Leading position among options exchanges in the U.S., second-largest equities market operator in the U.S., and largest European equities market operator Home of three of the most widely recognized products traded and used globally: VIX futures, VIX options, and S&P500 options Scalable technology platform Revenue concentration in three flagship products Capacity to generate strong cash flow from operations Low leverage despite the acquisition of Bats Global Markets in 2017 The stable outlook reflects S&P Global Ratings' expectation that Cboe Global Markets (Cboe) will keep debt to EBITDA lower than 1.5x and funds from operations to debt higher than 50% over the next two years. It also reflects our expectation that profitability, as measured by EBITDA margin, will remain strong, thanks
