Cboe Global Markets

Cboe Global Markets, Inc.

File:Cboe Global Markets Logo.svg
Formerly	CBOE Holdings, Inc.
Company type	Public
Traded as	Template:BZX S&P 500 component
Industry	Security & commodity exchanges
Founded	As Chicago Board Options Exchange 1973 (1973)
Founder	Chicago Board of Trade
Headquarters	Chicago, Illinois , US
Key people	Craig Donohue (CEO) Chris Isaacson (COO) Jill Griebenow (CFO) David Howson (President)
Revenue	Increase Template:US$ (2024)
Operating income	Increase Template:US$ (2024)
Net income	Increase Template:US$ (2024)
Total assets	Increase Template:US$ (2024)
Total equity	Increase Template:US$ (2024)
Number of employees	1,685 (2024)
Website	cboe.com

Cboe Global Markets, Inc. is a U.S.-based enterprise that operates the Chicago Board Options Exchange along with the stock exchange platform BATS Global Markets.

History

The Chicago Board Options Exchange (CBOE), established in 1973 by the Chicago Board of Trade, was a trailblazer in creating standardized stock options traded on an exchange. This initiative was conceived in 1969 by CBOT vice chairman Edmund “Eddie” O’Connor with the goal of replacing the complicated over-the-counter options market through a centralized clearing system. Despite initial opposition from the SEC, championed by Joseph Sullivan who became CBOE’s inaugural president, the exchange commenced operations on April 26, 1973.

Originally housed within the CBOT structure, CBOE relocated its headquarters to 400 S. LaSalle Street in 1984 and subsequently moved to the Old Chicago Main Post Office building in 2019, unveiling a modern trading floor there in June 2022.

A landmark development was the creation of the CBOE Volatility Index (VIX) in 1993 by finance academic Robert E. Whaley to gauge implied volatility based on S&P 100 options; this benchmark transitioned to using S&P 500 options in 2003. Utilizing the VIX, Cboe introduced tradable instruments and futures contracts starting in 2004, broadening its suite of offerings and strengthening its market position.

On March 11, 2010, CBOE submitted its initial public offering application and successfully raised $339 million when shares began trading on NASDAQ in June of that year. The firm later withdrew from NASDAQ in 2018 to exclusively list its shares on its own exchange platform. Reflecting its growing international footprint and diversified operations, the company rebranded from CBOE Holdings to Cboe Global Markets in October 2017.

In recent years, governance issues surfaced when William Carlson, founder of Belvedere Trading, lodged complaints in 2024 and 2025 alleging financial improprieties involving former director Mark Francis Duffy and highlighting potential regulatory conflicts and oversight concerns within Cboe’s membership framework.

Mergers and acquisitions

In September 2011, CBOE Stock Exchange, a subsidiary of CBOE Holdings, reached an agreement to acquire the National Stock Exchange. The transaction was finalized on December 30, 2011, with both exchanges continuing to operate independently. However, the National Stock Exchange discontinued its trading activities on May 30, 2014.

CBOE expanded its market data capabilities by acquiring LiveVol in August 2015. Shortly thereafter, in January 2016, it secured a controlling interest in Vest Financial, an investment advisory firm focused on options-based products.

The company announced a significant $3.2 billion acquisition of BATS Global Markets in September 2016. At that time, BATS was recognized as the second-largest U.S. stock exchange by trading volume and was noted for its advanced technological infrastructure. This acquisition broadened CBOE’s geographic footprint and diversified its product lineup while enabling cost efficiencies. The deal was completed in March 2017, after which CBOE transitioned its exchanges onto BATS’ technology platform over subsequent years.

In early 2020, CBOE further enhanced its data analytics portfolio by acquiring Hanweck and FT Options, followed by Trade Alert, a provider specializing in order flow analytics. That same year, it took full ownership of EuroCCP, a Dutch clearinghouse in which it had previously held a 20% share. In May 2020, CBOE entered the Canadian market through the purchase of MATCHNow, an alternative trading system (ATS) operator. Later in October, it expanded its ATS presence by acquiring BIDS Trading.

June 2021 marked CBOE’s expansion into the Asia-Pacific region with the acquisition of Chi-X Asia Pacific, granting access to key securities markets in Japan and Australia. In November of that year, the company agreed to acquire NEO Exchange, a Canadian stock exchange operator.

In May 2022, CBOE finalized its acquisition of Eris Digital Holdings (ErisX), a U.S.-based digital asset spot market operator as well as a regulated futures exchange and clearinghouse.

Operations

Cboe Global Markets maintains operations across North America, Europe, and the Asia-Pacific region, offering trading platforms for options, futures, equities, and foreign exchange instruments. It owns stock exchanges located in the United States, Canada, the Netherlands, and Australia. Within Canada, Cboe Canada accounts for approximately 15% of trading volume in listed securities. The establishment of Cboe Australia resulted from acquiring Chi-X operations spanning Australia and Japan. Its European branch, Cboe Clear Europe, based in London and Amsterdam, oversees the largest stock exchange group by volume in Europe and holds the position as the second-largest in Canada and third-largest in the U.S.

The firm also operates multiple clearinghouses including Cboe Clear Europe and manages Cboe Digital—a cryptocurrency exchange acquired through ErisX in 2021. Headquartered in Chicago, Cboe continues to support an open outcry trading floor.

Among its notable index options are those linked to the VIX volatility index and the S&P 500 Index (SPX), along with other indices such as the Russell 2000.

Fredric Tomczyk held the CEO position from 2023 until 2025; he was succeeded by Craig Donohue in May 2025.

See also

• Direct Edge
• BATS Global Markets