Cboe Global Markets, Inc.

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Cboe Global Markets, Inc. (BZX: CBOE) is the holding company for the Chicago Board Options Exchange (Cboe), the Cboe Futures Exchange (CFE), C2 Options Exchange and other subsidiaries, including Cboe Europe. Cboe also operates four U.S. equities exchanges – the BZX Exchange, BYX Exchange, EDGA Exchange and EDGX Exchange.
Cboe acquired Bats Global Markets on February 28, 2017, making Cboe Global Markets, Inc. one of the world’s largest exchange holding companies and expanding its business into U.S. and European equities, exchange-traded funds (ETFs) and global foreign exchange (FX) products. It was previously known as CBOE Holdings, until a rebranding in October 2017. 
Its subsidiary Cboe is the largest U.S. options exchange and the creator of listed options. Cboe Global Markets, Inc. offers equity, index and ETP options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options and futures on the Cboe Volatility Index (the VIX Index). Other products engineered by Cboe include equity options, security index options, Weeklys options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P BuyWrite Index (BXM). Cboe Global Markets, Inc. is also home to the Options Institute and Livevol options analytics and data tools.
The company is publicly traded, and was listed on Nasdaq on June 15, 2010. Cboe delisted from Nasdaq at the close on Friday, September 14, 2018, and listed solely on Cboe under its existing ticker symbol, “CBOE,” the following Monday. Previously, Cboe shares were dually listed on both Cboe and Nasdaq. 
Cboe is a majority and minority owner in several financial services firms, including: Tradelegs, Vest Financial, American Financial Exchange and CurveGlobal.
 
As part of the acquisition of Bats Global Markets, Cboe Global Markets began migrating trading in all of the company's markets onto a single platform powered by Bats' proprietary trading technology. The Cboe’s Futures Exchange (CFE) successfully migrated to the Bats technology in February of 2018, the first of Cboe's legacy exchanges to do so. It completed the migration of all Cboe exchanges with the migration of the Cboe Options Exchange onto BATS technology on October 7, 2019 for all stocks, options and futures markets. 
The company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Singapore, Hong Kong and Quito, Ecuador. Cboe also launched its European trading venue in Amsterdam, in October 2019, with all European stocks. The move was in response to Brexit, but Cboe continues to operate its UK trading venue for UK and European stocks. 
Cboe Global Markets was ranked sixth among derivatives exchanges by volume in 2021, with 3.09 billion contracts traded on its futures and options markets, up 18.4 percent from the 2.6 billion contracts traded a year earlier, according to the Futures Industry Association 2021 Annual Volume Survey.
On December 3, 2020, Cboe Global Markets announced it had become the second largest primary listings venue for exchange-traded products (ETPs) in the U.S. following record gains in new listings that year. YTD, Cboe had captured 35 percent of all new product launches in the market.
Cboe Global Markets extended its operations in Asia in 2021 with the planned acquisition of Chi-X Asia Pacific Holdings. In a March 24, 2021 announcement, Cboe said the deal would enable the exchange operator to expand its global equities business, including bringing its block platform, BIDS Trading, to the Asia Pacific region. The transaction was expected to close in the second or third quarter of 2021, pending regulatory review. 
Cboe Global Markets acquired EuroCCP, a leading pan-European equities clearing house, on July 1, 2020, paving the way for the planned launch of Cboe Europe Derivatives, an Amsterdam-based futures and options market, in the first half of 2021.
On June 17, 2021, Cboe Global Markets announced plans to launch Cboe LIS, an enhanced block trading service, in Canada. The service is based on a model it first introduced in Europe with BIDS Trading. The Canadian offering, which launched on February 1, 2022, will combine block trading capabilities from MATCHNow and BIDS to create an enhanced market center for block-sized liquidity for buy-side and sell-side participants.
Cboe Global Markets announced on November 4, 2021 that it would launch a new dealer-to-dealer electronic trading platform for On-The-Run U.S. Treasuries, Cboe's first cash U.S. Fixed Income product offering. The Cboe Fixed Income platform was planned for launch in the second quarter of 2022, subject to regulatory approvals.
On June 6, 2022, Cboe Global Markets announced the opening of a new open-outcry trading floor in Chicago at 141 W. Jackson Boulevard (the Chicago Board of Trade Building), bucking the trend towards shutting down open outcry and moving to all-electronic trading. The trading floor returns to the same space where the Cboe was founded in 1973 as the first listed options exchange in the U.S. 
On February 15, 2024, Cboe announced that Cboe Australia had listed new ETFs from iShares by BlackRock for trading. With these new iShares ETF listings, BlackRock became the first global asset manager to list its iShares ETFs on each of Cboe's listings exchanges in the U.S., Canada, Australia, the UK and the European Union. 
On August 12, 2024, Cboe announced it had begun publishing intraday values for the new Cboe 20+ Year Treasury Bond ETF Volatility Basis Point Index ("VIXTLT Index"). The VIXTLT Index provides market participants with the ability to track future (30-day) expected volatility in the U.S. Treasury market in real-time.
On October 9, 2024, Cboe Global Markets announced that it would begin trading Options on Cboe Volatility Index (VIX) Futures (Ticker: UX) on Cboe Futures Exchange, LLC (CFE) on Monday, October 14. The new Options on VIX Futures are intended to provide investors with another tool to help manage U.S. equity market volatility.
== Background ==
Cboe Global Markets' roots go back to the Chicago Board Options Exchange, the first U.S. options exchange, launched in 1973. In 1980, the Cboe and the Midwest Stock Exchange consolidated their businesses. 
Ten years later, in a Form S-4 filing with the U.S. Securities and Exchange Commission (SEC), Cboe said it intended to change its organizational structure from a non-stock corporation owned by its members to become a wholly owned subsidiary of a new holding company, CBOE Holdings, Inc., organized as a stock corporation owned by its stockholders.
Cboe used proceeds from the offering for general corporate purposes, but it also returned nearly all of the proceeds to exchange members in two special tender offers after the IPO. Cboe also planned to let members, who would become shareholders, sell stock during the offering.
In February 2012, CBOE Holdings announced its reorganization and the appointment of new officers.
After the restructuring, CBOE Holdings continued to function as a self-regulatory organization (SRO) and to operate its options exchange business. The following entitles became wholly owned subsidiaries of CBOE Holdings: Cboe Futures Exchange, LLC, Chicago Options Exchange Building Corporation, CBOE, LLC, DerivaTech Corporation, Market Data Express, LLC, The Options Exchange, Incorporated. Cboe Stock Exchange, LLC (CBSX) remained a partially owned facility of the Cboe.
The stock's IPO price was $29 a share, at the top of the range expected for the public offering. The Cboe sold 11.7 million shares and raised about $339 million. 
On December 11, 2015, CBOE Holdings and Environmental Financial Products, LLC, the organization founded by Richard Sandor, launched the American Financial Exchange (AFX), an electronic marketplace for small and mid-sized banks to lend and borrow short-term funds. AFX was designed to bring the benefits of exchange trading, including standardization, transparency and a rules-based process, to interbank lending, while reducing transaction costs through an electronic market. AFX also offers weekly auctions of a benchmark rate for U.S. interbank lending, called Ameribor. The companies expected the first AFX auction of Ameribor, which is based on proprietary calculation methodology developed by EFP, to take place in the fourth quarter of 2015.
==Cboe Acquires Bats Global Markets==
CBOE Holdings' announcement in September 2016 that it would acquire Bats Global Markets for $3.2 billion heralded a huge change for the exchange group. The Bats acquisition provided a global equities footprint for Cboe, well beyond its modest Cboe Stock Exchange (CBSX), which was shut down. Moreover, the purchase allowed CBOE Holdings to migrate its offerings to Bats' technology. The acquisition also gave the new Cboe an estimated $10 billion market capitalization, putting it in the same neighborhood as the New York-based Nasdaq stock exchange.
The acquisition, which closed on February 28, 2017, created a number of new markets for Cboe. The combined structure gave Cboe four U.S. equity options markets - Cboe, Cboe C2, Bats BZX and Bats EDGX, and Cboe Futures Exchange - as well as European equities with Bats Europe and BXTR. It also gave Cboe the second largest U.S. equities market with BZX, BYX, EDGA and EDGX, and Hotspot, an FX trading platform for spot, forwards and swaps.
Cboe Futures Exchange was the first of the Cboe's exchange subsidiaries to migrate onto the Bats technology platform in February of 2018.
In October 2019, Cboe announced the launch of a new retail program on Cboe EDGX Exchange, adding enhanced execution for individual investors trading U.S. equities. The initiative added order book priority for order submitted on behalf of retail investors. It launched in November 2019.
==Cboe Acquires ErisX, Operates Cboe Digital as a Digital Asset Business==
On October 20, 2021, Cboe Global Markets announced it had agreed to acquire Eris Digital Holdings, LLC (ErisX), giving it an entry point to digital asset spot and derivatives markets, as well as clearing and settlement. Cboe said it planned to operate the digital asset business as a subsidiary called Cboe Digital, with Thomas Chippas, Chief Executive Officer of ErisX, remaining as head of the digital asset business. The acquisition was completed on May 2, 2022.
== Contract Volume ==
Year	Total Annual Volume	Percent Change
2021	3,095,692,862 	18.42%
2020	2,614,108,017 	36.72%
2019	1,912,084,008 	(-) 6.77%
2018	2,050,884,142 	13.3%
2017	1,810,195,197 	0.9%
2016	1,184,553,418 	0.9%
2015	1,173,934,104 	(-) 11.4%
2014	1,325,391,523 	11.6%
2013	1,187,642,669 	4.7%
2012	1,134,316,703 	(-) 6.8%
2011	1,216,922,087 	8.3%
2010	1,123,505,008 	(-) 1.1%
2009	1,135,920,178 	--
==2021==
Exchange 	Volume 	Percent Change
Chicago Board Options Exchange	1,515,701,709	12.29%
Bats Exchange 	789,931,731 	14.93%
EDGX Options Exchange 	363,710,403 	22.71%
C2 Exchange 	368,296,414 	60.24%
Cboe Futures Exchange 	58,051,281 	14.39%
== Key People ==
File:William_M._Farrow_III.jpg |William M. Farrow III, Non-Executive Chairman
File:Fred tomczyk Cboe.jpg|Fredric Tomczyk, Chief Executive Officer
File:D howson.png|David Howson, EVP, Global President
File:Chris_Isaacson_CBOE_profile_picture.jpg|Chris Isaacson, EVP and Chief Operating Officer 
File:JGriebenow 2023.png|Jill Griebenow, EVP, Chief Financial Officer and Chief Accounting Officer
File:C clay.png|Catherine Clay, EVP, Head of Global Derivatives
File:A inzirillo.png|Adam Inzirillo, EVP, Global Head of Data and Access Solutions
File:P sexton.jpg|Patrick Sexton, EVP, General Counsel, Corporate Secretary
File:Greg Hoogasian.png|Greg Hoogasian, EVP, Chief Regulatory Officer
File:Stephanie Foley.jpg|Stephanie Foley, EVP, Chief Human Resources Officer
== Regulation ==
Cboe and C2 are regulated by the Securities and Exchange Commission (SEC). Cboe Futures Exchange (CFE) is regulated by the Commodity Futures Trading Commission (CFTC).
In December 2014, Cboe announced they would cede their self-regulatory duties to the Financial Industry Regulatory Authority (FINRA) starting Jan. 1, 2015. After that date, FINRA will perform cross-market surveillance on about 60 percent of the U.S. options market. Cboe also hired FINRA to take over its regulatory duties for the Options Regulatory Surveillance Authority (ORSA), which the U.S. options exchanges established in 2006 to collaborate on insider trading surveillance and investigations. CBOE employees will continue to oversee the Cboe Futures Exchange.
== ESG at Cboe ==
Information about Cboe Global Markets' corporate commitment to environmental, social and governance initiatives, including ESG reports and solutions, can be found on its website here.
== Resources ==
*SEC S-4 CBOE Holdings
== References ==
 
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