Cboe Global Markets Business Summary

Cboe Global Markets, Inc. (CBOE) operates as a premier global market infrastructure provider, generating revenue through a diversified mix of transaction and clearing fees, market data services (Data Vantage), and access and capacity fees. The company’s business is organized into five primary segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. As of fiscal year-end 2025, Cboe reported record net revenue of $2.4 billion, driven largely by its high-margin proprietary derivatives suite, including the S&P 500 Index (SPX) and Cboe Volatility Index (VIX) options. Cboe competes directly with global exchange titans such as CME Group, Intercontinental Exchange (ICE), Nasdaq, and the London Stock Exchange Group (LSEG). While smaller in total market cap than CME or ICE, Cboe maintains a dominant competitive moat as the largest U.S. options exchange operator and a leading pan-European equities platform, recently expanding its footprint through strategic realignments in digital assets and prediction markets. The company is led by Chief Executive Officer Craig S. Donohue, a veteran exchange executive who assumed the role in May 2025 following a distinguished tenure as CEO of CME Group and Executive Chairman of the Options Clearing Corporation (OCC). Supporting the global expansion strategy is a refreshed executive team, including Chief Financial Officer Jill Griebenow and newly appointed Chief Operating Officer Scott Johnston, who joined in February 2026 with over 40 years of experience from firms like Citadel and Tower Research Capital. Other key leaders include EVP and CTO Tim Lipscomb and Heidi Fischer, the recently appointed Global Head of Equities and Spot Markets. Originally founded in 1973 by the Chicago Board of Trade as the first marketplace for trading listed options, Cboe is currently governed by a board chaired by William M. Farrow III and remains heavily backed by major institutional investors, including Vanguard and BlackRock, who collectively hold a significant majority of the firm's public float.