Cboe Global Markets

Cboe’s competitive position is anchored by exclusive rights to list S&P 500 index options (SPX) through December 31, 2032 on an exclusive basis and through 2033 non‑exclusively, plus the proprietary VIX franchise and Cboe Futures Exchange.

These contracts have unmatched liquidity, enabling meaningful network effects and customer lock‑in for hedging and risk transfer. The scale and breadth of its multi‑asset exchange network and clearing footprint create efficient scale and cost advantages that are difficult to replicate.

Key risks to moat durability are eventual SPX license renewal, regulatory scrutiny on market data/access fees, and competition for multi‑listed options share. On balance, the combination of exclusivity, liquidity concentration and global distribution supports a high moat score.