Cboe Global Markets (CBOE) Goldman Sachs 2024 U.S. Financial Services Conference summary

Strategic priorities and business focus

• Emphasis on operating efficiency and leveraging strengths across cash, spot, FX, derivatives, and data businesses, with Data and Access Solutions rebranded as Data Vantage.

• Growth drivers identified as derivatives and Data Vantage, with focus on retail options utilization, international expansion, and exporting market structure expertise.

• Technology investments, such as Dedicated Cores, are being deployed internationally to enhance access and data insights.

• Retail strategy centers on access, education, and product marketing, including partnerships with Robinhood and international brokers.

• Expansion in Asia Pacific targets six priority countries, aiming to tap into active retail bases lacking access to proprietary products.

Product innovation and growth

• SPX and XSP options continue to see growth, with XSP up 18% in Q3 and increased 0DTE trading, supported by improved market structure and pricing.

• New VIX-related products, such as Variance Futures and Options on VIX Futures, launched to broaden the volatility toolkit and attract new user segments.

• Early adoption of new products is promising, with ongoing adjustments based on customer feedback and market structure needs.

Pricing and market share dynamics

• Pricing strategy remains stable to support user growth, especially with the Robinhood rollout and international expansion.

• U.S. equities and multi-listed options market share is stable within the on-exchange addressable market, with technology and pricing changes aimed at maintaining competitiveness.

• Technology upgrades, such as Dedicated Cores and new order types, are enhancing customer engagement and efficiency.