Cboe FX Markets
- Company typePublic
- Founded1973
- HeadquartersNew York, United States
- Headcount—
- GTM typeB2B
- OfferingServices
Cboe FX Markets firmographics
Firmographics- Name
- Cboe FX Markets
- Legal name
- Cboe Exchange, Inc.
- Website
- https://fx.cboe.com
- Company type
- Public
- Founded year
- 1973
- Operating status
- Operating
- Ownership category
- akta.pro rank
Cboe FX Markets industry classification
Industry- Product category
- Institutional Foreign Exchange Trading
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (523210)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Multibank FX Trading Platforms (FSAFADAC)
- akta.pro secondary industries
- FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC), Non-Deliverable Forward (NDF) Trading Venues (FSAFADAE), FX Matching & Aggregation Venues (Liquidity Aggregators) (FSAFADAH), FX Market Making (FSACANAC), FX Swaps & Forwards Trading Venues (FSAFADAG)
Keywords
Where Cboe FX Markets is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Cboe FX Markets business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales
Revenue model
- FX Trading Transaction Fees: Cboe FX generates revenue through transaction fees on spot FX and NDF trading volume executed through its electronic platforms, with monthly ADV of $59.7 billion and record January 2026 volume of $63.3 billion.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Cboe FX Markets product offering
Product offeringCore offering
Cboe FX Markets operates an institutional foreign exchange trading platform providing Spot and Non-Deliverable Forward (NDF) liquidity through electronic communication networks with both disclosed and anonymous execution options across major currency pairs. The platform serves global institutional FX customers including banks, hedge funds, asset managers, and proprietary trading firms via combined New York (NY5) and London (LD4) trading operations, generating revenue from transaction fees on executed volume.
Product overview
Cboe FX Markets is a leading institutional FX trading platform offering spot and non-deliverable forward liquidity with both disclosed and anonymous execution options. The platform operates as part of the broader Cboe Global Markets ecosystem, which includes the Cboe Options Exchange (the largest US options exchange), EDGX Equities Exchange, Cboe Futures Exchange, and Cboe SEF. Key products include Cboe FX Spot Trading, Cboe SEF for swaps, EDGX Equities Exchange, Cboe LiveVol analytics, Cboe Silexx order execution management, and Cboe Data Vantage for data and analytics. The company also offers specialized products including Bitcoin and Ether Continuous Futures, prediction markets, and the Cboe IBIT Volatility Index (BITVX). Cboe operates nearly 24-hour trading in certain products through its Global Trading Hours (GTH) session and has proposed extending US equities trading to near 24x5 hours on EDGX.
Differentiator
Problem solved
Functional benefit
Brands
- Cboe FX: Foreign exchange market platform offering Spot and Non-Deliverable Forward liquidity to institutional customers
- EDGX
- Cboe Options Exchange
- Cboe Futures Exchange
- Cboe SEF
Products and services
- Cboe FX Spot Trading Institutional spot FX trading platform providing transparent, anonymous and disclosed execution for spot and non-deliverable forward liquidity, with enhanced liquidity management and tailored reporting for institutional FX market participants including banks, hedge funds, asset managers, and proprietary trading firms.
- Cboe SEF (Swap Execution Facility) Swap Execution Facility providing trading of OTC derivatives, particularly FX and interest rate swaps, in a regulated venue for institutional market participants.
- Cboe FX Market Data FX market data products providing real-time and historical trading data on Cboe FX, including spot volumes, currency pair volumes, and SEF volumes distributed via Cboe DataShop.
Quantifiable outcome
- 33.4% year-over-year increase in monthly Spot ADV
- +3 more outcomes
Companies that use Cboe FX Markets
Customer profileSegments3 records
Ideal customer profiles1 record
Cboe FX Markets technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Cboe FX Markets partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered flagship, core and minor.
- CNBCflagshipMulti-year collaboration to broadcast live market coverage from Cboe's Chicago trading floor starting April 6, 2026. The partnership aims to enhance CNBC's coverage with real-time insights into options trading and market activity.
- S&P Dow Jones IndicescorePartner for prediction markets framework, providing indices for Mini S&P 500 Index prediction market contracts. Issued supportive statement highlighting the product's potential to enhance accessibility.
- Charles SchwabminorIssued supportive statement for prediction markets framework, highlighting potential to bring new investors into the SPX options ecosystem.
- Bank of Montreal (BMO)minorBMO launched Canadian Depositary Receipts (CDRs) trading on Cboe Canada exchange, expanding Canadian investor exposure to U.S. stocks.
Scale indicators12 records
Recent moves6 records
Expansion highlights6 records
Cboe FX Markets competitors and assessment
Company assessmentEmerging players
- BidFX: Cloud-based multibank FX trading platform serving institutional asset managers and hedge funds with spot, forwards, NDFs, and swaps. Emerging challenger competing for the same institutional FX execution wallet that Cboe FX targets.
Broad incumbents
- TP ICAP: Global interdealer broker with significant institutional FX voice and electronic execution franchises. Comparable to Cboe FX as a hybrid institutional FX liquidity provider, though larger and more diversified across asset classes.
- Tradeweb: Leading global electronic trading operator across rates, credit, equities, and money markets, with an expanding institutional FX franchise. Comparable to Cboe FX as a multi-asset electronic venue pursuing institutional FX execution.
- CME Group: Largest global derivatives exchange operator, including CME FX futures and the EBS institutional FX platform. Broader incumbent offering futures, options, and FX across multiple asset classes, competing with Cboe FX in NDFs and institutional spot FX.
- LSEG (London Stock Exchange Group): Global financial markets infrastructure operator that owns Refinitiv FX Trading (formerly FXall, Forward Dealing, Matching), a major institutional FX venue. Broad incumbent with FX as one segment of a multi-asset, multi-venue franchise.
Direct peers
- FXSpotStream: Multibank FX trading platform serving institutional clients with spot, forwards, swaps, and NDF execution. Direct competitor to Cboe FX, with similar disclosed and anonymous execution options and overlapping bank/prop/hedge fund client base.
- Deutsche Börse 360T: Deutsche Börse-owned multibank FX trading platform offering spot, forwards, swaps, and NDFs to institutional clients. Direct competitor with comparable product breadth and similar 2026 institutional volume growth profile.
- EuronextFX: Euronext-operated institutional FX platform providing spot and NDF execution with disclosed and anonymous liquidity pools. Competes head-to-head with Cboe FX for European and global institutional flow, with parallel growth in 2026 institutional volumes.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Cboe FX Markets social profiles
Digital presenceCboe FX Markets financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cboe FX Markets leadership team
Management profileNumber of profiles
Profiles1 record
Cboe FX Markets funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cboe FX Markets M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cboe FX Markets
What does Cboe FX Markets do?
Cboe FX Markets operates an institutional foreign exchange trading platform providing Spot and Non-Deliverable Forward (NDF) liquidity through electronic communication networks with both disclosed and anonymous execution options across major currency pairs. The platform serves global institutional FX customers including banks, hedge funds, asset managers, and proprietary trading firms via combined New York (NY5) and London (LD4) trading operations, generating revenue from transaction fees on executed volume.
Is Cboe FX Markets a public or private company?
Cboe FX Markets is a public company. It is classified as public and is currently operating.
When was Cboe FX Markets founded?
Cboe FX Markets was founded in 1973.
Where is Cboe FX Markets based?
Cboe FX Markets is headquartered in New York, United States, in the North America region.
How does Cboe FX Markets make money?
One revenue line is on record: FX Trading Transaction Fees.
Who are Cboe FX Markets's main competitors?
BidFX is listed as an emerging player. Broad incumbents are TP ICAP, Tradeweb, CME Group and LSEG (London Stock Exchange Group). Direct peers are FXSpotStream, Deutsche Börse 360T and EuronextFX.
Does Cboe FX Markets have an API?
No public API is recorded for Cboe FX Markets.
What industry is Cboe FX Markets in?
Cboe FX Markets's product category is Institutional Foreign Exchange Trading. Its primary akta.pro industry code is FSAFADAC, Multibank FX Trading Platforms, with a secondary code of FSAFANAC, FX Electronic Trading Platforms (Spot/Forwards/Swaps). Its NAICS code is 5231 and its SIC code is 6199.