Cboe Global Markets, Inc. Overview
Pro stress-test →Cboe Global Markets is an exchange operator that has evolved from a niche Chicago-based floor for options into a global multi-asset powerhouse. By shedding non-core assets and leaning into the global appetite for "short-dated" derivatives and volatility products, the company has achieved record earnings and a dominant market position.
Strategic Profile
Pro stress-test →Cboe has carved out a unique and highly profitable niche as the world's primary venue for index and equity options. CEO Craig Donohue, who took over in May 2025, has overseen a "2026 Realignment" strategy focused on "pruning the garden," with the sale of lower-margin cash equity businesses to focus resources on the "global derivatives powerhouse" vision.
Competitive Landscape
Pro stress-test →Cboe has long been viewed as the "third player" behind CME Group and Intercontinental Exchange, but has carved out a unique niche as the world's primary venue for index and equity options. Cboe's proprietary moat and high-margin data business provide a compelling defensive and offensive profile despite regulatory risks.
Industry Context
Cboe Global Markets, Inc. operates in Financial Exchange Operators & Derivatives Markets.
Key facts
Founded: 1973 · Headquarters: Chicago, US · Revenue: $671.1M · Market cap: $28.81B