# Cboe Global Markets, Inc.

Summary updated: 2026-10-02T10:30:02.505874Z
Canonical: https://finbar.com/research/companies/cboe-global-markets

## Overview

Cboe Global Markets, Inc. is a financial-markets infrastructure company operating a global network of exchanges and related trading, clearing and investment services. Its businesses span options, equities, futures and foreign exchange, with operations across North America, Europe and Asia Pacific. [1](https://app.finbar.com/go?id=P62717525)[2](https://app.finbar.com/go?id=P22051807)

Cboe’s stated purpose is to build “a trusted, inclusive global marketplace” that enables people to pursue a sustainable financial future. Its 2025 Form 10-K reported total revenue of $4.714 billion for the year ended December 31, 2025. [1](https://app.finbar.com/go?id=P62717525)[3](https://app.finbar.com/go?id=T7484360)
[1](https://app.finbar.com/go?id=P62717525)[2](https://app.finbar.com/go?id=P22051807)[3](https://app.finbar.com/go?id=T7484360)[4](https://ir.cboe.com/financials/annual-reports/default.aspx)

## Products & services

Cboe Global Markets offers listed options and futures, including options on the S&P 500 Index (SPX) and VIX options and futures. Its SPX suite includes 0-DTE, LEAPS, Mini- and Nano-SPX, FLEX and FLEX micro-SPX options, as well as weekday and month-end Weeklys; SPX options also offer nearly 24x5 trading. [5](https://app.finbar.com/go?id=P30567517)[6](https://www.cboe.com/en/tradable-products/sp-500/spx-options/) The VIX Index is derived from real-time SPX option quotes to reflect expected 30-day volatility, and VIX derivatives settle using a special opening quotation. [7](https://app.finbar.com/go?id=P105692585)[8](https://www.cboe.com/en/tradable-products/vix/vix-futures/) In 2025, Cboe also introduced products including Magnificent 10 Index cash-settled futures and options, continuous Bitcoin and Ether futures, and S&P 500 Equal Weight Index options. [9](https://app.finbar.com/go?id=P119447971) Options and futures together accounted for about 68% of company revenues less cost of revenues in 2025. [10](https://app.finbar.com/go?id=P21530433)

Equity-trading products include Cboe’s U.S. BZX, BYX, EDGX and EDGA exchanges, its BIDS block-trading ATS, and Canadian trading venues and listings. [11](https://app.finbar.com/go?id=P19144780)[12](https://www.cboe.com/en/tradable-products/product-list/) In Europe, Cboe provides lit and dark equities trading, BIDS Europe and clearing through Cboe Clear Europe; it also operates markets in Asia Pacific. [13](https://app.finbar.com/go?id=T16613422) Its foreign-exchange services include institutional spot FX and forwards, including non-deliverable forwards. [14](https://fx.cboe.com/)[15](https://res.cboe.com/global/fx/spot/)

Cboe’s Data Vantage services include exchange access and capacity, market data, proprietary data and licensing, while Cboe DataShop offers data products. [16](https://app.finbar.com/go?id=T16613443)[17](https://app.finbar.com/go?id=T10124547)[18](https://datashop.cboe.com/data-products) Its technology and data offerings include Cboe Titanium exchange technology, cloud-based index datasets and a pan-European best-bid-and-offer solution. [19](https://app.finbar.com/go?id=P113644266)[20](https://app.finbar.com/go?id=P3508074)[21](https://app.finbar.com/go?id=P103812283)
[5](https://app.finbar.com/go?id=P30567517)[7](https://app.finbar.com/go?id=P105692585)[9](https://app.finbar.com/go?id=P119447971)[10](https://app.finbar.com/go?id=P21530433)[11](https://app.finbar.com/go?id=P19144780)[13](https://app.finbar.com/go?id=T16613422)[16](https://app.finbar.com/go?id=T16613443)[17](https://app.finbar.com/go?id=T10124547)[19](https://app.finbar.com/go?id=P113644266)[20](https://app.finbar.com/go?id=P3508074)[21](https://app.finbar.com/go?id=P103812283)[6](https://www.cboe.com/en/tradable-products/sp-500/spx-options/)[8](https://www.cboe.com/en/tradable-products/vix/vix-futures/)[12](https://www.cboe.com/en/tradable-products/product-list/)[14](https://fx.cboe.com/)[15](https://res.cboe.com/global/fx/spot/)[18](https://datashop.cboe.com/data-products)

## Geographic presence

Cboe’s FY2025 geographic disclosure reports revenues less cost of revenues of $2,119.3 million in the U.S. and $309.8 million outside the U.S., or approximately 87.3% and 12.7%, respectively, of the $2,429.1 million total. For the six months ended June 30, 2026, the comparable amounts were $1,269.6 million in the U.S. and $190.9 million in “Other,” approximately 86.9% and 13.1% of the total. These percentages are calculated from the reported figures; the interim filing does not break “Other” down by country. [22](https://app.finbar.com/go?id=P24425581)[23](https://app.finbar.com/go?id=T916870)[24](https://app.finbar.com/go?id=P145282337)[25](https://app.finbar.com/go?id=T16617593)

Cboe’s 2025 filing also reported long-lived assets in the U.S. ($184.5 million), U.K. ($30.0 million) and Other ($29.6 million). Its June 2026 filing described operations spanning North American equities, Europe and Asia Pacific, including Cboe Canada, pan-European markets, Cboe NL in Amsterdam and Cboe Clear Europe; Cboe completed the sale of its Australian business on August 2, 2026. [26](https://app.finbar.com/go?id=P93731305)[27](https://app.finbar.com/go?id=T3305784)[28](https://app.finbar.com/go?id=P145282314)[29](https://app.finbar.com/go?id=P145282315)[30](https://ir.cboe.com/news/news-details/2026/Cboe-Completes-Sale-of-Cboe-Australia-to-TMX-Group/default.aspx) An official company article published in 2023 listed offices in Chicago, Lenexa, New York, London, Toronto, Calgary, Amsterdam, Belfast, Tokyo, Manila, Hong Kong, Singapore and Sydney; this is a dated office listing. [31](https://www.cboe.com/insights/posts/from-new-york-to-tokyo-exploring-the-global-presence-of-the-exchange-for-the-world-stage/)
[22](https://app.finbar.com/go?id=P24425581)[23](https://app.finbar.com/go?id=T916870)[24](https://app.finbar.com/go?id=P145282337)[25](https://app.finbar.com/go?id=T16617593)[26](https://app.finbar.com/go?id=P93731305)[27](https://app.finbar.com/go?id=T3305784)[28](https://app.finbar.com/go?id=P145282314)[29](https://app.finbar.com/go?id=P145282315)[30](https://ir.cboe.com/news/news-details/2026/Cboe-Completes-Sale-of-Cboe-Australia-to-TMX-Group/default.aspx)[31](https://www.cboe.com/insights/posts/from-new-york-to-tokyo-exploring-the-global-presence-of-the-exchange-for-the-world-stage/)

## Business segments

Cboe Global Markets reports five business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. Options covers listed index, single-stock and ETP options, together with associated market data, index licensing, routing, and access services. North American Equities focuses on U.S. and Canadian equities and ETP trading and listings, while Europe and Asia Pacific covers regional derivatives, equities and ETP trading, ETP listings and clearing, and Australian equities services. [32](https://app.finbar.com/go?id=P38415711)[33](https://app.finbar.com/go?id=P15037012)[11](https://app.finbar.com/go?id=P19144780)[34](https://app.finbar.com/go?id=P84760058)

For FY2025, approximate shares of consolidated net revenue were Options 63%, North American Equities 17%, Europe and Asia Pacific 11%, Futures 5%, and Global FX 4%. Futures includes VIX and other futures and related services; since January 1, 2025, it also includes the company’s Digital activity, including Bitcoin and Ether futures and clearing. Global FX includes institutional foreign-exchange trading, non-deliverable forwards, related data and access services, and U.S. government-securities transaction services. [35](https://app.finbar.com/go?id=T389936)[36](https://app.finbar.com/go?id=P110593857)[37](https://app.finbar.com/go?id=P1162101)[38](https://app.finbar.com/go?id=P119533400)
[32](https://app.finbar.com/go?id=P38415711)[33](https://app.finbar.com/go?id=P15037012)[11](https://app.finbar.com/go?id=P19144780)[34](https://app.finbar.com/go?id=P84760058)[35](https://app.finbar.com/go?id=T389936)[36](https://app.finbar.com/go?id=P110593857)[37](https://app.finbar.com/go?id=P1162101)[38](https://app.finbar.com/go?id=P119533400)

## Company history

The Chicago Board Options Exchange (CBOE), led by founding president Joe Sullivan, opened in 1973 as the first U.S. exchange for listed options. In 1983 it introduced options on the S&P 100 and S&P 500 indexes, and in 1993 launched the original VIX volatility index. Cboe expanded into futures in 2004 with the opening of Cboe Futures Exchange and the introduction of VIX futures. [39](https://www.cboe.com/insights/posts/cboes-beginnings-in-the-words-of-our-founding-president/)[40](https://www.cboe.com/insights/posts/dawn-of-a-new-era-brings-on-the-existence-of-skew/)[41](https://ir.cboe.com/news/news-details/2024/Cboe-Global-Markets-Commemorates-20-Years-of-Cboe-Futures-Exchange-and-VIX-Futures-Trading/default.aspx)

CBOE Holdings became a publicly traded company in 2010, completing its IPO and listing on Nasdaq. In 2017 it completed its acquisition of Bats Global Markets, broadening its exchange operations, and later that year changed its name to Cboe Global Markets. It continued expanding through acquisitions including MATCHNow in 2020, BIDS Trading and Chi-X Asia Pacific in 2021, and EuroCCP, which was rebranded Cboe Clear Europe in 2022. [42](https://cdn.cboe.com/resources/annual_reports/annualreport2010.pdf)[43](https://ir.cboe.com/news/news-details/2017/CBOE-Holdings-Announces-Close-of-Acquisition-of-Bats-Global-Markets-03-01-2017/default.aspx)[44](https://ir.cboe.com/news/news-details/2017/CBOE-Holdings-Becomes-Cboe-Global-Markets-Unveils-New-Corporate-Identity-10-17-2017/default.aspx)[45](https://ir.cboe.com/news/news-details/2020/Cboe-Global-Markets-Completes-Acquisition-of-Leading-Canadian-ATS-MATCHNow-08-04-2020/default.aspx)[46](https://ir.cboe.com/news/news-details/2021/Cboe-Global-Markets-Completes-Acquisition-of-BIDS-Trading-the-Largest-Independent-Block-Trading-ATS-in-the-U.S.-01-04-2021/default.aspx)[47](https://ir.cboe.com/news/news-details/2021/Cboe-Global-Markets-Completes-Acquisition-of-Chi-X-Asia-Pacific-06-30-2021/default.aspx)[48](https://ir.cboe.com/news/news-details/2022/EuroCCP-Rebranded-to-Cboe-Clear-Europe-11-14-2022/default.aspx)
[39](https://www.cboe.com/insights/posts/cboes-beginnings-in-the-words-of-our-founding-president/)[40](https://www.cboe.com/insights/posts/dawn-of-a-new-era-brings-on-the-existence-of-skew/)[41](https://ir.cboe.com/news/news-details/2024/Cboe-Global-Markets-Commemorates-20-Years-of-Cboe-Futures-Exchange-and-VIX-Futures-Trading/default.aspx)[42](https://cdn.cboe.com/resources/annual_reports/annualreport2010.pdf)[43](https://ir.cboe.com/news/news-details/2017/CBOE-Holdings-Announces-Close-of-Acquisition-of-Bats-Global-Markets-03-01-2017/default.aspx)[44](https://ir.cboe.com/news/news-details/2017/CBOE-Holdings-Becomes-Cboe-Global-Markets-Unveils-New-Corporate-Identity-10-17-2017/default.aspx)[45](https://ir.cboe.com/news/news-details/2020/Cboe-Global-Markets-Completes-Acquisition-of-Leading-Canadian-ATS-MATCHNow-08-04-2020/default.aspx)[46](https://ir.cboe.com/news/news-details/2021/Cboe-Global-Markets-Completes-Acquisition-of-BIDS-Trading-the-Largest-Independent-Block-Trading-ATS-in-the-U.S.-01-04-2021/default.aspx)[47](https://ir.cboe.com/news/news-details/2021/Cboe-Global-Markets-Completes-Acquisition-of-Chi-X-Asia-Pacific-06-30-2021/default.aspx)[48](https://ir.cboe.com/news/news-details/2022/EuroCCP-Rebranded-to-Cboe-Clear-Europe-11-14-2022/default.aspx)[39](https://www.cboe.com/insights/posts/cboes-beginnings-in-the-words-of-our-founding-president/)[40](https://www.cboe.com/insights/posts/dawn-of-a-new-era-brings-on-the-existence-of-skew/)[41](https://ir.cboe.com/news/news-details/2024/Cboe-Global-Markets-Commemorates-20-Years-of-Cboe-Futures-Exchange-and-VIX-Futures-Trading/default.aspx)[42](https://cdn.cboe.com/resources/annual_reports/annualreport2010.pdf)[43](https://ir.cboe.com/news/news-details/2017/CBOE-Holdings-Announces-Close-of-Acquisition-of-Bats-Global-Markets-03-01-2017/default.aspx)[44](https://ir.cboe.com/news/news-details/2017/CBOE-Holdings-Becomes-Cboe-Global-Markets-Unveils-New-Corporate-Identity-10-17-2017/default.aspx)[45](https://ir.cboe.com/news/news-details/2020/Cboe-Global-Markets-Completes-Acquisition-of-Leading-Canadian-ATS-MATCHNow-08-04-2020/default.aspx)[46](https://ir.cboe.com/news/news-details/2021/Cboe-Global-Markets-Completes-Acquisition-of-BIDS-Trading-the-Largest-Independent-Block-Trading-ATS-in-the-U.S.-01-04-2021/default.aspx)[47](https://ir.cboe.com/news/news-details/2021/Cboe-Global-Markets-Completes-Acquisition-of-Chi-X-Asia-Pacific-06-30-2021/default.aspx)[48](https://ir.cboe.com/news/news-details/2022/EuroCCP-Rebranded-to-Cboe-Clear-Europe-11-14-2022/default.aspx)

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