| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Options              | **273.2**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:2]**  | **280.7**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:3]**  | **283.2**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:3]**  | **290.8**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:3]**  | **314.5**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:2]**  | **307.4**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:2]**  | **306.7**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:2]**  | **510.3**  **[0001628280-24-044657_cboe-20240930.htm:95]**  |
| North American Equities | **96.4**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:2]**  | **93.1**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:3]**  | **90.8**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:3]**  | **95.1**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:3]**  | **86.3**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:2]**  | **92.6**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:2]**  | **98.3**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:2]**  | **403.6**  **[0001628280-24-044657_cboe-20240930.htm:95]**  |
| Futures              | **26.8**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:2]**  | **31.1**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:3]**  | **29.2**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:3]**  | **32.4**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:3]**  | **32.4**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:2]**  | **30.5**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:2]**  | **34.8**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:2]**  | **39.9**  **[0001628280-24-044657_cboe-20240930.htm:95]**  |
| Global FX            | **16.9**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:2]**  | **18.5**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:3]**  | **17.8**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:3]**  | **18.3**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:3]**  | **18.9**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:2]**  | **18.4**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:2]**  | **19.8**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:2]**  | **20.7**  **[0001628280-24-044657_cboe-20240930.htm:95]**  |
| Digital              | **(0.4)**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:2]**  | **(1.3)**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:3]**  | **(1.2)**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:3]**  | **(1.7)**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:3]**  | **(1.1)**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:2]**  | **(0.9)**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:2]**  | **(0.1)**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:2]**  | **0.1**  **[0001628280-24-044657_cboe-20240930.htm:95]**  |

e57450fc612647c64ebbf9b536efd7097edd0165d178d044971b43aeafc36a1f

e2c2d4cd9fd787fbf49aa6b353d4cfa587b4e2f0e1fe3cd7f8a8bb7ff292070e

246577ee008b2fd471da6f883e550cf9fec805970f111e4f1d7f3ad59cb9133b

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

8c91b345e07d62b7de16f8dd2806b251ec1af1f7735f266e4824a58d1d81c73d

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States        | N/A     | **415.9**  **[0001558370-23-008202_cboe-20230331x10q.htm:37]**  | N/A     | **422.6**  **[0001558370-23-017503_cboe-20230930x10q.htm:40]**  | N/A     | **436.5**  **[0001558370-24-006597_cboe-20240331x10q.htm:35]**  | N/A     | **468.2**  **[0001628280-24-044657_cboe-20240930.htm:48]**  |
| Non-U.S.             | N/A     | **55.5**  **[0001558370-23-008202_cboe-20230331x10q.htm:37]**   | N/A     | **57.9**  **[0001558370-23-017503_cboe-20230930x10q.htm:40]**   | N/A     | **65.6**  **[0001558370-24-006597_cboe-20240331x10q.htm:35]**   | N/A     | **63.8**  **[0001628280-24-044657_cboe-20240930.htm:48]**   |
| Total                | N/A     | **471.4**  **[0001558370-23-008202_cboe-20230331x10q.htm:37]**  | N/A     | **480.5**  **[0001558370-23-017503_cboe-20230930x10q.htm:40]**  | N/A     | **502.1**  **[0001558370-24-006597_cboe-20240331x10q.htm:35]**  | N/A     | **532.0**  **[0001628280-24-044657_cboe-20240930.htm:48]**  |

e150e8ae52672a4fb0bcd6d6941c16d5c8651272215db9da25e2fe400114397b

| Metric | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------|---------|---------|---------|---------|---------|---------|---------|---------|
| Section 31 Fee Rate | **$16.30**  **[0001558370-23-001489_cboe-20221231x10k.htm:100]**  | **$17.40**  **[0001558370-23-008202_cboe-20230331x10q.htm:68]**  | **$8.00**  **[0001558370-23-013313_cboe-20230630x10q.htm:75]**  | **$8.00**  **[0001558370-23-017503_cboe-20230930x10q.htm:77]**  | **$10.35**  **[0001558370-24-001277_cboe-20231231x10k.htm:104]**  | **$8.00**  **[0001558370-24-006597_cboe-20240331x10q.htm:67]**  | **$16.70**  **[0001558370-24-010654_cboe-20240630x10q.htm:78]**  | **$27.80**  **[0001628280-24-044657_cboe-20240930.htm:89]**  |
| Index Options ADV | **3.359**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:11]**  | **3.6**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:12]** **[0001558370-23-008202_cboe-20230331x10q.htm:63]**  | **3.7**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:12]** **[0001558370-23-013313_cboe-20230630x10q.htm:68]**  | **3.7**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:12]** **[0001558370-23-017503_cboe-20230930x10q.htm:70]**  | **4.172**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:11]**  | **4.089**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:12]**  | **4.0**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:11]** **[0001558370-24-010654_cboe-20240630x10q.htm:71]**  | **4.2**  **[0001628280-24-044651_cboe-20241101xex991.htm:8]**  |
| Futures ADV | **193.0**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:11]**  | **231.8**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:12]**  | **197.4**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:12]** **[0001558370-23-013313_cboe-20230630x10q.htm:68]**  | **230.0**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:12]**  | **233.4**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:11]**  | **220.0**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:12]**  | **253.6**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:11]** **[0001558370-24-010654_cboe-20240630x10q.htm:71]**  | **273.7**  **[0001628280-24-044651_cboe-20241101xex991.htm:8]**  |
| Trades Cleared | **340,932.2**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:11]**  | **359,418.1**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:12]**  | **275,519.8**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:12]**  | **255,152.3**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:12]**  | **281,938.1**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:11]**  | **294,325.7**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:12]**  | **299,019.3**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:11]**  | **306,882.5**  **[0001628280-24-044651_cboe-20241101xex991.htm:8]**  |
| Fee per Trade Cleared | **€0.008**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:11]**  | **€0.008**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:12]**  | **€0.009**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:12]**  | **€0.010**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:12]**  | **€0.010**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:11]**  | **€0.008**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:12]**  | **€0.008**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:11]**  | **€0.008**  **[0001628280-24-044651_cboe-20241101xex991.htm:8]**  |
| Net Settlement Volume | **2,490.5**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:11]**  | **2,661.9**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:12]**  | **2,402.0**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:12]**  | **2,469.5**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:12]**  | **2,511.6**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:11]**  | **2,524.6**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:12]**  | **2,764.0**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:11]**  | **2,947.6**  **[0001628280-24-044651_cboe-20241101xex991.htm:8]**  |
| Net Fee per Settlement | **€0.886**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:11]**  | **€0.953**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:12]**  | **€0.887**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:12]**  | **€0.927**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:12]**  | **€0.899**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:11]**  | **€1.072**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:12]**  | **€1.038**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:11]**  | **€1.026**  **[0001628280-24-044651_cboe-20241101xex991.htm:8]**  |
| Net Capture per Matched Notional Value (JPY) | **¥0.265**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:11]**  | **¥0.243**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:12]**  | **¥0.256**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:12]**  | **¥0.257**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:12]**  | **¥0.252**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:11]**  | **¥0.227**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:12]**  | **¥0.229**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:11]**  | **¥0.220**  **[0001628280-24-044651_cboe-20241101xex991.htm:8]**  |
| Net Capture per One Million Dollars Traded | **$2.69**  **[0001558370-23-000806_cboe-20230203xex99d1.htm:3]**  | **$2.64**  **[0001558370-23-008193_cboe-20230505xex99d1.htm:12]**  | **$2.66**  **[0001558370-23-013302_cboe-20230804xex99d1.htm:12]**  | **$2.64**  **[0001558370-23-017499_cboe-20231103xex99d1.htm:12]**  | **$2.60**  **[0001558370-24-000699_cboe-20240202xex99d1.htm:11]**  | **$2.62**  **[0001558370-24-006591_cboe-20240503xex99d1.htm:12]**  | **$2.69**  **[0001558370-24-010646_cboe-20240802xex99d1.htm:11]**  | **$2.66**  **[0001628280-24-044651_cboe-20241101xex991.htm:8]**  |

37ff9ac9c19951a09e44287616e42ba8cbf3a7e6e52d05c1cfc8fb0d380d0d34

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 **[0001558370-24-001277_cboe-20231231x10k.htm:88]** **[0001558370-24-001277_cboe-20231231x10k.htm:6]** **[0001558370-24-010654_cboe-20240630x10q.htm:58]**. The company operates six reportable business segments, each contributing to its revenue through transaction and clearing fees, data and access solutions, and derivatives markets **[0001558370-24-001277_cboe-20231231x10k.htm:152]** **[0001628280-24-044657_cboe-20240930.htm:17]**. Cboe's offerings include trading in options, equities, futures, FX, and digital asset derivatives **[0001558370-24-001277_cboe-20231231x10k.htm:88]** **[0001558370-24-001277_cboe-20231231x10k.htm:6]** **[0001558370-24-006597_cboe-20240331x10q.htm:52]** **[0001628280-24-044657_cboe-20240930.htm:72]**.

1. **Options** - Facilitates trading in index options, equity options, and ETPs, with Cboe Options being the primary market **[0001558370-24-001277_cboe-20231231x10k.htm:88]** **[0001558370-24-001277_cboe-20231231x10k.htm:6]** **[0001558370-24-006597_cboe-20240331x10q.htm:52]**.
2. **North American Equities** - Involves U.S. and Canadian equities and ETP transaction services **[0001558370-24-001277_cboe-20231231x10k.htm:6]** **[0001558370-24-010654_cboe-20240630x10q.htm:60]**.
3. **Europe and Asia Pacific** - Covers pan-European equities and derivatives, as well as trading venues in Australia and Japan **[0001558370-24-001277_cboe-20231231x10k.htm:6]** **[0001558370-24-010654_cboe-20240630x10q.htm:60]** **[0001628280-24-044657_cboe-20240930.htm:72]**.
4. **Futures** - Includes trading of VIX futures and other products **[0001558370-24-010654_cboe-20240630x10q.htm:60]** **[0001628280-24-044657_cboe-20240930.htm:72]**.
5. **Global FX** - Offers institutional FX trading services **[0001558370-24-010654_cboe-20240630x10q.htm:60]** **[0001628280-24-044657_cboe-20240930.htm:72]**.
6. **Digital** - Focuses on digital asset derivatives, having previously included a spot digital asset trading market **[0001558370-24-010654_cboe-20240630x10q.htm:58]** **[0001558370-24-010654_cboe-20240630x10q.htm:60]**.

d03e3d272f7473b99cdc2652163274982e9465ef98ee43752d387f7c4f00b57d

ebd12bd0254e816f3bf8d2d91de5d111559764a0069c87e066ff91621a356bb6

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?

eab1c4f907fa511cc716c76d8d1cfdb56a51651a3ebb4b67d82ecdd55084f08e

01c522510e68de5c306a4f67e67c1f2fd2758da78f8776994639d4821856bb63

United States

Non-U.S.

North American Options

North American Equities

Europe and Asia Pacific

Europe

Futures

Global FX

Digital

- U.S. Equities

- European Equities

Total Revenue

1b3bc25f97de3b3b269ad8d10e8180bee28653d3674ed46546a4b187ed85d8dd

04534c142d57332d9b0a6571343c48b5cbf70f6448b24ace059bc61cc2b7d709

Section 31 Fee Rate

Index Options ADV

Futures ADV

Trades Cleared

Fee per Trade Cleared

Net Settlement Volume

Net Fee per Settlement

Net Capture per Matched Notional Value (JPY)

Net Capture per One Million Dollars Traded

ab481fef96ef4f307d29386ad847c8d58ef72ba674332ed153e19a13f075d711

05ad447b8d62b78c1e0c01ae01cc3cf611ab958f5ad05f6fa90f1a67c0bc47ae

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Organic Net Revenue Growth**: **6% to 8%**  **[CBOE_3396178_10]** .
  2. **Data and Access Solutions (DnA) Revenue Growth**: Lower end of **7% to 10%**  **[CBOE_3396178_11]** .
  3. **Nonoperating Income**: **$37 million to $43 million**  **[CBOE_3396178_11]** .
  4. **Capital Expenditures (CapEx)**: **$51 million to $57 million**  **[CBOE_3396178_11]** .
  5. **Depreciation and Amortization**: **$43 million to $47 million**  **[CBOE_3396178_11]** .
  6. **Effective Tax Rate**: **28.5% to 30.5%**  **[CBOE_3396178_11]** .
  7. **Adjusted Operating Expenses**: **$795 million to $805 million**  **[CBOE_3396178_9]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted Operating Expense Guidance**: **$795 million to $805 million**  **[CBOE_3382599_7]** .
  2. **Organic Total Net Revenue Growth**: Higher end of **5% to 7%**  **[CBOE_3382599_7]** .
  3. **Data and Access Solutions (DnA) Organic Net Revenue Growth**: **7% to 10%**  **[CBOE_3382599_7]** .
  4. **Nonoperating Income**: **$37 million to $43 million**  **[CBOE_3382599_7]** .
  5. **Capital Expenditures (CapEx)**: **$51 million to $57 million**  **[CBOE_3382599_7]** .
  6. **Depreciation and Amortization**: **$43 million to $47 million**  **[CBOE_3382599_7]** .
  7. **Effective Tax Rate on Adjusted Earnings**: **28.5% to 30.5%**  **[CBOE_3382599_7]** .
  8. **Net Expense for Q2 2024**: **$9 million to $10 million**  **[CBOE_3382599_7]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue Growth**: **5% to 7%**  **[CBOE_3371754_8]** **[CBOE_3371754_7]** .
  2. **Data and Access Solutions (DnA) Revenue Growth**: **7% to 10%**  **[CBOE_3371754_7]** .
  3. **Operating Expenses**: **$798 million to $808 million**  **[CBOE_3371754_7]** .
  4. **Other Income**: **$37 million to $43 million**  **[CBOE_3371754_8]** .
  5. **Capital Expenditures (CapEx)**: **$51 million to $57 million**  **[CBOE_3371754_8]** .
  6. **Depreciation and Amortization**: **$43 million to $47 million**  **[CBOE_3371754_8]** .
  7. **Effective Tax Rate**: **28.5% to 30.5%**  **[CBOE_3371754_8]** .
  8. **Net Interest Expense**: **$10 million to $11 million** for Q1 2024  **[CBOE_3371754_8]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information about the Q3 2024 earnings call for Cboe Global Markets, so the guidance metrics for that period are unavailable.

a4664af3611ce90d773fcc67b2afe4d589c8f9d831bba9486c0117dd0d323e0c

| Name                  | Position                                                   | Start Date       | Short Bio                                                                                                                                                                                                 |
|-----------------------|------------------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Fredric J. Tomczyk    | Chief Executive Officer                                    | September 2023   | Fredric J. Tomczyk is the CEO and a director at Cboe Global Markets. He was previously an independent director on Cboe's Board from July 2019 to September 2023. He is the retired President and CEO of TD Ameritrade  **[0001558370-24-004692_cboe-20240516xdef14a.htm:8]** **[0001558370-24-001277_cboe-20231231x10k.htm:37]** **[0001558370-24-003302_cboe-20240516xpre14a.htm:8]** .                |
| Catherine R. Clay     | Executive Vice President, Global Head of Derivatives       | October 2023     | Catherine R. Clay has been with CBOE since 2015 in various senior roles. She was previously the EVP, Global Head of Data and Access Solutions from March 2021 to October 2023  **[0001558370-24-001277_cboe-20231231x10k.htm:38]** **[0001558370-24-001277_cboe-20231231x10k.htm:37]** .                                                           |
| Stephanie Foley       | Executive Vice President, Chief Human Resources Officer    | October 2023     | Stephanie Foley joined Cboe in 2022 and served as SVP, Chief Human Resources Officer of Cboe Exchange, Inc. from June 2022 to October 2023. She was previously the CHRO, Americas, at Kearney Holdings Limited  **[0001558370-24-001277_cboe-20231231x10k.htm:38]** .                             |
| Jill M. Griebenow     | Executive Vice President, Chief Financial Officer          | July 10, 2023    | Jill M. Griebenow has been with Cboe since 2018, previously serving as EVP, Chief Accounting Officer and Treasurer. She was the CFO of Cboe Europe from 2014 to 2018  **[0001558370-24-001277_cboe-20231231x10k.htm:38]** **[0001558370-24-001277_cboe-20231231x10k.htm:89]** .                                                                     |
| David Howson          | Executive Vice President, Global President                 | May 2022         | David Howson has been with Cboe since 2013, previously serving as EVP, President Europe and Asia Pacific. He was the COO of Cboe Europe from 2013 to 2019  **[0001558370-24-001277_cboe-20231231x10k.htm:38]** **[0001558370-23-001489_cboe-20221231x10k.htm:37]** .                                                                               |
| Adam Inzirillo        | Executive Vice President, Global Head of Data and Access Solutions | October 2023     | Adam Inzirillo joined Cboe in 2019 and served as SVP, Head of North American Equities. He was previously Managing Director at Bank of America Merrill Lynch  **[0001558370-24-001277_cboe-20231231x10k.htm:38]** .                                                                                  |
| Christopher A. Isaacson | Executive Vice President, Chief Operating Officer         | January 2019     | Christopher A. Isaacson has been with Bats since 2005 and joined Cboe following its acquisition of Bats. He has held various senior leadership positions, including EVP and Global CIO  **[0001558370-24-001277_cboe-20231231x10k.htm:39]** **[0001558370-23-001489_cboe-20221231x10k.htm:37]** .                                                   |
| Patrick Sexton        | Executive Vice President, General Counsel and Corporate Secretary | March 2018       | Patrick Sexton has been with Cboe since 1997, providing legal, regulatory, and compliance counsel. He was Deputy General Counsel from July 2013 to March 2018  **[0001558370-24-001277_cboe-20231231x10k.htm:39]** **[0001558370-23-001489_cboe-20221231x10k.htm:38]** .                                                                            |
| Allen Wilkinson       | Senior Vice President, Chief Accounting Officer            | February 2024    | Allen Wilkinson has been with Cboe since 2018, previously serving as VP, Controller. He held various positions at PricewaterhouseCoopers LLP from 2011 to 2018  **[0001558370-24-001277_cboe-20231231x10k.htm:39]** **[0001558370-24-001277_cboe-20231231x10k.htm:37]** .                                                                           |

fa2b623180e6b187900d6842496723a63b975fc9f9a31d8627358f3b06f0cf48

| Program Details          | Program 1          |
|--------------------------|--------------------|
| Approval Date            | **2011**  **[0001628280-24-044657_cboe-20240930.htm:59]** **[0001628280-24-044657_cboe-20240930.htm:107]** **[0001628280-24-044657_cboe-20240930.htm:122]**  |
| End Date/Duration        | N/A                |
| Total additional amount  | **$2.3 billion**  **[0001628280-24-044657_cboe-20240930.htm:59]** **[0001628280-24-044657_cboe-20240930.htm:107]** **[0001628280-24-044657_cboe-20240930.htm:122]**  |
| Remaining authorization amount | **$679.8 million**  **[0001628280-24-044657_cboe-20240930.htm:59]** **[0001628280-24-044657_cboe-20240930.htm:107]** **[0001628280-24-044657_cboe-20240930.htm:122]**  |
| Details                  | The documents do not specify any additional details about the program. |

d6795baa9a55fe84c6e748cb24a6818782961bc6efb3231978a174765ff885f6

1. **Revenue Guidance Outlook**  
   **Q:** Why guide revenue growth to higher end of 5%-7% range?  
   **A:** Management expects organic total net revenue growth at the **higher end of 5%-7%**, driven by strong first-quarter results—revenues were **7% higher than first quarter 2023**—particularly in the derivatives markets and DnA business. Despite index option volumes slowing down and tough comps ahead, they feel confident given the strong April performance and potential drivers like geopolitical tensions, inflation, interest rates, and U.S. elections.  **[CBOE_3382599_9]** 

2. **0DTE SPX Options Growth**  
   **Q:** Where is 0DTE SPX options mix heading in next 12 months?  
   **A:** The mix of 0DTE SPX options stabilized around **50%**, with April at **50%** and Q1 at **48%** of SPX options volume. Management sees continued growth driven by increased participation from funds and strategies adopting shorter-term risk management. They note that 0DTE volumes grew **3%** from Q4 to Q1, even in lower volatility environments, and expect potential drivers like geopolitical tensions and U.S. elections to sustain this growth.  **[CBOE_3382599_11]** 

3. **DnA Revenue Growth Confidence**  
   **Q:** Confidence in achieving 7%-10% DnA revenue growth amid tough comps?  
   **A:** Management remains confident in the **7%-10%** DnA revenue growth target, noting **8%** growth in the first quarter. They highlight solid growth across all asset classes and regions, with **43%** of market data and access services growth coming from outside the Americas—a record percentage. New products, bundling initiatives, and technology enhancements are expected to contribute to sustained growth despite tougher comps ahead.  **[CBOE_3382599_10]** 

4. **Strategic Review and Cost Savings**  
   **Q:** Update on strategic review and areas of pivot?  
   **A:** Management is deeply engaged in their strategic review, focusing on areas that drive long-term growth. They recently realigned their digital strategy, focusing on crypto futures where they have regulatory clarity and strengths in derivatives. This move is expected to yield **$11 million to $15 million** in annualized cost savings, primarily from expense reductions, with no material revenue impact anticipated in 2024.  **[CBOE_3382599_16]** **[CBOE_3382599_19]** 

5. **Share Buyback Pace**  
   **Q:** Can you elaborate on the size and pace of the buyback?  
   **A:** With a leverage ratio down to **1.1x** and strong free cash flow, management engaged in elevated share repurchases in the first quarter. They plan to continue opportunistic buybacks, especially when they perceive weakness in the share price, while balancing capital allocation towards organic growth initiatives and maintaining a quarterly dividend.  **[CBOE_3382599_18]** 

6. **CDX Revenue and Profitability Outlook**  
   **Q:** When will CDX revenues and profitability ramp up?  
   **A:** CDX achieved a record month in March, with index derivatives volume up **30%** year-over-year in Q1. They've revamped liquidity programs and expanded single-stock options coverage to over **90%** of open interest and average daily volume in Europe. Anticipating more market makers and a major global retail brokerage platform to join soon, they expect gradual growth in liquidity and volumes, which they will monitor for future profitability.  **[CBOE_3382599_17]** 

7. **Digital Assets Strategy Realignment**  
   **Q:** How will the realignment affect your digital asset strategy?  
   **A:** The realignment focuses on crypto futures, leveraging Cboe's strengths and regulatory clarity in derivatives. By bringing crypto futures onto a single, scaled platform with broad distribution, they aim to create alternative liquidity pools and have greater autonomy in product development, aligning with their expertise in global derivatives and clearing.  **[CBOE_3382599_19]** 

8. **Credit Index Products Opportunity**  
   **Q:** What's the opportunity in credit index products?  
   **A:** Cboe offers two iBoxx futures contracts and options on those futures, closely aligning with the LQD and HYG ETFs. These products provide fixed-income funds and international customers a way to manage and hedge exposure to credit markets. Management views this as a key differentiator and a strategic entry into the credit space, offering alternative liquidity pools for exposure management.  **[CBOE_3382599_21]** 

5dfe06ca8fc4fdf6f71c5a9327c3efaba7cb9694e218bef21094a899a927e23f

**Quarterly guidance for Q4 2024:**
- **Net interest expense**: $7 million to $8 million  **[CBOE_3405440_9]**  (no prior guidance)

**Annual guidance for FY 2024:**
- **Organic net revenue growth**: 7% to 9%  **[CBOE_3405440_8]**  (raised from 6% to 8%  **[CBOE_3396178_10]** )  
- **Data and Access Solutions (DnA) organic net revenue growth**: lower end of 7% to 10%  **[CBOE_3405440_8]**  (no change from 7% to 10%  **[CBOE_3396178_11]** )  
- **Adjusted operating expenses**: $798 million to $808 million  **[CBOE_3405440_8]**  (raised from $795 million to $805 million  **[CBOE_3396178_9]** )  
- **Other income**: $7 million to $9 million  **[CBOE_3405440_8]**  (no prior guidance)  
- **Earnings on investments**: $33 million to $37 million  **[CBOE_3405440_8]**  (no prior guidance)  
- **Total non-operating income**: $40 million to $46 million  **[CBOE_3405440_8]**  (raised from $37 million to $43 million  **[CBOE_3396178_11]** )  
- **Capital expenditures**: $57 million to $63 million  **[CBOE_3405440_8]**  (raised from $51 million to $57 million  **[CBOE_3396178_11]** )  
- **Depreciation and amortization**: $43 million to $47 million  **[CBOE_3405440_8]**  (no change from $43 million to $47 million  **[CBOE_3396178_11]** )  
- **Effective tax rate on adjusted earnings**: 28.5% to 30.5%  **[CBOE_3405440_8]**  (no change from 28.5% to 30.5%  **[CBOE_3396178_11]** )

d825574ea68ff6f9a8a21bb9c36ce9570b4887bc1f4e6f2b24dc2a11d6ee9b31

| Name                | Start Date         | End Date         | Reason for Change                                                                 |
|---------------------|--------------------|------------------|----------------------------------------------------------------------------------|
| KPMG LLP            | 2020  **[0001558370-19-008171_cboe-20190809x8k.htm:1] [0001558370-19-009639_cboe-20191029x8kc35493e.htm:2]**    | Present      | Current auditor.                                                            |
| Deloitte & Touche LLP | 1973  **[0001558370-20-001127_cboe-20191231x10k3d7487.htm:96]**      | 2019  **[0001558370-19-008171_cboe-20190809x8k.htm:1]**      | The change was made following a competitive request for proposal process.  **[0001558370-19-008171_cboe-20190809x8k.htm:1]**  |

95cee140a87a6e6788e9c6261faa830ffb7605d74a7ad5286f35c285a2c58f8d

7298cc109d087eb22b9304cb0c86d60d7623c6e838ecfdce4d1a1ad1830a7da2

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $1,055.7 million (**+16% YoY**)  **[0001628280-24-044657_cboe-20240930.htm:20]** **[0001628280-24-044657_cboe-20240930.htm:8]** **[0001558370-23-017503_cboe-20230930x10q.htm:83]**   
- Options: $510.3 million (+8% YoY)  **[0001628280-24-044657_cboe-20240930.htm:20]** **[0001628280-24-044657_cboe-20240930.htm:8]** **[0001558370-23-017503_cboe-20230930x10q.htm:83]**   
- North American Equities: $403.6 million (**+27% YoY**)  **[0001628280-24-044657_cboe-20240930.htm:20]** **[0001628280-24-044657_cboe-20240930.htm:8]** **[0001558370-23-017503_cboe-20230930x10q.htm:83]**   
- Europe & Asia Pacific: $81.1 million (+21% YoY)  **[0001628280-24-044657_cboe-20240930.htm:20]** **[0001628280-24-044657_cboe-20240930.htm:8]** **[0001558370-23-017503_cboe-20230930x10q.htm:83]**   
- Futures: $39.9 million (+20% YoY)  **[0001628280-24-044657_cboe-20240930.htm:20]** **[0001628280-24-044657_cboe-20240930.htm:8]** **[0001558370-23-017503_cboe-20230930x10q.htm:83]**   
- Digital: $0.1 million (from -$1.4 million YoY)  **[0001628280-24-044657_cboe-20240930.htm:20]** **[0001628280-24-044657_cboe-20240930.htm:8]** **[0001558370-23-017503_cboe-20230930x10q.htm:83]**   
- U.S. Revenue: $468.2 million (+11% YoY)  **[0001628280-24-044657_cboe-20240930.htm:48]** **[0001558370-23-017503_cboe-20230930x10q.htm:40]**   
- Non-U.S. Revenue: $63.8 million (+10% YoY)  **[0001628280-24-044657_cboe-20240930.htm:48]** **[0001558370-23-017503_cboe-20230930x10q.htm:40]**   
- Operating Income: $307.4 million (+13% YoY)  **[0001628280-24-044657_cboe-20240930.htm:8]** **[0001558370-23-017503_cboe-20230930x10q.htm:7]** **[0001558370-23-017503_cboe-20230930x10q.htm:40]**   
- Basic EPS: $2.08 (+6% YoY)  **[0001628280-24-044657_cboe-20240930.htm:8]** **[0001558370-23-017503_cboe-20230930x10q.htm:7]**   

c2d487a457ad361e2b17daf5788487ad8d6b363634d2ca3e1e1b0bd2b2f6609d

0ef2f921c3740ff1843af5ca1233fe298113011844d9960170848cafa7d38080

| Year  | Amount Due (in millions) | Debt Type                     | Interest Rate (%) | % of Total Debt                          |
|-------|--------------------------|-------------------------------|-------------------|------------------------------------------|
| 2027  | 650.0                   | Fixed Rate Senior Notes       | 3.650            | 44.8% = (650.0 / 1450.0) * 100 **[0001628280-24-044657_cboe-20240930.htm:29]** **[0001628280-24-044657_cboe-20240930.htm:36]** |
| 2030  | 500.0                   | Fixed Rate Senior Notes       | 1.625            | 34.5% = (500.0 / 1450.0) * 100 **[0001628280-24-044657_cboe-20240930.htm:29]** **[0001628280-24-044657_cboe-20240930.htm:36]** |
| 2032  | 300.0                   | Fixed Rate Senior Notes       | 3.000            | 20.7% = (300.0 / 1450.0) * 100 **[0001628280-24-044657_cboe-20240930.htm:29]** **[0001628280-24-044657_cboe-20240930.htm:36]** |

fe0dfb1f4695d142c6a945e931d41892f45fc723ba26a1495087f75fa52245a8

- **Slowing Index Options Volume and Facing Tough Comparisons**: Analysts pointed out that index option volumes have slowed down and that Cboe is facing tough year-over-year comparisons, which could impact revenue growth sustainability. While the company expressed confidence in their guidance, there are concerns about maintaining growth rates in the face of these challenges.  **[CBOE_3382599_9]**
- **Uncertainty Amid Strategic Review and Digital Business Realignment**: Cboe is undergoing a strategic review process and has announced a realignment of its digital assets business, leading to uncertainty about its future direction. The potential pivot away from certain areas and the lack of clarity on strategic focus may affect growth prospects and investor confidence.  **[CBOE_3382599_16]**   **[CBOE_3382599_19]**
- **Reliance on 0DTE Options Growth with Limited New Drivers**: The company has significantly benefited from the growth of zero-days-to-expiration (**0DTE**) options. However, there are concerns about whether Cboe has similar growth drivers moving forward. The CEO acknowledged that while they have opportunities, they might not have another catalyst like 0DTE options in the near term, and that equities markets are harder to grow.  **[CBOE_3382599_14]**

0715267ec905c240a5e64f1559a7a8fc800277d959b9c70dc48c5180b0cb4584

- **Cboe's expansion into international markets, particularly Europe, with the launch of single stock options and increased participation from major clients like Interactive Brokers and IMC, is expected to drive long-term growth.**  **[CBOE_3396178_23]** **[CBOE_3396178_14]**
- **Cboe Global Cloud is experiencing significant growth, with nearly 80% of customers and revenue coming from outside the U.S., indicating strong international demand and contributing to future revenue growth.**  **[CBOE_3396178_8]**
- **Confidence in achieving revenue growth targets for Data and Access Solutions, driven by doubling new sales in Q2 versus Q1, new products, pricing strategies, and substantial investments in leading-edge technology that improve access, data, and insights for customers.**  **[CBOE_3396178_13]**

e46d526108e048865a6036dd1455640e7f0ea25b72aad530c739f5a21e5893ed

- **Cboe expects to achieve the higher end of its 5% to 7% organic net revenue growth guidance for 2024**, driven by strong first-quarter results and continued momentum in April, particularly in its derivatives markets and Data and Access (DnA) businesses.  **[CBOE_3382599_9]** **[CBOE_3382599_10]**
- **Cboe is returning significant capital to shareholders through share repurchases and dividends**, supported by a strong balance sheet and robust free cash flow generation, demonstrating confidence in its business and future growth prospects.  **[CBOE_3382599_18]** **[CBOE_3382599_14]**
- **Cboe sees considerable growth opportunities in its global derivatives franchise and DnA business**, focusing on resource allocation to drive revenue and earnings growth, leveraging their high-margin, capital-light business model to enhance shareholder value over the long term.  **[CBOE_3382599_14]** **[CBOE_3382599_16]** **[CBOE_3382599_10]**

dd7d0f84ac55e258ae7350d2cf72c99eeb0f8397d59694018d73abb9dff8736c

- **European index options expansion is progressing slowly, with low trading volumes of only 850 contracts a day in June**  **[CBOE_3396178_23]** . Management acknowledges that building the market will take time and patience, indicating potential uncertainty in achieving growth  **[CBOE_3396178_23]** .
- **Cboe Global Cloud's contribution is still not meaningful**, being in the early stages with most growth outside the U.S.  **[CBOE_3396178_21]** . Longer sales cycles and timing issues are potentially impacting revenue growth  **[CBOE_3396178_14]** .
- **Data and Access Solutions revenue growth is slowing**, with organic net revenue increasing only **5%** in Q2, down from 7% year-to-date  **[CBOE_3396178_14]** . Management cites timing factors, longer sales cycles, and customer consolidation impacting revenues, leading the company to expect growth at the lower end of guidance  **[CBOE_3396178_14]** .

a19a6e865ccecfa23faab6973c623cdb91ebd91ec6881716ec9d945ef3b9404b

- Cboe is experiencing **regulatory uncertainty** in its digital assets business, causing delays in developing a robust crypto derivatives market and requiring patience before seeing returns on investment.  **[CBOE_3371754_18]**
- In the **U.S. Cash Equities business**, there was an **unfavorable mix shift in volumes**, leading to a **fee capture decline of about 40% sequentially** in Q4, due to competitive pressures and higher activity pushing customers into higher tiers, reducing net capture rates.  **[CBOE_3371754_17]**
- The company provided a **lower organic total net revenue growth guidance of 5% to 7% for 2024**, compared to being well above that range in the past three years, indicating potential **slowing growth momentum**.  **[CBOE_3371754_9]**

ce152b9ee634483739abfb4bd0da405a268d83292d92fe3c37377f6428a4d7b8

- **Cboe is experiencing strong growth in SPX options volumes, with January volumes up over 20% year-over-year, driven by increased adoption by both retail and institutional investors for managing macro portfolio risks.** The onboarding of retail brokers like **Robinhood** in 2024 is expected to further drive growth.  **[CBOE_3371754_12]** **[CBOE_3371754_14]**
- **Cboe is strategically focusing on building out the derivatives side of the crypto market, leveraging its expertise to create a regulatory-friendly and robust ecosystem, which positions the company for growth in digital assets.**  **[CBOE_3371754_18]**
- **Cboe's FX business is performing strongly, with market share reaching **21.3%**, leveraging their global platform and technology, and enhancing synergies with their other businesses, contributing to overall growth.**  **[CBOE_3371754_10]**

3f1d4c26a81e184ad7f58a483b13219d59f4e87560b739c915ac288fa42a5b1e

- **Declining EBITDA margins over the past 3-4 years**, with CEO Frederic Tomczyk acknowledging: "I clearly recognize that the EBITDA margins have been falling in the last 3 or 4 years... But I think we want to sort of stabilize that trend and start to turn it..."  **[CBOE_3364193_8]**
- The company's **investment in the Digital business may not yield expected returns**, as the CEO admits: "It's clearly an asset class that doesn't have the trajectory it used to have..."  **[CBOE_3364193_11]**
- **Uncertainty in strategic direction**, with the new CEO stating that the current strategy is **too broad** and needs refinement: "I consider that the current strategy is too broad... I think a good strategy provides greater direction and focus..."  **[CBOE_3364193_8]**

8c360a8b06a436b0b3c126c6ad552a12ac3fcb6a88b8d04b5c73df86d73b5aed

1. **SPX Volume Growth**
   **Q:** Is SPX 0DTE volume growth sustainable?
   **A:** Management reported that SPX volumes reached **3.3 million contracts** in Q4, with **50%** of January's SPX options being 0DTE options.  **[CBOE_3371754_11]**  They see no logical ceiling for 0DTE trading, as institutional engagement has grown to nearly **70%** of 0DTE volume.  **[CBOE_3371754_11]**  The SPX complex remains valuable for investors managing uncertainty through hedging and repositioning portfolios.  **[CBOE_3371754_12]** 

2. **Capital Allocation & Buybacks**
   **Q:** Will share repurchases increase in 2024?
   **A:** With all floating rate debt paid off, the company has more capacity to deploy capital.  **[CBOE_3371754_13]**  Historically, they have been heavier on repurchases in the first quarter and will continue to be opportunistic, especially if they perceive weakness in the share price.  **[CBOE_3371754_13]** 

3. **Revenue Guidance & Expenses**
   **Q:** Is revenue guidance conservative given past performance?
   **A:** Management maintains a **5% to 7%** revenue growth guidance, aligning with their medium-term targets, despite strong performances above that range in prior years.  **[CBOE_3371754_9]**  They are comfortable with the current expense guidance but are prepared to invest more if revenue-generating opportunities arise.  **[CBOE_3371754_9]** 

4. **Strategic Focus & FX Business**
   **Q:** Will CBOE deemphasize segments like FX?
   **A:** Management aims to sharpen Cboe's focus by investing where they see the biggest opportunities.  **[CBOE_3371754_10]**  While M&A activity has slowed, they will consider strategic, financially attractive opportunities.  **[CBOE_3371754_10]**  The FX business is performing well, and they remain comfortable with it as part of their global network.  **[CBOE_3371754_10]** 

5. **New Product Opportunities**
   **Q:** Plans for new tradable products on indices?
   **A:** They are focusing on simplifying complex strategies and bringing capital efficiencies.  **[CBOE_3371754_15]**  A future on the dispersion index is expected later this year, subject to approvals.  **[CBOE_3371754_15]**  They've expanded MSCI contracts and introduced iBoxx credit futures, offering a variety of indicators across asset classes.  **[CBOE_3371754_15]** 

6. **Digital Assets Business**
   **Q:** What is the outlook for Cboe Digital?
   **A:** Regulatory uncertainty has slowed the asset class's development, but management remains committed.  **[CBOE_3371754_18]**  They are focusing on building out the derivatives side of the crypto market, launching margin futures, and developing a robust ecosystem for retail and institutional participants.  **[CBOE_3371754_18]** 

7. **Expanding Access & Retail Platforms**
   **Q:** How will expanding access drive growth?
   **A:** The company is onboarding several new retail brokers in 2024, including **Robinhood** later this year.  **[CBOE_3371754_14]**  They see significant potential in global trading hours, currently representing single-digit percentages, indicating room for growth.  **[CBOE_3371754_14]**  Expansion aims to increase both retail and institutional engagement in their volatility toolkit.  **[CBOE_3371754_14]** 

8. **Canada Platform Migration**
   **Q:** Is Canadian migration for efficiency or market share?
   **A:** The migration aims to bring greater efficiency and functionality to the Canadian market, expecting both efficiency gains and market share growth.  **[CBOE_3371754_16]**  They have already launched BIDS in Canada and plan to unify platforms to enhance functionality.  **[CBOE_3371754_16]** 

9. **US Cash Equities Competitiveness**
   **Q:** What drove fee capture decline in Q4?
   **A:** The decline was due to market dynamics, including higher volumes and a mix shift to sub-dollar trading.  **[CBOE_3371754_17]**  Increased activity pushed customers up tiers, reducing fee capture.  **[CBOE_3371754_17]**  They responded with fee changes in January and February, expecting capture to improve while maintaining market share.  **[CBOE_3371754_17]** 

d4fc51ecc61d2a0ba0bee79968462832200fb168bff0e73d355dcd02510a3e95

- **Strong growth in index options volume**, with **SPX volume reaching 2.9 million contracts** in Q3, **up significantly over the prior year**, and continued momentum into October with **6 of the top 10 SPX trading days** occurring in that month. This growth is driven by increased institutional engagement and persistent market uncertainty.  **[CBOE_3364193_12]**
- **Unique position in the digital assets space**, with the **upcoming launch of margin futures in early 2024**, integrating both spot and margin futures trading on the same platform under the same regulatory umbrella. Additionally, Cboe is supporting **8 issuers of potential spot Bitcoin and Ethereum ETFs**, which could enhance its ecosystem and attract more participants upon approval.  **[CBOE_3364193_20]**
- **Disciplined capital allocation strategy**, focusing on investing in **organic initiatives** with good returns, paying down debt to **essentially zero floating rate debt** amid rising interest rates, maintaining dividends, and planning **opportunistic share repurchases**, while adopting a more **focused M&A strategy**.  **[CBOE_3364193_9]**

0a0dee3ba0abb8a25665977d60a3646906366d1657872f542d2db42458dd8aff

1. **Strategic Focus and Capital Allocation**  
   **Q:** Has the strategic focus shifted towards inorganic growth?  
   **A:** Cboe's strategic focus remains on driving **organic growth**, with a return to their core **Derivatives** and **Data and Access Solutions** businesses. While they've slowed down M&A activity to concentrate on organic initiatives, they are open to **inorganic opportunities** that have strategic and financial rationale. Their strong balance sheet and low leverage ratios position them well to consider such opportunities, like their investment in **Japannext** in Japan. Additionally, they increased dividends by **15%** and are focusing on share repurchases and investing in organic growth.  **[CBOE_3405440_13]** 

2. **DnA Revenue Growth Drivers**  
   **Q:** What is driving the expected acceleration in DnA revenues?  
   **A:** The expected acceleration in **Data and Access Solutions (DnA)** revenue is driven by four factors: **new sales**, with **40%** coming internationally; **pricing** changes implemented earlier this year; **technology investments**, such as the rollout of **Dedicated Cores** surpassing expectations; and the generation of new data sets providing value to customers. These factors give confidence in meeting the **7% to 10%** revenue guidance for the year.  **[CBOE_3405440_11]** 

3. **Expense Growth and Margins**  
   **Q:** How should we think about expense growth and margins next year?  
   **A:** While specific 2025 guidance isn't provided yet, Cboe remains focused on **disciplined expense management** and **stabilizing margins**. Third-quarter expenses were higher due to non-recurring favorable items in the prior year, but year-to-date expenses are in line with projections. The expense growth rate in 2024 is **6% to 8%**, down from **15%** growth from 2023 to 2024. Operating expenses are critical to margin stabilization, and Cboe is keenly aware of their impact.  **[CBOE_3405440_20]** 

4. **Robinhood Partnership and Retail Growth**  
   **Q:** When will the Robinhood partnership drive meaningful volume?  
   **A:** The partnership with Robinhood is a **long-term journey**. With **24 million** funded accounts and only **4%** trading options, there's significant growth potential. Robinhood is rolling out a new trading platform next year, which should enhance functionality and attract more options traders. Cboe is investing in **education** and **marketing** to help retail investors understand options, and as brokers expand internationally, it aligns with Cboe's import strategy.  **[CBOE_3405440_16]** 

5. **Multi-Listed Options Market Share**  
   **Q:** Is market share loss in multi-listed options accelerating?  
   **A:** While new entrants have focused on lower capture rate flows, Cboe is optimizing revenues through a balance of **share** and **capture**, with a **15%** year-over-year increase in capture rate. They are competing on **pricing**, **functionality**, **technology**, and **data**. Investments in talent and technology enhancements, such as the new **options access architecture** rolled out in mid-August, are showing encouraging early results in regaining market share.  **[CBOE_3405440_21]** 

6. **New Product Launches Progress**  
   **Q:** How are the new product launches like VIX options on futures progressing?  
   **A:** Cboe recently launched **VIX options on futures** and **Variance Futures**. Early signs are positive, with customers engaging and testing strategies. These products aim to expand the user base by offering **shorter-dated trading** and allow pure play between implied and realized volatility. It will take time, likely through **2025**, for these products to gain significant traction as customers incorporate them into their strategies amidst market uncertainties.  **[CBOE_3405440_14]** 

7. **Divestitures and Strategic Review**  
   **Q:** Are there plans to divest non-core assets following the strategic review?  
   **A:** The Board is currently focused on **growth** in areas where Cboe has core strengths and sees secular trends. While divestitures may be considered over time as the business and markets evolve, the immediate focus is on growth rather than selling non-core assets, despite having shut down the spot crypto exchange earlier this year.  **[CBOE_3405440_17]** 

8. **DnA Pricing Increases**  
   **Q:** What are the expectations for DnA pricing increases into 2025?  
   **A:** Pricing adjustments in DnA vary across products and services. In **Q3**, pricing contributed about **one-third** of overall growth. Looking into 2025, a similar contribution from pricing is expected. This indicates that while pricing plays a role, growth is primarily driven by distribution and sales rather than relying solely on pricing strategies.  **[CBOE_3405440_15]** 

9. **Expansion of Dedicated Cores and Cboe Cloud**  
   **Q:** What are the plans for expanding Dedicated Cores and Cboe Cloud?  
   **A:** Dedicated Cores have shown strong growth in the U.S. equity markets and will be expanded to Europe (UK) in **Q4**, Australia in **Q1 next year**, and eventually to Japan and Canada. **Cboe Global Cloud** is experiencing significant growth, with **79%** coming from outside the U.S., driven by international demand for access to U.S. data. Further investments will be made to enhance global distribution, benefiting both DnA revenue and long-term transaction revenue.  **[CBOE_3405440_18]** 

10. **Additional SPX Expirations**  
    **Q:** Are you considering adding intraday SPX expirations?  
    **A:** Currently, customers are not requesting **intraday** expirations for **SPX** options. The focus is on providing flexibility and precision in risk management through new products like **Variance Futures** and **VIX options on futures**. While intraday expirations are feasible with cash-settled products, there isn't a compelling demand at this time.  **[CBOE_3405440_19]** 

3b9096fdddd4163202fb6730d4d6549336c1f9e7e5e059921347d04abb8588a2

1. **International Index Options Expansion**  
   **Q:** How big is the overseas index options opportunity?  
   **A:** Cboe sees significant potential for international growth in index options, driven by secular trends like increasing global assets benchmarked to U.S. capital markets.  **[CBOE_3396178_14]**  Currently, only **2–3%** of SPX trading comes from global markets, indicating substantial room for expansion.  **[CBOE_3396178_14]**  The addition of three retail brokers this year and a focus on both institutional and retail clients bolster confidence.  **[CBOE_3396178_14]**  Upcoming products like **VIX options on futures**, launching in **2024–2025**, are expected to attract international institutional clients who cannot access U.S. security-based options.  **[CBOE_3396178_14]** 

2. **Data and Access Solutions Performance**  
   **Q:** Why did the Data and Access Solutions segment underperform in Q2?  
   **A:** The segment grew around **7%** year-to-date, but Q2 was softer due to timing factors like delayed enterprise sales, longer sales cycles, and timing of cash collections.  **[CBOE_3396178_13]**  A large back bill in Q2 2023 made comparisons harder, and customer consolidation had a slight revenue impact.  **[CBOE_3396178_13]**  Confidence in hitting the lower end of the **7–10%** growth guidance comes from new sales—ADV sales doubled in Q2 versus Q1—new products, pricing adjustments, and technology enhancements.  **[CBOE_3396178_13]** 

3. **Robinhood's Index Options Launch**  
   **Q:** Will crypto ETF options be part of Robinhood's index options launch?  
   **A:** Crypto ETF options are likely a **phase two** development due to regulatory and structural hurdles.  **[CBOE_3396178_17]**  The initial launch in the fourth quarter focuses on **cash-settled index options**, which should appeal to Robinhood's **24 million** funded accounts, particularly active retail traders.  **[CBOE_3396178_17]**  Cboe plans joint marketing and educational efforts with Robinhood to capitalize on this opportunity.  **[CBOE_3396178_17]** 

4. **July Volatility and Customer Mix**  
   **Q:** What's driving increased activity and customer mix changes in July?  
   **A:** July saw a pickup with records across the volatility toolkit, driven by increased market volatility.  **[CBOE_3396178_18]**  The mix shift is in product usage rather than new client types.  **[CBOE_3396178_18]**  There's strong engagement from existing customers and interest from new ones, including more quantitative investment strategy desks and liquidity providers using **0DTE SPX options** to hedge positions.  **[CBOE_3396178_18]**  The anticipated addition of Robinhood is also particularly exciting.  **[CBOE_3396178_18]** 

5. **Capital Allocation and M&A**  
   **Q:** Is Cboe building cash reserves for potential M&A?  
   **A:** While not commenting on specific opportunities, Cboe acknowledges that building up cash—currently around **$600 million**—provides flexibility for potential acquisitions.  **[CBOE_3396178_20]**  Future M&A will be more **selective and significant**, focusing on strategic alignment and avoiding the complexities of smaller deals that strain technology resources.  **[CBOE_3396178_20]** 

6. **Index Options Revenue Capture Rate**  
   **Q:** What's affecting the revenue capture rate in index options?  
   **A:** The slight pullback in the revenue capture rate is due to **product mix shifts**, not pricing changes.  **[CBOE_3396178_15]**  Increased trading in products like **RUT options**, which have different capture rates compared to SPX, affects the overall rate.  **[CBOE_3396178_15]**  The company expects this mix-driven variability to continue but has nothing specific to signal for the forward outlook.  **[CBOE_3396178_15]** 

7. **VIX Product Line Expansion**  
   **Q:** What are expectations for the new VIX products?  
   **A:** The upcoming **VIX options on futures** aim to attract customers who cannot access U.S. security-based options, both internationally and domestically.  **[CBOE_3396178_22]**  This product allows extension into **shorter-dated tenors**, tapping into the trend toward shorter maturities.  **[CBOE_3396178_22]**  While building a new customer base takes time, Cboe is excited about the product's potential in **2024–2025**.  **[CBOE_3396178_22]** 

8. **European Index Options Initiative**  
   **Q:** How confident is Cboe in European index options growth?  
   **A:** Cboe is taking a **long-term view** on growing the European market by introducing U.S.-style on-exchange, on-screen options trading.  **[CBOE_3396178_23]**  Milestones include launching single stock options and onboarding major clients like **Interactive Brokers** and **IMC**.  **[CBOE_3396178_23]**  Average daily volume reached **850 contracts** in June, holding steady into July.  **[CBOE_3396178_23]**  Leveraging existing infrastructure allows patience as the market develops.  **[CBOE_3396178_23]** 

9. **Cboe Global Cloud Growth**  
   **Q:** How significant is Cboe Global Cloud's contribution?  
   **A:** While specific contributions aren't disclosed, Cboe Global Cloud is strategically important, with nearly **80%** of customers and revenue coming from outside the U.S..  **[CBOE_3396178_21]**  It enables clients to access data and services more efficiently, supporting global expansion and revenue diversification.  **[CBOE_3396178_21]**  Investments will continue to enhance the platform and bring products closer to customers.  **[CBOE_3396178_21]** 

10. **VIX and SPX Mix Ahead of Elections**  
    **Q:** How do you see the mix between SPX and VIX options ahead of elections?  
    **A:** Investors are using Cboe's **volatility toolkit** to manage both upside and downside risks.  **[CBOE_3396178_19]**  During volatility spikes—like when VIX exceeded **19.5**—customers monetize or roll their VIX positions.  **[CBOE_3396178_19]**  SPX options continue to play a key role in managing exposure.  **[CBOE_3396178_19]**  Upcoming products like **Variance futures** and **VIX options on futures** will further enhance offerings before the U.S. elections.  **[CBOE_3396178_19]** 

9a40091e738c8ad1e4643dc0a645bc2f7bbbf52d67c07ab08208948fd1af4988

Cboe Global Markets Inc (CBOE)

Financials