News, data and analysis on tokenized assets, market design and digital economic systems.
The Chicago exchange group that calls itself the world's leading derivatives and securities exchange network, whose subsidiaries include the largest options exchange in the United States, and which in June 2026 asked the SEC for permission to list binary options settling on the key performance indicators public companies report to it.
Cboe Global Markets describes itself in its own annual report as the world's leading derivatives and securities exchange network, providing trading and investment products in equities, derivatives and foreign exchange across North America, Europe and Asia Pacific. Its subsidiaries include what it calls the largest options exchange and the third largest equities exchange operator in the United States; it also operates Cboe Europe Equities, owns the pan-European clearing house Cboe Clear Europe, owns the block trading venue BIDS, and runs Cboe Clear U.S. The group reports in five segments: Options, North American Equities, Europe and Asia Pacific, Futures and Global FX. It is in the middle of a retreat from several of them. During 2025 it wound down its Japanese equities business, started sale processes for Cboe Australia and Cboe Canada, discontinued corporate listings in the United States and Europe and cut costs in its exchange-traded product listings businesses; after the year end it began winding down Cboe Europe Derivatives as well. Its digital asset business was refocused in April 2024 on derivatives rather than on a spot venue: cash-settled bitcoin and ether futures that had traded on Cboe Digital Exchange now list on the Cboe Futures Exchange and clear through Cboe Clear U.S., which acts as central counterparty, and the group liquidated all customer digital assets it had been safeguarding in the third quarter of 2024. It holds PYTH tokens on its own balance sheet, carried within intangible assets as indefinite-lived and never written up. On 30 June 2026 it filed a rule change with the SEC to permit the listing of binary options settling on key performance indicators reported by stock issuers in earnings filings, a product that designated contract markets under the Commodity Futures Trading Commission have already brought to market by self-certification; the Commission noticed the filing on 10 July 2026 and it is pending.
Developments in which Cboe Global Markets, Inc. is a named party, newest first.
The largest market maker in the United States filed on the SEC and CFTC joint comment file, sixteen days after it closed, to say that binary options on the metrics public companies report are securities, that a venue should not choose its regulator…
The market maker filed on the agencies' joint comment file on the swap and security-based swap definitions, saying binary options on issuers' reported metrics are securities, that a venue should not choose its regulator by its own characterisation of a product, and that equity-linked perpetuals should not be approved until the classification is settled.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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