TacticScaleWhat Cboe Global Markets Does & How It Makes Money (CBOE)
Updated October 2026 · reflects Cboe Global Markets's latest reported financials
Operator of global options, equities, futures and FX exchanges. Cboe mainly earns transaction fees on trades executed on its options, equities, futures and FX platforms.
How Cboe Global Markets makes money
Cboe mainly earns transaction fees on trades executed on its options, equities, futures and FX platforms. It also makes money from clearing, selling and licensing proprietary market data, access and capacity services, and listing fees.
What Cboe Global Markets does
Cboe Global Markets, founded in 1973 and based in Chicago, runs a network of derivatives and securities exchanges. It reports five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. Options covers options on market indices, individual stocks and exchange-traded products such as ETFs and ETNs. Futures is built around VIX futures and also licenses proprietary market data. Outside options and futures, Cboe runs U.S. equities and ETP trading, ETP listings on BZX and listing services on Cboe Canada. In Europe it offers pan-European equities and derivatives trading, ETP listings and clearing, and it also has Asia Pacific operations. Its Global FX business provides institutional spot FX and non-deliverable forward trading. Cboe has strategic relationships with index providers S&P Dow Jones Indices, Frank Russell Company and FTSE International. The company was called CBOE Holdings until October 2017.
Products & services
- Index and equity options
- VIX futures
- U.S. equities and ETP trading (BZX)
- Cboe Canada listings
- Pan-European equities and derivatives trading
- Institutional FX and NDF trading
What is Cboe Global Markets worth?
On an owner-earnings DCF, Cboe Global Markets's most-likely value is about $415 versus a recent price near $304 (37% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$180) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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