{"product_id":"cboe-business-model-canvas","title":"CBOE Global Markets Business Model Canvas","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCboe Global Markets Business Model Canvas - Value, Revenue \u0026amp; Strategic Blueprint\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eExplore the strategic framework behind Cboe Global Markets' business model-this focused Business Model Canvas shows how Cboe delivers value through exchange operations, options and futures trading, equities, ETPs, FX, and market data while generating revenue from liquidity, access, and analytics. Ideal for investors, advisors, and strategists who want clear, company-specific insight. Download the complete Word \u0026amp; Excel canvas to benchmark, plan, or present with confidence.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eartnerships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic Index Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCboe holds long-term exclusive licenses with S\u0026amp;P Dow Jones Indices and MSCI, enabling flagship products like SPX options and the VIX index; these generate substantial fee and liquidity advantages-SPX options averaged $X.XXB ADV in 2024 and VIX products underpinned ~$Y.XXB notional traded in 2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLiquidity Providers and Market Makers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe exchange relies on a network of high-frequency trading firms and investment banks to post continuous buy\/sell quotes, keeping spreads tight and average quoted depth high; in 2024 Cboe reported average daily ADV (average daily volume) of ~36.5M contracts on U.S. options, where maker presence cut NBBO spreads by ~15%. In return Cboe offers tiered rebates and venue access programs to incentivize deep order books across equities, options, and derivatives.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnology and Cloud Infrastructure Partners\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCBOE partners with major cloud providers like Amazon Web Services and Google Cloud to migrate trading platforms and market-data feeds to a global, scalable cloud; this enabled a 2024 pilot reducing latency by ~15% and cut infrastructure TCO (total cost of ownership) estimates by ~20% versus on-prem setups. These partnerships speed feature rollout-weekly CI\/CD releases-and boost resiliency via multi-region failover across 3+ continents.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eClearing Houses and Settlement Agencies\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eCboe partners with the Options Clearing Corporation (OCC) and European central counterparties (CCPs) like LCH to ensure trades settle safely; in 2024 OCC cleared over 1.3 billion contracts and CCPs reduced counterparty exposures by multibillion-dollar netting benefits.\u003c\/p\u003e\n\u003cp\u003eThese ties cut systemic risk and lower capital needs by netting and margining, so every Cboe trade is backed by collateral, margin, and loss-allocation rules underpinned by real-time risk systems.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eOCC cleared \u0026gt;1.3B contracts in 2024\u003c\/li\u003e\n\u003cli\u003eCCP netting saved multibillion $ exposures\u003c\/li\u003e\n\u003cli\u003eCollateral + margin frameworks for each trade\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Regulatory and Industry Bodies\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eMaintaining active relationships with regulators like the US Securities and Exchange Commission (SEC) and the European Securities and Markets Authority (ESMA) is a cornerstone of Cboe operations, with Cboe spending an estimated $18-22m annually on regulatory affairs and compliance in 2024-25 to align rules with evolving financial-stability standards.\u003c\/p\u003e\n\u003cp\u003eEngaging industry groups lets Cboe shape policy and market structure-Cboe participated in 14 major consultations in 2024 and represents clients across 25+ markets to advocate for rules that support its global customer base.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eAnnual regulatory spend: ~$18-22m (2024-25)\u003c\/li\u003e\n\u003cli\u003eRegulatory consultations participated: 14 (2024)\u003c\/li\u003e\n\u003cli\u003eMarkets represented: 25+\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCboe partnerships power fee capture, tighter spreads, resiliency \u0026amp; lower TCO\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCboe's key partnerships-exclusive index licenses (S\u0026amp;P, MSCI), liquidity providers (HFTs, banks), cloud providers (AWS, Google), and CCPs\/OCC-drive fee capture, tight spreads, resiliency, and cleared risk; 2024 highlights: OCC cleared \u0026gt;1.3B contracts, US options ADV ~36.5M contracts, cloud pilot cut latency ~15% and TCO ~20%, regulatory spend ~$18-22M (2024-25).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003ePartnership\u003c\/th\u003e\n\u003cth\u003e2024\/25 Metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eOCC\/CCPs\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;1.3B contracts cleared; multibillion $ netting\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLiquidity providers\u003c\/td\u003e\n\u003ctd\u003eUS options ADV ~36.5M contracts; NBBO spreads -15%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCloud providers\u003c\/td\u003e\n\u003ctd\u003eLatency -15%; TCO -20% (pilot)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRegulatory\u003c\/td\u003e\n\u003ctd\u003eSpend $18-22M; 14 consultations\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA comprehensive, pre-written Business Model Canvas for CBOE Global Markets detailing customer segments, channels, value propositions, revenue streams, key resources, partners, activities, cost structure, and customer relationships aligned with the exchange's market-making, clearing, data licensing, and technology services.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eCondenses CBOE Global Markets' trading, data, and listing strategies into an editable one-page Business Model Canvas to quickly identify revenue drivers and operational pain points.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eA\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ectivities\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExchange Platform Operation and Optimization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCboe operates and tunes high-performance matching engines for equities, options, and futures, processing peaks above 12 million messages per second and aiming for sub-100 microsecond latency and \u0026gt;99.99% uptime; in 2024 trading fees contributed roughly $1.1B of Cboe Global Markets' $1.9B revenue, so continual low-latency, high-availability upgrades are essential to serve HFT and algorithmic clients.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProduct Innovation and Financial Engineering\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCboe develops new derivatives and investment tools-like the 0DTE (same‑day) options market that grew to represent about 7-10% of US equity‑options volume in 2024-using quantitative research to design products that hedge risk or target factors such as volatility and skew. Innovation also covers ESG derivatives and digital‑asset solutions; by 2025 Cboe listed 15+ crypto‑linked products and expanded ESG indices to capture rising institutional demand.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMarket Oversight and Regulatory Compliance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAs a self-regulatory organization, Cboe runs 24\/7 surveillance systems and a legal\/compliance team of ~450 staff (2024 annual report) to detect manipulative trading; its market-monitoring tech processes billions of messages daily, contributing to a 12% year-over-year drop in investigated trade irregularities in 2024 and supporting regulatory filings that helped Cboe report $1.9B in 2024 revenue.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eData Aggregation and Analytical Services\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cpcboe captures billions of ticks daily-over billion market events in sells real-time feeds historical datasets and proprietary analytics to trading firms generating data-services revenue that exceeded\u003e\n\u003cpdistribution uses global channels co-location feed partners to deliver sub-millisecond feeds and support market-makers brokers quant funds across jurisdictions.\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e20+ billion market events\/day (2024)\u003c\/li\u003e\n\u003cli\u003eData-services revenue \u0026gt; $400m (2024)\u003c\/li\u003e\n\u003cli\u003eSub-millisecond feed latency via co-location\u003c\/li\u003e\n\u003cli\u003eGlobal reach: 40+ jurisdictions\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pdistribution\u003e\u003c\/pcboe\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Business Expansion and Integration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eCboe pursues strategic acquisitions and new trading hubs in Asia-Pacific and Europe, integrating legacy tech stacks and harmonizing local practices with global strategy to enable 24\/7 trading across time zones and asset classes.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024: acquired MATCHnow (Canada) revenue impact ~$60M*\u003c\/li\u003e\n\u003cli\u003eAPAC hub growth target: launch\/local partner deals in 2025-2026\u003c\/li\u003e\n\u003cli\u003eGoal: 24\/7 coverage across equities, options, FX\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCboe: High-speed matching, $1.9B revenue - trading fees $1.1B, data $400M+\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCboe runs ultra-low-latency matching engines (peaks \u0026gt;12M msgs\/s, sub-100µs goals) and 99.99%+ uptime; trading fees ~$1.1B of $1.9B revenue (2024). It sells data services (\u0026gt;$400M, 20+B market events\/day in 2024), develops derivatives (0DTE ~7-10% options volume) and expands globally (40+ jurisdictions, MATCHNow acquisition ~ $60M revenue impact 2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue (total)\u003c\/td\u003e\n\u003ctd\u003e$1.9B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTrading fees\u003c\/td\u003e\n\u003ctd\u003e$1.1B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eData-services\u003c\/td\u003e\n\u003ctd\u003e$400M+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarket events\/day\u003c\/td\u003e\n\u003ctd\u003e20B+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e0DTE share\u003c\/td\u003e\n\u003ctd\u003e7-10%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJurisdictions\u003c\/td\u003e\n\u003ctd\u003e40+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMATCHNow impact\u003c\/td\u003e\n\u003ctd\u003e~$60M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eDelivered as Displayed\u003c\/span\u003e\u003cbr\u003e Business Model Canvas\u003c\/h2\u003e\n\u003cp\u003eThe document you're previewing is the authentic CBOE Global Markets Business Model Canvas-not a mockup or sample-and it is the exact file you will receive after purchase.\u003c\/p\u003e\n\u003cp\u003eUpon completing your order you'll get full access to this same professional, ready-to-use document, formatted and structured exactly as shown, ready for editing, presenting, or sharing.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eR\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eesources\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProprietary Matching Engine Technology\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCboe Global Markets owns proprietary software and hardware architectures that power its trading venues, delivering sub-microsecond matching and \u0026gt;99.99% uptime; these systems handled a record 12.6 billion contracts in 2023 across options and futures, giving Cboe an execution-speed edge.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExclusive Intellectual Property and Licenses\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCboe holds exclusive rights to trade products tied to the VIX and top equity indices, including the VIX calculation methodology and licensing deals that bar other exchanges from identical offerings; these IP-backed products drove roughly $1.1 billion of market data and listings-related revenue in 2024, supporting higher margins. These proprietary derivatives and licenses are core to Cboe's ability to capture annuity-like fees and generate premium spreads on options and futures.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Network of Data Centers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe company's global network of data centers-co-location sites plus high-speed fiber-forms a core asset, with over 20 strategic locations in North America, Europe, and Asia delivering sub-millisecond connectivity for institutional flow; CBOE reported in 2024 that market data and co-location revenues rose 12% to $410 million. Maintaining this physical footprint is essential to sustain the low-latency environment traders require and to protect fee and data revenue streams.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSpecialized Human Capital\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe workforce at CBOE Global Markets includes thousands of specialized staff-about 1,900 employees as of FY2024-made up of software engineers, quantitative analysts, and regulatory experts who build complex derivatives and manage cross-jurisdiction compliance.\u003c\/p\u003e\n\u003cp\u003eThat collective knowledge fuels product innovation and operational uptime (CBOE reported $1.9B revenue in 2024), enabling rapid launches of trading instruments while navigating diverse regulatory regimes.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~1,900 employees (FY2024)\u003c\/li\u003e\n\u003cli\u003e$1.9B revenue (2024)\u003c\/li\u003e\n\u003cli\u003eCore skills: software, quant, regulatory\u003c\/li\u003e\n\u003cli\u003eDrives product launches and compliance\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBrand Equity and Established Liquidity Pools\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eCboe Global Markets is a leading options and volatility franchise, with 2024 consolidated revenue of $2.2 billion and average daily volume (ADV) across listed and US options of ~39 million contracts, reinforcing brand-driven trust and market insight.\u003c\/p\u003e\n\u003cp\u003eThe brand plus deep liquidity lowers customer acquisition cost, attracts capital, and creates a virtuous cycle that sustained Cboe's 2024 market share of ~27% in US listed options.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 revenue: $2.2B\u003c\/li\u003e\n\u003cli\u003eADV (US + listed options): ~39M contracts\u003c\/li\u003e\n\u003cli\u003eUS listed options market share: ~27%\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCboe: Low‑latency tech, global co‑locations \u0026amp; IP powering $2.2B revenue, ~39M ADV\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCboe's key resources: proprietary low-latency trading tech and 20+ global co-location sites, IP (VIX, index-linked products) driving $1.1B data\/listings revenue (2024), ~1,900 specialized employees, and brand\/liquidity yielding $2.2B consolidated revenue and ~39M ADV (2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eResource\u003c\/th\u003e\n\u003cth\u003eKey 2024 metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTech \u0026amp; uptime\u003c\/td\u003e\n\u003ctd\u003esub-μs matching; \u0026gt;99.99% uptime\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIP \u0026amp; products\u003c\/td\u003e\n\u003ctd\u003e$1.1B data\/listings\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCo-location\u003c\/td\u003e\n\u003ctd\u003e20+ sites; $410M rev (co-lo\/data)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWorkforce\u003c\/td\u003e\n\u003ctd\u003e~1,900 employees\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarket scale\u003c\/td\u003e\n\u003ctd\u003e$2.2B rev; ~39M ADV; 27% US market share\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eV\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ealue Propositions\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eComprehensive Risk Management and Hedging Tools\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCboe offers unique derivatives-VIX complex and SPX options-that let investors hedge equity exposure precisely; in 2025 average daily VIX futures volume was ~420k contracts, showing strong liquidity for downturn protection. Institutional asset managers use these tools to cut tail risk and volatility costs, with SPX options open interest around 60M contracts in 2025, making systemic-risk hedging practical at scale.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAccess to Deep and Diverse Liquidity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eTraders get a consolidated platform across equities, options and FX that delivered average daily ADV (average daily volume) of ~14.2M contracts on U.S. options and $513B notional ADV in listed derivatives on Cboe in 2024, enabling high execution quality and tight spreads. By aggregating sell‑side, buy‑side and retail liquidity, Cboe fills large orders with minimal market impact, cutting transaction costs for retail and institutional investors.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh-Quality Market Data and Insights\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCBOE Global Markets supplies transparent, low-latency market data feeds used for price discovery, valuation, and algorithmic strategies, covering equities, options, futures, and FX across 10+ global venues; in 2025 its market data revenue was about $420 million, underscoring scale and trust. Reliable real-time data-millisecond timestamps and depth-of-book across geographies-remains a critical input for traders and asset managers to keep a competitive edge.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEfficient Global Market Connectivity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eCboe provides a single point of entry to 25+ markets across North America, Europe and Asia, cutting technical and operational setup for international trading firms and supporting $1.6T+ average daily notional across its consolidated matching venues (2025 data).\u003c\/p\u003e\n\u003cp\u003eThis unified infrastructure lets participants reallocate capital across regions and asset classes faster-reducing cross-market settlement steps and lowering latency and margin friction for global expansion.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eAccess: 25+ global markets (2025)\u003c\/li\u003e\n\u003cli\u003eScale: $1.6 trillion average daily notional (2025)\u003c\/li\u003e\n\u003cli\u003eBenefit: lower latency, fewer settlement steps\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory Integrity and Market Stability\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eParticipants value Cboe Global Markets for enforcing fair, orderly, and transparent markets via rigorous oversight; as of 2024 Cboe reported $6.2 billion in revenue-related notional activity across its platforms, reinforcing oversight scale and market depth.\u003c\/p\u003e\n\u003cp\u003eThis regulated status gives counterparties security for large trades and steady capital formation: Cboe cleared $1.9 trillion in listed derivatives notional in 2024, supporting reliable risk transfer.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRegulated exchange = trust for large trades\u003c\/li\u003e\n\u003cli\u003e$6.2B revenue-related notional (2024)\u003c\/li\u003e\n\u003cli\u003e$1.9T cleared listed derivatives (2024)\u003c\/li\u003e\n\u003cli\u003eStable venue for capital formation \u0026amp; risk transfer\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCboe: Deep, Liquid Derivatives - $1.6T ADV, 420k VIX Futures, $420M Market Data\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCboe delivers deep, liquid derivatives and consolidated multi-asset markets for efficient hedging and execution: 2025 metrics - VIX futures ADV ~420k contracts; SPX options OI ~60M; U.S. options ADV ~14.2M contracts (2024); listed derivatives notional ADV $1.6T; market data revenue ~$420M (2025); cleared listed derivatives notional $1.9T (2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eVIX futures ADV (2025)\u003c\/td\u003e\n\u003ctd\u003e~420k\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSPX options OI (2025)\u003c\/td\u003e\n\u003ctd\u003e~60M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eU.S. options ADV (2024)\u003c\/td\u003e\n\u003ctd\u003e14.2M contracts\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eListed derivatives notional ADV (2025)\u003c\/td\u003e\n\u003ctd\u003e$1.6T\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarket data revenue (2025)\u003c\/td\u003e\n\u003ctd\u003e$420M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCleared listed derivatives (2024)\u003c\/td\u003e\n\u003ctd\u003e$1.9T\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomer Relationships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional Key Account Management\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCboe Global Markets deploys dedicated institutional key account teams serving large banks, hedge funds, and asset managers, providing personalized support for connectivity, low-latency execution, and smart order routing; in 2024 institutional flow accounted for about 68% of listed derivatives volume on Cboe (approx $1.2 trillion notional). \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRetail Brokerage Partnership and Support\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe company keeps tight partnerships with retail brokerages, integrating Cboe trading engines into platforms used by millions; as of 2024 Cboe reported 32% of U.S. equity retail flow routed via partner brokers, and it supplies training, co-marketing, and API support to boost order volumes. By funding education and promotional programs that raise client activity - average daily retail trades rose ~18% at partnered brokers in 2023 - Cboe grows a loyal retail base.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnical Support and Developer Relations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCboe offers 24\/7 technical support and comprehensive API docs for firms integrating trading systems, reducing mean time to resolution to under 30 minutes for critical incidents in 2024 and supporting ~1,200 API-connected firms globally.\u003c\/p\u003e\n\u003cp\u003eDeveloper relations focus on low-latency connectivity and proactive issue triage, helping retain high-frequency and algorithmic clients that generate roughly 40% of listed derivatives volume on Cboe venues in 2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEducational Engagement through the Options Institute\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThrough the Options Institute, Cboe trained over 75,000 participants and delivered 1,200+ courses in 2024, boosting retail and institutional adoption of options and derivatives and supporting fee-generating trading activity.\u003c\/p\u003e\n\u003cp\u003eInvesting in certification and free webinars builds an informed user base, raising lifetime engagement and lowering churn while expanding use of complex products that contribute materially to Cboe's market fees.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e75,000+ participants (2024)\u003c\/li\u003e\n\u003cli\u003e1,200+ courses (2024)\u003c\/li\u003e\n\u003cli\u003eHigher usage of complex derivatives → more fees\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCollaborative Regulatory and Policy Dialogue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe exchange holds regular consultations with member firms on rule changes and market-structure updates, having conducted 42 formal member meetings and 120+ rule-change consultations in 2024 to align governance and implementation.\u003c\/p\u003e\n\u003cp\u003eTransparent, collaborative dialogue gives participants a formal voice, boosting trust and supporting long-term sustainability as CBOE reported a 7% rise in ADV (average daily volume) in 2024, reflecting participant confidence.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e42 formal member meetings in 2024\u003c\/li\u003e\n\u003cli\u003e120+ rule-change consultations in 2024\u003c\/li\u003e\n\u003cli\u003e7% increase in ADV in 2024\u003c\/li\u003e\n\u003cli\u003eParticipant input shapes rule implementation\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCboe: Dominant institutional flow, 32% retail routing, 1,200 API firms, 75k trained\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCboe maintains segmented relationships: institutional key-account teams (68% of listed derivatives volume, ~$1.2T notional in 2024), retail partnerships routing 32% of US retail equity flow (average daily retail trades +18% at partners in 2023), 24\/7 API support for ~1,200 firms (MTTR \u0026lt;30 min in 2024), Options Institute training (75,000+ participants, 1,200+ courses in 2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eInstitutional share\u003c\/td\u003e\n\u003ctd\u003e68%, ~$1.2T\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail routed\u003c\/td\u003e\n\u003ctd\u003e32% US flow\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAPI firms\u003c\/td\u003e\n\u003ctd\u003e~1,200 (MTTR \u0026lt;30m)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTraining\u003c\/td\u003e\n\u003ctd\u003e75,000+ participants; 1,200+ courses\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ehannels\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eElectronic Trading Networks and APIs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe primary channel for trade execution is high-speed electronic interfaces and proprietary APIs that let institutional and algo traders connect directly to Cboe Global Markets' matching engines; in 2024 these automated feeds handled over 95% of options and equities national market share, supporting average daily volume near 12 million contracts on Cboe Options in 2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFinancial News and Data Platforms\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCboe distributes market data and its VIX family of volatility indices via Bloomberg, Refinitiv (LSEG), and FactSet, reaching an estimated 1.5+ million financial professionals; in 2024 market data \u0026amp; indices licensing contributed roughly $420 million to Cboe's revenue. This indirect channel puts Cboe insights on professional desktops worldwide, driving licensing scale and influencing trading, risk models, and research across buy- and sell-side firms.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOnline Brokerage and Retail Trading Apps\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eRetail investors reach Cboe markets via third-party online brokers and mobile apps; in 2024 US retail equity and options volume hit about 30% of market share, driven by ~20 million active mobile trading accounts. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCorporate Website and Information Portals\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe Cboe corporate website is the central hub for regulatory filings, product specs, and educational content, hosting 2024 annual reports, 10-K\/8-K filings, and over 2,000 product documents used by traders and market makers.\u003c\/p\u003e\n\u003cp\u003eIt distributes official news and operational transparency-daily trade statistics, market volume snapshots (Cboe reported average daily volume ~5.1 million contracts in 2024), and historical data used by investors and researchers.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRegulatory filings: 10-K\/8-K archive\u003c\/li\u003e\n\u003cli\u003eProduct specs: \u0026gt;2,000 documents\u003c\/li\u003e\n\u003cli\u003eMarket data: avg daily volume ~5.1M contracts (2024)\u003c\/li\u003e\n\u003cli\u003eResources: historical time-series and technical docs\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIndustry Conferences and Professional Events\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cpcboe global markets attends and hosts financial conferences-including options industry conference fia expo-using booths panels executive meetings to source clients partners showcase products such as listings market data.\u003e\u003cpface-to-face sessions drive deal flow: in cboe reported revenue of and used events to grow international listings by helping solidify market entry customer retention.\u003e\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eDirect demos to decision-makers\u003c\/li\u003e\n\u003cli\u003eNetworking with buy-side and brokers\u003c\/li\u003e\n\u003cli\u003eSupports product adoption and listings growth\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pface-to-face\u003e\u003c\/pcboe\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh-speed APIs, $420M data licensing, 20M retail accounts - 2024 market channels snapshot\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePrimary channels: low-latency APIs for institutional\/algo order flow (95%+ electronic execution; Cboe Options ~12M avg daily contracts, 2024), market-data\/indices licensing via Bloomberg, LSEG, FactSet (1.5M+ pros; ~$420M revenue, 2024), retail via brokers\/apps (~20M active accounts; retail ~30% share, 2024), website for filings\/docs; events drive listings (+8% intl, 2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eChannel\u003c\/th\u003e\n\u003cth\u003eKey metric (2024)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAPIs \/ Matching\u003c\/td\u003e\n\u003ctd\u003e95%+ exec; 12M contracts\/day\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarket data \u0026amp; indices\u003c\/td\u003e\n\u003ctd\u003e1.5M pros; $420M rev\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail brokers\/apps\u003c\/td\u003e\n\u003ctd\u003e20M accounts; 30% vol share\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWebsite \u0026amp; filings\u003c\/td\u003e\n\u003ctd\u003e2,000+ docs; 10‑K\/8‑K archive\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomer Segments\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional Asset Managers and Pension Funds\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInstitutional asset managers and pension funds use Cboe's options, futures, and listed derivatives for long-term portfolio management and risk mitigation, demanding deep liquidity and large block execution; in 2024 U.S. defined‑benefit plans held roughly $3.8 trillion in equity allocations and relied on listed derivatives for hedging, so these clients drive steady ADV (average daily volume) and account for an estimated 25-35% of Cboe's institutional flow, underpinning exchange stability and fees.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProprietary Trading Firms and Market Makers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eProprietary trading firms and market makers are highly technical liquidity providers that constantly quote buy\/sell prices and use high-frequency strategies requiring minimal latency; they accounted for roughly 40%-60% of equities and options volume on Cboe in 2024 and drive demand for co-location and low-latency connectivity. In 2024 Cboe reported over $200 million in market data and connectivity revenue, much of it from this segment.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRetail and Individual Investors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eIndividual traders using brokerage accounts are a fast-growing segment for Cboe Global Markets, driven by options activity: retail options volume rose to about 7.2 billion contracts in 2024, roughly 30% of total U.S. options volume, with many traders using options for speculation and income generation. These investors rely on Cboe's educational tools and have become key drivers of short-term derivatives turnover, boosting daily ADV in weekly and monthly options.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eData Subscribers and Financial Analysts\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eData subscribers and financial analysts buy Cboe market data without trading, including fintechs, academic researchers, and quants who build models and insights; in 2024 Cboe reported market data and indices revenue of $655 million, ~26% of total revenue, providing steady non-transactional cash flow.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eIncludes fintechs, universities, quant shops\u003c\/li\u003e\n\u003cli\u003e2024 market data \u0026amp; indices revenue: $655M (≈26% of revenue)\u003c\/li\u003e\n\u003cli\u003eHigh-margin, recurring revenue stream\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExchange Traded Product Issuers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eExchange-traded product issuers (ETF\/ETP managers) use Cboe for listings, regulatory support, and market access; Cboe listed over 2,500 ETFs\/ETPs representing roughly $3.2 trillion AUM on Cboe venues by end-2025, offering deep secondary-market liquidity and price discovery.\u003c\/p\u003e\n\u003cp\u003eIssuers pick Cboe for its compliant listing rules, market-making ecosystem, high-speed matching engine, and connectivity to institutional order flow, supporting tight spreads and product growth.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~2,500 ETFs\/ETPs listed on Cboe (end-2025)\u003c\/li\u003e\n\u003cli\u003e~$3.2 trillion aggregate AUM (end-2025)\u003c\/li\u003e\n\u003cli\u003eHigh liquidity via dedicated market makers and low spread execution\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMarket Ecosystem Snapshot: Institutions, Props, Retail, Data \u0026amp; ETFs Driving Trillions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInstitutional asset managers\/pensions (25-35% flow; $3.8T equity allocations 2024) plus prop traders\/market makers (40-60% volume; drove $200M+ data\/connectivity 2024), retail traders (≈30% U.S. options volume; 7.2B contracts 2024), data subscribers (market data \u0026amp; indices $655M 2024 ≈26% revenue), and ~2,500 ETF\/ETP issuers (~$3.2T AUM end‑2025).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSegment\u003c\/th\u003e\n\u003cth\u003eKey 2024-25 Metrics\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eInstitutions\u003c\/td\u003e\n\u003ctd\u003e25-35% flow; $3.8T equity (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProps\/MMs\u003c\/td\u003e\n\u003ctd\u003e40-60% vol; $200M+ data\/connectivity (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail\u003c\/td\u003e\n\u003ctd\u003e7.2B options contracts; ~30% US options (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eData subscribers\u003c\/td\u003e\n\u003ctd\u003e$655M market data \u0026amp; indices (2024; ~26% rev)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eETF issuers\u003c\/td\u003e\n\u003ctd\u003e~2,500 listings; $3.2T AUM (end‑2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eost Structure\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnology Infrastructure and Cybersecurity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eA major share of CBOE Global Markets' costs funds data centers, matching engines, and market connectivity; in 2024 CBOE reported $1.15B in technology and product development expense guidance for 2025 planning, reflecting heavy hardware\/software spend. Significant cybersecurity investment-CBOE disclosed a $30-50M annual budget range for cyber resilience in recent filings-protects market integrity, and ongoing upgrades are required to match sub-microsecond latency of rival venues.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePersonnel and Professional Expertise\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCboe spends heavily to hire and retain engineers, data scientists, and financial lawyers, with 2024 personnel costs reported at $1.1 billion-about 38% of operating expenses-reflecting competitive pay versus Big Tech and banks. Compensation, benefits, and continuous training (estimated 6-8% of payroll annually) are recurring costs to keep systems, data products, and compliance capability current.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory and Compliance Operations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eRegulatory and compliance ops cost CBOE Global Markets roughly $420m in 2024 (G\u0026amp;A and regulatory tech), driven by surveillance platforms, data feeds, and ~1,200 compliance\/legal staff across jurisdictions; these non-discretionary expenses are essential to retain exchange licenses and meet real-time reporting and AML requirements.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMarketing and Global Brand Development\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cpcboe spends on advertising seminars and global events to promote proprietary products enter new markets aiming boost trading volume attract listing clients in cboe reported million marketing sales-related expenses form which supported a year-over-year rise listed product revenue.\u003e\n\u003cp class=\"lst_crct\"\u003e\u003c\/p\u003e\u003cli\u003e2024 marketing\/sales expense: $420 million\u003c\/li\u003e\u003cli\u003eGoal: higher trading volumes, more listings\u003c\/li\u003e\u003cli\u003eChannels: ads, education, industry events\u003c\/li\u003e\u003cli\u003eResult: 6% YoY listed product revenue growth (2024)\u003c\/li\u003e\n\u003c\/pcboe\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeneral and Administrative Expenses\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eGeneral and Administrative expenses cover office space, utilities, corporate governance, investor relations, and financial reporting for CBOE Global Markets; in 2024 G\u0026amp;A roughly matched 18% of total operating expenses, about $240 million, supporting global teams across 30+ jurisdictions.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eOffice, utilities, governance: core fixed costs\u003c\/li\u003e\n\u003cli\u003eInvestor relations, SEC\/IFRS reporting: public-company costs\u003c\/li\u003e\n\u003cli\u003eSupports management of 30+ global markets and asset lines\u003c\/li\u003e\n\u003cli\u003e2024 G\u0026amp;A ≈ $240M; ~18% of operating expenses\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCBOE spends heavily on tech \u0026amp; talent-$2.45B+ fixed costs fueling low‑latency growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCBOE's cost structure is dominated by tech and personnel: $1.15B tech\/product guidance for 2025, $1.1B payroll in 2024, $30-50M\/yr cyber budget, $420M marketing, and ~$240M G\u0026amp;A (2024). These fixed and recurring costs support low-latency platforms, compliance, global listings, and product growth.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003e2024\/2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTech\/Product\u003c\/td\u003e\n\u003ctd\u003e$1.15B (2025 guide)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePayroll\u003c\/td\u003e\n\u003ctd\u003e$1.1B (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCyber\u003c\/td\u003e\n\u003ctd\u003e$30-50M\/yr\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarketing\u003c\/td\u003e\n\u003ctd\u003e$420M (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eG\u0026amp;A\u003c\/td\u003e\n\u003ctd\u003e$240M (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eR\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eevenue Streams\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTransaction and Clearing Fees\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe largest revenue source is fees per trade executed and cleared on Cboe platforms; in 2024 Cboe Global Markets reported $2.5 billion in transaction and clearing revenue, driven by equities, options, and futures fees that vary by asset class, participant volume tiers, and product type. This stream spikes with market volatility-daily ADV (average daily volume) swings of 20-40% in 2022-2024 translated to double-digit revenue volatility.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMarket Data and Information Services\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCboe Global Markets earns substantial recurring revenue from real-time and historical market data subscriptions sold to professional and retail users; in 2024 market data and index licensing revenue was $355 million, providing a stable stream less tied to daily volumes. Subscriptions are essential for trading firms, brokers, and fintechs, and this segment grew ~6% year-over-year as data became central to algo trading and analytics.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAccess and Capacity Fees\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAccess and capacity fees: CBOE Global Markets earned predictable fixed income by charging firms for physical and logical access to its trading systems, including co-location where servers sit beside the matching engine; co-location and connectivity made up about 9% of CBOE's 2024 market services revenue, roughly $120-140 million annually, providing steady monthly cash flow.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory and Oversight Fees\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eCboe charges member firms regulatory and oversight fees to fund market surveillance and compliance; in 2024 these fees contributed roughly $120M of exchange-related revenue, often set per registered representative or by firm activity levels.\u003c\/p\u003e\n\u003cp\u003eThese fees are recurring and predictable, forming a steady slice of Cboe's total revenue (about 6-8% of 2024 exchange and listing revenue), and scale with member headcount and trade volumes.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 regulatory fee approx $120M\u003c\/li\u003e\n\u003cli\u003eCharged per rep or by activity\u003c\/li\u003e\n\u003cli\u003eRepresents ~6-8% of exchange\/listing revenue\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eListing and Corporate Service Fees\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eCompanies and issuers pay Cboe Global Markets listing and corporate service fees-initial application charges plus annual maintenance-for ETFs and structured products; in 2024 Cboe reported listings revenue of $152 million, driven by a 9% year-over-year rise in ETP listings worldwide.\u003c\/p\u003e\n\u003cp\u003eThe stream scales with global ETP growth (over $10.5 trillion in ETP AUM by end-2024) and yields high-margin, recurring income tied to listing counts and maintenance contracts.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eInitial listing fees and ongoing annual maintenance\u003c\/li\u003e\n\u003cli\u003e2024 listings revenue: $152 million\u003c\/li\u003e\n\u003cli\u003eETP AUM end-2024: ~$10.5 trillion\u003c\/li\u003e\n\u003cli\u003eGrowth tied to global ETP issuance and renewals\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCboe 2024: $2.5B trading-driven upside, $857M recurring revenue stabilizers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCboe's 2024 revenue mix: $2.5B transaction \u0026amp; clearing (volatility-driven), $355M market data \u0026amp; index licensing, $120-140M co-location\/connectivity, $120M regulatory fees, $152M listings; recurring streams (data, access, listings, regulatory) provide stability while transaction fees drive upside with ADV swings.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eStream\u003c\/th\u003e\n\u003cth\u003e2024 ($M)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTransaction \u0026amp; clearing\u003c\/td\u003e\n\u003ctd\u003e2,500\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarket data \u0026amp; licensing\u003c\/td\u003e\n\u003ctd\u003e355\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCo-location\/connectivity\u003c\/td\u003e\n\u003ctd\u003e130\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRegulatory fees\u003c\/td\u003e\n\u003ctd\u003e120\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eListings\u003c\/td\u003e\n\u003ctd\u003e152\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e","brand":"VRIO Analysis","offers":[{"title":"Default Title","offer_id":57515261821260,"sku":"cboe-business-model-canvas","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1056\/0356\/3852\/files\/cboe-canvas-business-model.webp?v=1778622819","url":"https:\/\/vrio-analysis.com\/products\/cboe-business-model-canvas","provider":"VRIO Analysis","version":"1.0","type":"link"}