Cboe FX Markets

Institutional Foreign Exchange Tradingfx.cboe.com

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

Institutional FX trading
Foreign exchange liquidity
Swap execution facility
Spot FX trading
FX market data

Where Cboe FX Markets is headquartered

Location

Headquarters

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 offering

Core 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 profile

Segments3 records

Ideal customer profiles1 record

Cboe FX Markets technology and API

Technology

Technology 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 signal

Partnerships

Four partnerships are on record, tiered flagship, core and minor.

CNBCflagshipStrategic or Co-development Partner · 31 March 2026Multi-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 IndicescoreStrategic or Co-development Partner · 9 March 2026Partner 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 SchwabminorGTM or Marketing Partner · 9 March 2026Issued supportive statement for prediction markets framework, highlighting potential to bring new investors into the SPX options ecosystem.
Bank of Montreal (BMO)minorChannel Partner/ Reseller/ Distributor · 23 October 2025BMO 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 assessment

Emerging 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 financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Cboe FX Markets leadership team

Management profile

Number of profiles

Profiles1 record

Cboe FX Markets funding detail

Funding detail

Funding 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 investment

M&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?

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.