Cboe Global Markets Inc

Cboe Global Markets is expanding its derivatives portfolio with a new category of binary contracts tied to company-specific key performance indicators, expected to launch in October 2026 subject to regulatory approval, with Robinhood set to become the first retail broker to offer them. Cboe plans to initially list contracts linked to 23 U.S.-listed companies, giving investors a way to trade specific corporate metrics and events through SEC-regulated products, and will waive fees on the contracts through the end of 2026 while Robinhood plans to offer them without fees during that period. The exchange also plans to leverage its listing, trading and clearing capabilities, with Cboe Clear U.S. seeking SEC registration to clear the new contracts, which could create additional revenue opportunities as Cboe supports a wider range of traditional and non-traditional financial products. Peers have moved into event-based offerings as well: CME Group has expanded its event-contract offerings with short-duration, outcome-based products across equities, rates and commodities, while Nasdaq has entered the event-based options market with cash-settled, European-style binary options tied to the Nasdaq-100 and Nasdaq-100 Micro Index with a fixed $100 settlement amount and premiums ranging from $0.01 to $1.00. Cboe stock has gained 10% year-to-date against the industry's decrease of 12.5%, and trades at a forward price-to-earnings multiple of 19.04 versus the industry average of 19.63, while the Zacks Consensus Estimate points to a 15.9% year-over-year increase in 2026 revenues and a 29.2% year-over-year decline in earnings, followed by a 2.7% revenue increase and 5.7% earnings increase in 2027.

Cboe Global Markets has secured a 25-year extension of its exclusive agreement with S&P Dow Jones Indices, keeping S&P 500 Index options rights in place through 2051. Shares of Cboe Global Markets rose 5.17% on the day of the announcement, bringing the one-year total shareholder return to 15.16%, even as the 30-day share price return sits down 10.51%. Longer-term total shareholder returns stand at 77.77% over three years and 135.16% over five years. The stock trades at 21.3 times earnings, below the US Capital Markets average of 39.6 times and the peer group at 24.2 times, but above its own fair ratio estimate of 13.7 times. The most followed analyst narrative puts fair value at $241.95 against a latest close of $275.29, while a two-stage DCF model using WACC estimates intrinsic value at $657.85 per share.

Cboe Global Markets signed a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices, continuing their collaboration through 2051, and its shares rose 5% on the news. The extended agreement maintains Cboe's exclusive rights to offer trading in its flagship S&P 500 Index options, known as SPX options, and opens opportunities for innovation beyond traditional index derivatives, including potential new products such as tokenized options contracts. Under the extended agreement, 2026 royalty fee terms will remain unchanged, with updated terms beginning in 2027; Cboe estimates the 2027 royalty fee terms will have a de minimis impact on the company's 2027 net revenue growth when considered against organic and ecosystem-driven volume growth, pricing optimization opportunities, and continued business execution. The collaboration between Cboe and S&P DJI began in 1983 with the launch of SPX options, and SPX options set a record annual volume of 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts, representing a 25% increase over the prior year and marking the fourth consecutive year of record trading activity. Cboe CEO Craig Donohue said the extension allows the company to further grow its SPX and VIX franchises while providing certainty and continuity for customers, and S&P DJI CEO Catherine Clay said investor demand for exposure to U.S. equities continues to accelerate; Cboe plans to provide more specific 2027 organic total net revenue guidance in February with its fourth quarter earnings.

Nasdaq, NYSE Arca and Cboe EDGX plan to extend US equities trading to 23 hours a day, five days a week beginning Dec. 6, subject to final SEC approval. Seeking Alpha analysts Luca Socci and Jack Bowman weighed the pros and cons of near-continuous trading. Socci said the shift toward a 24-hour market is a matter of when, not if, arguing that more activity will be regulated and exchange structures will improve, that non-US residents will see the time-zone mismatch reduced, and that price discovery could become more continuous, narrowing gaps at the opening bell. He cautioned that longer hours do not necessarily mean more liquidity and that companies will have to figure out how to release earnings while the market is open, noting Berkshire's Saturday reporting strategy could find followers. Bowman said the main benefit for retail investors is no longer being bound to traditional market hours, but warned overnight demand is thin outside institutions and that spreading liquidity across 23 hours will fragment it further. Both flagged exchanges as beneficiaries, with Socci naming Cboe Global Markets, Nasdaq, Intercontinental Exchange, Equinix, Digital Realty Trust, Broadridge Financial Solutions and Virtu Financial, while Bowman cited Nasdaq, the NYSE, Cboe Global Markets and CME, expecting derivatives volume to rise as cross-security hedging becomes more viable.

Kalshi has filed with the Commodity Futures Trading Commission to launch perpetual futures tied to equity indexes, expanding beyond its prediction market roots. The proposed US500 perp would track the MerQube U.S. Large Cap Index, which covers the largest 500 U.S.-listed and based companies. The filing also seeks approval for perpetual futures tied to industrial metal copper, following a prior proposal for gold and silver perps. Kalshi said perps had over $90 trillion in global volume in 2025, and its own perpetual futures crossed $1 billion in notional volume within a week of launch. Shares of CME Group and CBOE Global Markets rose on Tuesday despite earlier concerns about increased competition from domestic perps.

Five major online brokerages, including SBI Securities and Rakuten Securities, will make it possible to buy and sell US stocks during Japan's daytime hours, Nikkei reported on the 12th. Behind this is the extension of trading hours in US stock markets. Nasdaq plans to extend trading to 23 hours on weekdays, with the SEC approving a rule change in April this year and a start scheduled for December 2026. Nasdaq's current trading hours are from 4 a.m. to 8 p.m. US Eastern Time, but overnight trading from 9 p.m. to 4 a.m. the next morning will be added, and from Japan's perspective, this US nighttime falls exactly during the daytime. NYSE Arca, under the New York Stock Exchange, and the major US exchange Cboe are also moving in a similar direction, because US stocks are no longer a trading target only for Americans. In March this year, PayPay listed on the Nasdaq in the US. One of Japan's leading payment services chose a US stock market rather than Japan as its listing venue. Companies list in the US. Investors are in Japan. Smartphone apps connected the two.

Cboe Global Markets has approved a 19% increase in its quarterly cash dividend to $0.86 per share for the third quarter of 2026. The higher payout is scheduled for September 15, 2026, for shareholders of record on August 31, 2026. The announcement comes alongside recent growth initiatives in the company's clearing operations. Cboe shares trade at $296.14, with a 30-day return of 6.87% and a 5-year total shareholder return of 143.97%. A Simply Wall St analysis suggests the stock may be overvalued by about 22.4% relative to a fair value estimate of $241.95, though a separate DCF model puts intrinsic value at $657.85 per share.

tastytrade has launched full support for Cboe Global Trading Hours, giving customers nearly 24-hour weekday access to SPX, VIX, XSP, and RUT options. The new session runs overnight from 8:15 p.m. ET to 9:25 a.m. ET Sunday through Friday, plus a 4:15 to 5:00 p.m. ET curb session, enabling traders to act on pre-market economic releases and international news. Pete Mulmat, Head of Brokerage, noted that XSP is a top 10 product on tastytrade's platform while ranking outside the top 40 industry-wide. The move comes as Cboe reports GTH volume recently exceeded 4% of total SPX options volume, up from roughly 3% months earlier. tastytrade is also preparing to extend overnight trading to single stock options for the first time during earnings season.

Cboe Global Markets reported record net revenue of $732 million for the second quarter of 2026, a 25% increase year-over-year, and raised its full-year organic net revenue growth guidance to mid-to-high teens. Adjusted diluted earnings per share rose 45% to $3.56. The derivatives business delivered another record quarter with net revenue increasing to $413 million, up 30% year-over-year, driven by a 32% increase in index options average daily volume to 6.2 million contracts. SPX 0DTE volume reached 3.1 million contracts ADV, with an 11% month-over-month increase in June following the repeal of the pattern day trader rule, which management said eliminated a friction point and led to a 40% increase in SPX simple order counts across retail channels. The company also filed with the SEC in July to list company-specific KPI contracts on 23 of the most actively traded U.S. companies, targeting a launch in the second half of September or early October pending regulatory approval. Data Vantage net revenue grew 15% to $178 million, and the company increased its capital expenditures guidance to $98 million to $108 million to support global clearing infrastructure.

CBOE Global Markets posted a second-quarter profit of $351.8 million, or $3.35 per share, up from $233.9 million, or $2.23 per share, a year earlier. Excluding items, adjusted earnings came to $373.6 million, or $3.56 per share. Revenue climbed 22.9% to $1.442 billion from $1.173 billion in the prior-year period.

Cboe Global Markets expects to list options on SK Hynix's U.S.-listed shares two business days after the stock's trading debut, a source familiar with the matter told Reuters. The South Korean chipmaker raised $26.5 billion in its share sale and is set to make its Wall Street entry later on Friday. Options tied to the Nasdaq listing will trade according to existing regulatory rules and the Options Listing Procedures Plan framework. SK Hynix, valued at about $1.03 trillion based on its South Korea-listed shares, did not immediately respond to a request for comment.

At least 10 fund managers, including Direxion and ProShares, have filed to list single-stock exchange-traded funds tracking SK Hynix as the chipmaker prepares to begin trading in the United States. Almost all of the filings are for leveraged and inverse strategies tied to SK Hynix's Nasdaq-listed American depositary receipts, with the company due to start trading on the Nasdaq on Friday after raising 26.5 billion dollars this week. ThemesETFs plans to list a 2x levered ETF and a 1x short ETF on Cboe on July 13 under its Leverage Shares brand, while CorgiFunds has filed to list a 2x levered SK Hynix ETF on the Cboe BZX Exchange scheduled to begin trading the same day. Direxion is also seeking to list a 2x levered SK Hynix ETF that will begin trading shortly after the ADR lists on Nasdaq. Leveraged ETFs tracking SK Hynix's shares in Korea have been cited as a factor warping the Seoul market, with the head of the country's market regulator saying he regretted approving them.

Wall Street declined on Wednesday after President Donald Trump declared the U.S.-Iran ceasefire over following renewed strikes. The Dow fell 1%, the S&P 500 dropped 0.5%, and the Nasdaq Composite slipped 0.2%. Nine of the 11 S&P sectors moved lower, with materials the worst performer and energy the best as oil prices surged over 4% to $73.75 per barrel. Iran targeted U.S. military sites in Bahrain and Kuwait after Washington launched strikes in response to attacks on commercial vessels in the Strait of Hormuz. Treasury yields rose, with the 2-year up 3 basis points to 4.22%, the 10-year up 2 basis points to 4.58%, and the 30-year up 2 basis points to 5.08%. Cboe Global Markets gained 4.6% while Palantir Technologies fell 5.2%.

Cboe Global Markets reported record monthly and quarterly trading volume across its four options exchanges for June and the second quarter of 2026. Total options average daily volume reached 23.0 million contracts in June, up 40.5% from a year earlier, with multi-listed options ADV of 16.6 million contracts and index options ADV of 6.3 million contracts. A new single-day record of 33.4 million total options contracts was set on June 5. The company also provided preliminary second-quarter revenue per contract guidance, including $0.064 for multi-listed options and $0.953 for index options.

Cboe Global Markets has raised its organic net revenue growth outlook to the low double-digit to mid-teens range, up from prior mid-single-digit guidance, reflecting strength across its diversified business lines. The company's revenues have risen approximately 25% over the past two years, driven by structural market trends, product innovation, and an increasingly diversified model that spans options, equities, futures, foreign exchange, digital assets, and market data. Its options franchise remains the largest growth engine, with strong institutional demand for SPX and VIX index options for portfolio hedging, income generation, and volatility management. Cboe is also expanding recurring, non-transaction revenues through market data, connectivity, and access services, which benefit from growing demand by quantitative firms and institutional investors. International expansion through acquisitions in Europe, Canada, Australia, and Japan has broadened the customer base and created cross-selling opportunities, while investments in foreign exchange and digital asset infrastructure position the company for emerging institutional demand.

Cboe Global Markets is seeking US regulatory approval to list binary options tied to corporate earnings results, allowing traders to wager on whether specific financial or operating metrics meet preset thresholds. The proposed 'binary KPI options' would settle based on reported figures rather than stock price movements, covering 23 companies and more than 100 possible metrics including SpaceX revenue, Nvidia data-center sales, JPMorgan credit-loss provisions, Apple iPhone sales, Coinbase trading volume, and Tesla Model 3 and Model Y production. The move comes as traditional exchange operators race to introduce event-driven contracts to compete with prediction market platforms like Kalshi and Polymarket, while keeping trading on regulated securities exchanges overseen by the SEC. Cboe recently revived a similar contract for yes-or-no bets on the S&P 500, Nasdaq has approval to launch binary index options later this year, and Intercontinental Exchange is adding futures tied to monetary-policy decisions and natural gas storage.

Zacks.com featured Ternium, CBOE Global Markets, Tutor Perini, Sunstone Hotel Investors, and Casey's General Stores as low-leverage stock picks amid a widespread tech sell-off. The article notes that Wall Street finished June 24, 2026, on a mixed note as investors rotated out of high-flying technology stocks, causing the Nasdaq and S&P 500 to pull back while the Dow edged higher. Against this volatile backdrop, Zacks recommends fiscally conservative companies with low debt-to-equity ratios, highlighting Ternium's 220.6% earnings per ADS improvement to $1.09 in the first quarter of 2026, CBOE's launch of its new prediction markets suite, Tutor Perini's $114 million contract for the Jones Hall Project, Sunstone Hotel Investors' agreement to sell the Hyatt Regency San Francisco for $279 million, and Casey's General Stores' new three-year strategic plan to add at least 400 stores. All five stocks carry favorable Zacks Ranks, with Ternium, CBOE, Sunstone, and Casey's holding a Zacks Rank #1 and Tutor Perini a Zacks Rank #2.

Charles Schwab is expanding into prediction markets by working with Cboe Global Markets to introduce all-or-nothing options contracts that let customers make yes-or-no bets on the performance of the S&P 500. The binary options pay a fixed cash settlement or nothing depending on whether the index closes above or below a specified target price, and Schwab plans to make them available in the coming months. The brokerage is also developing a similar offering using Cboe's "plus zone" feature, which allows a partial payout if the prediction is close. Schwab and Cboe have discussed contracts tied to other indexes or financial benchmarks, but the firm intends to focus on measurable financial-market outcomes and is not considering events like World Cup results or the Oscars.

Cboe Global Markets has launched Cboe Predicts, a new regulated prediction markets suite offering binary options tied to the Mini S&P 500 Index. The first contracts are available through major retail brokers including Interactive Brokers and Charles Schwab, with each contract sized at one-tenth of standard SPX options. The yes-or-no payoff structure simplifies decision-making while operating under the same regulatory framework and Options Clearing Corporation clearing as other U.S. listed options. Cboe is positioning the product to compete with prediction platforms like Polymarket and Kalshi, and plans to introduce a Quoted Spread Book to package vertical spreads into a more intuitive format. The launch expands Cboe's existing index options franchise into event-based contracts, though it remains to be seen how much trading volume the new suite will attract.

The Chicago Board Options Exchange has moved into the prediction market space with the launch of CBOE Predicts, a new suite of prediction market products. The 50-year-old options exchange, known for inventing the VIX, is now offering contracts on whether the S&P will close above or below a certain number by the end of the day. This move comes as prediction markets gain traction, with pioneers like Polymarket and Kalshi already in the space and Meta reportedly developing a prediction markets app called Arena that will trade on points rather than dollars. The development signals a convergence of traditional exchanges, prediction market companies, and crypto platforms, with firms like Kalshi also starting to offer perpetual swaps on Bitcoin.

SpaceX surged 4.8% Tuesday, its third straight gain after a landmark IPO, closing at a $2.6 trillion valuation that briefly surpassed Amazon and Microsoft in intraday trading. The company lost $4.9 billion on $18.7 billion in revenue last year, while Amazon earned $77.7 billion on $716.9 billion in revenue and Microsoft netted $101.8 billion on $281.7 billion in revenue. Morningstar analysts called the stock highly overvalued and lowered their price target by a dollar to $62, though they said an AI revenue boost from the pending $60 billion all-stock acquisition of coding startup Cursor could lift their bearish view to $154 to $169 per share. Retail traders bought $225.2 million in SpaceX stock in its first two days, equal to 75% of all net buying of single stocks, while 11 leveraged ETFs benchmarked to SpaceX attracted more than $3 billion in volume Tuesday, up from $1 billion on their Monday debut. Options trading also began Tuesday with a record 1.8 million contracts worth $2.8 billion changing hands, with call options outnumbering puts 1.3-to-1.