Company Overview

Cboe Global Markets, Inc. is a global exchange holding company that operates a diversified set of securities and derivatives exchanges and related market infrastructure. The company provides trading, clearing, and market data services across multiple asset classes, including options, equities, futures, foreign exchange, and digital assets. It operates within the global financial markets and exchange services industry, serving institutional investors, broker-dealers, proprietary trading firms, and retail market participants.

Cboe is best known for its leadership in listed options trading, particularly U.S. index options, where it created and maintains proprietary products such as the Cboe Volatility Index (VIX). Founded in 1973 as the Chicago Board Options Exchange, the company demutualized and became publicly traded in 2010, later rebranding as Cboe Global Markets to reflect its expanded multi-asset and international footprint. Over time, Cboe has evolved from a single-options exchange into a global market operator with vertically integrated trading and data capabilities.

Business Operations

Cboe generates revenue primarily through transaction fees, access and capacity fees, market data subscriptions, and index licensing. Its operations are organized around several core business segments, including Options, North American Equities, Europe and Asia Pacific Equities, Futures, Global FX, and Digital. The Options segment is the largest contributor, driven by proprietary index options such as VIX and SPX, which benefit from high liquidity and strong demand for risk management tools.

The company operates a portfolio of exchanges and platforms, including Cboe Options Exchange, Cboe BZX Exchange, Cboe EDGX Exchange, Cboe Europe, Cboe Futures Exchange, and Cboe FX. It controls proprietary trading technology through its Cboe Titanium platform and monetizes data via Cboe Data and Access Solutions. Cboe Clearing U.S. provides central clearing for futures products, enhancing vertical integration. Operations span both domestic and international markets, with regulatory oversight from U.S. and foreign financial authorities.

Strategic Position & Investments

Cboe’s strategy centers on expanding its proprietary product ecosystem, growing recurring revenue from data and index licensing, and scaling its global trading platforms. The company continues to invest in volatility-related products, weekly and mini options, and cash-settled index derivatives, which differentiate it from competitors and support pricing power. Technology modernization and platform harmonization across regions are also key strategic priorities.

Growth has been supported by acquisitions and targeted investments, including Bats Global Markets, which significantly expanded Cboe’s equities and ETF trading presence, and Chi-X Europe, which laid the foundation for Cboe Europe. The company has also invested in digital asset infrastructure through Cboe Digital, reflecting selective participation in emerging asset classes while maintaining a risk-managed approach. Where future initiatives are discussed in public filings, they are framed as strategic objectives rather than guaranteed outcomes.

Geographic Footprint

Cboe is headquartered in North America, with its principal executive offices in Chicago, Illinois. The company maintains a strong presence across the United States, where it operates multiple registered national securities exchanges and derivatives markets. The U.S. remains its largest revenue-generating region, particularly for options and futures trading.

Internationally, Cboe has a significant footprint in Europe, operating pan-European equities markets through Cboe Europe, and maintains operations in the Asia-Pacific region to support global trading hours, market data distribution, and technology services. Its global infrastructure enables cross-border access for market participants and supports multinational clients seeking exposure to multiple asset classes and regions.

Leadership & Governance

Cboe is led by an executive team with deep experience in exchange operations, market structure, and financial technology. The leadership emphasizes disciplined capital allocation, innovation in proprietary products, and a focus on resilient market infrastructure. Governance practices align with U.S. public company standards, with oversight by an independent board of directors.

Key executives include:

• Craig S. Donohue – Chief Executive Officer
• John Deters – President
• Dave Howson – Chief Operating Officer
• Sunil Cutinho – President, North American Equities
• Chris Concannon – President, Global Derivatives
• Jill Griebenow – Executive Vice President and Chief Financial Officer
• Catherine Clay – Global Head of Derivatives