Cboe Global Markets, Inc.

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Cboe Global Markets, Inc.
Cboe Global Markets.jpg
Founded 2010
Headquarters Chicago
Key People Edward T. Tilly, CEO; Chris Isaacson, Executive Vice President and Chief Operating Officer
Products Parent Company of Cboe, C2, Cboe Futures Exchange and Bats
Twitter @CBOE
Website ir.cboe.com>
Releases Company News

Cboe Global Markets, Inc. (BZX: CBOE) is the holding company for the Chicago Board Options Exchange (Cboe), the Cboe Futures Exchange (CFE), C2 Options Exchange and other subsidiaries, including Cboe Europe. Cboe also operates four U.S. equities exchanges – the BZX Exchange, BYX Exchange, EDGA Exchange and EDGX Exchange.

Cboe acquired Bats Global Markets on February 28, 2017, making Cboe Global Markets, Inc. one of the world’s largest exchange holding companies and expanding its business into U.S. and European equities, exchange traded funds (ETFs) and global foreign exchange (FX) products. It was previously known as CBOE Holdings, until a rebranding in October 2017.[1]

Its subsidiary Cboe is the largest U.S. options exchange and the creator of listed options. Cboe Global Markets, Inc. offers equity, index and ETP options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options and futures on the Cboe Volatility Index (the VIX Index). Other products engineered by Cboe include equity options, security index options, Weeklys options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P BuyWrite Index (BXM). Cboe Global Markets, Inc. is also home to the Options Institute and Livevol options analytics and data tools.

The company is publicly traded, and was listed on Nasdaq on June 15, 2010. Cboe delisted from Nasdaq at the close on Friday, September 14, 2018, and listed solely on Cboe under its existing ticker symbol, “CBOE,” the following Monday. Previously, Cboe shares were dually listed on both Cboe and Nasdaq. [2]

Cboe is a majority and minority owner in several financial services firms, including: Tradelegs, Vest Financial, American Financial Exchange and CurveGlobal.[3] [4] [5] [6]

As part of the acquisition of Bats Global Markets, Cboe Global Markets began migrating trading in all of the company's markets onto a single platform powered by Bats' proprietary trading technology. The CBOE’s Futures Exchange (CFE) successfully migrated to the Bats technology in February of 2018, the first of Cboe's legacy exchanges to do so. It completed the migration of all Cboe exchanges with the migration of the Cboe Options Exchange onto BATS technology on October 7, 2019 for all stocks, options and futures markets. [7] [8][9]

The company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Singapore, Hong Kong and Quito, Ecuador. Cboe also launched its European trading venue in Amsterdam, in October 2019, with all European stocks. The move was in response to the Brexit, but Cboe will continue to operate its UK trading venue for UK and European stocks.[10][11][12]

Cboe Global Markets was ranked fifth among derivatives exchanges by volume, with 2.05 billion contracts traded in 2018 on its futures and options markets, up 13.3 percent from a year earlier, according to the FIA 2018 Annual Volume Survey.[13]


Cboe Global Markets' roots go back to the Chicago Board Options Exchange, the first U.S. options exchange, launched in 1973. In 1980 the CBOE and the Midwest Stock Exchange consolidated their businesses.

Ten years later, in a Form S-4 filing with the U.S. Securities and Exchange Commission (SEC), CBOE said it intended to change its organizational structure from a non-stock corporation owned by its members to become a wholly-owned subsidiary of a new holding company, CBOE Holdings, Inc., organized as a stock corporation owned by its stockholders.[14]

CBOE used proceeds from the offering for general corporate purposes, but it also returned nearly all of the proceeds to exchange members in two special tender offers after the IPO. CBOE also planned to let members, who would become shareholders, sell stock during the offering.[15]

In February 2012, CBOE Holdings announced its reorganization and the appointment of new officers.[16]

After the restructuring, the CBOE continued to function as a self-regulatory organization (SRO) and to operate its options exchange business. The following entitles became wholly-owned subsidiaries of CBOE Holdings: CBOE Futures Exchange, LLC, Chicago Options Exchange Building Corporation, CBOE, LLC, DerivaTech Corporation, Market Data Express, LLC, The Options Exchange, Incorporated. CBOE Stock Exchange, LLC (CBSX) remained a partially-owned facility of the CBOE.[17]

The stock's IPO price was $29 a share, at the top of the range expected for the public offering. The CBOE sold 11.7 million shares and raised about $339 million. [18] [19] [20]

On December 11, 2015 CBOE Holdings and Environmental Financial Products, LLC, the organization founded by Richard Sandor, launched the American Financial Exchange (AFX), an electronic marketplace for small and mid-sized banks to lend and borrow short-term funds. AFX was designed to bring the benefits of exchange trading, including standardization, transparency and a rules-based process, to interbank lending, while reducing transaction costs through an electronic market. AFX also offers weekly auctions of a new benchmark rate for U.S. interbank lending, called Ameribor. The companies expect the first AFX auction of Ameribor, which is based on proprietary calculation methodology developed by EFP, to take place in the fourth quarter of 2015.[21]

Cboe Acquires Bats Global Markets

CBOE Holdings' announcement in September 2016 that it would acquire Bats Global Markets for $3.2 billion heralded a huge change for the exchange group. The Bats acquisition provided a global equities footprint for CBOE, well beyond its modest CBOE Stock Exchange (CBSX), which was shut down. Moreover, the purchase allowed CBOE Holdings to migrate its offerings to Bats' technology. [22] The acquisition also gave the new Cboe an estimated $10 billion market capitalization, putting it in the same neighborhood as the New York-based NASDAQ stock exchange.[23]

The acquisition, which closed on February 28, 2017, created a number of new markets for Cboe. The combined structure gave Cboe four US equity options markets - Cboe, Cboe C2, Bats BZX and Bats EDGX, and Cboe Futures Exchange - as well as European equities with Bats Europe and BXTR. It also gave Cboe the second largest US equities market with BZX, BYX, EDGA and EDGX, and Hotspot, an FX trading platform for spot, forwards and swaps.[24]

Cboe Futures Exchange was the first of the Cboe's exchange subsidiaries to migrate onto the Bats technology platform in February of 2018.[25]

In October 2019, Cboe announced it would launch a new retail program on Cboe EDGX Exchange, adding enhanced execution for individual investors trading US equities. The initiative added order book priority for order submitted on behalf of retail investors. It launched in November 2019.[26]

Contract Volume

Year Total Annual Volume Percent Change
2018 2,050,884,142 13.3%
2017 1,810,195,197 0.9%
2016 1,184,553,418 0.9%
2015 1,173,934,104 -11.4%
2014 1,325,391,523 11.6%
2013 1,187,642,669 4.7%
2012 1,134,316,703 (-) 6.8%
2011 1,216,922,087 8.3%
2010 1,123,505,008 (-) 1.1%
2009 1,135,920,178 --


Exchange Volume Percent Change
Chicago Board Options Exchange 1,283,269,272 13.3%
Bats Exchange 422,706,669 2.13,1%
EDGX Options Exchange 118,429,304 124.1%
C2 Exchange 150,923,570 6,8%
CBOE Futures Exchange 75,555,327 2.1%

Key People

  • Edward Tilly, Chairman, President & Chief Executive Officer
  • Chris Isaacson, Executive Vice President and Chief Operating Officer
  • Brian Schell, Executive Vice President, Chief Financial Officer and Treasurer
  • Eric Crampton, Senior Vice President and Chief Technology Officer


Cboe and C2 are regulated by the Securities and Exchange Commission (SEC). Cboe Futures Exchange (CFE) is regulated by the Commodity Futures Trading Commission (CFTC).

In December 2014 CBOE announced they would cede their self-regulatory duties to the Financial Industry Regulatory Authority (FINRA) starting Jan. 1, 2015. After that date, FINRA will be able to perform cross-market surveillance on about 60 percent of the U.S. options market. CBOE also hired FINRA to take over its regulatory duties for the Options Regulatory Surveillance Authority (ORSA), which the U.S. options exchanges established in 2006 to collaborate on insider trading surveillance and investigations. CBOE employees will continue to oversee the CBOE Futures Exchange.[27]



  1. CBOE Holdings Becomes Cboe Global Markets, Unveils New Corporate Identity. Cboe Global Markets, Inc..
  2. Cboe Self-Lists Its Common Stock. MarketsMedia.
  3. CBOE Continues to Empower Investors with its Acquisition of Livevol, Inc. Technology. Press Release.
  5. CBOE buys majority stake in options trading software firm. Crains.
  6. CBOE Holdings Takes Minority Ownership Stake In CurveGlobal. Press Release.
  7. CFE Integration. Cboe Global Markets.
  8. CBOE Futures Exchange Migrates to Proprietary BATS Technology. Finance Magnates.
  9. Cboe Global Markets finalises migration to Bats technology. The Trade.
  10. Edited Transcript of CBOE earnings conference call or presentation 2-Aug-19 12:30pm GMT. Yahoo Finance.
  11. Cboe Global Markets picks Amsterdam for its EU hub. The Times.
  12. Cboe readies Amsterdam hub despite Brexit uncertainty. Financial Times.
  13. 2018 Annual Volume Survey. Futures Industry.org.
  14. CBOE Board Backs Initial Public Offering. ForexYard/Reuters.
  15. CBOE's IPO Made For Members?. Crain's Chicago Business.
  16. CBOE Holdings, Inc. Announces Reorganization and Names New Officers. CBOE Holdings.
  17. Prospectus. CBOE.
  18. CBOE Up More Than 13%. Fox Business.
  19. CBOE Holdings Shares Jump as IPO Raises $339 Million. Businessweek.
  20. CBOE IPO prices at top of range, seen rising. Reuters.
  21. Environmental Financial Products, LLC (EFP) and CBOE Holdings, Inc. (CBOE) Announce New Interbank Lending Exchange and Interest Rate Benchmark. Press Release via PR Newswire.
  22. CBOE, Bats face challenge of integration. Crain's Chicago Business.
  23. CBOE reaches for new heights with $3.4 billion deal for Bats Global Markets. Chicago Tribune.
  24. Cboe U.S. Equities. Cboe.
  25. Cboe Announces Successful Migration of Cboe Futures Exchange to Proprietary Technology Platform. Cboe.
  26. Cboe to Launch Order Book Priority for Retail Investors on EDGX Exchange. Cboe.
  27. CBOE to pass regulatory duties to FINRA. Reuters.