Cboe Global Markets Inc
- Branche
- Exchanges
- Börse
- USA
- Land / Region
- USA
- Börsengang
- 15. Juni 2010
- Mitarbeiter
- 1.661
- Website
- www.cboe.com
Zusammengesetzter Bewertungsbereich · konservativ $150–$220 / fair $240–$310 / optimistisch $320–$360. Bei $288.87, Innerhalb des fairen Bereichs des inneren Werts.
Bei Veröffentlichung $357.35 (24. Mai 2026)
Daten von EODHD, dargestellt in der Berichtswährung; nur zu Informationszwecken, keine Anlageberatung.
Cboe Global Markets, Inc., through its subsidiaries, operates as a derivatives and securities exchange network that delivers trading, clearing, and investment solutions in the United States and internationally. It operates through five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. The Options segment includes options on market indices, stocks of individual corporations, and exchange-traded products (ETPs), such as exchange-traded funds (ETFs) and exchange-traded notes (ETNs). This segment also offers trading in listed options through a single system. The North American Equities segment comprises U.S. equities and ETP transaction services. This segment also includes listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data. The Europe and Asia Pacific segment provides pan-European derivatives transaction services; ETPs, including exchange-traded funds, exchange-traded notes, and exchange-traded commodities; international depository receipts; and an ETP listings business on regulated markets and clearing activities, as well as equities services. The Futures segment offers transaction services, including trading in VIX futures and other futures products, the licensing of proprietary market data, and access and capacity services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transaction services. The company also provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. It has strategic relationships with S&P Dow Jones Indices, LLC; Frank Russell Company; and FTSE International Limited. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.
Geschichte
Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois. It went public on June 15, 2010, was formerly known as CBOE Holdings, Inc., and adopted its current name in October 2017. Through its subsidiaries it operates as a derivatives and securities exchange network spanning five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. Over 2021 to 2025 revenue grew from $3.495 billion to $4.714 billion and operating income rose from $819 million to $1,521 million, with the operating margin expanding from 23.4% to 32.3% and the gross margin from 42.2% to 51.5%. In 2025 the company sharpened its focus around core franchises: it agreed to sell its Canadian and Australian businesses to TMX for $300 million in total and wound down and impaired its Japan equities operation, while in 2026 it pursued roughly a 20% workforce reduction under CEO Craig Donohue. Earlier expansion into digital assets left a mixed record, including a $460.9 million goodwill impairment tied to Cboe Digital in 2022 and an $81 million asset impairment in the former Digital segment in 2024.
Branchenposition
Cboe is a global market-infrastructure operator that charges for trading, clearing, market data, access, and index- and product-related licensing across cash and spot markets, Cboe Data Vantage, and derivatives markets. Its economic core is the Options segment, which in 2025 generated $2.434 billion in revenue, $1.531 billion of revenue-less-cost, and $1.113 billion in operating income — about 63% of company revenue-less-cost and roughly 76% of operating profit. Its strongest position is in proprietary derivatives: SPX options and VIX options and futures, supported by exclusive U.S.-listed rights to S&P index options, with the S&P license running to the end of 2033 and the S&P 500 Index options exclusive trading rights to the end of 2032. The company held about 30.3% of total options market share in 2025 and roughly 29.1% in the first quarter of 2026. Its moat rests on licensing and regulatory barriers, deep liquidity and network effects in proprietary products, and customer embedding through ports, data, and clearing relationships, whereas multi-listed options and cash equities matching are far more contested. Competition is intense: at the end of 2025 Cboe's four U.S. options exchanges faced 14 other U.S. options exchanges, with two more expected in the first half of 2026. Customer concentration is visible on key channels: in 2025 one customer accounted for about 10% of total revenue and the three largest clearing members cleared roughly 71% of market-maker-side volume in its U.S. options market. It maintains strategic relationships with S&P Dow Jones Indices, LLC, Frank Russell Company, and FTSE International Limited.
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