# Cboe Global Markets **Source:** https://geo.sig.ai/brands/cboe-global-markets **Vertical:** Consumer Finance **Subcategory:** Enterprise **Tier:** Leader **Website:** cboe.com **Last Updated:** 2026-04-14 ## Summary Global exchange group with $4.8B FY2024 revenue; SPX/VIX options monopoly; 0DTE options trading boom 2022-2024; new CEO Fred Tomczyk 2023; digital assets derivatives expansion. ## Company Overview 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. 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. 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. ## Frequently Asked Questions ### What is Cboe Global Markets? Cboe Global Markets is one of the world's largest exchange holding companies, operating trading platforms for options, equities, futures, foreign exchange, and digital assets across North America, Europe, and Asia-Pacific. Founded in 1973 as the Chicago Board Options Exchange, Cboe pioneered standardized exchange-traded options and created the VIX Volatility Index, Wall Street's premier measure of market sentiment. ### What is the VIX and why is it important? The VIX (CBOE Volatility Index), often called Wall Street's "fear gauge," measures market expectations of near-term volatility based on S&P 500 Index options prices. Introduced in 1993, the VIX has become the world's premier barometer of investor sentiment and market volatility. Higher VIX values indicate greater expected volatility and market uncertainty, while lower values suggest calmer market conditions. Traders use VIX futures and options to hedge portfolio risk and implement volatility strategies. ### When was Cboe Global Markets founded? Cboe was founded as the Chicago Board Options Exchange (CBOE) on April 26, 1973, when trading began in a converted smoking lounge with 911 contracts on 16 stocks. The company went public in June 2010, acquired BATS Global Markets in February 2017, and rebranded to Cboe Global Markets in October 2017 to reflect its evolution into a global multi-asset class exchange operator. ### Where is Cboe Global Markets headquartered? Cboe Global Markets is headquartered in Chicago, Illinois, where it maintains an open outcry trading floor preserving the heritage of pit trading. The company operates globally with offices and exchanges across North America, Europe, and Asia-Pacific, employing 1,685 people as of December 2024. ### Who are Cboe's customers? Cboe serves institutional investors, hedge funds, asset managers, proprietary trading firms, market makers, retail brokerages, banks, pension funds, insurance companies, and individual traders seeking access to derivatives, equity trading, market data, and risk management solutions across multiple asset classes and global markets. ### What is Cboe's revenue and financial performance? Cboe reported record full-year 2024 net revenue of $2.1 billion (up 8% year-over-year) and record adjusted diluted earnings per share of $8.61 (up 10% YoY). The company maintains a market capitalization of approximately $23-25 billion and expects mid-single digit organic revenue growth in 2025 with operating expenses between $837-852 million. ### What makes Cboe different from other exchanges? Cboe differentiates itself through its pioneering role creating the standardized options market in 1973, ownership of the iconic VIX volatility products, comprehensive multi-asset class offerings across options, equities, futures and FX, advanced trading technology from the BATS acquisition, proprietary index options (SPX, VIX) generating significant revenue, and global reach spanning North America, Europe, and Asia-Pacific markets. ### Who are Cboe's main competitors? Cboe's primary competitors include CME Group (futures and options), Intercontinental Exchange/NYSE (equities and derivatives), Nasdaq (equities and options), Miami International Holdings (MIAX options exchanges), and regional exchanges. Competition varies by product segment including options, equity trading, market data, and derivatives clearing services. ### What major acquisitions has Cboe completed? Cboe's most transformative acquisition was the $3.2 billion purchase of BATS Global Markets completed in February 2017, which brought the second-largest U.S. stock exchange by share volume, advanced electronic trading technology, and significant equity market infrastructure. This acquisition enabled Cboe's evolution from an options-focused exchange to a comprehensive multi-asset class global markets operator. ### What is Cboe's digital asset strategy? In April 2024, Cboe announced a strategic realignment of its digital asset business to focus on derivatives and clearing while winding down the Cboe Digital Spot Market. The company is expanding collaboration with FTSE Russell to develop digital asset derivatives products and plans to transition cash-settled bitcoin and ether futures to Cboe Futures Exchange in 2025, leveraging its core expertise in derivatives infrastructure and regulated product offerings. ### Is Cboe Global Markets hiring? Yes, Cboe Global Markets actively recruits talent across technology, trading operations, market data, compliance, finance, and business development roles. With operations spanning North America, Europe, and Asia-Pacific, the company offers opportunities in Chicago, New York, London, Amsterdam, and other global locations. Visit careers.cboe.com for current openings. ### What is the latest news about Cboe Global Markets? Recent highlights include Craig Donohue being named CEO effective May 7, 2025, reporting record 2024 full-year results with $2.1 billion revenue and $8.61 adjusted EPS (February 2025), launching Options on VIX Futures (October 2024), realigning the digital asset business to focus on derivatives (April 2024), and achieving the fifth consecutive year of record options trading volumes with 14.95 million average daily contracts in 2024. ## Tags b2c, fintech, public --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*