Chicago Board Options Exchange

What Chicago Board Options Exchange does

Chicago Board Options Exchange, operating today as Cboe Global Markets, is a publicly traded (NASDAQ: CBOE) global market operator founded in 1973 as the first U.S. exchange to list standardized equity options. It has grown into the largest U.S. options exchange by trading volume, operating across equities, options, futures, foreign exchange, and digital assets in the U.S., Canada, Europe, Australia, Singapore, and Switzerland. The company pioneered the VIX Volatility Index in 1993 and continues to monetize it via VIX options, VIX futures, Mini VIX futures, and options on VIX futures, alongside SPX/Russell 2000/Magnificent 10 index options, NANOS and XSP retail-sized index options, FLEX options, 0DTE options, iBoxx credit futures, and prediction-market products including cash-settled binary options on the Mini S&P 500 Index.

Cboe's product architecture rests on proprietary electronic matching engines, the proprietary VIX index-calculation methodology, and a suite of 30+ wholly-owned subsidiaries spanning exchange venues, clearing (Cboe Clear), analytics (LiveVol, Silexx, FT Options, Trade Alert, Cboe Options Analytics), market data (Cboe Data Vantage, Cboe DataShop), indices (Cboe Global Indices), block trading (BIDS Trading), digital-asset infrastructure (Cboe Digital Exchange), and education (The Options Institute). Recent product launches include Bitcoin/Ether continuous futures (Dec 2025), FTSE Bitcoin Index Futures (Apr 2025), weekly options listings for issuers such as DeFi Development Corp., and a planned Bitcoin volatility index (BITVX).

The business model is predominantly transaction-fee based — per-contract fees on options and futures trades executed by Trading Permit Holders — supplemented by recurring market-data licensing, listing fees for ETFs and structured products, and ancillary revenue from analytics and clearing services. Distribution combines direct enterprise sales to institutional investors, hedge funds, and proprietary trading firms (supported by the annual Risk Management Conference) with channel partnerships to retail brokerages (notably Charles Schwab). Revenue is also derived from a growing retail-facing product suite, with 0DTE SPX options averaging nearly 2 million contracts daily and approximately 50-60% retail participation, marking a structural shift toward retail-driven volume.

Name

Chicago Board Options Exchange

Legal name

Cboe Exchange, Inc.

Website

https://cboe.com

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Cboe Global Markets operates the Chicago Board Options Exchange, the largest U.S. options exchange by volume. It serves institutional, retail, and market-maker clients worldwide with volatility (VIX), equity index, crypto, credit, and prediction-market products, monetizing via transaction fees and market data.

Ownership category

akta.pro rank

Product category

Options and Derivatives Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (5232), Commodity Contracts Intermediation (523160), Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199)

akta.pro primary industry

Options Exchanges (Listed Options Markets) (FSAFABAK)

akta.pro secondary industries

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

Keywords

• Options exchange
• Volatility derivatives
• Equity index options
• Market data services
• Exchange traded products

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Transaction Fees: Cboe generates the majority of revenue through transaction fees charged to Trading Permit Holders for executing options and futures trades on its exchanges. Fees are typically per-contract and vary by product type and trading volume.
2. Market Data Services: Revenue from selling real-time and delayed market data including quotes, trades, and index values to market participants, data vendors, and financial information services.
3. Listing Fees: Fees charged to issuers for listing securities, ETFs, and other structured products on Cboe equity markets.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Cboe operates registered national securities exchanges for trading options, futures, and equities, with its flagship product being the VIX Volatility Index and its derivatives complex (options, futures, options-on-futures). The exchange also lists equity index options (S&P 500/SPX, Russell 2000, Magnificent 10), cryptocurrency derivatives (Bitcoin and Ether futures, Bitcoin ETF index options), credit derivatives, prediction market binary options, and ancillary data, analytics, and clearing services for institutional and retail market participants worldwide.

Product overview

Cboe Global Markets operates a diversified financial markets company offering a comprehensive platform of exchange-traded products and services. The core offering centers on volatility products (VIX options, futures, and related derivatives), equity index options (S&P 500/SPX, Russell 2000, and sector-specific indices), and cryptocurrency derivatives (Bitcoin ETF options, continuous futures, and Bitcoin volatility indices). The company also provides credit derivatives (iBoxx credit futures), prediction markets, and specialized trading tools. Beyond trading products, Cboe offers data and analytics platforms (Cboe Data Vantage, Cboe Options Analytics, LiveVol, Silexx, FT Options, Trade Alert), block trading services (BIDS Trading), clearing services, and investor education through The Options Institute. The architecture is platform-based, with exchange trading infrastructure supporting multiple product lines, connected data services, and institutional-grade analytics tools that serve retail, institutional, and proprietary trading clients across global markets.

Differentiator

Problem solved

Functional benefit

Brands

• Cboe VIX: The Cboe Volatility Index (VIX) - the world's premier barometer of equity market volatility, based on real-time S&P 500 option prices
• Cboe Global Indices
• The Options Institute
• Cboe Data Vantage
• BIDS Trading
• Cboe LiveVol
• Cboe Silexx
• FT Options
• Trade Alert
• Cboe Titanium
• Prediction Markets
• Continuous Futures
• Cboe BIDS Canada

Products and services

• VIX Options
• VIX Futures
• Mini VIX Futures
• Options on VIX Futures
• S&P 500 Index Options (SPX)
• XSP Options (Mini-SPX)
• Nanos S&P 500 Index Options
• 0DTE Options
• FLEX Options
• Prediction Markets / Binary Options on Mini S&P 500
• Bitcoin U.S. ETF Index Options
• Bitcoin and Ether Continuous Futures
• FTSE Bitcoin Index Futures (XBTF)
• BITVX Bitcoin Volatility Index
• Russell 2000 Index Options
• Magnificent 10 Options and Futures
• Cboe iBoxx Credit Futures
• Cboe S&P 500 Variance Futures
• Weekly Options on DFDV Stock
• Cboe Data Vantage
• Cboe DataShop
• Cboe Options Analytics
• Cboe LiveVol
• Cboe Silexx
• FT Options
• Trade Alert
• BIDS Trading
• Cboe Clear
• Cboe Global Indices
• The Options Institute

Quantifiable outcome

• Cboe is the largest U.S. options exchange by trading volume

Named customers2 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Charles SchwabcoreChannel Partner/ Reseller/ Distributor · 19 February 2025Charles Schwab partnered with Cboe to offer binary options on the Mini S&P 500 Index to retail investors through Schwab's trading platform. This partnership provides retail customers access to prediction market products with fixed-risk trading outcomes.
• Charles SchwabcoreChannel Partner/ Reseller/ DistributorCharles Schwab distributes Cboe-listed binary options products to its retail customer base, enabling individual investors to trade short-term predictions on Mini S&P 500 Index movements.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• CME Group: CME Group is the largest U.S. derivatives exchange operator, competing directly with Cboe in equity index futures, interest rate derivatives, and increasingly in equity options. It shares Cboe's exchange-operator business model with transaction-fee and market-data revenue.
• Nasdaq: Nasdaq operates the PHLX, ISE, GEMX, and BX Options exchanges, which directly compete with Cboe in U.S. equity and index options. Nasdaq also runs U.S. equities exchanges and a global listings franchise with overlapping market-data and corporate-services revenue.
• MIAX: MIAX operates multiple U.S. options and equities exchanges competing directly with Cboe for U.S. options volume. Focused, options-centric competitor with similar per-contract pricing model.

Broad incumbents

• Intercontinental Exchange (ICE): ICE operates global futures, options, and equities exchanges including NYSE, and competes with Cboe across derivatives, equities, and fixed income. It is a broad incumbent with a wider asset class footprint.
• Deutsche Börse: Deutsche Börse operates Eurex, one of Europe's largest derivatives exchanges, and competes with Cboe in European index and equity derivatives. It is a broad incumbent across trading, clearing, and market data.
• London Stock Exchange Group (LSEG): LSEG owns Borsa Italiana and a majority stake in FTSE Russell, overlapping with Cboe in European equities and index licensing. It is a broad incumbent with diversified data, analytics, and capital-markets businesses.

Regional players

• Hong Kong Exchanges and Clearing (HKEX): HKEX operates the dominant exchange and clearing franchise in Hong Kong, providing regional competition to Cboe's Asia Pacific presence. It is the primary derivatives and equities venue in Greater China where Cboe is restricted.
• Japan Exchange Group (JPX): JPX operates the Tokyo Stock Exchange and Osaka Exchange, competing regionally with Cboe in Asia Pacific equity and derivatives markets. Comparable listed-derivatives exchange operator model.
• Singapore Exchange (SGX): SGX is Asia's leading multi-asset exchange with derivatives and equities franchises, overlapping with Cboe's Singapore-licensed operations. Comparable exchange operator model in a different regional footprint.

Emerging players

• MarketAxess: MarketAxess operates electronic trading platforms for fixed income, including credit derivatives. Cboe's iBoxx credit futures overlap with MarketAxess's credit franchise as both companies expand into corporate credit derivatives markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/cboe
• YouTubeyoutube.com/user/cboetv
• Facebookfacebook.com/cboe
• LinkedInlinkedin.com/company/cboe
• Instagraminstagram.com/cboeglobalmarkets

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries31 records

Funding overview

Funding rounds

Investors

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

M&A3 records

Investments3 records

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

Frequently asked questions about Chicago Board Options Exchange