Here are 1-2 brief analogies to describe Cboe Global Markets:

• It's like NYSE or Nasdaq, but specialized in options, futures, and the VIX volatility index.
• Imagine the leading global marketplace for options and futures trading, similar to how the NYSE is a dominant platform for stocks.

• Options Trading: Operates multiple exchanges facilitating the trading of equity, index, and ETP options.
• Equities Trading: Provides venues for the trading of U.S. and European listed stocks and exchange-traded products.
• Futures Trading: Offers global marketplaces for trading futures contracts, including those based on the VIX Index.
• Foreign Exchange (FX) Trading: Operates institutional marketplaces for spot and deliverable forward FX trading.
• Market Data & Analytics (Information Services): Distributes real-time and historical market data, as well as analytical tools for various asset classes.
• Index Services (Intellectual Property/Information Services): Develops, maintains, and licenses proprietary indices, such as the VIX Index.
• Clearing Services (Post-Trade Services): Provides clearing and settlement services for certain financial products traded on its exchanges.

1. Broker-Dealers and Trading Firms: These are financial institutions that execute trades on Cboe's various exchanges (equities, options, futures, foreign exchange). This broad category includes:
   • Institutional and Retail Brokerages: Firms that execute orders on behalf of their clients.
   • Market Makers: Firms that provide liquidity to the markets by quoting bid and ask prices.
   • Proprietary Trading Firms: Firms that trade with their own capital.
   • High-Frequency Trading Firms: Firms that employ sophisticated technology to execute a large number of orders at very high speeds.
   These firms generate the bulk of Cboe's transaction fee revenue.
2. Market Data Subscribers: This category includes financial institutions, data vendors, asset managers, hedge funds, banks, and technology providers that subscribe to Cboe's real-time and historical market data feeds, indices, and analytics products. They generate market data revenue.
3. Issuers of Exchange Traded Products (ETPs) and Companies Listing Securities: This refers to entities, such as fund managers and corporations, that choose to list their exchange-traded funds (ETFs) or other securities on Cboe's exchanges. They pay listing fees and other associated charges.

• Amazon.com, Inc. (AMZN)

Craig S. Donohue, Chief Executive Officer

Craig S. Donohue assumed the role of Chief Executive Officer at Cboe Global Markets in May 2025. He has a distinguished career spanning over three decades in global financial markets. Before joining Cboe, he served as Chairman of the Board at OCC (Options Clearing Corporation) for a decade, also holding the position of CEO at OCC from 2016 to 2019. Prior to OCC, Mr. Donohue spent two decades at CME Group, including eight years as its CEO from January 2004 to May 2012. During his tenure at CME Group, he spearheaded mergers and acquisitions exceeding $20 billion, notably the merger with the Chicago Board of Trade in 2007 and the acquisition of the New York Mercantile Exchange and Commodity Exchange Inc. in 2008. In 2010, Harvard Business Review recognized him as one of the world's 50 best-performing CEOs.

Jill Griebenow, Executive Vice President, Chief Financial Officer

Jill Griebenow was promoted to Executive Vice President, Chief Financial Officer, and Treasurer at Cboe Global Markets in July 2023. In this capacity, she is responsible for all financial operations of the company, encompassing accounting, finance, tax, investor relations, treasury, and capital markets activities. With over 20 years of experience, Ms. Griebenow previously served as Senior Vice President, Chief Accounting Officer at Cboe since 2018, overseeing the core accounting, financial reporting, and administrative functions. Before that, she was the Chief Financial Officer of Cboe's European operations.

Christopher A. Isaacson, Executive Vice President, Chief Operating Officer

Christopher A. Isaacson has served as Executive Vice President, Chief Operating Officer of Cboe Global Markets since January 2019. His previous roles at Cboe include Chief Information Officer. Prior to Cboe, Mr. Isaacson was Executive Vice President and Global Chief Information Officer at Bats Global Markets starting in February 2014. He was also one of the founders of Bats and worked as a software developer at Tradebot Systems, Inc. from 2003 to 2005. Mr. Isaacson is a board member of the OCC.

Tim Lipscomb, Executive Vice President, Chief Technology Officer

Tim Lipscomb is the Executive Vice President and Chief Technology Officer at Cboe Global Markets, a role he has held since 2022, and Executive Vice President since March 2025. He is responsible for overseeing software engineering and quality assurance across Cboe's equities, options, and futures markets, as well as Cboe Data Vantage. Before this, Mr. Lipscomb was the Chief Operating Officer of Cboe Europe, where he managed the company's software engineering, infrastructure, and operational teams. He brings more than two decades of experience in financial markets technology.

Patrick Sexton, Executive Vice President, General Counsel and Corporate Secretary

Patrick Sexton was appointed Executive Vice President, General Counsel and Corporate Secretary of Cboe Global Markets on March 1, 2018. He has been with the company since 1997, holding various legal, regulatory, and compliance counsel positions with increasing levels of responsibility and oversight. Before his current role, he served as Deputy General Counsel of Cboe Exchange, Inc. starting in July 2013.

Key Risks to Cboe Global Markets (CBOE)

Cboe Global Markets faces several key risks that could impact its business performance. These risks are primarily related to market dynamics, regulatory compliance, and technological infrastructure.

1. Market Volume and Volatility: A significant risk for Cboe Global Markets is the potential for lower trading volumes across its flagship products, such as the VIX, particularly during periods of weaker macroeconomic conditions. Reduced market volatility can directly lead to decreased revenue for the company.
2. Regulatory and Compliance Risks: As a major exchange operator, Cboe is subject to extensive laws and regulations. The company faces ongoing risks related to its ability to meet compliance obligations and manage potential conflicts between its regulatory responsibilities and its for-profit status. The company's Risk Committee is responsible for overseeing these regulatory and legal risks.
3. Cybersecurity and Technology Risks: Cboe Global Markets relies heavily on its technological infrastructure to facilitate trading and manage market data. Risks associated with cybersecurity, information technology, data privacy, and business continuity are critical. Failures in these areas could lead to operational disruptions, financial losses, or reputational damage. The increasing trend toward extended trading hours across global markets also necessitates considerable investments in technology and cybersecurity to mitigate risks.

The emergence and growth of Decentralized Finance (DeFi) and, specifically, Decentralized Exchanges (DEXs), pose a clear emerging threat to Cboe's business model as a centralized intermediary. While Cboe has strategically entered the digital asset space with initiatives like Cboe Digital, the fundamental premise of DeFi and DEXs is to enable peer-to-peer trading without the need for a traditional, centralized exchange operator. If DEXs continue to mature in terms of liquidity, regulatory clarity, and institutional adoption, they could attract a significant portion of trading volume, particularly in digital assets and potentially tokenized traditional assets in the future. This shift would directly disintermediate the core services provided by Cboe, challenging its revenue streams from transaction fees, market data, and proprietary product licensing by offering an alternative, non-custodial, and potentially more cost-effective method of market access.

Cboe Global Markets (CBOE) operates across several key product and service areas, with varying addressable market sizes in different regions.

Options

The global listed options market saw a total trading volume of 108.2 billion contracts in 2023. The U.S. options industry alone is projected to reach over 13.8 billion contracts in total volume for 2025, with an average daily volume of 59 million contracts. Cboe's options exchanges held a market share of 30.9% in the third quarter of 2025 in the U.S.

Equities

• U.S. Equities: The U.S. stock market capitalization was estimated at $63.8 trillion in mid-2025 and reached $67.8 trillion as of October 1, 2025. Cboe's U.S. Equities exchanges had a market share of 9.8% in the third quarter of 2025.
• European Equities: Cboe operates the largest stock exchange in Europe by value traded. Cboe European Equities held a 25.4% market share in the third quarter of 2025.
• Canadian Equities: Cboe Canada accounts for approximately 15% of the trading volume in listed securities in Canada. In the third quarter of 2025, Cboe's Canadian Equities market share was 12.5%.
• Australian Equities: Cboe Australia's cash equities platform executes nearly $6 billion in trades daily and had a 20.6% market share in the third quarter of 2025.

Futures

The global futures market recorded a volume of 29.1 billion contracts in 2023. Cboe Futures Exchange (CFE) offers various futures products, including those based on the VIX Index.

Foreign Exchange (FX)

The global foreign exchange market is the world's most liquid financial market, with an average daily turnover of $9.6 trillion in April 2025. Other estimates value the global foreign exchange market at $861 billion in 2024, projected to grow to $1,535 billion by 2033. Cboe FX's average daily trading volumes in spot products reached $45.4 billion in 2024, representing a 19.6% market share. In the first quarter of 2023, Cboe's foreign exchange market share was 19.0%.

Market Data and Access Solutions (Cboe Data Vantage)

Cboe offers market data and analytics solutions across its global markets. While a specific addressable market size for this segment was not available, Cboe is increasing its organic net revenue growth target for Cboe Data Vantage.

• Expansion of Derivatives Markets, including Proprietary Index Options and New Product Launches: Cboe's derivatives business, particularly its proprietary index options like SPX and XSP, and VIX options and futures, is a significant growth engine. The company has seen consistent strong volumes in these products, with SPX 0DTE (zero-days-to-expiration) options showing particularly strong growth. Cboe is also looking to further innovate with upcoming product launches, such as the "MAG 10 index options and futures". This sustained demand for risk management and speculative tools, coupled with product innovation, is expected to fuel future revenue.
• Growth in Data and Access Solutions (Data Vantage): The Data Vantage business is consistently highlighted as a key driver of high-margin, recurring revenue growth. This segment has shown consistent double-digit net revenue growth, driven by strong new subscription and unit sales, with international sales underpinning a significant portion of this growth. Cboe has also increased its organic net revenue growth target for Data Vantage, reflecting confidence in its continued expansion.
• Strategic Realignment and Focus on Core Businesses: Cboe is undergoing a strategic realignment to sharpen its focus on its most profitable and high-potential businesses. This involves initiating sales processes for Cboe Australia and Cboe Canada, and discontinuing U.S. and European corporate listings efforts. While this realignment may result in a small reduction in net revenue (around 3%), it is expected to lead to a more significant reduction in adjusted operating expenses (8-10%), ultimately making the company more efficient and accretive to earnings. This sharpened focus will allow Cboe to invest more heavily in its core strengths, such as derivatives, U.S. and European equities, and foreign exchange.
• Global Expansion in FX and European Equities, and Enhanced Market Accessibility: Cboe's Global FX and European Equities segments have demonstrated strong year-over-year net revenue growth. The company plans to continue leveraging its scaled infrastructure to monetize supportive market backdrops in these regions. Additionally, Cboe is pursuing initiatives like the regulatory filing to extend trading hours for U.S. equity options, aiming to enhance market accessibility and potentially drive increased transaction volumes.
• Exploration of New Growth Markets (Digital Assets/Crypto and Event Prediction Markets): Cboe is actively exploring and investing in emerging growth trends, including retail-oriented digital asset and crypto products, and event prediction markets. Management sees significant potential in these areas, aligning with the appetite for short-dated contracts and event-driven trading that has fueled the success of products like 0DTE options. These new ventures represent potential long-term revenue streams as these markets mature and regulations evolve.

Share Repurchases

• As of September 30, 2025, Cboe Global Markets had approximately $614.5 million remaining under its existing share repurchase authorizations.
• In the second quarter of 2025, the company repurchased $35.3 million in shares.
• Cboe's Board of Directors authorized an additional $500 million for share repurchases on August 16, 2024, following a $250 million authorization on October 26, 2023.

Outbound Investments

• In October 2025, Cboe Global Markets announced a strategic realignment, initiating sales processes for its Cboe Australia and Cboe Canada businesses.
• Significant acquisitions in the past three to five years include Eris Digital Holdings (ErisX) in May 2022, NEO Exchange (Canada) in November 2021 (completed 2022), and Chi-X Asia Pacific in June 2021.
• Earlier in the period, Cboe acquired BIDS Trading, MATCHNow, the remaining 80% stake in EuroCCP, Hanweck, and FT Options, all in 2020.

Capital Expenditures

• Expected capital expenditures for 2025 are in the range of $75 million to $85 million.
• Actual capital expenditures were $61 million in 2024 and $44 million in 2023.
• The focus of capital expenditures includes technology infrastructure, expanding global presence, enhancing data and analytics offerings, and supporting a new state-of-the-art trading floor opened in Chicago in 2022.