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    Cboe Global Markets Inc (CBOE)

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    Business Description

    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 .

    1. Options - Facilitates trading in index options, equity options, and ETPs, with Cboe Options being the primary market .
    2. North American Equities - Involves U.S. and Canadian equities and ETP transaction services .
    3. Europe and Asia Pacific - Covers pan-European equities and derivatives, as well as trading venues in Australia and Japan .
    4. Futures - Includes trading of VIX futures and other products .
    5. Global FX - Offers institutional FX trading services .
    6. Digital - Focuses on digital asset derivatives, having previously included a spot digital asset trading market .

    Key Metrics

    View all financials →
    Revenue by Segment - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Options507.71,939.5477.4482.3510.3-222.82,002.6584.6
    North American Equities335.51,353.0349.6353.3403.6-727.11,546.8460.1
    Europe and Asia Pacific73.8281.280.781.681.1-23.2324.293.1
    Futures33.5129.031.435.939.913.6141.135.3
    Global FX19.274.918.820.520.71679.921.9
    Digital-1-4.1-0.70.40.1-1.8(0.1)-
    Cash and Spot Markets-1,445.1380.9386.4434.1468.61,670.0500.9
    Data and Access Solutions-539.2140.2142.1145.6148.7576.6152.5
    Derivatives Markets-1,789.2436.1445.5476.0490.31,847.9541.6
    Corporate--------
    - Transaction Fees------2,904.6832.6
    - Access Fees------369.897.8
    - Exchange Services and Other Fees--------
    - Market Data Fees------294.877.8
    - Regulatory Fees------426.3161.8
    - Other Revenue------99.025.0
    Total Revenue968.73,773.5957.2974.01,055.71,107.64,094.51,195.0
    Revenue by Geography - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    United States435.31,681.8436.5-468.2-1,817.6-
    Non-U.S.63.7236.265.6-63.8-254.8-
    North American Options--477.4482.3---584.6
    North American Equities---353.3---460.1
    Europe and Asia Pacific--80.781.6---93.1
    Europe--------
    Futures---35.9---35.3
    Global FX---20.5---21.9
    Digital---0.4----
    - U.S. Equities--------
    - European Equities--------
    Total Revenue1,409.43,773.5957.2974.01,055.7-914.52,072.41,195.0
    KPIs - Metric (Unit, Scale)FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Average daily volume for Options Market (millions of contracts)-44.247.546.148.7---
    Average daily volume for Options total touched contracts (millions of contracts)-14.614.814.414.9---
    Average daily volume for Options multi-listed contract ADV (millions of contracts)-10.810.710.410.7---
    Average daily volume for Options index contract ADV (millions of contracts)-3.84.14.04.2---
    Total Options revenue per contract (USD per contract)-0.2760.2990.2950.298---
    Multi-listed Options revenue per contract (USD per contract)-0.0600.0640.0620.063---
    Index Options revenue per contract (USD per contract)-0.8930.9150.8980.892---
    Total Options market share (percentage)-33.131.331.230.5---
    Multi-listed options market share (percentage)-26.824.824.624.0---
    Average daily volume of total touched shares for U.S. Equities - Exchange (billions of shares)-1.51.61.41.3---
    Market share for U.S. Equities - Exchange (percentage)-12.8%12.8%11.4%10.9%---
    Net capture for U.S. Equities - Exchange (USD per hundred touched shares)-0.0180.0190.0270.024---
    Number of U.S. ETP launches (count)-124494984---
    Number of U.S. ETP listings (count)-666703744826---
    Average daily volume of total touched shares for U.S. Equities - Off-Exchange (millions of shares)-78.077.174.779.3---
    Net capture for U.S. Equities - Off-Exchange (USD per hundred touched shares)-0.1260.1410.1360.135---
    Average daily volume of matched shares for Canadian Equities (millions of shares)-136.1146.3150.6135.9---
    Net capture for Canadian Equities (Canadian dollars per 10,000 touched shares)-3.9943.9974.0464.240---
    European Equities matched ADNV (billions of EUR)-€9.4€9.9€9.6€9.3---
    European Equities Market ADNV (billions of EUR)-39.141.842.638.9---
    European Equities market share (percentage)-24.023.722.523.8---
    Net capture for European Equities (basis points (EUR))-€0.226€0.249€0.251€0.257---
    Trades cleared by Cboe Clear Europe (millions of trades)-1,172.0294.3299.0306.9---
    Fee per trade cleared by Cboe Clear Europe (EUR per trade)-€0.009€0.008€0.008€0.008---
    European equities market share cleared (percentage)-34.3%34.8%36.5%37.2%---
    Net settlement volume by Cboe Clear Europe (millions of settlements)-10.02.52.82.9---
    Net fee per settlement by Cboe Clear Europe (EUR per settlement)-€0.917€1.072€1.038€1.026---
    Australian Equities ADNV (billions of AUD)-0.70.80.80.8---
    Australian Equities market share - Continuous (percentage)-18.7%20.4%20.8%20.8%---
    Net capture for Australian Equities (bps (AUD))-0.1580.1560.1550.156---
    Japanese Equities ADNV (billions of JPY)-176.6315.9315.2323.3---
    Japanese Equities market share - Lit Continuous (percentage)-4.0%5.0%5.5%5.4%---
    Net capture for Japanese Equities (bps (JPY))-¥0.252¥0.227¥0.229¥0.220---
    Average daily volume for Futures (thousands of contracts)-223.3220.0253.6273.7---
    Revenue per contract for Futures (USD per contract)-1.7551.7491.7571.767---
    Average daily notional value for Global FX (billions of USD)-44.745.347.748.3---
    Market share for Global FX (percentage)-20.020.320.219.1---
    Net capture for Global FX (USD per one million dollars traded)-2.642.622.692.66---

    Leadership

    NamePositionExternal RolesShort 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.

    Questions to Ask Management

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval Date2011
    End Date/DurationN/A
    Total additional amount$2.3 billion
    Remaining authorization amount$679.8 million
    DetailsThe documents do not specify any additional details about the program.

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2027650.0Fixed Rate Senior Notes3.65044.8% = (650.0 / 1450.0) * 100
    2030500.0Fixed Rate Senior Notes1.62534.5% = (500.0 / 1450.0) * 100
    2032300.0Fixed Rate Senior Notes3.00020.7% = (300.0 / 1450.0) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    KPMG LLP2020 PresentCurrent auditor.
    Deloitte & Touche LLP1973 2019 The change was made following a competitive request for proposal process.

    Recent Mergers & Acquisitions

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    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.

    Latest news

    Recent press releases and 8-K filings for CBOE.

    Cboe Global Markets Announces Executive Leadership Changes
    •CBOE
    Management Change
    • Global President Dave Howson will step down effective August 1, 2025, as he returns to the UK after a three-year tenure in Chicago.
    • Cathy Clay and Chris Isaacson are expanding their leadership roles, with Clay also overseeing the Data Vantage business and Isaacson taking on additional responsibilities in cash equities, global FX, and clearing.
    • Following Howson’s departure, CEO Craig Donohue will assume the title of President, reinforcing the company’s strategic focus.
    May 28, 2025, 12:00 AM
    8-K
    Cboe Global Markets Reports April 2025 Trading Volume Data
    •CBOE
    • Cboe Global Markets released its April 2025 trading volume statistics across global business lines, including multiple market segments such as U.S. options and international equities.
    • The report highlights record single-day trading on April 4, with 31.0 million contracts traded across U.S. options exchanges, including 8.8 million contracts in proprietary index options and 6.0 million SPX options contracts.
    May 5, 2025, 8:30 PM
    Press Release
    Cboe Global Markets Q1 2025 Results, CEO Transition & Guidance Update
    •CBOE
    Earnings
    CEO Change
    Share Buyback
    Guidance Update
    Revenue Acceleration/Inflection
    • Record Q1 performance: Reported net revenue grew 13% to $565 million (up 13% YoY) with diluted EPS of $2.37 (up 21% YoY) and record adjusted diluted EPS of $2.50
    • CEO succession: Craig Donohue will become CEO on May 7 as current CEO Frederic Tomczyk transitions to an advisory role
    • Guidance update: Reaffirmed full-year 2025 outlook with organic net revenue growth in the mid to high single digits and maintained adjusted operating expenses of $837–$852 million
    • Strong segment contributions: Key areas including Derivatives, cash/spot markets, and Data Vantage drove gains, with Global FX net revenue reaching $21.3 million (up 16%)
    • Capital management: Continued share repurchase activity (approximately 145,000 shares at an average of $207.04) and returned about $66 million in dividends, supported by robust cash levels of $1,047.2 million
    May 2, 2025, 12:31 PM
    TranscriptPress Release8-K
    Cboe launches FTSE Bitcoin Index Futures
    •CBOE
    Product Launch
    • Cboe Global Markets, Inc plans to introduce cash-settled FTSE Bitcoin Index futures based on the FTSE Bitcoin Reduced Value Index, expected to trade on April 28, 2025, subject to regulatory review.
    • The new futures will expand Cboe’s digital asset offerings, complementing its existing bitcoin products such as options on the Cboe Bitcoin U.S. ETF Index.
    Apr 7, 2025, 7:00 PM
    Press Release
    Cboe Global Markets Reports March 2025 Trading Volume
    •CBOE
    Guidance Update
    • U.S. options trading achieved record volumes in March 2025, with daily trading volumes hitting monthly highs and several new trading records set for both proprietary index and SPX options.
    • European Equities and Global FX also posted record performance, with European equities reaching an ADNV record of €16.2 billion and Global FX reporting a record monthly Spot Full Amount ADNV of $15.9 billion.
    • The report included first-quarter 2025 RPC/net revenue capture guidance across multiple asset classes, providing preliminary projections for upcoming trading metrics.
    Apr 3, 2025, 8:30 PM
    Press Release