Cboe Global Markets, Inc.: directors' dealings · United States · SEC (Form 4)

About Cboe Global Markets, Inc.

Cboe Global Markets, Inc. (ticker: CBOE) is a leading market infrastructure company listed on the NYSE/NASDAQ in the United States. Headquartered in Chicago, Illinois, Cboe traces its roots to the Chicago Board Options Exchange, founded in 1973. Over time, the company expanded beyond a single U.S. options venue into a global exchange network and rebranded as Cboe Global Markets to reflect its broader footprint and product set. ([res-certification.cboe.com](https://res-certification.cboe.com/resources/aboutcboe/Cboe_CSR_Report_2025_FINAL.pdf?utm_source=openai)) Cboe’s business model is centered on multiple revenue streams. Its core franchise remains derivatives, especially listed options and index-linked products, where it has a strong competitive position and meaningful market share. The company also operates cash/spot market venues, data and analytics services under the Data Vantage umbrella, and, depending on the strategic perimeter, certain listing and international exchange activities. This mix gives Cboe exposure to trading volumes, volatility, and recurring market-data demand, while reducing reliance on any single product line. The company describes itself as a global derivatives and securities exchange network with operations spanning the U.S., Europe, and Asia-Pacific. ([ir.cboe.com](https://ir.cboe.com/news/news-details/2026/Cboe-Global-Markets-Reports-Trading-Volume-for-December-and-Full-Year-2025/default.aspx?utm_source=openai)) From a competitive standpoint, Cboe stands out for its depth in listed options, its index franchise, and its ability to monetize both transactional activity and data products. Recent disclosures show a strong operating backdrop: 2025 delivered record net revenue and robust earnings growth, while first-quarter 2026 results continued that momentum. In late 2025, management announced a strategic realignment of the portfolio, including steps to sharpen the company’s focus on core strengths and higher-priority growth opportunities. That move suggests an increased emphasis on capital and management attention toward derivatives and data-led businesses. ([ir.cboe.com](https://ir.cboe.com/news/news-details/2026/Cboe-Global-Markets-Reports-Results-for-Fourth-Quarter-2025-and-Full-Year/default.aspx?utm_source=openai)) For investors, Cboe offers a relatively high-quality exposure to exchange and market-infrastructure economics. The investment case is tied to trading activity, customer demand for risk transfer, and the secular growth of index and derivatives usage across institutional and retail channels. At the same time, the business remains sensitive to competitive market structure, fee pressure, and volume trends. The latest public updates point to a company that is growing, reallocating resources toward core franchises, and maintaining a clear leadership position in U.S. options and global derivatives markets. ([ir.cboe.com](https://ir.cboe.com/news/news-details/2026/Cboe-Global-Markets-Reports-Results-for-Fourth-Quarter-2025-and-Full-Year/default.aspx?utm_source=openai))