Company Overview
About Cboe Global Markets
Cboe Global Markets is one of the world's largest exchange holding companies, founded in 1973 as the Chicago Board Options Exchange—the world's first options exchange—and now headquartered in Chicago, Illinois, trading on Nasdaq (CBOE). The company generated approximately $4.8 billion in net revenues for FY2024 under CEO Fred Tomczyk, who succeeded longtime CEO Ed Tilly in 2023 following an ethics investigation. Cboe operates multiple asset class exchanges including U.S. options (Cboe Options Exchange, C2), U.S. equities (BZX, BYX, EDGX, EDGA), European equities and derivatives, Canadian equities (NEO Exchange), digital assets, FX, and futures, positioning itself as a global multi-asset marketplace with significant intellectual property in index derivatives.
Business Model & Competitive Advantage
Cboe's crown jewel is its S&P 500 Index options franchise—SPX options and VIX options—which are the world's most actively traded index derivatives and generate transaction fees that few competitors can replicate due to the SPX license exclusivity. The CBOE Volatility Index (VIX), introduced in 1993, has become the global benchmark for market volatility and anchors a suite of VIX-based derivatives products. The company's proprietary "0DTE" (zero days to expiration) options have driven explosive trading volume growth in 2022-2024, as retail and institutional traders discovered SPX options expiring same-day for tactical positioning around economic data releases and Fed announcements. This structural shift toward shorter-dated, higher-frequency trading benefits Cboe's per-transaction revenue.
Competitive Landscape 2025–2026
In 2025-2026, Cboe competes with CME Group (CME) in futures and interest rate derivatives, Nasdaq (NDAQ) and NYSE/Intercontinental Exchange (ICE) in equity options and trading, and emerging digital asset exchanges. The company's strategic expansion into European derivatives through its Amsterdam and London exchanges, and into Asia Pacific through CFE Chicago clearing, expands geographic revenue diversification. Cboe's 2024-2025 investments in its digital assets marketplace—offering Bitcoin index options and futures under CFTC-regulated frameworks—position the company to capture institutional crypto derivatives volume as regulatory clarity for digital assets improves. Data and access services, providing market data subscriptions and analytics, contribute recurring, high-margin revenue independent of trading volume cycles.
The Cboe Global Markets Story
Founders
Company Timeline
Major milestones in Cboe Global Markets's journey
Leadership Team
Meet the leaders behind Cboe Global Markets
Craig Donohue
Craig Donohue was named CEO of Cboe Global Markets effective May 7, 2025, succeeding Fredric Tomczyk. Donohue brings extensive experience in exchange operations and market infrastructure leadership to guide Cboe's next phase of growth and innovation.
Fredric J. Tomczyk
Fredric Tomczyk served as CEO of Cboe Global Markets from September 2023 to May 2025, succeeding Edward T. Tilly. Following his CEO tenure, Tomczyk transitioned to an advisory role through June 2025 and continues to serve as a member of the board of directors.
William M. Farrow III
William Farrow was named non-executive Chairman of the Board of Directors in September 2023, providing independent board leadership and governance oversight for Cboe Global Markets.
Jill M. Griebenow
Jill Griebenow has served as CFO and Executive Vice President since 2023, leading all financial management functions. She previously held the positions of Treasurer and Chief Accounting Officer at Cboe, bringing deep financial expertise and institutional knowledge.
Chris Isaacson
Chris Isaacson serves as EVP and COO of Cboe Global Markets, overseeing operations across the company's global exchange and trading platform infrastructure. He joined Cboe in January 2019 and plays a critical role in technology and operational excellence.
David Howson
David Howson serves as EVP and Global President, leading Cboe's business operations and strategic initiatives across all markets and geographies, including North America, Europe, and Asia-Pacific regions.
Catherine Clay
Catherine Clay leads global leadership development and organizational effectiveness initiatives as EVP and Head of Global Leadership, fostering talent development and succession planning across Cboe's international operations.
Natan Tiefenbrun
Natan Tiefenbrun was recently promoted to global head of cash equities, overseeing Cboe's equity trading operations and market share growth strategies across its cash and spot markets segment.
Kenneth Hill, CFA
Kenneth Hill serves as SVP, Treasurer, and Head of Investor Relations & Business Intelligence, managing treasury functions, investor communications, and providing strategic business analytics to support executive decision-making.
Open Positions
Reddit Discussions
Key Differentiators
Market Leader
Cboe Global Markets is recognized as a market leader in the Consumer Finance sector, demonstrating strong industry presence and customer trust.
Enterprise Scale
With $4800M in revenue, Cboe Global Markets operates at enterprise scale with proven market validation.
Frequently Asked Questions
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