Cboe Global Markets, Inc. is a Chicago-based exchange operator that lists and trades options, futures, cash equities, and foreign exchange. Its flagship venue, the Cboe Options Exchange, is the largest U.S. options exchange by volume, trading S&P 500 Index (SPX) options, Mini-SPX (XSP) options, and a wide range of single-stock and index options. The company also runs four U.S. equities exchanges (BZX, BYX, EDGX, and EDGA), the Cboe Futures Exchange (CFE) for VIX and Bitcoin/Ether futures, Cboe Europe's pan-European equities markets, and a global spot foreign-exchange venue, Cboe FX. The firm specialises in benchmark volatility and index-derivatives products rather than plain cash-equities matching. Its Cboe Volatility Index (VIX), introduced in 1993, is the industry's standard measure of expected S&P 500 volatility and underlies a family of VIX futures and options traded on the CFE. Zero-days-to-expiration (0DTE) contracts on SPX and XSP have grown into a large share of its options volume, a franchise Cboe extended in June 2026 with Cboe Predicts, a new suite of binary, outcome-based contracts on the Mini-SPX index. This options-led model, plus a recent shift away from smaller international cash-equities markets toward derivatives, sets it apart from listings-first venues such as the NYSE or Nasdaq; options accounted for roughly half of Cboe's 2025 revenue. The exchange traces to an idea developed in 1969 by Edmund O'Connor of the Chicago Board of Trade and opened for trading on April 26, 1973 as the Chicago Board Options Exchange, the first exchange to list standardized, exchange-traded stock options. It converted to a for-profit, shareholder-owned company, completed an IPO in 2010 as CBOE Holdings, and took the Cboe Global Markets name in October 2017 after its roughly $3.2 billion acquisition of BATS Global Markets, which added the four U.S. equities exchanges and Cboe Europe. Cboe delisted from Nasdaq in 2018 to trade solely on its own market, Cboe BZX, under the ticker CBOE. For fiscal 2025 the company reported revenue of $4.71 billion and operating income of $1.47 billion, with roughly 1,660 employees; Craig Donohue is CEO. In 2013 the SEC fined the exchange $6 million over short-selling rule enforcement failures. Cboe has been narrowing its international and digital-asset footprint while expanding derivatives. It shut down its Japanese equities operations, Cboe Japan and Cboe BIDS Japan, in August 2025, and in April 2026 agreed to sell its Canadian (NEO) and Australian equities exchanges to TMX Group for a combined $300 million, a deal still pending regulatory approval. On the crypto side, Cboe wound down the spot market of Cboe Digital, its ErisX-derived exchange, in 2024 and migrated its cash-settled Bitcoin and Ether futures onto the CFE during 2025. Its newest growth push is Cboe Predicts, whose first contracts, binary options on the Mini-SPX index under tickers XSPBW and XSPBX, launched in June 2026 on Interactive Brokers, with Charles Schwab and other retail brokerages expected to follow.
