE): Global exchange operator running futures exchanges (ICE Futures U.S., Europe), equities exchanges (NYSE), clearing (ICE Clear), and market data. Direct peer across futures, equities listings, clearing services, and FX.
• Nasdaq, Inc. Operates the Nasdaq Stock Market, Nasdaq futures and options exchanges (NFX, PHLX), and Nordic exchanges. Competes head-to-head with Cboe in U.S. equities, multi-listed options, and is developing OROs prediction-market-style products.
• Miami International Holdings (MIAX): Operator of MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire U.S. options exchanges, plus equities and futures. Direct competitor in multi-listed U.S. options market share alongside Cboe.
• BOX Exchange: U.S. options exchange operated by BOX Holdings, competing directly in multi-listed equity and index options. Smaller scale but overlapping product set and customer base with Cboe's options exchanges.
• MEMX (Members Exchange): U.S. equities exchange operator that has expanded into options (MEMX Options). Competes with Cboe EDGX/BZX for U.S. equities and options market share, particularly from retail order flow.

Broad incumbents

• Deutsche Börse: European exchange operator running Eurex (derivatives), Xetra (equities), and clearing services. Comparable to Cboe Europe in product breadth and institutional focus; significant overlap in index derivatives and clearing infrastructure.
• London Stock Exchange Group: Global exchange and market infrastructure operator (LSE, Turquoise, CurveGlobal, FTSE Russell indices). Comparable to Cboe in equities, derivatives, and proprietary index licensing (FTSE Russell vs. Cboe Global Indices).

Emerging players

• Kalshi: CFTC-regulated prediction market exchange for event contracts including economic data, sports, and recently approved Bitcoin perpetual futures. Direct competitor to Cboe Predicts in event-based contracts with a different regulatory pathway.

Regional players

• TMX Group: Canadian exchange operator (Toronto Stock Exchange, TSX Venture, Montreal Exchange) that is acquiring Cboe Canada and Cboe Australia for $300M. Peer across Canadian equities, derivatives (through MX), and now regional operator relationship.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/BATSGlobal
• YouTubeyoutube.com/user/cboetv
• Facebookfacebook.com/pages/cboe-chicago-board-options-exchange/177809058917950?ref=ts
• LinkedInlinkedin.com/company/bats-global-markets-inc-
• Instagraminstagram.com/cboeglobalmarkets

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries5 records

Funding overview

Funding rounds4 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A13 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cboe Global Markets