Core Insights - Cboe Global Markets announced the appointments of Scott Johnston as Executive Vice President, Chief Operating Officer, and Heidi Fischer as Executive Vice President, Global Head of Equities and Spot Markets, effective in 2026 [1][9] Leadership Changes - Scott Johnston will replace Chris Isaacson, who is retiring on March 6, 2026, and will serve as an advisor until the end of 2026 to ensure a smooth transition [2][9] - Heidi Fischer will take over oversight of Cboe's global cash equities and spot markets, previously managed by Isaacson [2] - Alex Dalley has been promoted to Senior Vice President, overseeing Cboe's European Equities business, pending regulatory approval [3] - Jon Weinberg will expand his role to oversee Cboe's global FX and off-exchange trading business lines [4] Strategic Initiatives - Cboe is implementing a regional office leadership structure to enhance its globalization strategy, with key leaders assigned to various locations including Kansas City, New York, London, and Amsterdam [5] - Johnston will focus on day-to-day operations, market operations, infrastructure, and clearing teams, collaborating with Tim Lipscomb, Chief Technology Officer, to drive innovation and operational capabilities [6][10] - Fischer aims to enhance client engagement and product development for both on-exchange and off-exchange solutions [7] Executive Statements - Craig Donohue, CEO of Cboe, expressed confidence in the new leadership team, highlighting their industry experience and strategic vision [6] - Johnston expressed enthusiasm for joining Cboe and aims to leverage his experience to scale the business and enhance operational performance [7] - Fischer emphasized the exceptional momentum at Cboe and her commitment to expanding the company's global footprint and strengthening client relationships [8]

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Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even ...

Cboe Global Markets, Inc. (CBOE), headquartered in Chicago, Illinois, is a global exchange operating company. Valued at $27.6 billion by market cap, the company operates a financial options trading platform that provides cutting-edge trading and investment solutions, including equities, foreign exchange, indices, data and analytics, and trade reporting solutions. The world's leading derivatives and securities exchange network is expected to announce its fiscal fourth-quarter earnings for 2025 before the ma ...

Core Insights - Mike Selig has recently assumed the role of chairman at the U.S. Commodity Futures Trading Commission (CFTC) and is restructuring the agency with a new innovation committee focused on cryptocurrency insiders [1][2] Group 1: Innovation Committee Formation - The new Innovation Advisory Committee will include executives from prominent crypto firms such as Gemini, Kraken, Bitnomial, Crypto.com, and Bullish, which is the parent company of CoinDesk [2] - The committee's formation builds on a previous initiative by former Acting Chairman Caroline Pham, who had assembled a group of CEOs focused on innovative financial technology [2][3] Group 2: Committee Objectives and Leadership Vision - Selig emphasized the importance of modernizing financial systems through technologies like artificial intelligence, blockchain, and cloud computing, aiming to create regulations that are suitable for the evolving financial landscape [4] - The Innovation Advisory Committee will assist the CFTC in drafting new market structure regulations, becoming one of five external committees designed to guide the agency based on members' expertise [4] Group 3: Public Engagement and Future Steps - The CFTC is inviting the public to submit additional nominees for committee membership and suggest topics for consideration, with a deadline set for the end of January [5]

Core Insights - Cboe Global Markets reported December and full year 2025 trading volume statistics, highlighting record trading volumes across various segments, including options and equities [1][4]. Trading Volume Highlights - Total volume traded across Cboe's four options exchanges reached 4.6 billion contracts in 2025, with an average daily volume (ADV) of 18.4 million contracts, marking the sixth consecutive record-breaking year [4]. - Multi-listed options accounted for 3.4 billion contracts traded, with an ADV of 13.5 million contracts [4]. - Proprietary index options product suite traded 1.2 billion contracts, achieving an ADV of 4.9 million contracts [4]. - S&P 500 Index (SPX) options traded 970.6 million contracts, with an ADV of 3.9 million contracts, and SPX zero-days-to-expiry (0DTE) options reached an ADV record of 2.3 million contracts, representing 59% of total SPX volume [4]. - Cboe Volatility Index (VIX) options traded 215.6 million contracts, with an ADV of 862 thousand contracts [4]. U.S. Equities Performance - BIDS Trading reported a yearly ADV record of 155 million matched shares, reflecting a 96% increase year-over-year [5]. European Equities and Global FX - Cboe Europe Equities achieved a record yearly average daily notional volume (ADNV) of €12.8 billion and a market share of 25% [9]. - Global FX reported a spot ADNV of $49.7 billion, surpassing the previous year's record of $45.4 billion [9]. Revenue Per Contract Guidance - Projected RPC/net capture metrics for the fourth quarter of 2025 indicate an increase in average revenue per contract across various products, including multi-listed options at $0.075 and index options at $0.937 [8].

Core Insights - The article does not provide specific insights or analysis regarding any companies or industries, focusing instead on disclosures and disclaimers related to investment positions and opinions [1][2]. Group 1 - There is no mention of any stock, option, or derivative positions in the companies discussed, nor any plans to initiate such positions in the near future [1]. - The article emphasizes that past performance does not guarantee future results, indicating a cautious approach to investment recommendations [2]. - It clarifies that the views expressed may not reflect those of the broader platform, highlighting the independent nature of the analysts' opinions [2].

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or a ...

CBOE Performance & Strategy - CBOE has underperformed relative to its industry and the financial sector despite good earnings [2] - The speaker decided to "ring the register" (sell) CBOE due to this underperformance, but believes it will be fine in 2026 [2][5] - Morgan Stanley has reiterated their underweight rating on CBOE [5] - The speaker still owns CME Group and NASDAQ [4] Market Outlook & Volatility - The speaker anticipates volatility will increase substantially in 2026, even in a bull market, suggesting not to be short volatility [3] - The VIX is currently near a low for the year, below 15 [2] Exchange Preferences & Drivers - The speaker favors NASDAQ, describing it as a "crown jewel" due to benefits from IPOs, data, listing activity, and trading [6][8] - Increased activity is seen as a key driver for exchanges, with volatility being particularly beneficial for CBOE [7] Analyst Ratings & Targets - Morgan Stanley reiterated overweight on NASDAQ with a target of $111 [6] - CME Group reiterated overweight with a target of $320 [6] - Schwab reiterated overweight with a target of $148 [6]

Company Performance - CBOE has experienced relative underperformance compared to other exchanges and the financial sector despite strong earnings [2][4] - The stock's underperformance may be attributed to full positioning and market sentiment rather than a specific identifiable reason [4][5] - Morgan Stanley has reiterated an underweight rating on CBOE, indicating a cautious outlook [5] Market Outlook - The environment for CBOE is expected to improve in 2026, with a belief that volatility will increase significantly even in a bull market [3][5] - The current VIX is near a low for the year, below 15, suggesting potential for increased market activity [2] Comparisons with Other Companies - CME Group and NASDAQ have received reiterated overweight ratings, with target prices set at 320 and 111 respectively, indicating a more favorable outlook compared to CBOE [6] - Schwab's performance is driven by different factors, such as cash balance sweeps, and is not directly comparable to the exchanges like NASDAQ and CME [6][7] - NASDAQ is highlighted as a strong performer benefiting from IPOs and increased trading activity, positioning it as a "crown jewel" among the group [8]