Cboe Global Markets Inc. (CBOE)

Who is Cboe Global Markets?

Cboe Global Markets (BATS: CBOE) is one of the world's largest exchange operators, though it flies under the radar compared to household names like NYSE or Nasdaq. In reality, Cboe is the undisputed king of options — it holds an exclusive license with S&P Dow Jones Indices to list SPX index options (options on the S&P 500) and is home to the VIX, the world's best-known market 'fear gauge'.

Headquartered in Chicago, Cboe operates across several business segments:

• Options — the core engine (SPX, VIX, and proprietary index options), the single largest contributor to revenue
• Data Vantage — market data, access, and capacity fees; more recurring/subscription-like in nature, roughly a quarter of net revenue
• North American Equities — U.S. stock trading
• Europe/APAC — exchange operations across Europe and Asia Pacific
• Futures — futures contracts including VIX futures
• Global FX — institutional currency exchange platform

The big structural tailwind behind Cboe over the past few years is the 0DTE options boom (options expiring the same day) — more than half of all SPX options volume is now 0DTE, a trend that keeps setting records even in its third year. Cboe also just launched Cboe Predicts in June 2026 — binary option contracts on the Mini-S&P 500 (XSP), its entry into the fast-growing prediction-markets space (an indirect challenge to Kalshi and Polymarket), though Cboe has deliberately chosen to stick to financial/economic outcomes only, steering clear of sports and politics.

Under new CEO Craig Donohue (former CME Group CEO, took over in May 2025), Cboe is executing a 'strategic realignment' — roughly a 20% workforce reduction, and divestitures of Cboe Canada and Cboe Australia, refocusing back on its core Chicago-centered derivatives business.

Shariah Status

NON_COMPLIANT. Cboe is an exchange operator whose revenue is generated by facilitating conventional options, futures, and derivatives trading — activities that are not shariah-compliant by the nature of the underlying business. This stock is not suitable for shariah-compliant portfolios, and Muslim investors who prioritize shariah compliance are encouraged to avoid it or look for a compliant alternative.

This section is being refreshed with the latest figures. Please check back soon.

This section is being refreshed with the latest figures. Please check back soon.