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Cboe Global Markets (CBOE) investor relations material

Cboe Global Markets Goldman Sachs U.S. Financial Services Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Goldman Sachs U.S. Financial Services Conference summary9 Dec, 2025

Strategic realignment and growth focus

  • Announced divestiture of non-core businesses in Australia, Canada, and Japan to sharpen focus on core growth areas and profitability.

  • Strategic plan emphasizes reallocating human capital and investments to core businesses, especially SPX options, 0DTE, and U.S./European equities.

  • Expense savings from realignment expected in the 8%-10% range, with net revenue impact of divestitures around 3%.

  • Savings will be reinvested in core and adjacent growth opportunities, maintaining disciplined expense management.

  • Execution of divestitures targeted for 2026, with phased realization of benefits.

Innovation in event and prediction markets

  • Focused on developing event and prediction contracts tied to economic indicators and financial instruments, not sports.

  • Sees opportunity to migrate retail investors from simple binary contracts to more complex derivatives.

  • Emphasizes product quality, risk clarity, and market integrity as key differentiators.

  • Plans to build a toolkit of interdependent products, leveraging centralized clearing for capital efficiency.

  • Believes strong distribution and regulatory positioning in securities-based event contracts provides a competitive edge.

SPX and 0DTE options growth

  • SPX options complex grew over 20% in 2025, with 0DTE now comprising over 60% of SPX volume.

  • Retail options penetration remains low (~4%), offering significant runway for growth.

  • Institutional participation in 0DTE has increased, now roughly 50/50 with retail.

  • International demand, especially from APAC and the Middle East, is rising for SPX products.

  • Non-0DTE SPX volumes have remained stable, with overall complex growth driven by 0DTE adoption.

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Frequently asked questions

Cboe Global Markets operates as an options exchange in the United States. The company provides trading platforms and services for the purchase and sale of options contracts on various market indexes; and futures contracts on the CBOE Volatility Index, as well as it facilitates the trading of shares of ETFs. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.

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