Overview
Cboe Global Markets, Inc. operates a global network of securities and derivatives exchanges. It provides trading, clearing, market data and investment solutions across options, futures, equities, exchange-traded products and foreign exchange. Its operations span North America, Europe and Asia Pacific. Cboe states that its mission is to build a trusted, inclusive global marketplace that helps people pursue a sustainable financial future.[1][2][3][4][5][6]
Cboe’s businesses include options, North American equities, futures, global foreign exchange, and markets in Europe and Asia Pacific. In 2025, it reported $2.43 billion in revenue less cost of revenues and employed 1,661 people at year-end.[7][8][9] [1][2][3][4][5][6][7][9][8]
Products & services
Cboe’s derivatives products include options on the S&P 500 Index (SPX), the Russell 2000 Index (RUT), individual stocks and exchange-traded products. Its SPX lineup includes short-dated, weekly, long-dated, smaller-sized and FLEX options, which permit customized contract terms. Cboe also offers options and futures tied to its VIX volatility index, which is calculated from SPX option prices; its Cboe Futures Exchange lists VIX futures and other futures products. Options accounted for approximately 63% of Cboe’s 2025 net revenue, measured as revenue less cost of revenue.[10][11][12][13][14] [10][11][12][13][14][14][4][15][16][7][17][18][19][20][3]
Geographic presence
Cboe Global Markets is headquartered in Chicago and operates securities markets in the United States, Canada, Europe and Australia. Its European operations include exchanges in the United Kingdom and the Netherlands and a clearinghouse in the Netherlands.[21][22][23]
For 2025, Cboe reported $2,119.3 million in revenues less cost of revenues attributed to the United States and $309.8 million attributed to non-U.S. jurisdictions—approximately 87% and 13% of the $2,429.1 million total, respectively. The geographic disclosure groups all non-U.S. jurisdictions together rather than breaking them out by country.[24][25] Beyond Chicago, Cboe lists offices in Amsterdam, Belfast, Hong Kong, Kansas City, London, Manila, New York, San Francisco, Singapore, Sydney, Tokyo and Toronto, among other locations.[21] [21][22][23][24][25][25][25]
Business segments
Cboe Global Markets reports five business segments. In 2025, Options accounted for approximately 63% of revenue less cost of revenues, Cboe’s segment net-revenue measure. It covers index, single-stock and exchange-traded product options, along with related market data, licensing and access services. North American Equities contributed approximately 17% and covers U.S. and Canadian equities trading, block trading, listings and related services.[26][27][14]
Europe and Asia Pacific contributed approximately 11% of segment net revenue, spanning European equities and derivatives trading, listings and clearing, and Australian equities services. Futures contributed approximately 5%, principally from VIX and other futures and related services. Global FX contributed approximately 4% and focuses on institutional foreign-exchange execution, including non-deliverable forwards, as well as related services.[15][13][28][14]
Digital was previously reported separately. Beginning in 2025, its operating results are included in Futures rather than presented as a sixth segment.[29] [26][27][15][13][28][29][14][14][14][14][14][14]
Company history
Cboe traces its origins to the Chicago Board Options Exchange, which opened on April 26, 1973, as a marketplace for standardized, listed equity options. It expanded into broad-based index options in 1983, including options on the S&P 500 Index, and introduced the VIX Index in 1993. In 2004, it opened Cboe Futures Exchange and launched VIX futures.[30][31][32][33]
The exchange demutualized in 2010, when its parent, CBOE Holdings, completed an initial public offering. In 2017, CBOE Holdings acquired Bats Global Markets, extending its business beyond its original options focus, and later that year adopted the name Cboe Global Markets. Further geographic expansion included the acquisition of European clearing house EuroCCP in 2020 and the acquisition of Chi-X Asia Pacific, which brought exchange operations in Australia and Japan, in 2021.[34][35][36][37][38] [30][34][31][32][33][35][36][37][38]
Sources
- Cboe Global Markets, Inc. — Full financial report (2025 Y)
- ir.cboe.com[8]
- Cboe Global Markets, Inc. — Full financial report (2024 Y)[11]
- Cboe Global Markets, Inc. — Full financial report (2012 Y)[30]
- www.cboe.com[31]
- www.cboe.com[32]
- ir.cboe.com[33]
- Cboe Global Markets, Inc. — Full financial report (2011 Y)[34]
- ir.cboe.com[35]
- s202.q4cdn.com[36]
- ir.cboe.com[37]
- ir.cboe.com[38]
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