This report does not constitute a rating action. Overview Key strengths Key risks A leading position among options exchanges, and the third-largest equity market operator in the U.S. More dependent on volatile trading revenue than its peers. Home of three of the most widely recognized financial products that are traded and used globally: S&P 500 options, VIX futures, and VIX options. Revenue concentration in three flagship products. Low leverage. A weaker liquidity framework at Cboe Clear Europe than at most of the clearinghouses we rate. In our view, Cboe Global Markets maintains a leading position among options exchanges in the U.S. It has more than 95% market share in index equity options, as well as a 30% overall market share
