Cboe Global Markets, Inc. is a leading derivatives and securities exchange network, offering trading, clearing, and investment solutions across multiple asset classes, including equities, derivatives, FX, and digital assets. The company operates the largest options exchange and the third-largest stock exchange in the U.S. Cboe also has a significant presence in Europe and Asia Pacific. It is committed to building a trusted, inclusive global marketplace.

• Employees: 1,647 (as of December 31, 2023)
• Geographic Footprint: North America, Europe, and Asia Pacific
• Headquarters: Chicago, Illinois
• Founded: 1973
• Number of locations/facilities: Multiple locations across the globe
• Revenue: $3.77 billion (FY2023)
• Market Cap: Approximately $14.2 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Cboe Europe, Cboe Clear Europe, Cboe Digital, BIDS Trading, Cboe Australia, Cboe Japan, Cboe Canada

• CEO: Fredric J. Tomczyk
• CFO: Jill M. Griebenow
• Board Chair: William M. Farrow III
• Other Key Executives: Catherine R. Clay (Executive Vice President, Global Head of Derivatives), Stephanie Foley (Executive Vice President, Chief Human Resources Officer), David Howson (Executive Vice President, Global President), Adam Inzirillo (Executive Vice President, Global Head of Data and Access Solutions), Christopher A. Isaacson (Executive Vice President, Chief Operating Officer), Patrick Sexton (Executive Vice President, General Counsel and Corporate Secretary), Allen Wilkinson (Senior Vice President, Chief Accounting Officer)

Key leaders have extensive experience in the financial and exchange industries.

• Annual Revenue: $3.77 billion (FY2023)
• Net Income: $761.4 million (FY2023)
• Market Cap: Approximately $14.2 billion (as of June 30, 2023)
• Total Assets: $7.49 billion (as of December 31, 2023)
• Number of Employees: 1,647 (as of December 31, 2023)
• Key Financial Highlights: Net income increased by $526.4 million, or 224% year-over-year.

Cboe offers a variety of products and services across multiple asset classes:

• Options: Options on market indices, individual stocks, and ETPs.
• Equities: Transaction services for U.S. and Canadian equities and ETPs.
• Derivatives: Pan-European listed equities and derivatives, ETPs, exchange-traded commodities, and international depository receipts.
• Futures: Trading of VIX futures and other futures products.
• Global FX: Institutional FX trading services, including non-deliverable forward FX transactions and U.S. government securities.
• Digital Assets: Digital asset spot market, regulated futures exchange, and regulated clearinghouse.

Cboe reports on six business segments:

• Options: Includes options on market indices, individual stocks, and ETPs.
• North American Equities: Includes U.S. and Canadian equities and ETP transaction services.
• Europe and Asia Pacific: Includes pan-European listed equities and derivatives, ETPs, exchange-traded commodities, and international depository receipts, as well as equities transaction services in Australia and Japan.
• Futures: Includes transaction services for VIX futures and other futures products.
• Global FX: Includes institutional FX trading services.
• Digital: Includes a U.S. based digital asset spot market, a regulated futures exchange, and a regulated clearinghouse.

Cboe's strategy focuses on building a global derivatives and securities network through:

• Innovating to capture growing demand for trading products and data services.
• Unlocking the value capabilities of its ecosystems to increase efficiency and better serve customers.
• Growing by accessing untapped addressable markets.

Key initiatives include expanding zero days to expiry (0-DTE) products, launching new volatility indices, expanding into pan-European single stock options, and introducing margined futures on Bitcoin and Ether. The company is also focused on leveraging technology and improving operating efficiency.

Cboe operates in the highly competitive financial exchange industry.

• Primary Industry: Financial Exchange
• Market Position: A leading global exchange network, with the largest options exchange and third-largest stock exchange in the U.S.
• Key Competitors: Other exchanges, swap execution facilities, and financial market participants offering similar products.
• Industry Trends: Increasing competition, technological advancements, and regulatory changes.

• Market Risks: Loss of exclusive listing rights, economic and political conditions, price competition, and decreased trading volumes.
• Operational Risks: System failures, cybersecurity breaches, dependence on third parties, and challenges in managing growth.
• Financial Risks: Debt obligations, credit rating, and potential impairments of assets.
• Regulatory Risks: Compliance with legal and regulatory obligations, changes in tax regimes, and potential conflicts between regulatory responsibilities and for-profit status.
• Digital Asset Risks: Risks associated with operating a digital asset business, including cybercrime, changes in digital asset regulation, losses due to digital asset custody, and fluctuations in digital asset prices.