Track market-moving stories before they get noisy

CBOE Global (CBOE - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on October 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis holding company for the Chicago Board Options Exchange is expected to post quarterly earnings of $3.37 per share in its upcoming report, which represents a year-over-year change of +26.2%.

Revenues are expected to be $701.96 million, up 15.9% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.17% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for CBOE?For CBOE, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +2.02%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that CBOE will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that CBOE would post earnings of $3.45 per share when it actually produced earnings of $3.56, delivering a surprise of +3.19%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

CBOE appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAnother stock from the Zacks Securities and Exchanges industry, IntercontinentalExchange (ICE - Free Report) , is soon expected to post earnings of $1.97 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of +15.2%. Revenues for the quarter are expected to be $2.73 billion, up 13.2% from the year-ago quarter.

The consensus EPS estimate for ICE has been revised 0.9% higher over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -0.02%.

When combined with a Zacks Rank of #2 (Buy), this Earnings ESP makes it difficult to conclusively predict that ICE will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

New pre- and post-market sessions bring more access to U.S.-listed options Trading launched today with options on 24 single stocks and 5 ETFs Several global brokers are supporting the launch , /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced select multi-listed equity and exchange-traded fund (ETF) options are available to trade during extended pre-market and post-market sessions on its Cboe Options Exchange (C1). C1 is currently the only U.S. options exchange offering pre- and post-market index options sessions and is now expanding trading hours for select U.S. equity single-stock and ETF options.

Trading of select single-stock and ETF options is now available during a pre-market session from 7:30 a.m. to 9:25 a.m. ET and a post-market session from 4:00 p.m. to 4:15 p.m. ET, Monday to Friday, covering some of the most actively traded and liquid symbols, including the Magnificent 10 stocks and other widely followed U.S.-listed names plus major ETFs. The full list of underlying symbols is: AAPL, AMD, AMZN, AVGO, BABA, BAC, F, GLD, GOOG, GOOGL, HOOD, INTC, IWM, META, MRVL, MSFT, MU, NFLX, NOK, NVDA, ORCL, PFE, PLTR, QQQ, SNDK, SPY, TSLA, TSM, XLF.

Through September, options on these names accounted for approximately 53% of average daily U.S.-listed options volume in 2026.  

"Building on our 53-year history of innovation and our expertise in offering expanded hours for our flagship index options, Cboe led this important initiative with extensive input from retail and institutional participants including our U.S. and non-U.S. broker partners, whose insights were critical to a successful launch today," said Rob Hocking, Global Head of Derivatives at Cboe. "The shift to 24x5 trading across asset classes is only accelerating, and that's been apparent in the demand for Cboe's index options during non-traditional hours, particularly leading up to the U.S. market open when economic data and corporate announcements are commonly released. Now, with the addition of extended trading hours for options on single stocks and ETFs, global investors will be able to manage positions and risk with more flexibility in many of the names that drive today's market."   

Several brokers globally are offering or plan to offer access to the sessions.

Josh Krugman, SVP, brokerage at Fidelity Investments, said: "Options have long been an important tool for Fidelity investors seeking to manage risk and pursue market opportunities. Cboe's extended trading hours represent a meaningful evolution for the options market, giving investors greater flexibility and choice in how and when they engage with these strategies."

Milan Galik, Chief Executive Officer of Interactive Brokers, said: "Markets move around the clock, but trading hours for US equity options have remained limited. We welcome Cboe's initiative to narrow that gap, giving investors around the world more flexibility to trade and manage risk outside regular US market hours."

Neil McDonald, CEO of Moomoo US, said: "We're proud to partner with Cboe to offer our customers access to extended trading hours for select equity options from day one. Earnings announcements and economic developments don't follow the market's trading schedule. This expansion gives retail investors more flexibility to manage their positions and respond to market-moving news before the opening bell and after the close."

Abhishek Fatehpuria, VP of Product Management at Robinhood, said: "Many of our customers are early risers who want to catch up on the news and look for market signals before the opening bell. With Cboe's new extended hours options trading, we're making it easier for customers to trade on their own schedule, both before or after the bell. This is just another example of our commitment to making Robinhood the best place for active traders."

Ian Leong, Chief Executive Officer, Tiger Brokers Singapore, said: "For investors in Singapore, the U.S. pre-market falls in our evening, when much of the news that moves U.S. stocks is released. Our clients have long told us they want greater flexibility to manage their positions around these events, and our partnership with Cboe enables us to deliver on that need. Extending access to selected U.S. equity options is another step in our commitment to innovation and giving clients more choice in how they trade, alongside the education and risk controls needed for trading outside regular hours."

John Bartleman, President and Chief Executive Officer of TradeStation Group, Inc., said: "Cboe's expansion of options trading hours gives traders greater flexibility to respond to market-moving events as they happen. We believe traders deserve access to the markets when opportunity strikes, which is why TradeStation Securities is making extended-hours options trading available to its clients at launch. Clients will be able to act on their strategies in select options before the open and after the close, using the same integrated tools, education, and support they rely on every day across our trading ecosystem."

Peter Laptewicz, CPO, Tradier, said: "Markets don't wait for the opening bell, and neither should our clients. Cboe's GTH equities options session will give Tradier clients the flexibility to react to market-moving events in real time, rather than having to wait for regular trading hours. We're proud to support Cboe in expanding access and opportunity for active traders."

Cboe currently offers near 24x5 trading of several of its proprietary index options in its Global Trading Hours (GTH) (8:15 p.m. ET to 9:25 a.m. ET) and Curb Trading Hours (4:15 p.m. ET to 5:00 p.m. ET) sessions. GTH trading achieved record monthly and quarterly average daily volume in September and the third quarter of 2026.

Cboe's U.S. equities business currently operates trading from 4 a.m. ET to 8 p.m. ET, Monday through Friday, on two of its exchanges, and plans to launch trading 23 hours a day, 5 days a week on its Cboe BZX Exchange on December 6, subject to industry readiness. Cboe will not open a class of options if the underlying security has not opened and will generally halt an options class if its associated underlying security halts.

For more information on the new pre- and post-market options sessions, visit Equity Options Extended Trading Hours FAQ.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

Cboe Media Contacts

Cboe Analyst Contact

Angela Tu

Tim Cave

Kenneth Hill, CFA

+1-646-856-8734

+44 (0) 7593-506-719

+1-312-786-7559

[email protected]

[email protected]

[email protected]

CBOE-C
CBOE-OE

Cboe®, Cboe Global Markets®, and VIX ® are registered trademarks or service marks of Cboe Exchange, Inc and S&P 500® is a registered trademark of Standard & Poor's Financial Services LLC. All other trademarks and service marks are the property of their respective owners. 

Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options (ODD). Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606.

Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P or the third-party sites referenced in this press release. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.

Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice or a recommendation to buy or sell a security, future, or other financial product. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies, errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release.

There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/.

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind downs, divestitures, or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our  clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

SOURCE Cboe Global Markets, Inc.

, /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today reported September trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the third quarter of 2026.

The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain September trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.

Average Daily Trading Volume (ADV) by Month 

Year-To-Date 

Sep

2026

Sep
2025

%

Chg

Aug
2026

% 
 Chg

Sep

2026

Sep

2025

% 
 Chg

Multi-listed options (contracts, k)

15,382

15,273

0.7 %

14,801

3.9 %

14,972

13,318

12.4 %

Index options (contracts, k)

6,422

5,250

22.3 %

5,743

11.8 %

6,131

4,775

28.4 %

Futures (contracts, k)1

191

207

-7.6 %

163

17.3 %

230

223

3.3 %

U.S. Equities - On-Exchange (matched shares, mn)

1,453

1,703

-14.7 %

1,481

-1.8 %

1,783

1,760

1.3 %

U.S. Equities - Off-Exchange (matched shares, mn)

222

240

-7.5 %

211

5.0 %

233

141

65.7 %

Canadian Equities (matched shares, k)

165,156

192,599

-14.2 %

168,224

-1.8 %

186,635

157,964

18.2 %

European Equities (€, mn)

11,922

11,789

1.1 %

11,262

5.9 %

15,021

13,044

15.2 %

Global FX ($, mn)

66,363

52,429

26.6 %

55,715

19.1 %

63,968

52,587

21.6 %

Cboe Clear Europe Cleared Trades (k)

132,130

107,956

22.4 %

117,787

12.2 %

1,254,971

1,142,301

9.9 %

Cboe Clear Europe Net Settlements (k)

1,448

1,191

21.6 %

1,342

7.9 %

12,127

10,032

20.9 %

1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.

On July 31, 2026, Cboe completed the sale of Cboe Australia to TMX Group Limited. As the divestiture is now complete, all Australian Equities metrics have been removed from this report.

September and Third Quarter 2026 Trading Volume Highlights

U.S. Options

Cboe reported quarterly multi-list ADV of 15.3 million contracts across its four options exchanges, its second-best multi-list quarter. Cboe's proprietary index options highlights include: Monthly proprietary index options ADV of 6.4 million contracts, the second highest on record. Quarterly S&P 500 Index (SPX) options ADV of 4.9 million contracts, the second-best quarter on record. Quarterly SPX zero-days-to-expiry (0DTE) ADV record of 3.2 million contracts. Monthly SPX 0DTE ADV record of 3.4 million contracts. Quarterly mini-SPX (XSP) options ADV record of 251 thousand contracts. Monthly XSP options ADV record of 274 thousand contracts. Quarterly XSP 0DTE ADV record of 146 thousand contracts. Monthly XSP 0DTE ADV record of 165 thousand contracts. Quarterly Russell 2000 Index (RUT) ADV of 86 thousand contracts, its second-best quarter on record. RUT options had its best month since January 2016, with a monthly ADV of 99 thousand contracts. Quarterly and monthly ADV records during Cboe's Global Trading Hours (GTH) session (8:15 p.m. to 9:25 a.m. ET), with a quarterly ADV of 228 thousand contracts and monthly ADV of 263 thousand contracts. Third-Quarter 2026 RPC/Net Revenue Capture Guidance

The projected RPC/net capture metrics for the third quarter of 2026 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended September 30, 2026, will not differ materially from these projections.

(In USD unless stated otherwise) 

Three-Months Ended 

 Product

3Q
Projection

Aug-26

Jul-26

Jun-26

Multi-Listed Options (per contract)

$0.052

$0.054

$0.058

$0.064

Index Options

$0.952

$0.955

$0.957

$0.953

Total Options

$0.307

$0.304

$0.306

$0.317

Futures (per contract)

$1.712

$1.700

$1.674

$1.664

U.S. Equities - Exchange (per 100 touched shares)

$0.023

$0.020

$0.019

$0.019

U.S. Equities - Off-Exchange (per 100 touched shares)

$0.060

$0.059

$0.058

$0.058

Canadian Equities (per 10,000 touched shares)

CAD 4.545

CAD 4.579

CAD 4.550

CAD 4.355

European Equities (per matched notional value)

0.284

0.282

0.288

0.289

Global FX (per one million dollars traded)

$2.916

$2.947

$2.965

$2.965

Cboe Clear Europe Fee per Trade Cleared

€ 0.008

€ 0.008

€ 0.008

€ 0.008

Cboe Clear Europe Net Fee per Settlement

€ 1.052

€ 1.034

€ 1.026

€ 1.042

The above represents average revenue per contract (RPC) or net capture is based on a three-month rolling average, reported on a one-month lag. Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.

For Options and Futures, the average RPC represents total net transaction fees recognized for the period divided by total contracts traded during the period for options exchanges: BZX Options, Cboe Options, C2 Options and EDGX Options; futures include contracts traded on Cboe Futures Exchange, LLC (CFE). For U.S. Equities, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days for the period. For U.S. Equities – Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less OMS/EMS costs and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period. For Canadian Equities, "net capture per 10,000 touched shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for Cboe Canada and the number of trading days for the period and includes revenue. For European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in British pounds divided by the product of ADNV in British pounds of shares matched on Cboe Europe Equities and the number of trading days. For Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction. For Cboe Clear Europe, "Fee per Trade Cleared" refers to clearing fees divided by number of non-interoperable trades cleared and "Net Fee per Settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting. About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com. 

Cboe Media Contacts

     Cboe Analyst Contact     

Angela Tu

Tim Cave

Kenneth Hill, CFA

     +1-646-856-8734     

+44 (0) 7593-506-719

+1-312-786-7559

[email protected]

[email protected]

[email protected]

CBOE-V

Cboe®, Cboe Global Markets®, Cboe Clear®, Cboe Futures Exchange®, CFE®, Cboe Volatility Index®, VIX®, and XSP® are registered trademarks of Cboe Exchange, Inc. or its affiliates. Standard & Poor's®, S&P®, SPX®, and S&P 500® are registered trademarks of Standard & Poor's Financial Services, LLC, and have been licensed for use by Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.

Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor's or Cboe and neither Standard & Poor's nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.

Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies, errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release.

There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/. 

Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606. 

Trading in futures and options on futures is not suitable for all market participants and involves the risk of loss, which can be substantial and can exceed the amount of money deposited for a futures or options on futures position. You should, therefore, carefully consider whether trading in futures and options on futures is suitable for you in light of your circumstances and financial resources. You should put at risk only funds that you can afford to lose without affecting your lifestyle. For additional information regarding the risks associated with trading futures and options on futures and with trading security futures, see respectively the Risk Disclosure Statement Referenced in CFTC Letter 16-82 and the Risk Disclosure Statement for Security Futures Contracts. Certain risks associated with options, futures, and options on futures and certain disclosures relating to information provided regarding these products are also highlighted at www.cboe.com/us_disclaimers.

The iBoxx® USD Liquid Emerging Market Sovereigns & Sub-Sovereigns Index is a product of S&P Dow Jones Indices LLC or its affiliates or licensors ("S&P DJI") and has been licensed for use by Cboe Exchange, Inc. iBoxx®, S&P®, S&P 500®, SPX®, US 500®, The 500®, DSPX®, DSPBX®, iTraxx®, CDX®, and Dividend Aristocrats® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by Cboe Exchange, Inc. Cboe® iBoxx® $ Emerging Market Bond Index ("IEMD") futures are not sponsored, endorsed, sold, or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the iBoxx® USD Liquid Emerging Market Sovereigns & Sub-Sovereigns Index.

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind downs, divestitures, or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

SOURCE Cboe Global Markets, Inc.

Products tied to 23 companies to roll out in October, subject to regulatory approval

, /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced at Robinhood's third annual HOOD Summit in Houston, Texas, that it plans to launch a new category of binary contracts tied to company-specific key performance indicators (KPIs), expected in October 2026, subject to regulatory approval. Robinhood will be the first retail broker to offer these products to its clients at launch.

The KPI binary options will provide investors with a new way to take positions on specific company metrics and corporate events through Securities and Exchange Commission (SEC)-regulated products traded on Cboe's registered U.S. securities exchange. This proposed framework differentiates Cboe's products from similar event-based contracts currently traded on designated contract markets (DCMs) and reflects its view that these securities products should be traded within the transparency, oversight and investor protections of the U.S. securities markets, including the benefits of federal preemption of state securities registration requirements.

The planned launch comes amid growing investor demand for products that are intuitive, event-driven and directly based on the companies they follow. Cboe plans to initially list contracts for 23 U.S.-listed companies that represent some of the most actively traded U.S. stocks. Cboe will not charge fees on the KPI binary options through the end of 2026, subject to regulatory review. Robinhood will additionally offer the products with no fees through the end of the year.  

JJ Kinahan, Head of Retail Expansion and Alternative Investment Products at Cboe, said: "These KPI contracts are designed to provide exposure to key corporate metrics, giving investors a granular way to trade many of the individual components that are being tracked and driving headlines each quarter. We're pleased to have Robinhood among our first partners in bringing these SEC-regulated products to its client base. As investable event contracts, we believe they will appeal to a broad spectrum of market participants, from systematic traders seeking targeted exposure to retail investors looking to better understand how KPIs can influence a company's performance."

Steve Quirk, Chief Brokerage Officer at Robinhood, said: "Earnings contracts give retail investors another tool to inform their strategies and offer an even more precise way to trade on anticipated company KPIs."

As part of this initiative, Cboe filed an application for temporary registration from the SEC for its U.S. clearinghouse, Cboe Clear U.S., LLC (CCUS), as a Covered Clearing Agency. Subject to regulatory review and approval, CCUS would clear the KPI contracts.

Rob Hocking, Global Head of Derivatives at Cboe, said: "This isn't just about launching a new product, but an example of how Cboe can leverage our strengths across listing, trading and clearing, as well as our history of operating trusted, regulated markets, to help build out the next generation of markets and products. We're particularly excited to expand our U.S. clearing capabilities, which will further strengthen Cboe's competitive position and broaden our ability to support new products – both traditional and non-traditional financial instruments – creating opportunity for even more optionality and innovation."

Following initial registration, CCUS may pursue opportunities, subject to regulatory approval, to expand its clearing services beyond the CFTC-regulated derivatives it clears today to support new products, potentially including tokenized binary security options, reflecting Cboe's broader strategy to expand its U.S. clearing business into new product categories over time.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

Cboe Media Contacts

Cboe Analyst Contact

 Angela Tu

Tim Cave

Kenneth Hill, CFA

+1-646-856-8734

+44 (0) 7593-506-719

+1-312-786-7559

[email protected]

[email protected]

[email protected]

CBOE-C
CBOE-OE

Cboe®, Cboe Global Markets®, and VIX® are registered trademarks and Cboe PlusSM is a service mark of Cboe Exchange, Inc and S&P 500® is a registered trademark of Standard & Poor's Financial Services LLC. All other trademarks and service marks are the property of their respective owners. 

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind downs, divestitures, or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our  clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

SOURCE Cboe Global Markets, Inc.

Quarterly cash dividend increased 19 percent to $0.86 per share
16th consecutive year Cboe has increased its dividend

, /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced its Board of Directors has declared an increased quarterly cash dividend of $0.86 per share of common stock for the third quarter of 2026, representing a 19 percent increase from the prior quarter's dividend of $0.72 per share.

The third-quarter 2026 dividend is payable on September 15, 2026, to stockholders of record as of August 31, 2026.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

Cboe Media Contacts

Cboe Analyst Contact

Angela Tu

Tim Cave

Kenneth Hill, CFA

+1-646-856-8734

+44 (0) 7593-506-719

+1-312-786-7559

[email protected]

[email protected]

[email protected]

CBOE-C
CBOE-OE

Cboe®, Cboe Global Markets®, and VIX ® are registered trademarks or service marks of Cboe Exchange, Inc and S&P 500® is a registered trademark of Standard & Poor's Financial Services LLC. All other trademarks and service marks are the property of their respective owners. 

SOURCE Cboe Global Markets, Inc.

Service expected to launch on August 24, covering EU, Swiss, UK and U.S. government and corporate bonds Builds on successful launch of SFT service in 2025, initially covering European equities and ETFs Demonstrates Cboe's commitment to enhancing its global clearing services , /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced that Cboe Clear Europe, its pan-European clearing house, plans to expand its Securities Financing Transactions (SFT) clearing service to include the lending of Fixed Income instruments1 beginning August 24 - a significant milestone in the firm's strategy to bring the benefits of central clearing to the global securities lending market.

The service will include certain EU, Swiss and UK government and corporate bonds for all lenders and borrowers, along with U.S. Treasuries and U.S. corporate bonds for non-U.S. lenders and borrowers. Settlement will take place via Euroclear Bank for European and Swiss instruments, CREST for UK instruments, the Federal Reserve for U.S. Treasuries, and the Depository Trust Company for U.S. corporate bonds.

"The addition of Fixed Income securities is a natural extension of our SFT clearing service and another transformational development for the lending community, creating new opportunities for participants to optimise their portfolios," said Vikesh Patel, Global Head of Clearing and President, Cboe Clear Europe. "We've seen strong demand from the SFT industry seeking greater capital efficiency and lower risk-weighted asset exposures across their equity and ETF portfolios, and they are looking to extend those benefits globally and across asset classes. It demonstrates Cboe's continued investment in expanding its global clearing business to help unlock greater capital efficiencies for market participants."

The expansion builds on the successful launch of Cboe Clear Europe's SFT clearing service in 2025, which initially covered lending European cash equities and ETFs across 19 European Central Securities Depositories. Since going live, the service has been adopted by a range of principal lenders, agent lenders - representing both UCITS and non-UCITS beneficial owners - and borrowers, with daily notional outstanding loan values of €9 billion2 and over 1,000 settlements per day3.

By moving SFTs from a bilateral to a centrally cleared model, the service can help participants improve balance sheet efficiencies while simplifying a range of post-trade operations, including settlement, reporting and client onboarding.

Jan Treuren, Head of Product, Cboe Clear Europe, said: "Participant appetite for a single, globally consistent clearing framework for securities lending continues to grow as demonstrated by increased utilization rates for lenders. By bringing the capital efficiency, operational simplicity and risk management benefits we've delivered in European equities and ETFs to new asset classes, we're taking a major step toward building the leading securities lending clearing ecosystem."

Cboe's clearing arms, Cboe Clear Europe and Cboe Clear U.S. (CCUS), complements its markets across options, futures, U.S. and European equities, FX, and U.S. Treasuries. Cboe Clear Europe provides clearing for European cash equities and SFTs, while CCUS currently clears digital asset futures listed on Cboe Futures Exchange and expects to further expand its capabilities to support clearing across both established and emerging asset classes in the future.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

Cboe Media Contacts

Cboe Analyst Contact

Angela Tu

Tim Cave

Kenneth Hill, CFA

+1-646-856-8734

+44 (0) 7593-506-719

+1-312-786-7559

[email protected]

[email protected]

[email protected]

CBOE-C
CBOE-OE

Cboe®, Cboe Global Markets®, Cboe Clear®, and VIX® are registered trademarks or service marks of Cboe Exchange, Inc and S&P 500® is a registered trademark of Standard & Poor's Financial Services LLC. All other trademarks and service marks are the property of their respective owners.

Cautionary Statements Regarding Forward-Looking Information
Certain information contained in this press release may constitute forward-looking statements. We caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made and are subject to a number of risks and uncertainties.

___________________

1

Contact Cboe Clear Europe for the full list of fixed income eligibility criteria: [email protected]

2

Outstanding loan values reached €9.0bn on 31 July, 2026 with high watermark of €9.5bn on May 7, 2026

3

Average daily settlement volume during July 2026

SOURCE Cboe Global Markets, Inc.

Key Takeaways CBOE's Q2 revenues are estimated to rise 20.6% year over year to $708.5 million.Stronger options volumes, transaction fees and proprietary products likely supported results.Data fees, connectivity demand and continued share repurchases are expected to aid earnings. Cboe Global Markets, Inc. (CBOE - Free Report) is expected to witness an improvement in its top and bottom lines when it reports second-quarter 2026 results on July 31, before market open.

The Zacks Consensus Estimate for CBOE’s second-quarter revenues is pegged at $708.5 million, indicating a 20.6% increase from the year-ago reported figure.

The consensus estimate for earnings is pegged at $3.45 per share. The Zacks Consensus Estimate for CBOE’s second-quarter earnings has moved 5.8% north in the past 30 days. The estimate suggests a year-over-year decrease of 40.2%.

Image Source: Zacks Investment Research

CBOE’s Solid Earnings Surprise HistoryCBOE’s earnings beat the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 5.35%.

What the Zacks Model Unveils for Cboe GlobalOur proven model predicts an earnings beat for CBOE this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is the case here, as you can see below.

You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Earnings ESP: CBOE has an Earnings ESP of +0.77%. This is because the Most Accurate Estimate of $3.48 is pegged higher than the Zacks Consensus Estimate of $3.45.

Zacks Rank: CBOE currently has a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Likely to Shape CBOE’s Q2 ResultsSolid growth in index options, along with higher transaction and clearing fees, access and capacity charges, market data revenues and regulatory fees, is likely to support Cboe Global Markets’ second-quarter results.

Derivatives Markets revenues are expected to have benefited from increased transaction and clearing fees, driven by stronger trading volumes across Cboe’s options exchanges. Its performance is likely to have received additional support from robust activity in proprietary products, including VIX futures and VIX and SPX options, as well as healthy growth in multi-listed options trading. However, lower regulatory fees may have partially offset these gains.

Cboe Data Vantage revenues are likely to have improved on higher access and capacity fees and proprietary market data revenues. Increased customer demand for logical and physical ports across the Options, North American Equities, and Europe and Asia Pacific segments is likely to have boosted connectivity-related revenues. Market data fees are also expected to have benefited from solid demand across these businesses.

Net transaction and clearing fees are likely to have gained from higher Cboe European Equities matched average daily notional value, Global FX average daily notional value and Cboe Clear Europe net settlement volumes.

Continued share repurchases are also expected to have supported second-quarter earnings per share.

CBOE’s Price Performance & ValuationThe stock has outperformed the industry, but underperformed its sector and the S&P 500 in the second quarter of 2026. 

Image Source: Zacks Investment Research

The stock is trading at a forward 12-month price-to-earnings value of 21.27X, higher than the industry average of 20.54. CBOE is cheap compared to Nasdaq (NDAQ - Free Report) but expensive compared to Intercontinental Exchange (ICE - Free Report) .

Image Source: Zacks Investment Research

Investment ThesisCboe Global Markets holds a dominant position in the U.S. listed options market through its ownership of multiple options exchanges, consistently maintaining the industry's leading market share.

The company has also built a diversified business through acquisitions and international expansion. Cboe Global is further strengthening its long-term growth profile through strategic acquisitions and investments that expand its global footprint, product portfolio and capital markets infrastructure. The company is also investing in digital assets, carbon markets and next-generation trading technologies while introducing innovative derivatives products to meet evolving client demand.

At the same time, management is optimizing its portfolio and cost structure. The company has agreed to divest its Canada and Australia exchanges and expects these actions to reduce adjusted operating expenses in 2026, improving overall efficiency.

The company's disciplined capital allocation supports strategic investments while maintaining a strong balance sheet and robust free cash flow generation.

How to Play CBOE StockA diversified business mix with recurring revenues, accelerated growth banking on recurring non-transaction revenues, use of technology and prudent buyouts poise CBOE well for growth. Its VGM Score of A instills confidence.

Given affordable valuation, solid growth projections and optimistic analyst sentiment, it’s time to add this stock to one’s portfolio.

The logo of SK Hynix at a SK Hynix booth before a public briefing on the development vision for advanced industry in South Korea's southwestern region, in Gwangju, South Korea, June 30, 2026.... Purchase Licensing Rights, opens new tab Read more

CompaniesJuly 10 (Reuters) - Derivatives exchange Cboe Global Markets (CBOE.Z), opens new tab expects to list options on SK Hynix's (000660.KS), opens new tab U.S.-listed shares two business days ​after the stock's trading debut, a source familiar with the matter ‌told Reuters on Friday.

The South Korean chipmaker, which raised $26.5 billion in share sale, is set to make its Wall Street entry later in the day. Analysts say it ​will be a crucial test of investor faith in the AI ​trade after a recent pullback in semiconductor stocks.

The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

Options tied to ⁠the Nasdaq listing will trade according to existing regulatory rules and ​the Options Listing Procedures Plan framework, the source said on condition of anonymity ​as the information is confidential.

SK Hynix, which is valued at about $1.03 trillion based on its South Korea-listed shares, did not immediately respond to a Reuters request for comment.

Options ​trading allows market participants to hedge risk or bet on future ​share-price moves, typically increasing liquidity and price discovery in a stock.

Investors have poured money into ‌companies ⁠tied to the AI boom, betting that years of heavy spending on chips and computing infrastructure will drive steady demand for companies such as SK Hynix.

More recently, however, concerns about lofty valuations have triggered bouts of volatility across ​the sector.

"In a ​shallow correction, SK ⁠Hynix holds up better because its supply is the most locked and the most strategic. In a deep ​AI winter, Micron's diversification and U.S. positioning make it ​the relative ⁠safe haven," said Daniel Newman, CEO of tech research firm Futurum Group.

Heavy retail participation could also make the stock's options market active, as traders seek ⁠leveraged exposure ​to AI-related names, a dynamic that can ​amplify gains as well as losses.

Elon Musk-led SpaceX's (SPCX.O), opens new tab options launched last month have attracted record trading ​volumes.

Reporting by Manya Saini and Pritam Biswas in Bengaluru; Editing by Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Manya covers the most influential U.S. financial institutions, from Wall Street’s largest banks and card networks to leading asset managers and fintech companies. She also reports on late-stage venture capital fundraises, initial public offerings on U.S. exchanges and regulatory developments shaping the cryptocurrency industry. Her work appears across the finance, markets, business and future of money sections of the Reuters website. She holds a bachelor’s degree in political science from the University of Delhi and a master’s in journalism from the Symbiosis Institute of Media and Communication.

Key Takeaways Cboe Global stock is down 0.8% year to date, outperforming the industry but lagging the sector.Management raised its 2026 organic total net revenue outlook to low double-digit to mid-teens growth.Cboe Global has raised its dividend for 15 straight years and has $569.4M left for buybacks. Shares of Cboe Global Markets (CBOE - Free Report) have lost 0.8% year to date, outperforming the industry. It, however, lagged the sector as well as the Zacks S&P 500 composite.

Cboe Global Markets is one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading.  As global capital markets continue to become increasingly electronic and data-driven, CBOE is well-positioned to capitalize on secular trends in trading volumes, demand for market data, and the expansion of index-based investing.

CBOE vs Industry, Sector, S&P 500 YTD
Image Source: Zacks Investment Research

Shares of Nasdaq Inc (NDAQ - Free Report) have lost 13% year to date, while those of Intercontinental Exchange (ICE - Free Report) have lost 19.8% in the same time frame.

CBOE Shares Are AffordableThe stock is overvalued compared with its industry. It is currently trading at a forward price-to-earnings multiple of 18.05, lower than the industry average of 18.16 and the median of 21.71 over five years.  

Image Source: Zacks Investment Research

CBOE is relatively cheap compared to Nasdaq but expensive compared to Intercontinental Exchange.

The Case for CBOE StockCboe Global Markets holds a dominant position in the U.S. listed options market through its ownership of multiple options exchanges, consistently maintaining the industry's leading market share.

The company has also built a diversified business through acquisitions and international expansion. Its portfolio now includes European equities and derivatives exchanges, foreign exchange trading venues and clearing infrastructure, reducing reliance on any single asset class or region. In addition, recurring revenues from proprietary market data, index licensing and technology solutions provide stability during periods of weaker trading activity. These businesses generate attractive margins and benefit from high customer switching costs.

Strong trading activity across index options, European equities and foreign exchange continues to drive transaction fee growth, while its Data Vantage business is expanding high-quality recurring revenues. Reflecting this momentum, management raised its 2026 organic total net revenue growth outlook to the low double-digit to mid-teens range and increased its Data Vantage organic growth target to low double digits.

Cboe Global is further strengthening its long-term growth profile through strategic acquisitions and investments that expand its global footprint, product portfolio and capital markets infrastructure. The company is also investing in digital assets, carbon markets and next-generation trading technologies while introducing innovative derivatives products to meet evolving client demand.

At the same time, management is optimizing its portfolio and cost structure. The company has agreed to divest its Canada and Australia exchanges and expects these actions to reduce adjusted operating expenses in 2026, improving overall efficiency.

The company's disciplined capital allocation supports strategic investments while maintaining a strong balance sheet and robust free cash flow generation. Cboe Global has increased its dividend for 15 consecutive years and has $569.4 million remaining under its existing share repurchase authorization, underscoring its commitment to returning capital to shareholders.

Cboe Global’s Growth ProjectionsThe Zacks Consensus Estimate for 2026 revenues indicates a 13.1% year-over-year increase, while that for earnings suggests a 25.2% year-over-year decline. The consensus estimate for 2027 revenues indicates a 2.8% year-over-year increase, while that for earnings suggests an increase of 5.6% year over year.

The expected long-term earnings growth rate is pegged at 16.8%, better than the industry average of 12.2%. It has a Growth Score of A.

Optimist Analyst Sentiment on CBOEThe consensus estimate for 2026 and 2027 earnings has moved 1.2% and 1.4% north, respectively, in the past 30 days, reflecting analysts' optimism.

Image Source: Zacks Investment Research

The consensus estimate for 2026 earnings of Nasdaq and Intercontinental Exchange has moved north in the past 30 days.

Parting Thoughts on CBOE SharesA diversified business mix with recurring revenues, accelerated growth banking on recurring non-transaction revenues, use of technology and prudent buyouts poise CBOE well for growth. Its VGM Score of B instills confidence.

Given affordable valuation, solid growth projections and optimistic analyst sentiment, it’s time to add this Zacks Rank #1 (Strong Buy) stock to one’s portfolio. You can see the complete list of today’s Zacks #1 Rank stocks here.