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Cboe Global Markets, Inc. is a leading derivatives and securities exchange network that provides trading, clearing, and investment solutions across multiple asset classes, including equities, derivatives, FX, and digital assets, in North America, Europe, and Asia Pacific . The company operates six reportable business segments, each contributing to its revenue through transaction and clearing fees, data and access solutions, and derivatives markets . Cboe's offerings include trading in options, equities, futures, FX, and digital asset derivatives .
- Options - Facilitates trading in index options, equity options, and ETPs, with Cboe Options being the primary market .
- North American Equities - Involves U.S. and Canadian equities and ETP transaction services .
- Europe and Asia Pacific - Covers pan-European equities and derivatives, as well as trading venues in Australia and Japan .
- Futures - Includes trading of VIX futures and other products .
- Global FX - Offers institutional FX trading services .
- Digital - Focuses on digital asset derivatives, having previously included a spot digital asset trading market .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Fredric J. Tomczyk ExecutiveBoard | Chief Executive Officer (CEO) | Board Member at Willis Towers Watson PLC; Member of Cornell University Athletic Alumni Advisory Council. | Former CEO of TD Ameritrade (2008–2016); joined Cboe as CEO in September 2023 after serving as an independent director since 2019. | View Report → |
Adam Inzirillo Executive | Executive Vice President, Global Head of Data and Access Solutions | Board Member at Cboe Canada Inc.. | Joined Cboe in September 2019; promoted to lead Data and Access Solutions in October 2023. | |
Allen Wilkinson Executive | Senior Vice President, Chief Accounting Officer (CAO) | None. | Joined Cboe in 2018; promoted to CAO in February 2024 after serving as Vice President, Controller. | |
Catherine R. Clay Executive | Executive Vice President, Global Head of Derivatives | None. | Joined Cboe in 2015 via Livevol acquisition; promoted to Global Head of Derivatives in October 2023 after leading Data and Access Solutions. | |
Christopher A. Isaacson Executive | Executive Vice President, Chief Operating Officer (COO) | Chairman of the Board of Cboe Digital; Board Member at Cboe Japan and Cboe Australia. | Joined Cboe via Bats Global Markets acquisition; promoted to COO in January 2019 after serving as Chief Information Officer. | |
David Howson Executive | Executive Vice President, Global President | Chairman of the Boards of Cboe Exchanges, CFE, Cboe SEF, and Cboe Canada Inc.. | Joined Cboe in 2013 as COO of Cboe Europe; promoted to Global President in May 2022. | |
Jill M. Griebenow Executive | Executive Vice President, Chief Financial Officer (CFO) | None. | Joined Cboe in 2011 via Bats Global Markets acquisition; promoted to CFO in July 2023 after serving as Chief Accounting Officer. | |
Stephanie Foley Executive | Executive Vice President, Chief Human Resources Officer | None. | Joined Cboe in June 2022; promoted to EVP in October 2023 after serving as Senior Vice President, Chief Human Resources Officer. | |
Alexander J. Matturri Jr. Board | Independent Director | None. | Joined Cboe Board in December 2020; former CEO of S&P Dow Jones Indices LLC. | |
Edward J. Fitzpatrick Board | Independent Director | Senior Vice President and Senior Client Advisor at Genpact Limited. | Joined Cboe Board in 2013; former CFO of Motorola Solutions and Genpact Limited. | |
Ivan K. Fong Board | Independent Director | Executive Vice President, General Counsel, and Secretary of Medtronic plc. | Joined Cboe Board in December 2020; former General Counsel of 3M and U.S. Department of Homeland Security. | |
James E. Parisi Board | Independent Director | Board Member at ATI Physical Therapy, Inc.. | Joined Cboe Board in 2018; former CFO of CME Group Inc.. | |
Janet P. Froetscher Board | Independent Director | Chair and Senior Advisor of The J.B. and M.K. Pritzker Family Foundation; Board Member at Independent Bank Group. | Joined Cboe Board in 2010; former President and CEO of Special Olympics International and National Safety Council. | |
Jennifer J. McPeek Board | Independent Director | Board Member at First American Funds, Inc.. | Joined Cboe Board in August 2020; former CFO of Russell Investments and Janus Henderson Investors. | |
Jill R. Goodman Board | Independent Director | Board Member at Cover Genius and Genworth Financial, Inc.. | Joined Cboe Board in 2012; Managing Director at Foros; former Managing Director at Rothschild and Lazard. | |
Roderick A. Palmore Board | Independent Director | Senior Counsel at Dentons; Board Member at The Goodyear Tire & Rubber Company. | Joined Cboe Board in 2010; former General Counsel of Sara Lee Corporation and U.S. Department of Justice. | |
William M. Farrow III Board | Non-Executive Chairman of the Board | Board Member at WEC Energy Group, CoBank, and Endeavor Health; Owner of Winston and Wolfe LLC. | Joined Cboe Board in 2016; appointed Chairman in September 2023 after serving as Lead Director. |
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Given the relatively low average daily volume of around 850 contracts per day in your European index options, what is your conviction level that this long-term investment will pay off, and what milestones are you targeting to validate this strategy?
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Despite returning $150 million in capital during the quarter, your cash balance has increased to about $600 million and net leverage continues to decrease. Is this buildup of cash driven by potential M&A opportunities, and how does this align with your shift away from M&A towards organic growth and returning capital to shareholders?
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With the significant growth of Cboe Global Cloud outside the U.S., can you elaborate on how meaningful its financial contribution is currently, and what initiatives are you undertaking to expand it further as part of your global expansion plans?
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As you focus on facilitating global investors' access to U.S. markets, how significant is the import business opportunity, and what challenges do you anticipate in capturing market share internationally, especially given the competitive landscape?
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You have stated that you are reallocating resources and changing your capital allocation strategy away from M&A towards organic growth initiatives and returning capital to shareholders. Can you provide more details on how this strategic shift will impact your expense growth, margins, and earnings growth in the near term?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Cboe Asia Pacific | 2024 | The acquisition featured a structured contingent consideration mechanism with payments of $3.0M and $10.0M in early quarters, adjustments including a $5.7M payment upon milestone achievement, and final liability adjustments resulting in a net gain and zero balance by September 2024, impacting earnings with a $3.0M loss in Q2 and a $2.0M loss over nine months. |
NEO (Cboe Canada) | 2022 | Completed on June 1, 2022, the deal was valued at approximately $146.9M and aimed to bolster Cboe's presence in Canada by adding a fully registered Canadian securities exchange with capabilities like corporate listings, cash equities trading, and a non-listed securities distribution platform; key intangible assets acquired include trading licenses, customer relationships, technology, and trademarks. |
ErisX (Cboe Digital) | 2022 | Finalized on May 2, 2022, the acquisition of ErisX (later rebranded as Cboe Digital) enabled Cboe to enter the U.S.-based digital asset spot and derivatives markets, with a purchase price allocation that included $460.1M in goodwill, $95.0M in intangible assets, and $9.2M in working capital; however, unfavorable digital market conditions led to a substantial goodwill impairment of $460.1M in Q2 2022, underscoring regulatory and market risks. |
Recent developments and announcements about CBOE.
Earnings
New Earnings (Q4 2024)
·Feb 7, 2025, 4:03 PMView full earnings summary →Cboe Q4 shows surging options volumes, boosted by the robust Robinhood rollout (only 4% of 25M accounts trading). SPX volumes hit a near-record in January; VIX options soared 12% higher than 2024’s record. Despite CEO transition, retail demand points to strong upside.
Press Releases
Press Release
·Feb 12, 2025, 1:49 AMView full press release →Cboe Global Markets will launch S&P 500® Equal Weight Index options on April 14, 2025. Options are cash-settled based on 1/10th the index value, with each constituent assigned a fixed 0.2% weight for diversified exposure.