Cboe Global Markets is a financial exchange operator whose core business is running derivatives markets — primarily options and futures — where institutions, hedge funds, asset managers, and retail investors trade contracts to manage risk or take directional positions. Cboe's flagship products are SPX options (options on the S&P 500 Index) and VIX options and futures (based on the Cboe Volatility Index). These are proprietary, exclusively listed products, giving Cboe effective pricing power and near-monopoly economics in these contracts. Cboe also operates four U.S. options exchanges for multi-listed equity and ETF options, a futures exchange, and equities platforms in the U.S., Europe, and Canada. Cboe earns revenue primarily from transaction and clearing fees — charged per contract or share traded — with profitability driven by trading volume and net revenue per contract. Proprietary products like SPX and VIX are far more profitable per contract than multi-listed options, where 18+ competing exchanges compress pricing. A growing second revenue stream is Cboe Data Vantage, which includes market data subscriptions, index licensing, connectivity services, and analytics — largely recurring revenues that are resilient to volume swings. Cboe's growth strategy centers on expanding the SPX/VIX derivatives ecosystem, particularly by onboarding international retail brokers in Asia Pacific, deepening U.S. retail access, and extending trading hours. Cboe is also developing binary options contracts for financial and economic events, targeting a 2026 launch. The business carries very high operating leverage, with adjusted EBITDA margins approaching 70%.