Cboe Global Markets, Inc.

Cboe Global Markets operates a network of exchanges, clearinghouses, and market-data businesses spanning options, equities, futures, and foreign exchange. Its core franchise is built around proprietary products such as SPX and VIX options and futures, alongside cash-equity trading venues in the U.S., Europe, Canada, Australia, and Japan. The company also monetizes market access, connectivity, indices, and data through Cboe Data Vantage, which extends the economics of its trading venues beyond pure transaction fees. In practice, Cboe is a market-infrastructure business that earns revenue from trading activity, clearing, listings, and the distribution of data tied to those markets.

33,7 %

51,5 %

23,3 %

+15,1 %

1.87

— Cboe Global Markets, Inc.
	%
Derivatives markets	45% Transaction, clearing, and related data fees from options and futures markets, including flagship index and volatility products.
Cash and spot markets	30% Equities and FX trading, clearing, and related regulatory and market-data fees across North America, Europe, and Asia Pacific.
Cboe Data Vantage	20% Market data, access and capacity, proprietary indices, licensing, and analytics products sold to market participants and vendors.
Clearing and settlement services	5% Clearinghouse services for equities, derivatives, and selected third-party venues, including collateral and margin-related activity.

Cboe sells primarily to financial institutions and professional market participants rather than retail end users...

Broker-dealers and exchange membersprimary
They buy trading rights, access, and execution services on Cboe's options, equities, and FX venues because they intermediate client flow and need liquidity access.
Institutional investors and asset managersprimary
They use listed options, futures, FX, and market data to hedge portfolios, express views, and source liquidity efficiently.
Market makers and proprietary trading firmsprimary
They rely on Cboe's venues for high-volume execution, quoting, and low-latency connectivity where spread capture and market access matter.
Banks and futures commission merchantssecondary
They clear and route derivatives and FX activity for themselves and their clients, often using Cboe's clearing and market infrastructure.
ETP issuers and index userssecondary
They use Cboe's listings, index licensing, and data products to launch and support exchange-traded products.
Corporates and hedgersemerging
They use FX and derivatives products to manage currency, rate, and market risk tied to operating or investment exposures.

Cboe is headquartered in Chicago and operates across North America, Europe, and Asia Pacific, with offices in the U.S...

•Headquartered in Chicago with major operating offices across several regions
•U.S. franchise is centered on options, equities, ATS, and clearing
•Europe contributes equities, derivatives, clearing, listings, and data
•Asia Pacific includes Australia and Japan trading venues and data services
•Canada adds a recognized securities exchange and related market services
•Global operations increase exposure to local regulation and FX swings
•Data products are distributed internationally through vendors and cloud channels

Cboe's strategy is to concentrate capital and management attention on its core franchises: index options, multi-listed...

Concentrate on core trading franchisesmedium-term

The company believes its best growth and earnings opportunities come from venues where it already has scale, liquidity, and product differentiation.

Grow Cboe Data Vantagemedium-term

Data, access, and analytics can monetize the same market activity with more recurring economics than pure transaction fees.

Rationalize the portfolioshort-term

Portfolio simplification can improve return on invested capital and reduce distraction from non-core businesses.

Cboe's earnings are exposed to trading volumes, product mix, and market volatility, so weaker activity or a shift away...

high

Declining trading or clearing volumes

A large share of revenue depends on transaction activity, so lower market participation directly reduces fees.

Scope: Options, equities, futures, and FX venues
Materiality: high

high

Clearing member or counterparty default

Cboe Clear Europe and Cboe Clear U.S. are exposed to margin, collateral, and default-management risk.

Scope: Clearinghouses and collateral investment activities
Materiality: high

high

Regulatory and market-structure changes

Exchange and tape-plan economics depend on rules that can change fee pools, access rights, and product eligibility.

Scope: U.S. tape plans, exchange rules, clearing oversight
Materiality: high

high

Cybersecurity and systems disruption

Trading venues and market-data platforms require continuous uptime and secure connectivity.

Scope: Exchange matching engines, market data, connectivity services
Materiality: high

medium

Foreign exchange and geopolitical exposure

International operations create translation and operating risk across Europe and Asia Pacific.

Scope: UK, Europe, Canada, Australia, Japan, Hong Kong, Singapore
Materiality: medium

Goodwill and indefinite-lived intangible asset impairment

Can cause large non-cash charges if expected cash flows weaken

Revenue recognition across multiple fee types

Affects timing and comparability of reported revenue

U.S. tape plan revenue allocation

Can create volatility and complexity in market-data revenue

Fair value assumptions in acquisition accounting

Influences purchase accounting, amortization, and impairment risk

Cboe Global Markets, Inc.

Declining trading or clearing volumes

Clearing member or counterparty default

Regulatory and market-structure changes

Cybersecurity and systems disruption

Foreign exchange and geopolitical exposure

CME GROUP INC.

Intercontinental Exchange, Inc.

CBRE GROUP, INC.

Coinbase Global, Inc.

Jefferies Financial Group Inc.

NASDAQ, INC.