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 .
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| 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?
Research analysts who have asked questions during Cboe Global Markets earnings calls.
Alex Kramm
UBS Group AG
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Daniel Fannon
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Kwun Sum Lau
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4 questions for CBOE
Ashish Sabadra
RBC Capital Markets
3 questions for CBOE
Benjamin Budish
Barclays PLC
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Craig Siegenthaler
Bank of America
3 questions for CBOE
Kyle Voigt
Keefe, Bruyette & Woods
3 questions for CBOE
Alex Blostein
Goldman Sachs
2 questions for CBOE
Brian Bedell
Deutsche Bank
2 questions for CBOE
Christopher Allen
Citigroup
2 questions for CBOE
Kenneth Worthington
JPMorgan Chase & Co.
2 questions for CBOE
Michael Cyprys
Morgan Stanley
2 questions for CBOE
Alexander Blostein
Goldman Sachs
1 question for CBOE
Anthony Carbon
Goldman Sachs Group Inc.
1 question for CBOE
Ben Budish
Barclays PLC
1 question for CBOE
Elias Abboud
Bank of America
1 question for CBOE
Jeffrey Schmitt
William Blair
1 question for CBOE
Ken Worthington
JPMorgan Chase & Co.
1 question for CBOE
Stephanie Ma
Morgan Stanley
1 question for CBOE
William Katz
TD Cowen
1 question for CBOE
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 press releases and 8-K filings for CBOE.
- Cboe delivered $605.5 million in Q3 2025 net revenue, up 14% year-over-year.
- Adjusted operating EBITDA was $409.0 million (+21% y/y) with a 67.5% margin, and adjusted diluted EPS reached $2.67 (+20% y/y).
- By segment, Derivatives markets net revenue grew 15% (Options up 19%), Data Vantage rose 12%, Cash & Spot increased 14%, and Global FX was up 13%.
- Futures net revenue declined 22%, driven by a 27% drop in average daily volume.
- Record net revenue of $605.5 million (+14 percent) and diluted EPS of $2.85 (+38 percent) in Q3 2025.
- Derivatives net revenue up 15 percent, Cash and Spot Markets net revenue +14 percent, and Data Vantage net revenue +12 percent year-over-year.
- Updated 2025 guidance: organic total net revenue growth now low double-digit to mid-teens, Data Vantage growth high single-digit to low double-digit, and adjusted operating expenses lowered to $827–$842 million.
- Announced strategic portfolio realignment, including a sales process for Cboe Australia and Canada, discontinuation of U.S. & European corporate listings, and cost reductions in ETP listings and analytics businesses.
- Achieved record net revenue of $605.5 million (up 14%), diluted EPS of $2.85 (up 38%) and adjusted diluted EPS of $2.67 (up 20%) in Q3 2025.
- Initiated a strategic realignment by commencing a sale process for Cboe Australia and Canada, exiting U.S. and European corporate listings, and reducing costs in U.S./European ETP Listings, Europe Derivatives, and select Risk & Market Analytics businesses.
- Raised full-year 2025 organic total net revenue growth guidance to “low double-digit to mid-teens” and Data Vantage growth to “high single-digit to low-double digit,” while lowering adjusted operating expense guidance to $827 million–$842 million.
- Cboe reported Q3 revenue of $605.5 million (up 13.8% YoY) and adjusted EPS of $2.67, with net income of $299.3 million (or $2.85/share).
- The company raised its FY25 organic net revenue growth target to a low double-digit to mid-teens range and lowered adjusted operating expense guidance to $827–842 million (from $832–847 million).
- Shares are up 21.2% year-to-date, outperforming the S&P 500’s 16% gain.
- Cboe maintains a robust financial position with ROE of 20.82%, current ratio of 1.57, and debt-to-equity ratio of 0.34.
- JJ Kinahan has been appointed Senior Vice President, Head of Retail Expansion and Alternative Investment Products, establishing a new business vertical focused on retail customers.
- The role will oversee product strategy, regulatory alignment, and go-to-market execution for innovative offerings such as event-based trading, prediction markets, crypto derivatives, and tokenized instruments.
- Cboe leadership highlights this strategic hire as part of ongoing momentum, with Rob Hocking citing growth opportunities in rapidly transforming markets and CEO Craig Donohue noting the addition reinforces the firm’s foundation for expansion.
- Kinahan joins from IG US Holdings, where he served as CEO of the parent company and President of tastytrade, and previously held senior roles at TD Ameritrade and Charles Schwab.
- Cboe filed a proposal with the SEC to introduce a morning session (7:30 a.m.–9:25 a.m.) and a post-market session (4:00 p.m.–4:15 p.m.) for US equity options trading.
- Extended hours will initially cover select high-volume, large-cap options to ensure adequate liquidity.
- Equity option volume grew 68% to 1.29 billion contracts in September, up from 763 million two years prior.
- The initiative aligns with the broader 24×5 trading trend and positions Cboe competitively alongside Nasdaq, Robinhood, and Charles Schwab.
- ASIC has approved Cboe Global Markets to operate as a listing market in Australia, enabling it to offer IPOs and directly compete with the ASX for company listings.
- Cboe Australia now accounts for 20% of Australia’s equity market turnover, and its new listing powers are expected to pressure the ASX to reduce fees and boost competitiveness.
- ASX shares fell as much as 1.7% to their lowest level since mid-June 2024 following the announcement, reflecting investor concerns over heightened competition.
- The approval builds on Cboe’s acquisition of Chi-X Australia four years ago and its 2023 expansion into corporate listings, bringing the total number of licensed Australian listing venues to four (ASX, Cboe Australia, NSX and Sydney Stock Exchange).
- Cboe’s four options exchanges set a record 20.5 million ADV in September and 18.8 million ADV in Q3 2025.
- Proprietary index options hit a new Q3 ADV record of 4.9 million, including SPX options ADV at 3.9 million, with the first-ever monthly SPX ADV exceeding 4.0 million contracts at 4.3 million in September.
- Multi-listed options ADV rose 46.0% to 15.273 million contracts year-over-year, while index options ADV climbed 27.1% to 5.250 million contracts in September.
- U.S. equities volumes surged, with on-exchange ADV up 38.0% to 1.703 billion shares and off-exchange ADV up 183.6% to 240 million shares.
- Cboe provided preliminary guidance on third-quarter 2025 average revenue-per-contract and net capture metrics across its key product lines.
- Verra approved CORSIA-compliant VM0050 methodology for the Rwanda Cookstoves project, enabling reissuance of both existing and future credits under this standard.
- The company expects a revised inventory of 1.0–1.2 million CORSIA-aligned carbon credits upon requantification.
- These credits will satisfy CORSIA requirements and be eligible for delivery into CORSIA and Article 6 compliance markets once Corresponding Adjustment insurance is finalized.
- Independent forecasts project Phase One (2024–2026) CORSIA credit prices of US$26.00–63.00 per tonne, underscoring strong compliance-driven demand.
- Cboe Europe Derivatives will introduce FLEX options in Europe in Q1 2026, enabling institutional investors to customise strike price, expiration date, settlement type and exercise style in a regulated exchange environment.
- FLEX options combine OTC flexibility with exchange-traded transparency; US open interest rose from 2 million in 2019 to 35 million in 2025, and defined-outcome ETF AuM climbed from $5 billion to over $70 billion in the same period.
- At launch, FLEX options will cover Cboe Europe equity indices, single equities and ETFs, all cleared by Cboe Clear Europe to reduce counterparty risk and boost operational efficiency.
- The initiative is backed by ETF issuers First Trust Global Portfolios and Vest Financial, underscoring growing European demand for bespoke risk-managed investment tools.