Cboe Global Markets
A global exchange operator and market-infrastructure company known for listed options, volatility products, equities, futures, foreign exchange and clearing services.
Last updated October 9, 2026
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Overview
Cboe Global Markets, Inc. is a United States-based financial exchange operator whose principal businesses include securities and derivatives trading, market data, clearing and related trading technology. The company traces its origins to the Chicago Board Options Exchange, established with the support of the Chicago Board of Trade and launched in 1973 as the first exchange to list standardized, exchange-traded stock options. Its creation helped move equity options away from fragmented over-the-counter dealing toward centralized trading, standardized contracts and clearinghouse-backed settlement. Cboe is headquartered in Chicago and retains a visible connection to the city’s exchange tradition. Its operations include an electronic market network and an open-outcry trading floor, with the latter continuing to support selected options trading. The company became publicly listed in 2010, initially operating under the CBOE Holdings name. Following the acquisition of BATS Global Markets, it adopted the Cboe Global Markets name in 2017 to reflect a broader international portfolio rather than a business centered solely on the original Chicago options exchange. The company’s United States derivatives business includes options on broad equity indexes, individual stocks and exchange-traded products. Its flagship products include options on the S&P 500 Index, commonly known as SPX options, and the Cboe Volatility Index, or VIX. VIX was introduced in 1993 as a measure of expected near-term equity-market volatility and later became the basis for futures and other tradable volatility products. These instruments made Cboe a central venue for investors seeking portfolio hedging, volatility exposure and strategies based on market expectations rather than only on the direction of individual securities. Cboe also operates a major United States equities marketplace through the BZX, BYX, EDGX and EDGA exchanges. Internationally, the group has built or acquired equities and trading businesses in Europe, Canada, Japan and Australia. Its European operations include a large pan-European equities venue, while acquisitions such as EuroCCP expanded its role in post-trade clearing. The company has also developed businesses in foreign exchange, market data, order-flow analytics and trading technology. Expansion has largely occurred through acquisitions. Cboe purchased BATS Global Markets in 2017, acquired data and analytics providers including LiveVol, Hanweck and FT Options, and bought or consolidated a series of alternative trading systems and regional exchange businesses. These transactions broadened its geographic reach and added products that support execution, surveillance, analytics and clearing. The company also entered digital assets through the acquisition of ErisX, later branded Cboe Digital, although it subsequently recorded a substantial impairment related to that investment. Cboe’s competitive positioning combines a strong franchise in listed options and volatility products with a diversified electronic-market infrastructure. Its revenue base is therefore linked to trading volumes, market volatility, options demand, equity-market activity, clearing volumes and the sale of market data. The business is subject to extensive oversight by regulators and self-regulatory organizations, and it has faced enforcement and litigation matters concerning short-sale controls, intellectual property and governance. Cboe remains an active publicly traded exchange group serving institutional investors, broker-dealers, market makers, corporations and other financial-market participants.
History
The origins of Cboe lie in an effort to create an organized exchange for standardized stock options. In 1969, Chicago Board of Trade vice chairman Edmund O’Connor promoted the idea of an options venue using a central clearinghouse. At the time, stock options were largely negotiated over the counter, requiring direct counterparty arrangements and individualized contract terms. A CBOT committee examined the proposal, while Joseph Sullivan worked with regulators and the brokerage community to address concerns raised by the United States Securities and Exchange Commission. Regulatory approval for the project was obtained in 1971, and the Chicago Board Options Exchange was incorporated as an independent organization in February 1972. The exchange began trading on April 26, 1973, in a former CBOT smoking lounge. It was the first exchange to list standardized, exchange-traded stock options. Activity grew rapidly: the exchange recorded tens of thousands of contracts in its first full month and reached substantially higher monthly volume within several years. For its first decade, it operated inside the CBOT building before moving in 1984 to a headquarters at 400 South LaSalle Street. A major turning point came with the introduction of the Cboe Volatility Index in 1993. Developed with academic input from Robert Whaley, the original index estimated 30-day implied volatility from options on the S&P 100. In 2003, its methodology and underlying reference were changed to the S&P 500, creating the modern VIX benchmark. Cboe subsequently introduced VIX futures and other products based on volatility indexes, establishing a distinct franchise around trading and managing volatility risk. VIX futures began trading in 2004. The organization entered a new corporate phase in 2010 when it completed an initial public offering. It later acquired the National Stock Exchange through CBOE Stock Exchange; the acquired venue eventually ceased trading operations in 2014. Cboe expanded its analytical capabilities through the 2015 acquisition of LiveVol and took a majority position in Vest Financial in 2016. The most consequential transaction of the decade was the 2017 acquisition of BATS Global Markets. BATS brought major United States equities venues and a global electronic-trading platform, and Cboe gradually migrated its exchanges onto BATS technology. That year, CBOE Holdings adopted the Cboe Global Markets name. In 2018, Cboe moved its share listing from Nasdaq to its own exchange. The company relocated its headquarters to the Old Chicago Main Post Office in 2019 and later rebuilt a trading floor in the historic CBOT building; the new floor opened in 2022. Between 2020 and 2022, Cboe pursued a broad acquisition program. Hanweck and FT Options added analytics capabilities, MATCHNow expanded its Canadian alternative-trading-system presence, Trade Alert added order-flow analysis, and the purchase of the remaining stake in EuroCCP strengthened clearing. BIDS Trading added another alternative trading system, while Chi-X Asia Pacific extended the group into Japan and Australia. The acquisition of NEO created another Canadian exchange platform, later branded Cboe Canada. Cboe entered digital assets in 2022 through the purchase of Eris Digital Holdings, whose businesses included a spot market, a regulated futures exchange and a regulated clearinghouse. The assets were renamed Cboe Digital, but the company later recognized a major impairment associated with the investment. In 2023, chief executive Edward Tilly resigned after the company said he had failed to disclose personal relationships with colleagues. Fredric Tomczyk became chief executive and was succeeded by Craig Donohue in 2025. Today, Cboe combines derivatives, equities, foreign exchange, clearing, market data and technology. Its business is sensitive to trading volumes, volatility, market structure, regulation and demand for hedging. The company’s continuing identity rests on the original Chicago options franchise, while its acquisitions have transformed it into a geographically diversified operator of exchanges and post-trade infrastructure.
- 2022
New Chicago trading floor opens
[1]Cboe opened a new trading floor in the Chicago Board of Trade building.
- 2017
BATS Global Markets acquisition and corporate rebrand
[1]The BATS acquisition expanded Cboe into major equities markets and electronic-trading technology; CBOE Holdings subsequently became Cboe Global Markets.
- 2010
Initial public offering
[1]Cboe Holdings became a publicly traded company.
- 2004
VIX futures launch
[1]Cboe introduced futures contracts linked to the VIX, turning the volatility benchmark into a directly tradable product.
- 2003
VIX methodology shifts to the S&P 500
[1]The benchmark was redesigned around S&P 500 options, creating the basis for the modern VIX.
- 1993
Cboe introduces the VIX
[1]The original volatility index measured expected 30-day volatility using S&P 100 options.
- 1973
Chicago Board Options Exchange begins trading
[1]The exchange opened on April 26, becoming the first venue to list standardized, exchange-traded stock options.
- 1971
Regulatory approval for an organized options exchange
[1]The SEC approved the effort to establish a centralized exchange for standardized stock options after the CBOT and its advisers addressed regulatory and market-structure concerns.
Products and positioning
A global market-infrastructure provider anchored by leadership in listed options and volatility products, with complementary equities, futures, foreign exchange, clearing, data and technology businesses.
Index options
SPX options
SPX options are options on the S&P 500 Index and are among Cboe’s best-known derivatives. They provide investors with a centralized way to hedge or obtain broad United States equity exposure without transacting in each constituent security. Their scale and liquidity make them important instruments for institutional portfolio management, tactical allocation and volatility strategies.
Volatility index · 1993
Cboe Volatility Index (VIX)
The VIX estimates the market’s expectations for near-term volatility in the S&P 500 based on option prices. It is widely used as a market-stress indicator and as the reference for futures, options and exchange-traded products designed to provide exposure to volatility or to hedge equity risk.
Volatility futures · 2004
VIX futures
VIX futures allow market participants to trade expectations for the future level of implied equity volatility. They are used by institutions, market makers and other sophisticated participants for hedging, relative-value strategies and construction of volatility-linked products.
Equities trading
Cboe U.S. Equities Exchanges
The BZX, BYX, EDGX and EDGA venues form Cboe’s principal United States equities marketplace. They support electronic trading in listed stocks and exchange-traded products and are part of the market infrastructure acquired and developed through Cboe’s expansion into BATS Global Markets.
Equities trading
Cboe Europe
Cboe Europe operates a major pan-European equities marketplace. It provides electronic execution and related market services across multiple European markets and complements Cboe’s derivatives franchise with a substantial cash-equities business.
Digital-asset market infrastructure · 2022
Cboe Digital
Cboe Digital was created from Eris Digital Holdings and includes digital-asset spot-market, futures-exchange and clearing capabilities. The business represents Cboe’s attempt to extend regulated market infrastructure into digital assets.
Controversies
2024
Complaint involving a former director and Belvedere Trading allegations
William Carlson filed a complaint with the Illinois Attorney Registration and Disciplinary Commission concerning Mark Francis Duffy, a former Cboe director and former legal counsel to Belvedere Trading. The complaint alleged that Duffy failed to act on evidence of financial misconduct and raised questions about conflicts and oversight. The allegations were disputed and remained allegations rather than established findings in the supplied material.
2023
Chief executive resignation over undisclosed relationships
Edward Tilly resigned as chief executive after failing to disclose personal relationships with colleagues, resulting in a senior leadership transition.
2013
Settlement over abusive short-selling controls
Cboe paid a six-million-dollar penalty and agreed to remedial measures to resolve allegations that it had not adequately enforced rules intended to prevent abusive short selling.
Brand decisions
2024
Develop a private-company share trading platform with GlobacapStrategyBackground
Cboe and Globacap sought to address demand for a more organized United States venue for shares of closely held companies.
Action taken
The companies partnered to create a proposed trading platform for private-company shares.
Aftermath
The platform aims to provide a more orderly trading venue for shares of closely held companies, but as of the provided materials, its operational status and impact have not been clarified.
2022
Enter digital-asset market infrastructure through ErisXM&ABackground
Cboe identified regulated digital-asset spot, derivatives and clearing infrastructure as an area for expansion.
Action taken
Cboe acquired Eris Digital Holdings and renamed the resulting business Cboe Digital.
Aftermath
The company later recorded a US$460 million writedown related to the investment.
Impairment. US$460 million writedown (Shortly after the 2022 acquisition)
2020
Acquire EuroCCP and additional trading and analytics businessesM&ABackground
Cboe pursued vertical integration and broader international coverage across execution, clearing and market-data services.
Action taken
The company acquired the remaining stake in EuroCCP and completed transactions involving MATCHNow, Trade Alert, Hanweck, FT Options and BIDS Trading.
Aftermath
The acquisitions expanded Cboe’s clearing, Canadian trading, order-flow analytics and derivatives-data capabilities.
2017
Acquire BATS Global MarketsM&ABackground
Cboe sought to expand beyond its traditional options franchise and add major electronic equities venues and trading technology.
Action taken
Cboe acquired BATS Global Markets and subsequently migrated its exchanges onto the BATS technology platform.
Aftermath
The transaction materially broadened Cboe’s United States and international equities businesses and preceded the Cboe Global Markets rebrand.
Acquisition consideration. Approximately US$3.2 billion (2017 transaction)
Recent events
- Unconfirmed
Cboe introduces extended trading hours for options[3]
Reported:
Cboe Global Markets introduced pre- and post-market trading sessions for options on 24 US-listed stocks and five ETFs, expanding access to equity derivatives outside regular market hours.
Cboe launches extended sessions for select equity and ETF options[4]
Reported:
Cboe announced that select single-stock and ETF options are available to trade during pre-market and post-market sessions on its Cboe Options Exchange (C1).
Cboe extends exclusive S&P 500 Index options licensing agreement with S&P Dow Jones Indices through 2051[5]
Reported:
In late September 2026, Cboe Global Markets extended its agreement with S&P Dow Jones Indices that gives Cboe exclusive rights to list and offer trading of options on the S&P 500 Index, with the extension running through 2051. The renewal was cited by Morgan Stanley when it double upgraded the stock to overweight.
Cboe announced its acquisition of ErisX[6]
Reported:
Cboe Global Markets announced its acquisition of Eris Digital Holdings LLC (ErisX). The deal was subject to regulatory approval and was expected to conclude in the first half of 2022.
Cboe appoints Bo Chung to senior leadership role[7]
Reported:
Cboe announced that Bo Chung joined the company as Senior Vice President, Global Sales and Index Licensing.
Cboe completes Chi-X Asia Pacific acquisition[8]
Reported:
Cboe Global Markets completed its acquisition of Chi-X Asia Pacific, gaining access to securities markets in Japan and Australia.
Cboe announces acquisition of Chi-X Asia Pacific[9]
Reported:
Cboe Global Markets announced the acquisition of Chi-X Asia Pacific, which operates exchanges in Australia and Japan. The transaction was expected to close in the second or third quarter of 2021; the purchase price was not disclosed.
Cboe appoints Bryan Harkins as BIDS Trading president[10]
Reported:
Cboe Global Markets announced that Bryan Harkins had been appointed president of BIDS Trading, effective immediately, succeeding Tim Mahoney.
Cboe announces Tim Mahoney's planned retirement from BIDS Trading[10]
Reported:
Cboe Global Markets announced Tim Mahoney's planned retirement from the company; the source does not specify a retirement date.
J.C. Flowers agrees to sell Chi-X Asia Pacific to Cboe[11]
Reported:
J.C. Flowers announced that it had agreed to sell Chi-X Asia Pacific, which operates equity trading venues in Australia and Japan, to Cboe Global Markets. The transaction was expected to close in the second or third quarter of 2021.
Showing the 10 most recent.
Sources19 sources
- 1Cboe Global Marketsen.wikipedia.org
- 2Cboe Global Markets official websitecboe.com
- 3Cboe推出期权延长交易时段fow.com
- 4Cboe为部分股票及ETF期权推出延长交易时段tradersmagazine.com
- 5Cboe与标普道琼斯指数公司将标普500指数期权独家授权协议延长至2051年cnbc.com
- 6Cboe 宣布收购 ErisXcoinspeaker.com
- 7Cboe任命Bo Chung担任高级管理职务prnewswire.com
- 8Cboe完成对Chi-X Asia Pacific的收购thetradenews.com
- 9Cboe宣布收购Chi-X Asia Pacificmoneymanagement.com.au
- 10Cboe任命Bryan Harkins为BIDS Trading总裁prnewswire.com
- 11J.C. Flowers 同意将 Chi-X Asia Pacific 出售给 Cboeprnewswire.com
- 12Cboe完成对BIDS Trading的收购tradersmagazine.com
- 13Cboe宣布Carol Kennedy计划退休prnewswire.com
- 14Cboe完成对MATCHNow的收购tradersmagazine.com
- 15Cboe完成对MATCHNow的收购prnewswire.com
- 16Cboe Global Markets收购Trade Alert业务tradersmagazine.com
- 17Cboe收购Hanweck及FT Optionstradersmagazine.com
- 18Cboe Global Markets Completes Acquisition of BIDS Trading, the Largest Independent Block Trading ATS in the U.S.prnewswire.co.uk
- 19Cboe进行收购以将足迹扩展到澳大利亚和日本prnasia.com
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