Core Viewpoint - Cboe Global Markets is a leading provider of market infrastructure and tradable products, focusing on delivering innovative trading, clearing, and investment solutions globally [1] Group 1: Company Overview - Cboe Global Markets operates a trusted and inclusive global marketplace [1] - The company offers a range of products, technology, and data solutions aimed at enabling participants to achieve a sustainable financial future [1] - Cboe provides trading solutions across multiple asset classes, including equities, derivatives, and foreign exchange (FX) [1] Group 2: Geographic Reach - Cboe operates across North America, Europe, and Asia Pacific [1]

Core Insights - Cboe Global Markets is committed to growth in the global financial marketplace through various initiatives, including the launch of continuous futures for Bitcoin and Ether, robust trading volumes, new leadership appointments, and surpassing 1,000 U.S.-listed ETFs [1][10] Product Development - Cboe plans to launch Cboe Continuous Futures for Bitcoin and Ether on November 10, 2025, pending regulatory approval, which are structured as long-dated contracts with a 10-year expiration, eliminating the need for frequent rollovers [2][3] - The new futures contracts are cash-settled and aligned with real-time spot prices through daily cash adjustments, providing U.S. traders with efficient long-term exposure to digital assets [4] - Educational sessions on these futures are scheduled for October 30 and November 20, 2025, indicating a commitment to investor education [5] Trading Volume and Market Performance - Cboe reported a 9.6% year-over-year increase in multiply-listed options and an 8.0% rise in index options for August 2025, with record performance in zero-days-to-expiry trading for S&P 500 Index options [6] - U.S. equities trading saw a 39.9% increase in on-exchange volume and an 84.8% surge in off-exchange volume year-over-year, while European equities achieved record market shares of 26.6% for overall trading and 34.7% for continuous trading [7] Leadership and Strategic Expansion - Cboe appointed Prashant Bhatia as Executive Vice President, Head of Enterprise Strategy & Corporate Development, to identify high-impact growth opportunities [8] - The company surpassed 1,000 U.S.-listed ETFs on its Cboe BZX Exchange, marking a 70% growth in ETF listings since early 2023, reflecting rising demand for actively managed ETFs [9] Overall Strategy - Cboe's initiatives, including the introduction of regulated crypto derivatives and the growth of ETFs, indicate its strategy to adapt to market trends and positively impact the digital finance ecosystem [11]

NASDAQ Developments - NASDAQ has requested the SEC to allow trading of clearly labeled equivalent rights tokenized shares as traditional stocks, marking a significant move to integrate blockchain technology into US equity markets [2][3] - Tokenized securities are digital representations of stocks that can enhance liquidity, support fractional ownership, and provide access to overseas investors [3] - The proposal seeks to amend existing rules to permit tokenized stocks to be traded similarly to traditional equities, addressing fundamental questions about stock issuance, definition, and settlement [4][5] Gemini Partnership - NASDAQ has become a strategic investor in Gemini Space Station, a cryptocurrency exchange founded by the Winklevoss twins, as it prepares for an IPO [6][7] - Gemini holds approximately $20 billion in assets and has processed nearly $300 billion in lifetime trading volume, offering various digital asset services [8] - The firm aims to raise around $300 million in its IPO, with NASDAQ investing $50 million in a private placement, enhancing access to Gemini's services for NASDAQ clients [9] CBOE Innovations - CBOE plans to launch continuous Bitcoin and Ether futures contracts later this year, pending regulatory review [10] - These contracts will have 10-year expirations, cash-settled, and aligned to real-time spot market prices, simplifying position management and reducing costs associated with periodic rolling [11] - The new products are expected to attract both retail and institutional traders, offering substantial advantages for long-term crypto exposure [12][13]

Core Viewpoint - CBOE Global Markets Inc. is introducing futures and options based on the CBOE Magnificent 10 Index, providing traders with a new method to invest in mega-cap technology stocks [1] Group 1 - The new financial products will allow traders to bet on the performance of major technology companies [1] - CBOE Global Markets aims to enhance trading opportunities in the technology sector through these innovative derivatives [1] - Catherine Clay, Executive Vice President and Global Head of Derivatives at CBOE, is highlighted as a key figure in this initiative [1]

Group 1 - Cboe Global Markets announced plans to launch futures and options on its new Magnificent 10 index [3] - The Cboe Magnificent 10 Index is designed to measure the price performance of a select group of stocks [3]

Cboe Global Markets, one of the world’s largest derivatives and securities exchange networks, has announced plans to launch Cboe Continuous Futures on its Cboe Futures Exchange (CFE) starting November 10, 2025, pending regulatory approval. The new product line will debut with Bitcoin and Ether contracts, giving U.S. traders access to long-term exposure to digital assets within a regulated, centrally cleared environment. Unlike traditional futures, which typically expire monthly or quarterly and require r ...

Cboe Global Markets (BATS:CBOE) announced on Tuesday plans to launch Cboe Continuous futures for bitcoin (BTC-USD) and ether (ETH-USD) on its futures exchange. The launch is expected to be effective from November 10. Cboe Continuous futures are planned to be ...

Core Viewpoint - Cboe plans to launch "Continuous futures" for bitcoin and ether on November 10, pending regulatory approval, aiming to adapt perpetual futures contracts to U.S. regulations [1][4] Group 1: Product Features - Cboe's Continuous futures contracts will have a duration of up to 10 years, unlike traditional futures that expire monthly or quarterly, reducing the need for traders to roll positions [2] - The contracts will be adjusted daily against spot prices through a transparent funding rate mechanism, allowing long-term exposure without the need for rebalancing [2][3] - Settlement of the contracts will be in cash, meaning no actual bitcoin or ether will change hands, with payouts linked to the spot price of the cryptocurrencies [3] Group 2: Market Impact - Continuous futures are expected to attract institutional market participants, existing CFE customers, and a growing segment of retail traders interested in crypto derivatives [4] - The futures will be cleared through Cboe Clear U.S., which is regulated by the Commodity Futures Trading Commission (CFTC) [4]

Group 1 - The session features Craig Donohue, the new CEO of Cboe, indicating a leadership change within the company [1] - Benjamin Budish, a research analyst covering U.S. brokers, asset managers, and exchanges, is moderating the discussion [1]

Summary of Cboe Global Markets FY Conference Call (September 08, 2025) Company Overview - **Company**: Cboe Global Markets (BATS:CBOE) - **New CEO**: Craig Donahue, who has shifted the company's strategy towards a sharper focus on index options and data after a period of heavy acquisitions [3][5] Key Industry Insights - **Market Volatility**: The VIX index reached its third highest level in the last twenty years, indicating significant market volatility, which is beneficial for Cboe as it attracts customers seeking to manage risk [9][10] - **Customer Behavior**: Strong performance across all customer segments, with a structural rather than cyclical demand for options products [10][11] Growth Strategy - **Focus on Core Business**: Cboe is optimizing its core business and exploring growth opportunities around it, particularly in index options and data services [6][8] - **Exit from Japanese Equities**: The decision to exit the Japanese equities business reflects a focus on financial rigor and growth potential [6][50] - **Retail Trading Growth**: There is substantial growth potential in retail trading of index options, with many brokerage firms like Robinhood and Interactive Brokers expanding their offerings [13][14] Market Opportunities - **Total Addressable Market (TAM)**: The retail trading market for index options is significant, with only a small percentage of accounts currently authorized to trade options [14] - **International Expansion**: Cboe is focusing on international growth, particularly in Asia Pacific, through partnerships and education [15][19] - **Short-Dated Options**: The popularity of zero DTE (days to expiration) options is increasing, indicating further growth potential in this segment [22][23] Product Performance - **XSP Growth**: The XSP product has seen substantial growth, with a year-over-year increase of over 40% in July and doubling in August, driven by factors such as cash settlement and tax treatment [20][21] - **DataVantage Performance**: DataVantage has experienced over 10% growth in Q2, with 45% growth internationally, highlighting the importance of data services in Cboe's strategy [31][32] Regulatory Environment - **Favorable Landscape**: The current regulatory environment is seen as favorable for innovation and competition, with a focus on streamlining regulations [47][48] - **Market Integrity**: Cboe emphasizes the importance of maintaining market integrity while adapting to new entrants and disruptive innovations [48] M&A and Capital Allocation - **M&A Strategy**: The focus is currently on optimizing core operations rather than pursuing mergers and acquisitions, with a high bar for any potential deals [56][58] - **Recurring Revenue Models**: There is an interest in exploring opportunities that could provide a blend of recurring revenue alongside transaction-based income [59][62] Competitive Landscape - **Intense Competition**: The competitive environment in U.S. equities is described as intense, with a shift towards dark markets, but Cboe maintains a dominant position in multi-listed options [63][65] Financial Performance - **High Margins**: Cboe operates with high margins, and while there is potential for margin expansion, the focus remains on operational efficiency and growth opportunities [68][70] Conclusion Cboe Global Markets is strategically positioning itself for growth in the index options and data services sectors while navigating a complex regulatory environment and intense competition. The company is focused on optimizing its core business and exploring international opportunities, particularly in the retail trading space.