Cboe Global Markets, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cboe Global Markets, Inc. has filed its 2023 10-K annual report detailing its financial performance and operations.</b>

AI Summary

Cboe Global Markets, Inc. (CBOE) filed a Annual Report (10-K) with the SEC on February 16, 2024. Cboe Global Markets, Inc. filed its 2023 10-K report on February 16, 2024. The company's fiscal year ends on December 31st. Cboe Global Markets, Inc. is incorporated in Delaware. The company's principal business address is 433 West Van Buren Street, Chicago, IL 60607. The filing includes data related to Margin Deposits and Clearing Funds Assets.

Why It Matters

For investors and stakeholders tracking Cboe Global Markets, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Cboe's financial health and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, risks, and future outlook in the financial services and exchange industry.

Risk Assessment

Risk Level: medium — Cboe Global Markets, Inc. shows moderate risk based on this filing. The company operates in the highly regulated financial services industry, facing risks related to market volatility, technological failures, and competition, as evidenced by the numerous risk factors detailed in the 10-K.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Cboe's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Period of report)
• 2024-02-16 — Filing Date (Date filed)
• 001-34774 — SEC File Number (SEC filing number)
• 6200 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Cboe Global Markets, Inc. (company) — Filer name
• CBOE (company) — Former company name
• Cboe Holdings, Inc. (company) — Former company name
• DE (location) — State of incorporation
• IL (location) — State of business address
• Chicago (location) — City of business address

FAQ

Risk Factors

• Market Volatility [high — market]: The company's financial results are significantly impacted by market volatility and trading volumes.
• Technology and System Failures [high — operational]: Disruptions or failures in the company's trading systems and technology infrastructure could adversely affect operations.
• Regulatory Changes [medium — regulatory]: Changes in laws and regulations applicable to the financial markets and exchanges could impact the company's business and profitability.
• Interest Rate Risk [medium — financial]: Fluctuations in interest rates can affect the company's investment income and borrowing costs.

Key Dates

• 2024-02-16: 10-K Filing — Annual report filing date for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period.

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share CBOE CboeBZX Securities
• $138.01 — 2 billion based on the closing price of $138.01 per share of common stock. The number

Filing Documents

• cboe-20231231x10k.htm (10-K) — 7249KB
• cboe-20231231xex10d34.htm (EX-10.34) — 23KB
• cboe-20231231xex10d32.htm (EX-10.32) — 112KB
• cboe-20231231xex10d55.htm (EX-10.55) — 26KB
• cboe-20231231xex10d89.htm (EX-10.89) — 179KB
• cboe-20231231xex10d90.htm (EX-10.90) — 197KB
• cboe-20231231xex10d91.htm (EX-10.91) — 196KB
• cboe-20231231xex10d92.htm (EX-10.92) — 189KB
• cboe-20231231xex10d93.htm (EX-10.93) — 188KB
• cboe-20231231xex10d94.htm (EX-10.94) — 174KB
• cboe-20231231xex21d1.htm (EX-21.1) — 10KB
• cboe-20231231xex23d1.htm (EX-23.1) — 2KB
• cboe-20231231xex31d1.htm (EX-31.1) — 19KB
• cboe-20231231xex31d2.htm (EX-31.2) — 22KB
• cboe-20231231xex32d1.htm (EX-32.1) — 6KB
• cboe-20231231xex32d2.htm (EX-32.2) — 6KB
• cboe-20231231xex97d1.htm (EX-97.1) — 55KB
• cboe-20231231x10k001.jpg (GRAPHIC) — 143KB
• cboe-20231231x10k002.jpg (GRAPHIC) — 70KB
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• cboe-20231231x10k020.jpg (GRAPHIC) — 47KB
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• cboe-20231231xex97d1001.jpg (GRAPHIC) — 9KB
• 0001558370-24-001277.txt (&nbsp;) — 29620KB
• cboe-20231231.xsd (EX-101.SCH) — 113KB
• cboe-20231231_cal.xml (EX-101.CAL) — 125KB
• cboe-20231231_def.xml (EX-101.DEF) — 428KB
• cboe-20231231_lab.xml (EX-101.LAB) — 939KB
• cboe-20231231_pre.xml (EX-101.PRE) — 739KB
• cboe-20231231x10k_htm.xml (XML) — 6285KB

Business

Business 8 Item 1A.

Risk Factors

Risk Factors 35 Item 1B. Unresolved Staff Comments 60 Item 1C. Cybersecurity 60 Item 2.

Properties

Properties 62 Item 3.

Legal Proceedings

Legal Proceedings 63 Item 4. Mine Safety Disclosures 63 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 64 Item 6.

Selected Financial Data

Selected Financial Data N/A Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 67 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 100 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 106 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 164 Item 9A.

Controls and Procedures

Controls and Procedures 164 Item 9B. Other Information 164 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 164 PART III Item 10. Directors, Executive Officers and Corporate Governance 165 Item 11.

Executive Compensation

Executive Compensation 165 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 165 Item 13. Certain Relationships and Related Transactions, and Director Independence 165 Item 14. Principal Accountant Fees and Services 165 PART IV Item 15. Exhibits, Financial Statement Schedules 166 Item 16. Form 10-K Summary 173 2 Table of Contents CERTAIN DEFINED TERMS Throughout this document, unless otherwise specified or the context so requires: "Cboe," "we," "us," "our" or "the Company" refers to Cboe Global Markets, Inc. and its subsidiaries. "ADV" means average daily volume. "ADNV" means average daily notional value. "AFM" refers to the Netherlands Authority for the Financial Markets. "ATS" refers to an alternative trading system. "Bats Global Markets" and "Bats" refer to our wholly-owned subsidiary Bats Global Markets, Inc., now known as Cboe Bats, LLC, and its subsidiaries. "BIDS Trading" refers to BIDS Trading, L.P., a wholly-owned subsidiary of Cboe Global Markets, Inc. The ATS operated by BIDS Trading is not a registered national securities exchange or a facility thereof. "BYX" refers to Cboe BYX Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc. "BZX" refers to Cboe BZX Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc. "C2" refers to Cboe C2 Exchange, Inc. a wholly-owned subsidiary of Cboe Global Markets, Inc. "Cboe Asia Pacific" refers to Cboe Asia Pacific Holdings Limited (formerly known as Chi-X Asia Pacific Holdings Limited), a wholly-owned subsidiary of Cboe Global Markets, Inc. "Cboe Australia" refers to Cboe Australia Pty Ltd. (formerly known as Chi-X Australia Pty. Ltd.), a wholly-owned subsidiary of Cboe Global Markets, Inc. "Cboe Canada" refers to the former Aequitas Innovations, Inc. and Neo Exchange Inc. (commonly referred to as "NEO Exchange"), which were wholly-owned subsidiaries of Cboe Global Markets, Inc. "Cboe Canada Inc." is a wholly-owned subsid

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements, including statements in "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. In particular, you should consider the risks and uncertainties described under "Risk Factors" in this Annual Report and other filings with the SEC. While we believe we have identified material risks, these risks and uncertainties are not exhaustive. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Som

Business

Item 1. Business The following description of the business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2023. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements due to the factors set forth in "Risk Factors" and elsewhere in this Annual Report on Form 10-K. Overview Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe, and Asia Pacific. Above all, the Company is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. Cboe's subsidiaries include the largest options exchange and the third largest stock exchange operator in the U.S. In addition, the Company operates Cboe Europe, one of the largest stock exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities and derivatives clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe, Canada, Australia, and Japan, Cboe Australia, an operator of trading venues in Australia, Cboe Japan, an operator of trading venues in Japan, Cboe Digital, an operator of a U.S. based digital asset spot market and a regulated futures exchange, Cboe Clear Digital, an operator of a regulated clearinghouse, and Cboe Canada Inc., a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products ("ETPs") listings and trading. The grap

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View this 10-K filing on SEC EDGAR