Cboe Global Markets

Proprietary index options and VIX products sit at the top of the value chain and have exhibited sustained pricing power via per‑contract fees, access and data charges. In Q2 2025, options net revenue rose 19% with total options RPC up 1%, and Data Vantage grew 11%, reflecting the ability to charge for differentiated products and data.

Offsetting factors are regulatory caps on equities access fees starting in late 2025 and ongoing fee transparency initiatives that constrain certain levers in U.S. equities. The core proprietary complex and data still provide strong, defensible pricing power.