Core Thesis - Cboe Global Markets, Inc. is viewed positively, with a current share price of $255.28 and trailing and forward P/E ratios of 27.76 and 26.60 respectively, indicating strong market confidence in the company's growth potential [1]. Strategic Priorities - CEO Craig Donohue emphasized disciplined financial management and a focus on long-term growth drivers while moving away from non-core areas [2]. - Retail trading remains robust despite lower volatility, with increased participation in options products, suggesting significant growth potential in this segment [2]. Growth Initiatives - Cboe aims to expand its retail presence through investor education and international partnerships, particularly in Asia-Pacific markets [3]. - There is potential for growth in 0DTE SPX contracts and single-stock options, which could enhance the company's product offerings [3]. - The company is exploring opportunities in prediction markets and assessing how its clearing infrastructure can support external participants [3]. Financial Performance - International data revenues have surged by 45%, primarily driven by growth from abroad as Cboe develops new data products and strengthens ties with retail brokers in Asia [4]. - Competitive dynamics in equities and options remain intense, with efforts to improve positioning in off-exchange equities and multi-list options while maintaining margins [4]. M&A Strategy - Cboe maintains a disciplined approach to mergers and acquisitions, focusing on larger, synergistic deals that enhance recurring revenues and align with core strategic objectives [4]. Market Performance - The company's stock price has appreciated approximately 20.89% since previous coverage, reflecting resilience during volatility and growth in retail options trading [5].