Cboe Australia

What Cboe Australia does

Cboe Australia Pty Ltd is an ASIC-regulated securities exchange headquartered in Sydney that provides equities, ETF, warrant, and fund trading services to institutional market participants and listed issuers in Australia. The exchange, originally launched as Chi-X Australia in October 2011, was acquired by Cboe Global Markets in June 2021, rebranded, and subsequently migrated to the proprietary Cboe Technology platform, which delivers high-performance, low-cost trading infrastructure. The platform supports trading of ASX-listed securities alongside Cboe-exclusive products such as warrants and quoted funds, and is accessed by 50+ broker-dealers and institutional market participants through the Cboe Connect interface.

Cboe Australia generates revenue through three primary streams: transaction fees on equity, ETF, and warrant trades executed on the exchange; listing fees from companies and fund managers that list securities and ETFs; and proprietary market data and index services. Pricing is negotiated with market participants rather than publicly disclosed. The exchange holds 20.03% average daily Australian equities market share and 57.48% Australian ETF market share (Q2 2025), with a daily trading record of $5.9 billion as of December 31, 2024.

In October 2025, parent Cboe Global Markets initiated a strategic review and sale process for Cboe Australia. On April 22, 2026, Cboe Global Markets agreed to sell Cboe Australia and Cboe Canada to TMX Group, operator of the Toronto Stock Exchange, for USD 300 million, subject to regulatory approvals in Australia and Canada. Combined, the two businesses generated approximately $87 million in revenue and $25 million in adjusted EBITDA in 2025. The deal is expected to be accretive to TMX's adjusted earnings per share within 12 months of closing. The company is led by CEO Vic Jokovic.

Name

Cboe Australia

Legal name

Cboe Australia Pty Ltd

Website

https://www.cboe.com.au

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Cboe Australia is an ASIC-regulated securities exchange in Sydney that provides equities, ETF, warrant, and fund trading infrastructure to 50+ institutional market participants and listed issuers, currently subject to a USD 300 million acquisition by TMX Group announced April 2026.

Ownership category

akta.pro rank

Product category

Securities Exchange / Equities Trading Venue

NAICS

Securities and Commodity Exchanges (523210)

SIC

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

akta.pro industry

PRIMARYFSADAAAC

Institutional Spot Exchanges & Broker-Dealers

Financial & Insurance/Crypto & Digital Assets/Centralized Crypto Exchanges (CEX) & Brokerages

Keywords

• Securities exchange operations
• Equities trading platform
• ETF listings
• Market data services
• Warrant trading

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Infrastructure, Others

Revenue model

1. Exchange Trading & Transaction Fees: Cboe Australia generates revenue through transaction fees charged on equity trades executed on its exchange, including ETF trading and warrant transactions. Combined with Cboe Canada, the businesses generated approximately $87 million in revenue in 2025.
2. Listing Fees: Revenue from companies and fund managers listing securities, ETFs, and warrants on the Cboe Australia exchange.
3. Market Data Services: Revenue from proprietary market data products and services distributed to market participants and data subscribers.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Cboe Australia operates a securities and derivatives exchange providing high-performance, low-cost trading of Australian equities, ETFs, warrants, and Cboe-exclusive funds, alongside corporate and ETF listing services and proprietary market data. The exchange enables 50+ market participants and thousands of investors to trade ASX-listed securities and Cboe-exclusive products through the Cboe Connect platform powered by Cboe Technology infrastructure.

Product overview

Cboe Australia is a securities and derivatives exchange operator offering a multi-product trading platform. The core offerings include Equities Trading (including ETFs), Listings for companies and funds, Warrants, and Market Data & Indices. These products are delivered through Cboe Connect, Cboe Australia's trading platform, and support trading of ASX-listed securities alongside Cboe-exclusive products like warrants and funds. The exchange provides market participants with over 50 connectivity options and aims to deliver improved investor outcomes through a high-performance, low-cost infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Equities Trading Core trading service providing high-performance, low-cost execution of Australian equities and ETFs on Cboe Australia, with connectivity to ASX-listed securities and Cboe-exclusive products. Designed for broker-dealers, institutional investors, and (indirectly via brokers) retail investors.
• Warrants Warrant products exclusively quoted and traded on Cboe Australia, providing flexible access to higher growth investment opportunities. Aimed at investors seeking leveraged or structured exposure via listed warrants.
• Cboe Funds Exchange Traded Funds (ETFs) and other funds quoted and traded exclusively on Cboe Australia, giving investors access to fund products on a venue that holds 57.48% of Australian ETF market share. Aimed at issuers, institutional and retail investors.
• Listings Primary and secondary listing services enabling companies to list equity securities and fund managers to list ETFs, warrants, and structured products on Cboe Australia's market, providing access to capital markets. Aimed at corporate issuers and fund managers.
• Market Data & Indices Proprietary market data (real-time and delayed quotes) and Cboe Australia indices derived from on-exchange trading activity, distributed to market participants, data vendors, and subscribers.
• Cboe Connect Trading platform that enables market participants to connect to and trade across Cboe Australia's range of equities, ETF, warrant, and fund products. Designed for broker-dealers and institutional participants.

Quantifiable outcome

• 57.48% Australian ETF market share (on-market and off-market trade reporting)
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• TMX GroupcoreStrategic or Co-development Partner · 22 April 2026TMX Group, operator of the Toronto Stock Exchange, has agreed to acquire Cboe Australia and Cboe Canada from Cboe Global Markets for USD300 million in a dual transaction. The combined acquired businesses generated approximately CAD87 million in revenue and $25 million in adjusted EBITDA in 2025. The acquisitions remain subject to regulatory approvals in both Australia and Canada and are expected to be accretive to adjusted earnings per share within 12 months of closing.

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• ASX Limited: ASX is the incumbent Australian securities exchange operator with ~80% domestic equities market share, primary listings monopoly, and integrated clearing/settlement. It is the direct competitor Cboe Australia is built to challenge in Australian equities, ETFs, and listings.

Broad incumbents

• TMX Group: TMX operates the Toronto Stock Exchange and other Canadian marketplaces and is the announced acquirer of Cboe Australia. It is a peer as a multi-asset exchange operator with comparable listings, equities trading, and market-data franchises across a similar mid-sized national market.
• Cboe Global Markets: Cboe Global Markets is the parent of Cboe Australia and operates U.S. options, equities, futures, and European/Canadian exchanges on the same proprietary technology platform. Highly comparable as a multi-asset exchange operator and the source of Cboe Australia's technology and brand.
• Nasdaq, Inc. Nasdaq operates U.S. and Nordic equities exchanges, listings, and market-data services, and competes with Cboe in U.S. cash equities. Comparable as a global multi-asset exchange operator with parallel listings, trading, and proprietary data franchises.
• Intercontinental Exchange (ICE): ICE operates the New York Stock Exchange plus global futures, equities, and fixed-income marketplaces. It is a broad incumbent peer in the exchange-operator category with overlapping equities, listings, and market-data businesses at global scale.
• London Stock Exchange Group (LSEG): LSEG operates the London Stock Exchange plus global post-trade and data franchises. Comparable as a large, diversified exchange and market-infrastructure operator with similar revenue mix across trading, listings, and data.
• Deutsche Börse AG: Deutsche Börse operates the Frankfurt Stock Exchange, Eurex derivatives, and Clearstream post-trade. Comparable as a European-headquartered multi-asset exchange operator combining cash equities, derivatives, and market-data/services revenue.

Regional players

• Singapore Exchange (SGX): SGX operates Asia-Pacific equities, derivatives, and fixed-income marketplaces from a similar mid-sized national-market base. Comparable as an APAC regional exchange operator with parallel listings, trading, and market-data offerings, but serves a different geography.
• Hong Kong Exchanges and Clearing (HKEX): HKEX operates the Hong Kong cash equities, derivatives, and clearing markets with a strong listings franchise. Comparable as an APAC exchange operator competing for international listings and trading flow, but primarily serves the Greater China market.
• Japan Exchange Group (JPX): JPX operates the Tokyo Stock Exchange and Osaka Exchange, covering cash equities, derivatives, and ETFs. Comparable as an APAC incumbent exchange operator with a strong ETF franchise and listings business, but in a different national jurisdiction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CboeAustralia
• YouTubeyoutube.com/user/cboetv
• Facebookfacebook.com/pages/cboe-chicago-board-options-exchange/177809058917950?ref=ts
• LinkedInlinkedin.com/company/cboe-australia
• Instagraminstagram.com/cboeglobalmarkets

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Cboe Australia