Cboe Global Markets

Revenue is diversified with a large recurring and subscription component from Data Vantage and access fees, plus toll‑like economics from options and futures volumes. Volatility regimes can cause quarter‑to‑quarter variation, but the structural adoption of options, including 0DTE SPX, supports medium‑term stability.

Q2 2025 index options ADV of roughly 4.7 million illustrates sustained demand for equity index hedging. Risks to predictability include normalization of volatility, interest‑rate driven shifts in clearing interest income in Europe, and regulatory changes in U.S. equities.

Overall, the blend of proprietary derivatives and recurring data yields above‑average visibility.