Cboe Global Markets (CBOE) 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 23, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	001-34774
Entity Registrant Name	Cboe Global Markets, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5446972
Entity Address, Address Line One	400 South LaSalle Street
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60605
City Area Code	312
Local Phone Number	786-5600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CBOE
Entity Current Reporting Status	Yes
Security Exchange Name	CboeBZX
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		108,041,921
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001374310
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 212.7	$ 229.3
Financial investments	22.8	71
Accounts receivable, net of $0.8 allowance for credit losses at September 30, 2020 and $0.7 at December 31, 2019	283.3	234.7
Margin deposits and clearing funds	771.9
Income taxes receivable	58.3	56.8
Other current assets	33.3	15.8
Total current assets	1,382.3	607.6
Investments	53.2	61.2
Property and equipment, net	82.6	47
Property held for sale	13	21.1
Operating lease right of use assets	116.1	53.4
Goodwill	2,781.5	2,682.1
Intangible assets, net	1,580.4	1,589.9
Other assets, net	67.7	51.6
Total assets	6,076.8	5,113.9
Current liabilities:
Accounts payable and accrued liabilities	211.6	171.9
Section 31 fees payable	39.7	99
Deferred revenue	13.7	4.5
Margin deposits and clearing funds	771.9
Income taxes payable	3.2	4
Current portion of long-term debt	70
Current portion of contingent consideration liabilities	18.2	2.2
Total current liabilities	1,128.3	281.6
Long-term debt	869.1	867.6
Unrecognized tax benefits	157.3	135.9
Deferred income taxes	396.8	399.7
Non-current operating lease liabilities	135.6	46.7
Contingent consideration liabilities	19.7
Other non-current liabilities	25.5	26.8
Total liabilities	2,732.3	1,758.3
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at September 30, 2020 and December 31, 2019
Common stock, $0.01 par value: 325,000,000 shares authorized, 125,996,924 and 108,311,921 shares issued and outstanding, respectively at September 30, 2020 and 125,701,889 and 110,656,892 shares issued and outstanding, respectively at December 31, 2019	1.2	1.2
Common stock in treasury, at cost, 17,685,003 shares at September 30, 2020 and 15,044,997 shares at December 31, 2019	(1,162.4)	(887.1)
Additional paid-in capital	2,708.9	2,691.3
Retained earnings	1,767.8	1,512.6
Accumulated other comprehensive income, net	29	37.6
Total stockholders' equity	3,344.5	3,355.6
Total liabilities and stockholders' equity	$ 6,076.8	$ 5,113.9

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheets
Accounts Receivable, Allowance for credit losses	$ 0.8	$ 0.7
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	325,000,000	325,000,000
Common stock, shares issued (in shares)	125,996,924	125,701,889
Common stock, shares outstanding (in shares)	108,311,921	110,656,892
Common stock held in Treasury (in shares)	17,685,003	15,044,997

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 792.7	$ 675.4	$ 2,582.9	$ 1,897.5
Cost of revenues:
Total cost of revenues	500.7	381.4	1,635.7	1,040.9
Revenues less cost of revenues	292	294	947.2	856.6
Operating expenses:
Compensation and benefits	59.2	49.7	167.4	150
Depreciation and amortization	39.5	42.9	118	133.8
Technology support services	15.1	10.6	39.5	34.3
Professional fees and outside services	15.8	17.5	43	52.9
Travel and promotional expenses	1.2	2.7	4.2	8.3
Facilities costs	4.5	2.7	12.7	7.8
Acquisition-related costs	6.2	16.7	16.4	39.8
Other expenses	11.2	3.8	18.6	11.7
Total operating expenses	152.7	146.6	419.8	438.6
Operating income	139.3	147.4	527.4	418
Non-operating (expenses) income:
Interest expense, net	(9.5)	(8.2)	(24.1)	(28.1)
Other income (expense), net	33.6	1.7	34.2	(2.7)
Income before income tax provision	163.4	140.9	537.5	387.2
Income tax provision	53.5	35	156.6	102.7
Net income	109.9	105.9	380.9	284.5
Net loss attributable to redeemable noncontrolling interest		0.1		4.1
Net income excluding redeemable noncontrolling interest	109.9	106	380.9	288.6
Change in redemption value of redeemable noncontrolling interest		(0.1)		(0.5)
Net income allocated to participating securities	(0.3)	(0.4)	(1)	(1.5)
Net income allocated to common stockholders	$ 109.6	$ 105.5	$ 379.9	$ 286.6
Basic earnings per share (in dollars per share)	$ 1.01	$ 0.95	$ 3.47	$ 2.57
Diluted earnings per share (in dollars per share)	$ 1.01	$ 0.94	$ 3.46	$ 2.56
Basic weighted average shares outstanding (in shares)	108.7	111.6	109.5	111.6
Diluted weighted average shares outstanding (in shares)	108.8	111.9	109.8	112
Transaction and clearing fees
Revenues:
Total revenues	$ 545.5	$ 465.8	$ 1,825.3	$ 1,322
Access and capacity fees
Revenues:
Total revenues	60.6	55.7	174	164.6
Market data fees
Revenues:
Total revenues	59.5	56.3	174.4	159.7
Regulatory fees
Revenues:
Total revenues	113.8	88.1	379.3	226.5
Other revenue
Revenues:
Total revenues	13.3	9.5	29.9	24.7
Liquidity payments
Cost of revenues:
Total cost of revenues	359.4	269.7	1,167.4	749.2
Routing and clearing
Cost of revenues:
Total cost of revenues	14.9	9.3	48.6	27.7
Section 31 fees
Cost of revenues:
Total cost of revenues	105.4	79.4	351.8	197.9
Royalty fees
Cost of revenues:
Total cost of revenues	17.6	22.9	64.4	65.8
Other
Cost of revenues:
Total cost of revenues	$ 3.4	$ 0.1	$ 3.5	$ 0.3

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 109.9	$ 105.9	$ 380.9	$ 284.5
Other comprehensive income (loss), net of income tax:
Foreign currency translation adjustments	31.6	(17.2)	(9.4)	(20.6)
Unrealized holding losses on financial investments			(0.3)
Post-retirement benefit obligations			1.1
Comprehensive income	141.5	88.7	372.3	263.9
Comprehensive loss attributable to redeemable noncontrolling interest		0.1		4.1
Comprehensive income excluding redeemable noncontrolling interest	141.5	88.8	372.3	268
Change in redemption value of redeemable noncontrolling interest		(0.1)		(0.5)
Comprehensive income allocated to participating securities	(0.3)	(0.4)	(1)	(1.5)
Comprehensive income allocated to common stockholders, net of income tax	$ 141.2	$ 88.3	$ 371.3	$ 266

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Stockholder's Equity - USD ($) $ in Thousands	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated Other Comprehensive Income (loss), net	Redeemable Noncontrolling Interests	Cumulative Effect, Period of Adoption, Adjustment	Total
Beginning balance at Dec. 31, 2018	$ 1,200	$ (720,100)	$ 2,660,200		$ 1,288,200	$ 11,500	$ 9,400		$ 3,241,000
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock					(34,800)				(34,800)
Stock-based compensation			5,400						5,400
Exercise of common stock options			8,100						8,100
Repurchases of common stock from employee stock plans		(10,000)							(10,000)
Purchase of common stock		(35,000)							(35,000)
Shares issued under employee stock purchase plan		800							800
Net income excluding noncontrolling interest					95,400				95,400
Other comprehensive (loss) income						14,700			14,700
Net loss attributable to redeemable noncontrolling interest							(200)
Redemption value adjustment of redeemable noncontrolling interest					(200)		200		(200)
Ending balance at Mar. 31, 2019	1,200	(764,300)	2,673,700		1,348,600	26,200	9,400		3,285,400
Beginning balance at Dec. 31, 2018	1,200	(720,100)	2,660,200		1,288,200	11,500	9,400		3,241,000
Increase (Decrease) in Stockholders' Equity
Net income									288,600
Ending balance at Sep. 30, 2019	1,200	(817,300)	2,686,500		1,467,400	(9,100)			3,328,700
Beginning balance at Mar. 31, 2019	1,200	(764,300)	2,673,700		1,348,600	26,200	9,400		3,285,400
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock					(34,800)				(34,800)
Stock-based compensation			6,300						6,300
Exercise of common stock options			400						400
Repurchases of common stock from employee stock plans		(400)							(400)
Shares issued under employee stock purchase plan		100							100
Net income					88,300				88,300
Other comprehensive (loss) income						(18,100)			(18,100)
Net loss attributable to redeemable noncontrolling interest							(3,800)
Redemption value adjustment of redeemable noncontrolling interest					(200)		200		(200)
Ending balance at Jun. 30, 2019	1,200	(764,600)	2,680,400		1,401,900	8,100	5,800		3,327,000
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock					(40,400)				(40,400)
Stock-based compensation			5,300						5,300
Exercise of common stock options			800						800
Repurchases of common stock from employee stock plans		(300)							(300)
Purchase of common stock		(52,400)							(52,400)
Net income									106,000
Net income excluding noncontrolling interest					106,000				106,000
Other comprehensive (loss) income						(17,200)			(17,200)
Net loss attributable to redeemable noncontrolling interest							(100)
Redemption value adjustment of redeemable noncontrolling interest					(100)		100		(100)
Deconsolidation of former subsidiary with noncontrolling interest							$ (5,800)
Ending balance at Sep. 30, 2019	1,200	(817,300)	2,686,500		1,467,400	(9,100)			3,328,700
Beginning balance at Dec. 31, 2019	1,200	(887,100)	2,691,300	$ (400)	1,512,600	37,600		$ (400)	3,355,600
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock					(40,000)				(40,000)
Stock-based compensation			8,300						8,300
Repurchases of common stock from employee stock plans		(13,900)							(13,900)
Purchase of common stock		(119,500)							(119,500)
Shares issued under employee stock purchase plan			100						100
Net income					157,400				157,400
Other comprehensive (loss) income						(37,500)			(37,500)
Ending balance at Mar. 31, 2020	1,200	(1,020,500)	2,699,700		1,629,600	100			3,310,100
Beginning balance at Dec. 31, 2019	1,200	(887,100)	2,691,300	$ (400)	1,512,600	37,600		$ (400)	3,355,600
Increase (Decrease) in Stockholders' Equity
Net income									380,900
Other comprehensive (loss) income						(8,600)
Ending balance at Sep. 30, 2020	1,200	(1,162,400)	2,708,900		1,767,800	29,000			3,344,500
Beginning balance at Mar. 31, 2020	1,200	(1,020,500)	2,699,700		1,629,600	100			3,310,100
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock					(39,500)				(39,500)
Stock-based compensation			4,600						4,600
Exercise of common stock options			200						200
Repurchases of common stock from employee stock plans		(200)							(200)
Purchase of common stock		(99,800)							(99,800)
Net income					113,600				113,600
Other comprehensive (loss) income						(2,700)			(2,700)
Ending balance at Jun. 30, 2020	1,200	(1,120,500)	2,704,500		1,703,700	(2,600)			3,286,300
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock					(45,800)				(45,800)
Stock-based compensation			4,400						4,400
Repurchases of common stock from employee stock plans		(100)							(100)
Purchase of common stock		(41,800)							(41,800)
Net income					109,900				109,900
Other comprehensive (loss) income						31,600			31,600
Ending balance at Sep. 30, 2020	$ 1,200	$ (1,162,400)	$ 2,708,900		$ 1,767,800	$ 29,000			$ 3,344,500

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Changes in Stockholder's Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Condensed Consolidated Statements of Changes in Stockholders' Equity
Dividends (in dollars per share)	$ 0.42	$ 0.36	$ 0.36	$ 0.36	$ 0.31	$ 0.31

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Cash flows from operating activities:
Net income	$ 380.9	$ 284.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	118	133.8
Amortization of debt issuance cost and debt discount	1.5	1.7
Change in fair value of contingent consideration		2.4
Realized gain on available-for-sale securities	(0.4)	(1.2)
Provision for accounts receivable credit losses	0.1	0.8
Provision for deferred income taxes	(8.8)	(18.4)
Provision for notes receivable credit losses	6.7
Stock-based compensation expense	17.3	17
Impairment of property held for sale	8.1	6.1
Loss related to deconsolidation of former subsidiary		2
Impairment of goodwill		10.5
Equity in investments	(0.9)	(1.7)
Impairment of investment	4.1
Bargain purchase gain	(32.6)
Changes in assets and liabilities:
Accounts receivable	(43.3)	49.8
Restricted cash and cash equivalents (margin deposit and clearing fund)	771.9
Income taxes receivable	0.2	5.4
Other current assets	(5.9)	(14.8)
Other assets	(17.2)
Accounts payable and accrued liabilities	21.4	(39.4)
Section 31 fees payable	(59.4)	(55.7)
Deferred revenue	7.9	(0.3)
Income taxes payable	(1.5)	(3.1)
Unrecognized tax benefits	21.4	20
Other liabilities	(0.1)	(4.3)
Net cash provided by operating activities	1,189.4	395.1
Cash flows from investing activities:
Acquisitions, net of cash acquired	(103.3)
Purchases of available-for-sale financial investments	(154.9)	(61.8)
Proceeds from maturities of available-for-sale financial investments	202.5	98
Return of capital from investments		22
Contributions to investments	(11.7)
Purchases of property and equipment	(37.2)	(26.9)
Net cash (used in) provided by investing activities	(104.6)	31.3
Cash flows from financing activities:
Principal payments of long term debt		(350)
Proceeds from credit facility	70
Cash dividends on common stock	(125.3)	(110)
Repurchases of common stock from employee stock plans	(14.2)	(10.7)
Exercise of common stock options	0.2	9.1
Payment of contingent consideration from acquisition	(2.2)
Purchase of common stock	(261.1)	(87.4)
Net cash used in financing activities	(332.6)	(549)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	3.1	(2.5)
Increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	755.3	(125.1)
Cash, cash equivalents, and restricted cash and cash equivalents: Beginning of period	229.3	275.1
Cash, cash equivalents, and restricted cash and cash equivalents: End of period	984.6	150
Supplemental disclosure of cash transactions:
Cash paid for income taxes	145.4	98.9
Cash paid for interest	27.3	31
Supplemental disclosure of noncash investing activities:
Note receivable issued in connection with deconsolidation of former subsidiary		3.7
Investment recognized in connection with deconsolidation of former subsidiary		2.9
Net assets of former subsidiary deconsolidated		$ 14.5
Accounts receivable acquired	6.4
Income taxes receivable acquired	1.6
Other current assets acquired	4.8
Goodwill acquired	105.9
Intangible assets acquired	91.3
Property and equipment, net acquired	3.5
Accounts payable and accrued expenses assumed	(14.7)
Income taxes payable assumed	(0.9)
Deferred revenue acquired	(1.3)
Contingent consideration related to acquisitions	(37.9)
Deferred income taxes acquired	$ 7.3

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parentheticals) $ in Millions	Sep. 30, 2020USD ($)
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents
Cash and cash equivalents	$ 212.7
Restricted cash (margin deposit and clearing fund)	771.9
Total	$ 984.6

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2020
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	1. ORGANIZATION AND BASIS OF PRESENTATION Cboe Global Markets, Inc. provides cutting-edge trading and investment solutions to investors around the world. The Company is committed to defining markets through product innovation, leading edge technology, and seamless trading solutions. Cboe offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S., Canadian and European equities, exchange-traded products (“ETPs”), global foreign exchange (“FX”) and volatility products based on the VIX Index, recognized as the world’s premier gauge of U.S. equity market volatility. Cboe’s subsidiaries include the largest options exchange and the third largest stock exchange operator in the U.S. In addition, the Company operates one of the largest stock exchanges by value traded in Europe, and owns EuroCCP, a leading pan-European equities clearinghouse. Cboe also is a leading market globally for ETP listings and trading. The Company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Sarasota Springs, Toronto, Belfast, Amsterdam, Singapore, Hong Kong, and Ecuador. Basis of Presentation These interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year. For those consolidated subsidiaries in which the Company’s ownership is less than 100% and for which the Company has control over the assets and liabilities and the management of the entity, the outside stockholders’ interest is shown as noncontrolling interest. Segment information The Company has five business segments: Options, North American Equities (formerly U.S. Equities), Futures, European Equities, and Global FX, which is reflective of how the Company’s chief operating decision-maker reviews and operates the business. See Note 15 (“Segment Reporting”) for more information. Significant Accounting Policies With the exception of the change in the accounting for expected credit losses as a result of the adoption of Accounting Standards Update (“ASU”) 2016-13 (as discussed below in “Recent Accounting Pronouncements Adopted”) and the new accounting policies for margin deposits and clearing funds as a result of the acquisition of EuroCCP, there have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, that are of significance, or potential significance, to the Company. Accounts Receivable, net Accounts receivable are concentrated with the Company’s member firms and market data distributors and are carried at amortized cost. The Company nets transaction fees and liquidity payments for each member firm on a monthly basis and recognizes the total owed from a member firm as accounts receivable, net, and the total owed to a member firm as accounts payable and accrued liabilities in the condensed consolidated balance sheets. On a periodic basis, management evaluates the Company’s accounts receivable and records an allowance for expected credit losses using an aging schedule. The aging schedule applies loss rates based on historical loss information and, as deemed necessary, is adjusted for differences in the nature of the receivables that exist at the reporting date from the historical period. Due to the short-term nature of the accounts receivable, changes in future economic conditions are not expected to have a significant impact on the expected credit losses. The accounts receivable are presented net of allowance for credit losses on the condensed consolidated balance sheets and the associated losses are presented in other operating expenses on the condensed consolidated statements of income. Margin Deposits and Clearing Funds Margin deposits and clearing funds in the form of cash contributions by EuroCCP’s clearing participants where title has transferred to EuroCCP are included as current assets with equal and offsetting current liabilities in the condensed consolidated balance sheet. These margin deposits and clearing funds are deposited with De Nederlandsche Bank (“DNB”), can only be used for specified EuroCCP operations, and fluctuate over time due to changes in deposit requirements. Certain non-cash margin deposits and clearing fund deposits, as well as interoperability fund deposits, are not reflected in the accompanying condensed consolidated balance sheet, as EuroCCP does not take legal ownership of these balances. Cash held as margin deposits and clearing fund deposits may be invested at an approved bank in accordance with EuroCCP’s investment policy, and any interest or gain received, or loss incurred on invested funds is recorded in other revenue in the condensed consolidated statements of income. Recent Accounting Pronouncements - Adopted In June 2016, the FASB issued ASU 2016-13, Credit Losses. This update replaces the incurred loss impairment methodology in GAAP with a methodology that requires management to estimate an expected lifetime credit loss on financial assets. This includes accounts receivable and notes receivable, which is included in other assets, net on the condensed consolidated balance sheets. The update also amends the impairment model for available-for-sale debt securities. The forward-looking expected lifetime credit loss model generally will result in the earlier recognition of credit losses. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company adopted this ASU on January 1, 2020 using the modified retrospective approach and did not restate comparative periods. Upon the adoption of the standard, the Company recognized an immaterial cumulative-effect adjustment to retained earnings for the estimate of current expected credit loss on financial instruments within the scope of the standard, including accounts receivable, net. Accounts receivable related to clearing operations are fully collateralized, which minimizes credit loss exposure. Based on the Company’s high turnover and collectability of accounts receivable, as well as the monthly billing process for the majority of revenue, there was not a significant variance in the recognized loss between the incurred loss impairment methodology under the prior standard and the expected lifetime credit loss model under this ASU. The financial instruments other than accounts receivable, net that are within the scope of the standard were not materially impacted by the standard. The impact to the condensed consolidated balance sheet was immaterial in nature and there was no impact to the condensed consolidated statements of income and cash flows. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This ASU removes certain disclosure requirements related to the fair value hierarchy, modifies existing disclosure requirements related to measurement uncertainty and adds new disclosure requirements. The new disclosure requirements include disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted this ASU on January 1, 2020 using the prospective approach, which did not result in a material impact to the condensed consolidated financial statements and disclosures. Recent Accounting Pronouncements - Issued, not yet Adopted There are no applicable material accounting pronouncements that have been issued but are not yet adopted as of September 30, 2020.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2020
REVENUE RECOGNITION
REVENUE RECOGNITION	2. REVENUE RECOGNITION The Company’s main types of revenue contracts are: ● Transaction and clearing fees - Transaction fees represent fees charged by the Company for meeting the point-in-time performance obligation of executing a trade on its markets. These fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Transaction fees are recognized across all segments. Clearing fees, which include settlement fees, are charged by the Company for transactions cleared and settled by EuroCCP. Clearing fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Clearing fees are recognized in the European Equities segment. Transaction and clearing fees, as well as any tiered volume discounts, are calculated and billed monthly in accordance with the Company’s published fee schedules. ● Access and capacity fees - Access and capacity fees represent fees assessed for the opportunity to trade, including fees for trading-related functionality across all segments, terminal and other equipment rights, maintenance services, trading floor space and telecommunications services. Facilities, systems services and other fees are generally monthly fee-based. These fees are billed monthly in accordance with the Company’s published fee schedules and recognized on a monthly basis when the performance obligations are met. All access and capacity fees associated with the trading floor are recognized over time in the Options segment, as the performance obligations are met. ● Market data fees - Market data fees represent the fees received by the Company from the U.S. tape plans and fees charged to customers for proprietary market data. Fees from the U.S. tape plans are collected monthly based on published fee schedules and distributed quarterly to the U.S. Exchanges based on a known formula. A contract for proprietary market data is entered into and charged on a monthly basis in accordance with the Company’s published fee schedules as the service is provided. Both types of market data are satisfied over time, and revenue is recognized on a monthly basis as the customer receives and consumes the benefit as the Company provides the data to meet its performance obligation. U.S. tape plan market data is recognized in the North American Equities and Options segments. Proprietary market data fees are recognized across all segments. ● Regulatory fees - There are two types of regulatory fees that the Company recognizes. The first type represents fees collected by the Company to cover the Section 31 fees charged to the Exchanges by the SEC for meeting the point-in-time performance obligation of executing a trade on its markets. The fees charged to customers are based on the fee set by the SEC per notional value of U.S. Equities exchange transactions and per round turn of Options transactions executed on the Company’s U.S. securities markets. These fees are calculated and billed monthly and are recognized in the North American Equities and Options segments. As the Exchanges are responsible for the ultimate payment to the SEC, the Exchanges are considered the principal in these transactions. Regulatory fees also include the options regulatory fee (“ORF”) which supports the Company’s regulatory oversight function in the Options segment, along with other miscellaneous regulatory fees, and neither can be used for non-regulatory purposes. The ORF and miscellaneous fees are recognized when the performance obligation is fulfilled. ● Other revenue - Other revenue primarily includes revenue from various licensing agreements, net interest income from clearing operations, all fees related to the trade reporting facility operated in the European Equities segment, and revenue associated with advertisements through the Company’s websites. All revenue recognized in the condensed consolidated statements of income is considered to be revenue from contracts with customers, with the exception of net interest income from clearing operations. The following table depicts the disaggregation of revenue according to product line and segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ American ​ ​ ​ ​ European ​ Global ​ Items and ​ ​ ​ ​ Options Equities Futures Equities FX Eliminations Total Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 241.4 ​ $ 253.0 ​ $ 16.8 ​ $ 23.4 ​ $ 10.9 ​ $ — ​ $ 545.5 Access and capacity fees ​ ​ 27.5 ​ ​ 21.2 ​ ​ 4.4 ​ ​ 5.4 ​ ​ 2.1 ​ ​ — ​ ​ 60.6 Market data fees ​ ​ 19.8 ​ ​ 34.3 ​ ​ 1.7 ​ ​ 3.5 ​ ​ 0.2 ​ ​ — ​ ​ 59.5 Regulatory fees ​ ​ 19.7 ​ ​ 94.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 113.8 Other revenue ​ ​ 4.4 ​ ​ 1.0 ​ ​ 1.1 ​ ​ 6.8 ​ ​ — ​ ​ — ​ ​ 13.3 ​ ​ $ 312.8 ​ $ 403.6 ​ $ 24.0 ​ $ 39.1 ​ $ 13.2 ​ $ — ​ $ 792.7 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 265.5 ​ $ 348.1 ​ $ 17.9 ​ $ 30.2 ​ $ 10.9 ​ $ — ​ $ 672.6 Services transferred over time ​ ​ 47.3 ​ ​ 55.5 ​ ​ 6.1 ​ ​ 8.9 ​ ​ 2.3 ​ ​ — ​ ​ 120.1 ​ ​ $ 312.8 ​ $ 403.6 ​ $ 24.0 ​ $ 39.1 ​ $ 13.2 ​ $ — ​ $ 792.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 207.1 ​ $ 199.4 ​ $ 31.2 ​ $ 16.9 ​ $ 11.2 ​ $ — ​ $ 465.8 Access and capacity fees ​ ​ 26.0 ​ ​ 20.1 ​ ​ 4.0 ​ ​ 3.9 ​ ​ 1.7 ​ ​ — ​ ​ 55.7 Market data fees ​ ​ 13.8 ​ ​ 37.7 ​ ​ 1.6 ​ ​ 3.0 ​ ​ 0.2 ​ ​ — ​ ​ 56.3 Regulatory fees ​ ​ 15.9 ​ ​ 72.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 88.1 Other revenue ​ ​ 3.3 ​ ​ 1.3 ​ ​ 2.8 ​ ​ 2.1 ​ ​ — ​ ​ — ​ ​ 9.5 ​ ​ $ 266.1 ​ $ 330.7 ​ $ 39.6 ​ $ 25.9 ​ $ 13.1 ​ $ — ​ $ 675.4 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 226.3 ​ $ 272.9 ​ $ 34.0 ​ $ 19.0 ​ $ 11.2 ​ $ — ​ $ 563.4 Services transferred over time ​ ​ 39.8 ​ ​ 57.8 ​ ​ 5.6 ​ ​ 6.9 ​ ​ 1.9 ​ ​ — ​ ​ 112.0 ​ ​ $ 266.1 ​ $ 330.7 ​ $ 39.6 ​ $ 25.9 ​ $ 13.1 ​ $ — ​ $ 675.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ ​ ​ ​ European ​ Global ​ Items and ​ ​ ​ ​ ​ Options ​ Equities ​ Futures ​ Equities ​ FX ​ Eliminations ​ Total Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 776.4 ​ $ 882.1 ​ $ 68.5 ​ $ 60.9 ​ $ 37.4 ​ $ — ​ $ 1,825.3 Access and capacity fees ​ ​ 78.6 ​ ​ 62.1 ​ ​ 12.5 ​ ​ 15.0 ​ ​ 5.8 ​ ​ — ​ ​ 174.0 Market data fees ​ ​ 54.8 ​ ​ 104.1 ​ ​ 5.0 ​ ​ 9.9 ​ ​ 0.6 ​ ​ — ​ ​ 174.4 Regulatory fees ​ ​ 63.0 ​ ​ 316.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 379.3 Other revenue ​ ​ 14.1 ​ ​ 3.2 ​ ​ 1.1 ​ ​ 11.5 ​ ​ — ​ ​ — ​ ​ 29.9 ​ ​ $ 986.9 ​ $ 1,367.8 ​ $ 87.1 ​ $ 97.3 ​ $ 43.8 ​ $ — ​ $ 2,582.9 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 853.5 ​ $ 1,201.6 ​ $ 69.6 ​ $ 72.4 ​ $ 37.4 ​ $ — ​ $ 2,234.5 Services transferred over time ​ ​ 133.4 ​ ​ 166.2 ​ ​ 17.5 ​ ​ 24.9 ​ ​ 6.4 ​ ​ — ​ ​ 348.4 ​ ​ $ 986.9 ​ $ 1,367.8 ​ $ 87.1 ​ $ 97.3 ​ $ 43.8 ​ $ — ​ $ 2,582.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 565.7 ​ $ 580.3 ​ $ 84.1 ​ $ 57.5 ​ $ 34.4 ​ $ — ​ $ 1,322.0 Access and capacity fees ​ ​ 77.6 ​ ​ 58.7 ​ ​ 11.5 ​ ​ 11.8 ​ ​ 5.0 ​ ​ — ​ ​ 164.6 Market data fees ​ ​ 41.5 ​ ​ 103.4 ​ ​ 4.9 ​ ​ 9.4 ​ ​ 0.5 ​ ​ — ​ ​ 159.7 Regulatory fees ​ ​ 47.1 ​ ​ 178.9 ​ ​ 0.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 226.5 Other revenue ​ ​ 11.3 ​ ​ 3.9 ​ ​ 2.9 ​ ​ 6.2 ​ ​ 0.2 ​ ​ 0.2 ​ ​ 24.7 ​ ​ $ 743.2 ​ $ 925.2 ​ $ 103.9 ​ $ 84.9 ​ $ 40.1 ​ $ 0.2 ​ $ 1,897.5 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 624.1 ​ $ 763.1 ​ $ 87.5 ​ $ 63.7 ​ $ 34.6 ​ $ 0.2 ​ $ 1,573.2 Services transferred over time ​ ​ 119.1 ​ ​ 162.1 ​ ​ 16.4 ​ ​ 21.2 ​ ​ 5.5 ​ ​ — ​ ​ 324.3 ​ ​ $ 743.2 ​ $ 925.2 ​ $ 103.9 ​ $ 84.9 ​ $ 40.1 ​ $ 0.2 ​ $ 1,897.5 Contract liabilities as of September 30, 2020 primarily represent prepayments of transaction fees and certain access and capacity and market data fees to the Exchanges. The revenue recognized from contract liabilities and the remaining balance is shown below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2020 Cash Revenue Balance at Liquidity provider sliding scale (1) ​ $ — ​ $ 9.6 ​ $ (7.2) ​ $ 2.4 Other, net ​ ​ 4.5 ​ ​ 31.1 ​ ​ (24.3) ​ ​ 11.3 Total deferred revenue ​ $ 4.5 ​ $ 40.7 ​ $ (31.5) ​ $ 13.7 (1) Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2020
ACQUISITIONS
ACQUISITIONS	3. ACQUISITIONS On February 3, 2020, the Company purchased Hanweck Associates, LLC (“Hanweck”) and the assets of FT Providers, LLC (“FT Options”). Hanweck and FT Options are both providers of risk analytics market data and included in the Company’s Options segment. On June 1, 2020, the Company purchased the assets of Trade Alert, LLC (“Trade Alert”), a real-time alerts and order flow analysis service provider included in the Company’s Options segment. On August 4, 2020, the Company completed the acquisition of MATCHNow, one of the largest equities ATSs in Canada, which is included in the Company’s North American Equities segment. Of these acquisitions’ aggregate purchase price, $105.9 million was allocated to goodwill, $59.0 million was allocated to intangible assets, and $2.2 million was allocated to working capital. In connection with these acquisitions, approximately $37.9 million in contingent consideration (in the aggregate) related to future financial performance of the acquired business or developmental milestones has been recorded in the Company’s condensed consolidated financial statements. These amounts represent the allocation of the purchase price and are subject to revision during the remainder of the measurement period, a period not to exceed twelve months from the acquisition date. See below for further discussion of intangible assets acquired. On July 1, 2020, the Company completed the acquisition of the remaining 80% interest in EuroCCP, a pan-European equities clearinghouse, which is included in the Company’s European Equities segment. Of the acquisition’s purchase price of the remaining consideration, $32.3 million was allocated to intangible assets and $56.0 million was allocated to working capital upon consolidation. Prior to signing the agreement to acquire the remaining 80% of EuroCCP, the Company agreed on the purchase price with the other shareholders, as they were looking to liquidate their investments in EuroCCP. That agreement gave way to a $32.6 million bargain purchase gain, which is included in other non-operating income, net in the condensed consolidated statement of income. These amounts represent the allocation of the purchase price and are subject to revision during the remainder of the measurement period, a period not to exceed twelve months from the acquisition date. In connection with the acquisition, EuroCCP put in place a committed revolving credit facility of up to €1.5 billion, see Note 11 (“Debt”) for more information. See below for further discussion of intangible assets acquired. The following table presents the details of intangible assets at the dates of acquisition. All acquired intangible assets with finite lives are amortized using the straight-line method. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hanweck ​ Useful Life (Years) ​ FT Options ​ Useful Life (Years) ​ Trade Alert ​ Useful Life (Years) ​ EuroCCP ​ Useful Life (Years) ​ MATCHNow ​ Useful Life (Years) Trading registrations and licenses ​ $ — ​ ​ ​ $ — ​ ​ ​ $ — ​ ​ ​ $ 28.1 ​ Indefinite ​ $ 18.4 ​ Indefinite Customer relationships ​ ​ 4.9 ​ 13 ​ ​ 2.2 ​ 13 ​ ​ 0.7 ​ 13 ​ ​ — ​ ​ ​ ​ 17.4 ​ 15 Technology ​ ​ 2.1 ​ 4 ​ ​ 0.9 ​ 4 ​ ​ 0.3 ​ 4 ​ ​ 3.6 ​ 6 ​ ​ 0.7 ​ 7 Trademarks and tradenames ​ ​ 7.0 ​ 10 ​ ​ 3.2 ​ 10 ​ ​ 1.0 ​ 10 ​ ​ 0.6 ​ 10 ​ ​ 0.2 ​ 2 Total identifiable intangible assets ​ $ 14.0 ​ ​ ​ $ 6.3 ​ ​ ​ $ 2.0 ​ ​ ​ $ 32.3 ​ ​ ​ $ 36.7 ​ ​ ​ Acquisition-related costs relate to acquisitions and other strategic opportunities, including the Merger. The Company expensed $6.2 million of acquisition-related costs during the three months ended September 30, 2020, which included $6.2 million of professional fees and other expenses. The Company expensed $16.7 million of acquisition-related costs during the three months ended September 30, 2019 that included $12.7 million of compensation-related costs, $2.0 million of general and administrative expenses, $1.7 million of professional fees, and $0.3 million of termination fees related to an assigned lease agreement. These acquisition-related expenses are included in acquisition-related costs in the condensed consolidated statements of income. The Company expensed $16.4 million of acquisition-related costs during the nine months ended September 30, 2020, which primarily included $8.3 million of professional fees and other expenses and $8.1 million of impairment charges related to facilities. The Company expensed $39.8 million of acquisition-related costs during the nine months ended September 30, 2019 that included $10.5 million of impairment of goodwill charges, $6.1 million of impairment charges related to facilities, $16.1 million of compensation-related costs, $2.0 million of general and administrative expenses, $3.7 million of professional fees and $1.4 million of termination fees related to an assigned lease agreement. These acquisition-related expenses are included in acquisition-related costs in the condensed consolidated statements of income.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2020
INVESTMENTS
INVESTMENTS	4. INVESTMENTS As of September 30, 2020 and December 31, 2019, the Company’s investments were comprised of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Equity method investments: ​ ​ ​ ​ ​ ​ Investment in Signal Trading Systems, LLC ​ $ 12.5 ​ $ 12.6 Investment in EuroCCP ​ ​ — ​ ​ 10.3 Total equity method investments ​ ​ 12.5 ​ ​ 22.9 ​ ​ ​ ​ ​ ​ ​ Other equity investments: ​ ​ ​ ​ ​ ​ Investment in Eris Exchange Holdings, LLC ​ ​ 20.0 ​ ​ 20.8 Investment in American Financial Exchange, LLC ​ ​ 10.6 ​ ​ 8.6 Investment in Cboe Vest Financial Group, Inc. ​ ​ 2.9 ​ ​ 2.9 Investment in Eris Digital Holdings, LLC ​ ​ 0.8 ​ ​ — Investment in OCC ​ ​ 0.3 ​ ​ 0.3 Other equity investments ​ 6.1 ​ 5.7 Total other equity investments ​ ​ 40.7 ​ ​ 38.3 ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 53.2 ​ $ 61.2 ​ Equity Method Investments Equity method investments include investments in Signal Trading Systems, LLC, a 50% joint venture with FlexTrade System, Inc. to develop and market a multi-asset front-end order entry system, and until the third quarter of 2020, EuroCCP, a Dutch domiciled clearinghouse. EuroCCP is one of three interoperable central counterparties, or CCPs, used to clear trades conducted on Cboe Europe Limited’s and Cboe Europe NL’s markets. As of June 30, 2020, Cboe Europe Limited owned 20% of EuroCCP and was able to exercise significant influence over the entity as an equal shareholder with four other investors. The Company acquired the remaining 80% interest in EuroCCP on July 1, 2020, see Note 3 (“Acquisitions”) for more information. Subsequent to the acquisition, the Company accounts for EuroCCP as a wholly-owned subsidiary in the condensed consolidated financial statements. Other Equity Investments The carrying amount of other equity investments totaled $40.7 million as of September 30, 2020 and $38.3 million as of December 31, 2019, respectively, and is included in investments in the condensed consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held. As of September 30, 2020, other equity investments primarily reflect a 20% investment in OCC and minority investments in American Financial Exchange, LLC (“AFX”), CurveGlobal, Cboe Vest Financial Group, Inc. (“Vest”), Eris Exchange Holdings, LLC, and Eris Digital Holdings, LLC. The Company’s contributed capital to OCC has been recorded under investments in the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019. Under OCC’s current capital management policy, which was approved by the SEC on January 24, 2020, if OCC’s equity capital falls below certain defined thresholds, OCC can access additional capital through an operational loss fee charged to clearing members. None of OCC’s shareholders (including Cboe Options) has any obligation to contribute capital to OCC under the capital management policy, nor does any shareholder have the right to receive dividends from OCC under such policy. As such, the Company reversed the $8.8 million OCC dividend declared in 2018, which was to be paid in 2019, in other expense, net in the condensed consolidated statement of income for the nine months ended September 30, 2019. In August 2019, the Company’s ownership in Vest was restructured, including a partial sale of its interest to a third-party. As a result of the restructuring, the Company’s ownership and voting interests decreased to less than 20% and less than 5%, respectively, and the Company deconsolidated Vest and changed the accounting methodology to be in line with the other equity investments. The deconsolidation resulted in a reduction of net assets of $14.5 million and noncontrolling interest of $5.8 million, as well as recognition of $2.9 million investment for the Company’s remaining ownership interest. Additionally, the Company recorded an interest-bearing note receivable of $3.7 million for the consideration received from the third-party, which was recorded in other assets, net in the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019, respectively. In May 2020, Eris Exchange Holdings, LLC completed a restructuring transaction to spin out Eris Digital Holdings, LLC into a stand-alone entity. The restructuring qualifies as an exchange of ownership interest, though it required no additional consideration exchanged to execute the exchange of units. The restructuring did not result in a change in number of units owned by the Company or a substantial change in the Company’s ownership interest percentage. No gain or loss is recognized as a result of the restructuring. The Company’s investment in Eris Digital Holdings, LLC is included within “Other equity investments” in the above table. In August 2020, the Company recorded within the condensed consolidated statements of income an impairment charge of $4.1 million on its investment in AFX based on management’s assessment of the fair value of the investment.

FINANCIAL INVESTMENTS

FINANCIAL INVESTMENTS	9 Months Ended
	Sep. 30, 2020
INVESTMENTS
FINANCIAL INVESTMENTS	5. FINANCIAL INVESTMENTS The Company’s financial investments with original or acquired maturities longer than three months, but that mature in less than one year from the condensed consolidated balance sheet date and any money market funds that are considered cash and cash equivalents are classified as current assets. The Company’s marketable securities are also classified as current assets within financial investments. The Company’s financial investments are summarized as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Cost basis Unrealized gains Unrealized losses Fair value Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 0.5 ​ $ — ​ $ — ​ $ 0.5 Trading securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities (1) ​ ​ 22.3 ​ ​ — ​ ​ — ​ ​ 22.3 Total financial investments ​ $ 22.8 ​ $ — ​ $ — ​ $ 22.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Cost basis Unrealized gains Unrealized losses Fair value Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 47.6 ​ $ — ​ $ — ​ $ 47.6 Trading securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities (1) ​ ​ 23.4 ​ ​ — ​ ​ — ​ ​ 23.4 Total financial investments ​ $ 71.0 ​ $ — ​ $ — ​ $ 71.0 (1) The marketable securities are primarily mutual funds maintained for non-qualified retirement and benefit plans, also referred to as deferred compensation plan assets. See Note 16 (“Employee Benefit Plans”) for more information.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2020
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	6. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Construction in progress ​ $ 1.8 ​ $ 1.2 Furniture and equipment ​ 219.0 ​ 164.4 Total property and equipment ​ 220.8 ​ 165.6 Less accumulated depreciation ​ (138.2) ​ (118.6) Property and equipment, net ​ $ 82.6 ​ $ 47.0 ​ Depreciation expense using the straight-line method was $6.9 million and $5.9 million for the three months ended September 30, 2020 and 2019, respectively, and $19.3 million and $18.2 million for the nine months ended September 30, 2020 and 2019, respectively. As a result of the Merger, there was a reduction in employee workspace needed in Chicago, which led to the decision to market for sale the headquarters location. The Company classified the associated land, building, and certain furniture and equipment of the headquarters location as held for sale, performed an impairment assessment, and ceased depreciation effective May 1, 2019, as the Company anticipates selling the property held for sale. As of September 30, 2020, the total value of the property classified as property held for sale on the condensed consolidated balance sheet was $13.0 million. As a result of an evaluation of the headquarters location’s classification as held for sale during the second quarter of 2020, an impairment assessment was performed and an additional impairment charge of $8.1 million was recorded in acquisition-related costs within the Options segment in the accompanying condensed consolidated statements of income. The impact of ceasing depreciation of the property held for sale did not result in a material impact to the condensed consolidated financial statements.

CREDIT LOSSES

CREDIT LOSSES	9 Months Ended
	Sep. 30, 2020
CREDIT LOSSES
CREDIT LOSSES	7. CREDIT LOSSES Current expected credit losses are estimated for accounts receivable and notes receivable. The notes receivable included within other assets, net on the condensed consolidated balance sheets primarily relate to the consolidated audit trail (“CAT”), which involves the creation of an audit trail that strives to enhance regulators’ ability to monitor trading activity in the U.S. markets through a phased implementation. While the funding of the CAT is ultimately expected to be provided by both SROs (which includes the Exchanges) and industry members, until fee filings associated with the funding model are effective with or approved by the SEC, the funding to date has solely been provided by the SROs. The funding by the SROs has been done in exchange for promissory notes, which are expected to be repaid once such industry member fees are collected. Until the fee filings associated with the funding model are effective with or approved by the SEC, the SROs may continue to incur additional significant costs. The allowance for notes receivable credit losses associated with the CAT is calculated using a probability of default methodology. Due to the potential changes in the CAT funding model, an additional $6.7 million was recorded to the allowance for notes receivable in the three months ended September 30, 2020. Accounts receivable represent amounts due from the Company’s member firms. The allowance for accounts receivable credit losses is calculated using an aging schedule. The following represents the changes in allowance for credit losses during the nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2020 ​ Current period provision for expected credit losses ​ Write-offs charged against the allowance ​ Recoveries collected ​ Balance at September 30, 2020 Allowance for notes receivable credit losses ​ $ 23.4 ​ $ 6.7 ​ $ — ​ $ — ​ $ 30.1 Allowance for accounts receivable credit losses ​ ​ 1.1 ​ ​ — ​ ​ (0.2) ​ ​ (0.1) ​ ​ 0.8 Total allowance for credit losses ​ $ 24.5 ​ $ 6.7 ​ $ (0.2) ​ $ (0.1) ​ $ 30.9

OTHER ASSETS, NET

OTHER ASSETS, NET	9 Months Ended
	Sep. 30, 2020
OTHER ASSETS, NET
OTHER ASSETS, NET	8. OTHER ASSETS, NET Other assets, net consisted of the following as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Software development work in progress ​ $ 5.6 ​ $ 2.6 Data processing software ​ ​ 91.1 ​ ​ 84.3 Less accumulated depreciation and amortization ​ (61.6) ​ (57.2) Data processing software, net ​ 35.1 ​ 29.7 Other assets (1) ​ ​ 32.6 ​ ​ 21.9 Other assets, net ​ $ 67.7 ​ $ 51.6 (1) At September 30, 2020 and December 31, 2019, the majority of the balance included long-term prepaid assets and notes receivable. See Note 7 (“Credit Losses”) for more information on the notes receivable included within other assets, net on the condensed consolidated balance sheets. As of September 30, 2020 and December 31, 2019, the notes receivable balance net of allowance for notes receivable credit losses was $26.4 million and $9.2 million, respectively. ​ Amortization expense related to data processing software was $1.7 million and $3.6 million for the three months ended September 30, 2020 and 2019, respectively, and $5.2 million and $10.5 million for the nine months ended September 30, 2020 and 2019, respectively.

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2020
GOODWILL AND INTANGIBLE ASSETS, NET
GOODWILL AND INTANGIBLE ASSETS, NET	9. GOODWILL AND INTANGIBLE ASSETS, NET The following table presents the details of goodwill by segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ European ​ ​ ​ ​ ​ ​ ​ Options Equities Equities Global FX Total Balance as of December 31, 2019 ​ $ 239.4 ​ $ 1,740.4 ​ $ 435.1 ​ $ 267.2 ​ $ 2,682.1 Additions ​ 66.4 ​ ​ 39.5 ​ ​ — ​ ​ — ​ 105.9 Changes in foreign currency exchange rates ​ — ​ 0.2 ​ (6.7) ​ — ​ (6.5) Balance as of September 30, 2020 ​ $ 305.8 ​ $ 1,780.1 ​ $ 428.4 ​ $ 267.2 ​ $ 2,781.5 ​ Goodwill has been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, European Equities and Global FX. No goodwill has been allocated to Futures. Goodwill impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired. The following table presents the details of the intangible assets (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ European ​ ​ ​ ​ ​ ​ ​ Options Equities Equities ​ Global FX Total Balance as of December 31, 2019 ​ $ 166.6 ​ $ 921.4 ​ $ 363.7 ​ $ 138.2 ​ $ 1,589.9 Additions ​ ​ 22.3 ​ 36.7 ​ 32.3 ​ — ​ ​ 91.3 Amortization ​ (11.6) ​ (45.7) ​ (17.4) ​ ​ (18.8) ​ (93.5) Changes in foreign currency exchange rates ​ — ​ 0.2 ​ (7.5) ​ — ​ (7.3) Balance as of September 30, 2020 ​ $ 177.3 ​ $ 912.6 ​ $ 371.1 ​ $ 119.4 ​ $ 1,580.4 ​ For the three months ended September 30, 2020 and 2019, amortization expense was $30.9 million and $33.4 million, respectively. For the nine months ended September 30, 2020 and 2019, amortization expense was $93.5 million and $105.1 million, respectively. The estimated future amortization expense is $31.1 million for the remainder of 2020, $112.4 million for 2021, $99.5 million for 2022, $88.4 million for 2023, $67.0 million for 2024, and $56.5 million for 2025. The following tables present the categories of intangible assets as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Weighted ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ European ​ ​ ​ ​ Amortization ​ Options Equities Equities Global FX Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 591.1 ​ $ 207.2 ​ $ — ​ Indefinite Customer relationships ​ 46.6 ​ 240.5 ​ 165.7 ​ 140.0 ​ 17 Market data customer relationships ​ 53.6 ​ 322.0 ​ 62.1 ​ 64.4 ​ 11 Technology ​ 28.1 ​ 23.2 ​ 27.1 ​ 22.5 ​ 4 Trademarks and tradenames ​ 12.9 ​ 6.2 ​ 2.5 ​ 1.2 ​ 9 Accumulated amortization ​ (59.4) ​ (270.4) ​ (93.5) ​ (108.7) ​ ​ ​ ​ $ 177.3 ​ $ 912.6 ​ $ 371.1 ​ $ 119.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Weighted ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ European ​ ​ ​ ​ Amortization ​ Options Equities Equities Global FX Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 572.7 ​ $ 182.2 ​ $ — ​ Indefinite Customer relationships ​ 38.8 ​ 222.9 ​ 169.7 ​ 140.0 ​ 17 Market data customer relationships ​ 53.6 ​ 322.0 ​ 63.6 ​ 64.4 ​ 12 Technology ​ 24.8 ​ 22.5 ​ 23.9 ​ 22.5 ​ 4 Trademarks and tradenames ​ 1.7 ​ 6.0 ​ 1.9 ​ 1.2 ​ 6 Accumulated amortization ​ (47.8) ​ (224.7) ​ (77.6) ​ (89.9) ​ ​ ​ ​ $ 166.6 ​ $ 921.4 ​ $ 363.7 ​ $ 138.2 ​ ​ ​

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	9 Months Ended
	Sep. 30, 2020
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 December 31, 2019 Compensation and benefit-related liabilities ​ $ 35.2 ​ $ 35.2 Termination benefits ​ ​ 0.4 ​ ​ 6.7 Royalties ​ ​ 16.3 ​ ​ 18.6 Accrued liabilities ​ 49.5 ​ ​ 29.3 Rebates payable ​ ​ 81.5 ​ ​ 48.5 Marketing fee payable ​ 12.8 ​ ​ 12.6 Accounts payable ​ 15.9 ​ ​ 21.0 Total accounts payable and accrued liabilities ​ $ 211.6 ​ $ 171.9 ​

DEBT

DEBT	9 Months Ended
	Sep. 30, 2020
DEBT
DEBT	11. DEBT The Company’s debt consisted of the following as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 December 31, 2019 $300 million Term Loan Agreement due December 2021, floating rate ​ $ 223.4 ​ $ 222.4 $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% ​ 645.7 ​ 645.2 Revolving Credit Agreement ​ ​ 70.0 ​ ​ — EuroCCP Credit Facility ​ ​ — ​ ​ — Total debt ​ $ 939.1 ​ $ 867.6 ​ Term Loan Agreement On March 22, 2018, the Company, as borrower, entered into a new Term Loan Credit Agreement (the “Term Loan Agreement”) with Bank of America, N.A. (“Bank of America”), as administrative agent and initial lender, and the several banks and other financial institutions from time to time party thereto as lenders. Bank of America also acted as sole lead arranger and sole bookrunner with respect to the Term Loan Agreement. The Term Loan Agreement provides for a senior unsecured term loan facility in an aggregate principal amount of $300 million. The proceeds of the loan under the Term Loan Agreement were used to repay the $300 million of outstanding indebtedness under the prior term loan agreement entered into on December 15, 2016. Loans under the Term Loan Agreement bear interest, at the Company’s option, at either (i) the London Interbank Offered Rate (“LIBOR”) periodically fixed for an interest period (as selected by the Company) of one, two, three or six months plus a margin (based on our public debt ratings) ranging from 1.00 percent per annum to 1.50 percent per annum or (ii) a daily floating rate based on the agent’s prime rate (subject to certain minimums based upon the federal funds effective rate or LIBOR) plus a margin (based on our public debt ratings) ranging from zero percent per annum to 0.50 percent per annum. The Company was required to pay an up-front fee of 0.05 percent to the agent for the entry into the Term Loan Agreement. The Term Loan Agreement, which matures on December 15, 2021, contains customary representations, warranties and affirmative and negative covenants for facilities of its type, including financial covenants, events of default, including cross-defaults from the Company’s other indebtedness, and indemnification provisions in favor of the lenders thereunder. The negative covenants include restrictions regarding the incurrence of liens, the incurrence of indebtedness by the Company’s subsidiaries and fundamental changes, subject to certain exceptions in each case. The financial covenants require the Company to meet a quarterly financial test with respect to a minimum consolidated interest coverage ratio of not less than 4.00 to 1.00 and a maximum consolidated leverage ratio of not greater than 3.50 to 1.00. At September 30, 2020, the Company was in compliance with these covenants. On May 29, 2020, the Company amended the Term Loan Agreement to, among other items, (i) permit liens on assets of the EuroCCP settlement and clearing business that secures indebtedness incurred in support of its settlement and clearing activities, and permit the Company’s subsidiaries to incur such indebtedness, provided that such amounts are repaid within 35 days; and (ii) provide that the LIBOR, as used in the Term Loan Agreement, may be succeeded by one or more secured overnight financing rates (“SOFR”) published by the Federal Reserve Bank of New York or another alternate benchmark rate giving due consideration to any evolving or then-existing convention for similar agreements. 3.650% Senior Notes On January 12, 2017, the Company entered into an indenture (the “Indenture”), by and between the Company and Wells Fargo Bank, National Association, as trustee, in connection with the issuance of $650 million aggregate principal amount of the Company’s 3.650% Senior Notes due 2027 (“3.650% Senior Notes”). The form and terms of the 3.650% Senior Notes were established pursuant to an Officer’s Certificate, dated as of January 12, 2017, supplementing the Indenture. The Company used a portion of the net proceeds from the 3.650% Senior Notes to fund, in part, the Merger, including the payment of related fees and expenses and the repayment of Bats’ existing indebtedness, and the remainder for general corporate purposes. The 3.650% Senior Notes mature on January 12, 2027 and bear interest at the rate of 3.650% per annum, payable semi-annually in arrears on January 12 and July 12 of each year, commencing July 12, 2017. The 3.650% Senior Notes are unsecured obligations of the Company and rank equally with all of the Company’s other existing and future unsecured, senior indebtedness, but are effectively junior to the Company’s secured indebtedness, to the extent of the value of the assets securing such indebtedness, and will be structurally subordinated to the secured and unsecured indebtedness of the Company’s subsidiaries. The Company has the option to redeem some or all of the 3.650% Senior Notes, at any time in whole or from time to time in part, at the redemption prices set forth in the Officer’s Certificate. The Company may also be required to offer to repurchase the 3.650% Senior Notes upon the occurrence of a Change of Control Triggering Event (as such term is defined in the Officer’s Certificate) at a repurchase price equal to 101% of the aggregate principal amount of 3.650% Senior Notes to be repurchased. Indenture Under the Indenture, the Company may issue debt securities, which includes the 3.650% Senior Notes, at any time and from time to time, in one or more series without limitation on the aggregate principal amount. The Indenture governing the 3.650% Senior Notes contains customary restrictions, including a limitation that restricts the Company’s ability and the ability of certain of the Company’s subsidiaries to create or incur secured debt. Such Indenture also limits certain sale and leaseback transactions and contains customary events of default. At September 30, 2020, the Company was in compliance with these covenants. Revolving Credit Agreement On December 15, 2016, the Company, as borrower, entered into a syndicated Credit Agreement (the “Revolving Credit Agreement”) with Bank of America, as administrative agent and as swing line lender, as well as certain lenders named therein (the “Revolving Lenders”). The Revolving Credit Agreement provides for a senior unsecured $150 million five-year revolving credit facility (the “Revolving Credit Facility”) that includes a $25 million swing line sub-facility. The Company may also, subject to the agreement of the applicable lenders, increase the commitments under the Revolving Credit Facility by up to $100 million, for a total of $250 million. Subject to specified conditions, the Company may designate one or more of its subsidiaries as additional borrowers under the Revolving Credit Agreement provided that the Company guarantees all borrowings and other obligations of any such subsidiaries. As of September 30, 2020, no subsidiaries were designated as additional borrowers. Funds borrowed under the Revolving Credit Agreement may be used to fund working capital and for other general corporate purposes. As of September 30, 2020, borrowings in the amount of $70 million were outstanding under the Revolving Credit Agreement and $80 million of borrowing capacity was available for the purposes permitted by the Revolving Credit Agreement. Loans under the Revolving Credit Agreement will bear interest, at the Company’s option, at either (i) LIBOR periodically fixed for an interest period (as selected by the Company) of one, two, three or six months plus a margin (based on the Company’s public debt ratings) ranging from 1.00 percent per annum to 1.75 percent per annum or (ii) a daily floating rate based on the prime rate (subject to certain minimums based upon the federal funds effective rate or LIBOR) plus a margin (based on the Company’s public debt ratings) ranging from zero percent per annum to 0.75 percent per annum. Subject to certain conditions stated in the Revolving Credit Agreement, the Company may borrow, prepay and reborrow amounts under the Revolving Credit Facility at any time during the term of the Revolving Credit Agreement. The Revolving Credit Agreement will terminate and all amounts owing thereunder will be due and payable on December 15, 2021, unless the commitments are terminated earlier, either at the Company’s request or, if an event of default occurs, by the Revolving Lenders (or automatically in the case of certain bankruptcy-related events). The Revolving Credit Agreement contains customary representations, warranties and affirmative and negative covenants for facilities of its type, including financial covenants, events of default, including cross-defaults from the Company’s other indebtedness, and indemnification provisions in favor of the Revolving Lenders. The negative covenants include restrictions regarding the incurrence of liens, the incurrence of indebtedness by the Company’s subsidiaries and fundamental changes, subject to certain exceptions in each case. The financial covenants require the Company to meet a quarterly financial test with respect to a minimum consolidated interest coverage ratio of not less than 4.00 to 1.00 and a maximum consolidated leverage ratio of not greater than 3.50 to 1.00. At September 30, 2020, the Company was in compliance with these covenants. On May 29, 2020, the Company amended the Revolving Credit Agreement to, among other items, (i) permit liens on assets of the EuroCCP settlement and clearing business that secures indebtedness incurred in support of its settlement and clearing activities, and permit the Company’s subsidiaries to incur such indebtedness, provided that such amounts are repaid within 35 days; and (ii) provide that the LIBOR, as used in the Revolving Credit Agreement, may be succeeded by one or more secured overnight financing rates (“SOFR”) published by the Federal Reserve Bank of New York or another alternate benchmark rate giving due consideration to any evolving or then-existing convention for similar agreements. EuroCCP Credit Facility On July 1, 2020, EuroCCP, as borrower, the Company, as guarantor, entered into a Facility Agreement (the “Facility”) with Bank of America Merrill Lynch International Designated Activity Company, as co-ordinator, facility agent, lender, sole lead arranger and sole bookrunner, Citibank N.A., as security agent, and certain other lenders named therein. The Facility provides for a €1.5 billion committed syndicated multicurrency revolving and swingline credit facility (i) that is available to be drawn by EuroCCP (as borrower) towards (a) financing unsettled amounts in connection with the settlement of transactions in securities and other items processed through EuroCCP’s clearing system and (b) financing any other liability or liquidity requirement of EuroCCP incurred in the operation of its clearing system and (ii) under which the scheduled interest and fees on borrowings (but not the principal amount of any borrowings) are guaranteed by the Company. Subject to certain conditions, EuroCCP is able to increase the commitments under the Facility by up to €500 million, to a total of €2.0 billion. Borrowings under the Facility are secured by cash, eligible government bonds and eligible equity assets deposited by EuroCCP into secured accounts. In addition, EuroCCP must ensure that at all times the aggregate of (a) each clearing participant’s contribution to the relevant clearing fund, (b) each clearing participant’s margin amount and (c) any cash equities purchased using the proceeds of the assets described in (a) and (b), less the amount of any such clearing participant contribution, margin amount or cash equities which have been transferred to (or secured in favor of) any provider of settlement or custody services to EuroCCP, is not less than €500 million. As of September 30, 2020, no borrowings were outstanding under the Facility. Accordingly, at September 30, 2020, €1.5 billion of borrowing capacity was available for the purposes permitted by the Facility. Borrowings under the Facility’s revolving loans and non-U.S. dollar swingline loans bear interest at the relevant floating base rate plus a margin of 1.75 percent per annum and (subject to certain conditions) borrowings under the Facility’s U.S. dollar swingline loans bear interest as the higher of the relevant agent’s prime commercial lending rate for U.S. dollars and 0.5 percent per annum over the federal funds effective rate. A commitment fee of 0.30 percent per annum is payable on the unused and uncalled amount of the Facility during the availability period. Subject to certain conditions stated in the Facility, EuroCCP may borrow, prepay and reborrow amounts under the Facility at any time during the term of the Facility. The Facility will terminate and all amounts owing thereunder will be due and payable on 364 days from the date of the agreement, unless the commitments are terminated earlier, either at the request of EuroCCP or, if an event of default occurs, by the Lenders (or automatically in the case of certain bankruptcy-related events). The Facility contains customary representations, warranties and covenants for facilities of its type, including events of default of the Company and EuroCCP and indemnification provisions in favor of the Lenders. In particular, the covenants include restrictions regarding the incurrence of liens by EuroCCP and its subsidiaries, and an event of default will be triggered if EuroCCP ceases its business, subject to certain exceptions in each case. There is also a requirement for the net worth of (a) the Company to be no less than $1.75 billion on the date of each drawdown and delivery of compliance certificates and (b) EuroCCP to be the higher of €24 million and any such amount required for EuroCCP to meet minimum liquidity regulations under applicable regulation at all times. At September 30, 2020, the Company and EuroCCP were in compliance with these covenants. Loan and Notes Payments and Contractual Interest The future expected loan repayments related to the Term Loan Agreement, the 3.650% Senior Notes, and the Revolving Credit Agreement as of September 30, 2020 are as follows (in millions): ​ ​ ​ ​ Remainder of 2020 $ 70.0 2021 ​ ​ 225.0 2022 ​ ​ — 2023 ​ ​ — 2024 ​ ​ — Thereafter ​ ​ 650.0 Principal amounts repayable ​ ​ 945.0 Debt issuance cost ​ ​ (2.3) Unamortized discounts on notes ​ ​ (3.6) Total debt outstanding ​ $ 939.1 ​ Interest expense recognized on the Term Loan Agreement, the 3.650% Senior Notes, and the Revolving Credit Agreement is included in interest expense, net in the condensed consolidated statements of income. The Company is also obligated to pay commitment fees under the terms of the Facility and Revolving Credit Agreement which are also included in interest expense, net. Interest expense, net recognized in the condensed consolidated statements of income for the three and nine months ended September 30, 2020 and 2019 is as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Components of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual interest ​ $ 6.8 ​ $ 8.3 ​ $ 21.2 ​ $ 28.0 Amortization of debt discount and issuance costs ​ 2.8 ​ 0.5 ​ 3.8 ​ 1.7 Interest expense ​ $ 9.6 ​ $ 8.8 ​ $ 25.0 ​ $ 29.7 Interest income ​ ​ (0.1) ​ ​ (0.6) ​ ​ (0.9) ​ ​ (1.6) Interest expense, net ​ $ 9.5 ​ $ 8.2 ​ $ 24.1 ​ $ 28.1

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET	9 Months Ended
	Sep. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET	​ ​ 12. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET The following represents the changes in accumulated other comprehensive income (loss), net by component (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ Total Accumulated ​ ​ Currency Unrealized ​ ​ ​ Other ​ ​ Translation Investment ​ Post-Retirement ​ Comprehensive ​ Adjustment Gain (Loss) Benefits Income (Loss) Balance at December 31, 2019 ​ $ 38.2 ​ $ 0.2 ​ $ (0.8) ​ $ 37.6 Other comprehensive (loss) income ​ (9.4) ​ ​ (0.3) ​ ​ 1.1 ​ ​ (8.6) Balance at September 30, 2020 ​ $ 28.8 ​ $ (0.1) ​ $ 0.3 ​ $ 29.0 ​

CLEARING OPERATIONS

CLEARING OPERATIONS	9 Months Ended
	Sep. 30, 2020
CLEARING OPERATIONS
CLEARING OPERATIONS	13. CLEARING OPERATIONS ​ EuroCCP is a European equities central counterparty that provides post-trade services to stock exchanges, MTFs and for over-the-counter (“OTC”) equities trades. EuroCCP clears equities from eighteen European markets and from the United States, as well as Depositary Receipts, ETFs, and exchange traded currencies (“ETCs”). Through a novation process, EuroCCP becomes the buyer for every seller and the seller for every buyer, thereby protecting clearing participants from counterparty risk and allowing the settlement of trades in the event of a clearing participant default. EuroCCP only assumes the guarantor role if it has an equal and offsetting claim against a clearing participant. During the period from July 1, 2020, the date the Company acquired EuroCCP, through September 30, 2020, there were no events of default for which a liability is required to be recognized in accordance with GAAP. Clearing Participant Deposits EuroCCP generally requires all clearing participants to deposit collateral to help mitigate EuroCCP’s exposure to credit risk in the event that a clearing participant fails to meet a financial or contractual obligation. Margin Deposits Margin deposits, which are predominately in the form of cash and cash equivalents, are deposits made by each clearing participant to EuroCCP to cover some or all of the credit risk of its failure to fulfill its obligations in the trade. EuroCCP maintains and manages all cash deposits related to margin deposits. Substantially all risks and rewards of margin deposit ownership, including net interest income, belong to EuroCCP and are recorded in other revenue on the condensed consolidated statements of income. In the event of a default, EuroCCP can access the defaulting participant’s margin deposits to cover the defaulting participant’s losses. For more information, see “Default and Liquidity Waterfalls” below. Clearing Funds The clearing fund mutualizes the risk of default among all clearing participants. The entire clearing fund is available to cover potential losses in the event that the margin deposits and the clearing fund deposits of a defaulting clearing participant are inadequate to fulfill that clearing participant’s outstanding financial obligations. In the event of a default, EuroCCP is generally required to liquidate the defaulting clearing participant’s open positions. To the extent that the positions remain open, EuroCCP is required to assume the defaulting clearing participant’s obligations related to the open positions. Clearing participants are required to make contributions to the clearing fund that are proportional to their risk exposure in the form of cash or non-cash contributions, which generally consist of highly liquid securities. ​ Interoperability Fund EuroCCP has entered into interoperable arrangements with two other central counterparties (“CCPs”). Under these arrangements, margin is required to and from the other CCPs and is deposited in an interoperability fund. The interoperability fund consists of collateral pledged by EuroCCP to the other interoperable CCPs, to cover margin calls EuroCCP received from other interoperable CCPs. For EuroCCP, the collateral pledged by the clearing participants is maintained in an interoperability fund designated account. EuroCCP does not have any economic interest or ownership in the collateral; therefore, these balances are not included in the condensed consolidated balance sheet. As of September 30, 2020, total clearing participant deposits were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ ​ Cash Contributions Non-Cash Contributions (1) Total Contributions ​ ​ (in millions) Margin deposits ​ $ 461.3 ​ $ 353.8 ​ $ 815.1 Clearing funds ​ ​ 310.6 ​ ​ 62.4 ​ ​ 373.0 Interoperability funds (1) ​ ​ 474.3 ​ ​ 130.9 ​ ​ 605.2 Total ​ $ 1,246.2 ​ $ 547.1 ​ $ 1,793.3 ​ Default and Liquidity Waterfalls The default waterfall is the priority order in which the capital resources are expected to be utilized in the event of a default where the defaulting clearing participant’s collateral would not be sufficient to cover the cost to liquidate its portfolio. If a default occurs and the defaulting clearing participant’s collateral, including margin deposits, clearing fund deposits, and pledged assets into the interoperability fund, are depleted, then additional capital is utilized in the following order: ● EuroCCP capital: ● Clearing fund ● Pro Rata Contributions In addition to the default waterfall, the liquidity waterfall is the priority order in which the liquidity resources are expected to be utilized for EuroCCP’s ordinary course business operations and in situations when additional liquidity resources and liquidity measures may be activated in case of a potential liquidity shortfall. Liquidity, intraday or overnight, is mainly required for securities settlement. In ordinary course business circumstances, liquidity resources include the collateral directly deposited with EuroCCP, FX swap arrangements, and reverse repurchase agreements, as well as the use of the Facility.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 30, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENT	14. FAIR VALUE MEASUREMENT Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk. The Company applied FASB ASC 820, Fair Value Measurement, which provides guidance for using fair value to measure assets and liabilities by defining fair value and establishing the framework for measuring fair value. ASC 820 applies to financial and nonfinancial instruments that are measured and reported on a fair value basis. The three-level hierarchy of fair value measurements is based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The fair-value hierarchy requires the use of observable market data when available and consists of the following levels: ● Level 1—Unadjusted inputs based on quoted markets for identical assets or liabilities. ● Level 2—Observable inputs, either direct or indirect, not including Level 1 measurements, corroborated by market data or based upon quoted prices in non-active markets. ● Level 3—Unobservable inputs that reflect management’s best assumptions of what market participants would use in valuing the asset or liability. The Company has included a tabular disclosure for financial assets and liabilities that are measured at fair value on a recurring basis in the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 0.5 ​ $ 0.5 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 13.8 ​ ​ 13.8 ​ ​ — ​ ​ — Money market funds ​ 8.5 ​ 8.5 ​ — ​ — Total assets ​ $ 22.8 ​ $ 22.8 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 37.9 ​ $ — ​ $ — ​ $ 37.9 Total Liabilities ​ $ 37.9 ​ $ — ​ $ — ​ $ 37.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 47.6 ​ $ 47.6 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 15.7 ​ ​ 15.7 ​ ​ — ​ ​ — Money market funds ​ ​ 7.7 ​ ​ 7.7 ​ ​ — ​ ​ — Total assets ​ $ 71.0 ​ $ 71.0 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 2.2 ​ $ — ​ $ — ​ $ 2.2 Total Liabilities ​ $ 2.2 ​ $ — ​ $ — ​ $ 2.2 ​ The following is a description of the Company’s valuation methodologies used for instruments measured at fair value on a recurring basis: Financial Investments Financial investments consist of highly liquid U.S. Treasury securities and marketable securities held in a rabbi trust for the Company’s non-qualified retirement and benefit plans, also referred to as deferred compensation plan assets. The deferred compensation plan assets have an equal and offsetting deferred compensation plan liability based on the value of the deferred compensation plan assets. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers and therefore categorized as Level 1. See Note 16 (“Employee Benefit Plans”) for more information. Contingent Consideration Liabilities In connection with the acquisitions of Hanweck and MATCHNow, as well as the acquisition of assets of FT Options and Trade Alert, the Company entered into contingent consideration arrangements with the former owners. The total fair value of the liabilities at September 30, 2020 was $37.9 million. That value is based on the Company’s estimate of the likelihood that certain performance targets in the respective acquisition agreements are expected to be accomplished. Because the fair value measurements relating to the contingent consideration liabilities are subject to management judgment, measurement uncertainty is inherent in the valuation of the contingent consideration liabilities as of the reporting date. Based on the recorded balance of the liabilities, any measurement uncertainty related to this Level 3 measurement is immaterial as of September 30, 2020. ​ Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets, such as goodwill and intangible assets, are measured at fair value on a non-recurring basis. For goodwill, the process involves using a market approach and income approach (using discounted estimated cash flows) to determine the fair value of each reporting unit on a stand-alone basis. That fair value is compared to the carrying amount of the reporting unit, including its recorded goodwill. In connection with the annual impairment evaluation of goodwill and indefinite life intangibles, impairment is considered to have occurred if the fair value of the reporting unit is lower than the carrying amount of the reporting unit. For the intangible assets, the process also involves using a discounted cash flow method to determine the fair value of each intangible asset. Impairment is considered to have occurred if the fair value of the intangible asset is lower than its carrying amount. The Company did not perform an impairment test during the three months ended September 30, 2020, as there were no market events that would indicate it was more likely than not that these assets were impaired. These measurements are considered Level 3 and these assets are recognized at fair value if they are deemed to be impaired. Equity investments without readily determinable fair values that are valued using the measurement alternative are measured at fair value on a non-recurring basis. During the nine months ended September 30, 2020, no observable transactions or impairments impacted the measurements of the investments accounted for as other equity investments. In addition, property held for sale as of September 30, 2020 was also measured at fair value, less selling costs at September 30, 2020. See Note 6 (“Property and Equipment, Net”) for more information on property held for sale. Fair Value of Assets and Liabilities The following table presents the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 0.5 ​ $ 0.5 ​ $ — ​ $ — Deferred compensation plan assets ​ ​ 22.3 ​ ​ 22.3 ​ ​ — ​ ​ — Total assets ​ $ 22.8 ​ $ 22.8 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 37.9 ​ $ — ​ $ — ​ $ 37.9 Deferred compensation plan liabilities ​ ​ 22.3 ​ ​ 22.3 ​ ​ — ​ ​ — Debt ​ 939.1 ​ — ​ 939.1 ​ — Total liabilities ​ $ 999.3 ​ $ 22.3 ​ $ 939.1 ​ $ 37.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 47.6 ​ $ 47.6 ​ $ — ​ $ — Deferred compensation plan assets ​ ​ 23.4 ​ ​ 23.4 ​ ​ — ​ ​ — Total assets ​ $ 71.0 ​ $ 71.0 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 2.2 ​ $ — ​ $ — ​ $ 2.2 Deferred compensation plan liabilities ​ ​ 23.4 ​ ​ 23.4 ​ ​ — ​ ​ — Debt ​ 867.6 ​ — ​ 867.6 ​ — Total liabilities ​ $ 893.2 ​ $ 23.4 ​ $ 867.6 ​ $ 2.2 ​ Certain financial assets and liabilities, including cash and cash equivalents, accounts receivable, margin deposits and clearing funds, income tax receivable, accounts payable and Section 31 fees payable, are not measured at fair value on a recurring basis, but the carrying values approximate fair value due to their liquid or short-term nature. Debt The carrying amount of debt approximates its fair value based on quoted LIBOR or using a fixed rate at September 30, 2020 and is considered a Level 2 measurement. Information on Level 3 Financial Liabilities The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities during the three and nine months ended September 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Financial Liabilities for the Three Months Ended September 30, 2020 ​ ​ Balance at ​ Realized (gains) ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of ​ losses during ​ ​ ​ ​ ​ Balance at ​ Period period Additions Settlements End of Period Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities $ 20.5 ​ $ — ​ $ 17.4 $ — $ 37.9 Total Liabilities ​ $ 20.5 ​ $ — ​ $ 17.4 ​ $ — ​ $ 37.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Financial Liabilities for the Nine Months Ended September 30, 2020 ​ ​ Balance at ​ Realized (gains) ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of ​ losses during ​ ​ ​ ​ ​ Balance at ​ Period period Additions Settlements End of Period Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities $ 2.2 ​ $ — ​ $ 37.9 $ (2.2) $ 37.9 Total Liabilities ​ $ 2.2 ​ $ — ​ $ 37.9 ​ $ (2.2) ​ $ 37.9 ​

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2020
SEGMENT REPORTING
SEGMENT REPORTING	15. SEGMENT REPORTING The Company reports five business segments: Options, North American Equities, Futures, European Equities, and Global FX, which is reflective of how the Company's chief operating decision-maker reviews and operates the business, as discussed in Note 1 (“Organization and Basis of Presentation”). Segment performance is primarily evaluated based on operating income (loss). The Company’s chief operating decision-maker does not use segment-level assets or income and expenses below operating income (loss) as key performance metrics; therefore, such information is not presented below. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. Options. North American Equities. Futures. European Equities. Global FX. Summarized financial data of reportable segments was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ ​ ​ European ​ ​ ​ ​ Items and ​ ​ ​ ​ Options Equities Futures Equities Global FX Eliminations Total Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 312.8 ​ $ 403.6 ​ $ 24.0 ​ $ 39.1 ​ $ 13.2 ​ $ — ​ $ 792.7 Operating income (loss) ​ 94.4 ​ ​ 33.1 ​ ​ 10.1 ​ ​ 9.3 ​ ​ 0.6 ​ ​ (8.2) ​ ​ 139.3 Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 266.1 ​ $ 330.7 ​ $ 39.6 ​ $ 25.9 ​ $ 13.1 ​ $ — ​ $ 675.4 Operating income (loss) ​ 85.4 ​ ​ 36.4 ​ ​ 26.2 ​ ​ 4.8 ​ ​ (1.3) ​ ​ (4.1) ​ ​ 147.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ ​ ​ European ​ ​ ​ ​ Items and ​ ​ ​ ​ Options Equities Futures Equities Global FX Eliminations Total Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 986.9 ​ $ 1,367.8 ​ $ 87.1 ​ $ 97.3 ​ $ 43.8 ​ $ — ​ $ 2,582.9 Operating income (loss) ​ ​ 331.2 ​ ​ 138.0 ​ ​ 45.3 ​ ​ 24.2 ​ ​ 4.7 ​ ​ (16.0) ​ ​ 527.4 Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 743.2 ​ $ 925.2 ​ $ 103.9 ​ $ 84.9 ​ $ 40.1 ​ $ 0.2 ​ $ 1,897.5 Operating income (loss) ​ ​ 252.5 ​ ​ 110.4 ​ ​ 63.9 ​ ​ 16.3 ​ ​ (3.3) ​ ​ (21.8) ​ ​ 418.0 ​

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2020
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	16. EMPLOYEE BENEFIT PLANS Employees are eligible to participate in the Cboe Options SMART Plan (“SMART Plan”). The SMART Plan is a defined contribution plan, which is qualified under Internal Revenue Code Section 401(k). In addition, eligible employees may participate in the Supplemental Employee Retirement Plan, Executive Retirement Plan and Deferred Compensation Plan. Effective January 1, 2017, the Executive Retirement Plan is closed to new executive officers and employees. Each plan is a defined contribution plan that is non-qualified under the Internal Revenue Code. The Deferred Compensation Plan assets, held in a rabbi trust, are subject to the claims of general creditors of the Company and totaled $22.3 million and $23.4 million at September 30, 2020 and December 31, 2019, respectively. Although the value of the plans are recorded in financial investments on the condensed consolidated balance sheets, there are equal and offsetting liabilities in other non-current liabilities. The investment results of these plans have no impact on net income as the investment results are recorded in equal amounts to both other expense, net and compensation and benefits expense in the condensed consolidated statements of income. The Company contributed $4.0 million and $3.3 million to the defined contribution plans for the three months ended September 30, 2020 and 2019, respectively, and $8.1 million and $8.5 million to the defined contribution plans for the nine months ended September 30, 2020 and 2019, respectively. This expense is included in compensation and benefits in the condensed consolidated statements of income. For employees of Cboe Europe, the Company contributes to an employee-selected stakeholder contribution plan. The Company’s contribution amounted to $0.2 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively, and $0.6 million and $0.5 million for the nine months ended September 30, 2020 and 2019, respectively. This expense is included in compensation and benefits in the condensed consolidated statements of income. For employees of EuroCCP, the Company contributes to an employee-selected stakeholder contribution plan. The Company’s contribution amounted to $0.2 million for the three and nine months ended September 30, 2020. This expense is included in compensation and benefits in the condensed consolidated statements of income.

REGULATORY CAPITAL

REGULATORY CAPITAL	9 Months Ended
	Sep. 30, 2020
REGULATORY CAPITAL
REGULATORY CAPITAL	17. REGULATORY CAPITAL As a broker-dealer registered with the SEC, Cboe Trading is subject to the SEC’s Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital, as defined therein. The SEC’s requirement also provides that equity capital may not be withdrawn or a cash dividend paid if certain minimum net capital requirements are not met. Cboe Trading computes the net capital requirements under the basic method provided for in Rule 15c3-1. As of September 30, 2020, Cboe Trading is required to maintain net capital equal to the greater of 6.67% of aggregate indebtedness items, as defined, or $0.1 million. At September 30, 2020, Cboe Trading had net capital of $19.0 million, which was $18.2 million in excess of its required net capital of $0.8 million. As entities regulated by the FCA, Cboe Europe is subject to the Financial Resource Requirement (“FRR”) and Cboe Chi-X Europe is subject to the Capital Resources Requirement (“CRR”). As a RIE, Cboe Europe computes its FRR in accordance with its Financial Risk Assessment, as agreed by the FCA. This FRR was $22.7 million at September 30, 2020. At September 30, 2020, Cboe Europe had $27.5 million capital in excess of its required FRR. In accordance with the Markets in Financial Instruments Directive of the FCA requirements, Cboe Chi-X Europe computes its CRR as the greater of the base requirement of $0.1 million at September 30, 2020, or the summation of the credit risk, market risk and fixed overheads requirements, as defined. At September 30, 2020, Cboe Chi-X Europe had $0.3 million capital in excess of its required CRR. Cboe Chi-X Europe Limited is currently dormant having ceased offering its routing service in November 2018. On March 8, 2019, Cboe Europe NL received approval from the Dutch Ministry of Finance to operate a RM, a MTF, and an approved publication arrangement in the Netherlands. As a RM, Cboe Europe NL is subject to minimum capital requirements, as established by the Dutch Ministry of Finance in the license dated March 8, 2019. As of September 30, 2020, the minimum capital requirement calculated in accordance with the license was $5.7 million. At September 30, 2020, Cboe Europe NL had $1.2 million capital in excess of its requirement. On April 1, 2014, EuroCCP was granted authorization under European Market Infrastructure Regulation (“EMIR”) by the National Competent Authority, DNB. EuroCCP is required by the EMIR, to maintain a minimum amount of capital to reflect an estimate of the capital required to wind down or restructure the activities of the clearinghouse, cover operational, legal and business risks and to reserve capital to meet credit, counterparty and market risks not covered by the clearing participants’ collateral and clearing funds. At September 30, 2020, EuroCCP net capital was $59.2 million, which exceeded the EMIR capital requirement of $29.6 million. The Investment Industry Regulatory Organization of Canada (“IIROC”) sets and monitors regulatory capital requirements for MATCHNow to protect its clients and counterparties. MATCHNow is required to maintain a prescribed minimum level of risk adjusted capital (“RAC”) of $0.2 million in accordance with such requirements as IIROC may from time to time prescribe. At September 30, 2020, MATCHNow had RAC of $1.0 million, which was $0.8 million in excess of its required RAC of $0.2 million. As a designated contract market regulated by the CFTC, CFE is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. As of September 30, 2020, CFE had annual projected operating expenses of $59.3 million and had financial resources that exceeded this amount. Additionally, as of September 30, 2020, CFE had projected operating expenses for the upcoming six months of $29.7 million and had unencumbered, liquid financial assets, including a line of credit from Cboe, that exceeded this amount. As a swap execution facility regulated by the CFTC, Cboe SEF is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets must be equal to at least six months of its projected operating costs. As of September 30, 2020, Cboe SEF had annual projected operating expenses of $0.8 million and had financial resources that exceeded this amount. Additionally, as of September 30, 2020, Cboe SEF had projected operating expenses for the upcoming six months of $0.4 million and had unencumbered, liquid financial assets that exceeded this amount.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	18. STOCK-BASED COMPENSATION Stock-based compensation is based on the fair value of the award on the date of grant, which is recognized over the related service period, net of actual forfeitures. The service period is the period over which the related service is performed, which is generally the same as the vesting period. Vesting may be accelerated for certain officers and employees as a result of attaining certain age and service based requirements in the Company’s long-term incentive plan and award agreements. The Company recognized stock-based compensation expense of $4.4 million and $5.3 million for the three months ended September 30, 2020 and 2019, respectively, and $17.3 million and $17.0 million for the nine months ended September 30, 2020 and 2019, respectively. Stock-based compensation expense is included in compensation and benefits and acquisition-related costs in the condensed consolidated statements of income. ​ The activity in the Company’s stock options and restricted stock, consisting of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) for the nine months ended September 30, 2020 was as follows: ​ Stock Options The following table summarizes stock options activity during the nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic Value ​ Shares Price Term (years) (in millions) Outstanding and exercisable, December 31, 2019 10,834 ​ $ 18.59 ​ ​ ​ ​ ​ Exercised 10,834 ​ 18.59 ​ ​ ​ ​ ​ Outstanding and exercisable, September 30, 2020 ​ — ​ $ — ​ — ​ $ — ​ The total intrinsic value of stock options exercised was $0.9 million and $25.0 million for the nine months ended September 30, 2020 and 2019, respectively. RSAs and RSUs The following table summarizes RSA and RSU activity during the nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average Grant ​ Shares Date Fair Value Nonvested stock at December 31, 2019 436,013 ​ $ 92.47 Granted 192,424 ​ ​ 116.11 Vested (271,511) ​ ​ 88.24 Forfeited (12,522) ​ ​ 105.94 Nonvested stock at September 30, 2020 344,404 ​ $ 108.52 ​ RSAs granted to non-employee members of the board of directors have a one-year vesting period and vesting accelerates upon the occurrence of a change in control of the Company. Unvested portions of the RSAs will be forfeited if the director leaves the board of directors prior to the applicable vesting date. The RSAs have voting rights and entitle the holder to receive dividends. RSUs entitle the holder to one share of common stock upon vesting, typically vest over a three year period, and vesting accelerates upon the occurrence of a change in control or a termination of employment following a change in control, or in the event of a participant’s earlier death or disability. Vesting will also accelerate upon a qualified retirement. Qualified retirement eligibility occurs once a holder is at least 55 years of age and has completed at least 10 years of service for grants awarded in and after 2017. Unvested RSUs will be forfeited if the officer, or employee, leaves the Company prior to the applicable vesting date, except in limited circumstances. The RSUs have no voting rights but entitle the holder to receive dividend equivalents. In connection with the Merger, each award of restricted Bats common stock (“Bats restricted shares”) granted under any of the Bats Plans that was unvested immediately prior to the effective time of the Merger was assumed by the Company and converted into an award of restricted shares of our common stock, subject to the same terms and conditions (including vesting schedule) that applied to the applicable Bats restricted shares immediately prior to the effective time of the Merger (but taking into account any changes, including any acceleration of vesting of such Bats restricted shares, occurring by reason provided for in the agreement related to the Merger). During the nine months ended September 30, 2020, to satisfy employees’ tax obligations upon the vesting of restricted stock, the Company purchased 100,114 shares of common stock totaling $11.8 million as the result of the vesting of 271,511 shares of restricted stock. PSUs The following table summarizes restricted stock units contingent upon achievement of performance conditions, also known as PSUs, activity during the nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average Grant ​ Shares Date Fair Value Nonvested stock at December 31, 2019 132,248 ​ $ 105.75 Granted 72,975 ​ ​ 125.62 Vested (48,053) ​ ​ 108.91 Forfeited (34,504) ​ ​ 109.85 Nonvested stock at September 30, 2020 122,666 ​ $ 115.18 ​ PSUs include awards related to earnings per share during the performance period as well as awards related to total shareholder return during the performance period. The Company used the Monte Carlo valuation model method to estimate the fair value of the total shareholder return PSUs which incorporated the following assumptions: risk-free interest rate (1.36)%, three-year volatility (21.0)% and three-year correlation with S&P 500 Index (0.25). Each of these performance shares has a performance condition under which the number of units ultimately awarded will vary from 0% to 200% of the original grant, with each unit representing the contingent right to receive one share of the Company’s common stock. The vesting period for the PSUs contingent on the achievement of performance conditions is three years. For each of the performance awards, the PSUs will be settled in shares of the Company’s common stock following vesting of the PSU assuming that the participant has been continuously employed during the vesting period, subject to acceleration in the event of a change in control of the Company, or a termination of employment following a change in control, or in the event of a participant’s earlier death or disability. Participants have no voting rights with respect to the PSUs until the issuance of the shares of common stock. Dividends are accrued by the Company and will be paid after the associated performance conditions are achieved and the PSUs are settled in shares of the Company’s common stock. In the nine months ended September 30, 2020, to satisfy employees’ tax obligations upon the vesting of PSUs, the Company purchased 19,456 shares of common stock totaling $2.4 million as the result of the vesting of 48,053 PSUs. As of September 30, 2020, there were $26.7 million in total unrecognized compensation costs related to restricted stock, RSUs, and PSUs. These costs are expected to be recognized over a weighted average period of 1.9 years. Employee Stock Purchase Plan In May 2018, the Company’s stockholders approved an Employee Stock Purchase Plan, (“ESPP”), under which a total of 750,000 shares of the Company’s common stock was made available for purchase to employees. The ESPP is a broad-based plan that permits employees to contribute up to 10% of wages and base salary to purchase shares of the Company’s common stock at a discount, subject to applicable annual Internal Revenue Service limitations. Under the ESPP, a participant may not purchase more than a maximum of 312 shares of the Company’s common stock during any single offering period. No participant may accrue options to purchase shares of the Company’s common stock at a rate that exceeds $25,000 in fair market value of the Company’s common stock (determined at the time such options are granted) for each calendar year in which such rights are outstanding at any time. The exercise price per share of common stock shall be 90% (for eligible U.S. employees) or 85% (for eligible international employees) of the lesser of the fair value of the stock on the first day of the applicable offering period or the applicable exercise date. The Company records compensation expense over the offering period related to the discount that is given to employees, which totaled $18.6 thousand and $0.2 million for the three months ended September 30, 2020 and 2019, respectively, and $0.2 million and $0.4 million for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, 692,432 shares were reserved for future issuance under the ESPP.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2020
EQUITY
EQUITY	19. EQUITY Common Stock ​ The Company’s common stock is listed on Cboe BZX under the trading symbol CBOE. As of September 30, 2020, 325,000,000 shares of common stock were authorized, $0.01 par value, and 125,996,924 and 108,311,921 shares were issued and outstanding, respectively. As of December 31, 2019, 325,000,000 shares of common stock were authorized, $0.01 par value, and 125,701,889 and 110,656,892 shares were issued and outstanding, respectively. The holders of common stock are entitled to one vote per share. Common Stock in Treasury, at Cost ​ The Company accounts for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Cboe stockholders’ equity and included in common stock in treasury, at cost in the condensed consolidated balance sheets. Shares repurchased under the Company’s share repurchase program are available to be redistributed. When treasury shares are redistributed, they are recorded at the average cost of the treasury shares acquired. The Company held 17,685,003 and 15,044,997 shares of common stock in treasury as of September 30, 2020 and December 31, 2019, respectively. Share Repurchase Program ​ In 2011, the board of directors approved an initial authorization for the Company to repurchase shares of its outstanding common stock of $100 million and approved additional authorizations of $100 million in each of 2012, 2013, 2014, 2015 and 2016, $150 million in February 2018, $100 million in August 2018, $250 million in October 2019, and $250 million in June 2020, for a total authorization of $1.4 billion. The Company expects to fund repurchases primarily through the use of existing cash balances. The program permits the Company to purchase shares, through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation. ​ The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the periods presented as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2020 2019 Number of shares of common stock repurchased ​ 465,366 ​ ​ 453,319 Average price paid per share $ 89.92 ​ $ 115.49 Total purchase price (in millions) $ 41.8 ​ $ 52.4 ​ Since inception of the program through September 30, 2020, the Company has repurchased 16,236,415 shares of common stock at an average cost per share of $65.40, totaling $1.1 billion. As of September 30, 2020 and 2019, the Company had $288.1 million and $118.7 million of availability remaining under its existing share repurchase authorizations, respectively. Purchase of Common Stock from Employees ​ The Company purchased 786 and 3,569 shares that were not part of the publicly announced share repurchase authorization from employees for an average price paid per share of $100.62 and $111.56 during the three months ended September 30, 2020 and 2019, respectively. These shares consisted of shares retained to cover payroll withholding taxes or option costs in connection with the vesting of RSAs, RSUs, PSUs, and stock option exercises. ​ Preferred Stock ​ The Company has authorized the issuance of 20,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. As of September 30, 2020, and December 31 2019, the Company had no shares of preferred stock issued or outstanding. ​ Dividends ​ During the three months ended September 30, 2020, the Company declared and paid paid Each share of common stock, including RSAs, RSUs, and PSUs, is entitled to receive dividend and dividend equivalents, respectively, if, as and when declared by the board of directors of the Company. The Company’s expectation is to continue to pay dividends. The decision to pay a dividend, however, remains within the discretion of the Company’s board of directors and may be affected by various factors, including our earnings, financial condition, capital requirements, level of indebtedness and other considerations our board of directors deems relevant. Future debt obligations and statutory provisions, among other things, may limit, or in some cases prohibit, our ability to pay dividends. As a holding company, the Company’s ability to declare and continue to pay dividends in the future with respect to its common stock will also be dependent upon the ability of its subsidiaries to pay dividends to it under applicable corporate law.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
INCOME TAXES
INCOME TAXES	20. INCOME TAXES The Company records income tax expense during interim periods based on the best estimate of the full year’s tax rate as adjusted for discrete items, if any, that are taken into account in the relevant interim period. Each quarter, the Company updates its estimate of the annual effective tax rate and any change in the estimated rate is recorded on a cumulative basis. The effective tax rate from continuing operations was 32.7% and 24.8% for the three months ended September 30, 2020 and 2019, respectively, and 29.1% and 26.5% for the nine months ended September 30, 2020 and 2019, respectively. The higher effective tax rate in 2020 is primarily due to the remeasurement of deferred tax liabilities as a result of an increase in the statutory tax rate in the United Kingdom. The Company petitioned the Tax Court on January 13, 2017, May 7, 2018 and November 29, 2018 for a redetermination of IRS notices of deficiency for Cboe and certain of its subsidiaries for tax years 2011 through 2015 related to its Section 199 claims. The Company also filed a complaint on October 5, 2018 with the Court of Federal Claims for a refund of Section 199 claims related to tax years 2008 through 2010. The U.S. Tax Court set the trial to start on April 20, 2020, but due to the COVID-19 public emergency, the U.S. Tax Court struck the April 20, 2020 trial date and suspended all other deadlines. The Company believes the aggregate amount of any additional liabilities that may result from these examinations, if any, will not have a material adverse effect on the financial position, results of operations, or cash flows of the Company. As of September 30, 2020, the Company has not resolved these matters, and proceedings continue in Tax Court and the Court of Federal Claims.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2020
EARNINGS PER SHARE
EARNINGS PER SHARE	21. EARNINGS PER SHARE The computation of basic net income per common share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders. The computation of diluted net income per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method. Additionally, the change in the redemption value for the noncontrolling interest reduces net income allocated to common stockholders. The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data) for the three and nine months ended September 30, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (in millions, except per share amounts) 2020 2019 2020 2019 Basic earnings per share numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 109.9 ​ $ 105.9 ​ $ 380.9 ​ $ 284.5 Loss attributable to noncontrolling interest ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 4.1 Net income excluding noncontrolling interest ​ 109.9 ​ 106.0 ​ 380.9 ​ 288.6 Change in redemption value of noncontrolling interest ​ ​ — ​ ​ (0.1) ​ ​ — ​ ​ (0.5) Earnings allocated to participating securities ​ (0.3) ​ (0.4) ​ (1.0) ​ (1.5) Net income allocated to common stockholders ​ $ 109.6 ​ $ 105.5 ​ $ 379.9 ​ $ 286.6 Basic earnings per share denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 108.7 ​ ​ 111.6 ​ ​ 109.5 ​ ​ 111.6 Basic earnings per share ​ $ 1.01 ​ $ 0.95 ​ $ 3.47 ​ $ 2.57 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 109.9 ​ $ 105.9 ​ $ 380.9 ​ $ 284.5 Loss attributable to noncontrolling interest ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 4.1 Net income excluding noncontrolling interest ​ 109.9 ​ 106.0 ​ 380.9 ​ 288.6 Change in redemption value of noncontrolling interest ​ ​ — ​ ​ (0.1) ​ ​ — ​ ​ (0.5) Earnings allocated to participating securities ​ (0.3) ​ (0.4) ​ (1.0) ​ (1.5) Net income allocated to common stockholders ​ $ 109.6 ​ $ 105.5 ​ $ 379.9 ​ $ 286.6 Diluted earnings per share denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 108.7 ​ ​ 111.6 ​ ​ 109.5 ​ ​ 111.6 Dilutive potential common shares outstanding ​ ​ 0.1 ​ ​ 0.3 ​ ​ 0.3 ​ ​ 0.4 Total dilutive weighted average shares ​ ​ 108.8 ​ ​ 111.9 ​ ​ 109.8 ​ ​ 112.0 Diluted earnings per share ​ $ 1.01 ​ $ 0.94 ​ $ 3.46 ​ $ 2.56 ​ For the periods presented, the Company did not have shares of stock-based compensation that would have an anti-dilutive effect on the computation of diluted net income per common share.

COMMITMENTS, CONTINGENCIES AND

COMMITMENTS, CONTINGENCIES AND GUARANTEES	9 Months Ended
	Sep. 30, 2020
COMMITMENTS, CONTINGENCIES, AND GUARANTEES
COMMITMENTS, CONTINGENCIES, AND GUARANTEES	22. COMMITMENTS, CONTINGENCIES AND GUARANTEES Legal Proceedings As of September 30, 2020, the Company was subject to the various legal proceedings and claims discussed below, as well as certain other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. The Company reviews its legal proceedings and claims, regulatory reviews and inspections and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for the condensed consolidated financial statements to not be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. The Company’s assessment of whether a loss is remote, reasonably possible, or probable is based on its assessment of the ultimate outcome of the matter following all appeals. As of September 30, 2020, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these legal proceedings and claims, regulatory reviews, inspections or other legal proceedings, if any, has been incurred. While the consequences of certain unresolved proceedings are not presently determinable, the outcome of any proceeding is inherently uncertain and an adverse outcome from certain matters could have a material effect on the financial position, results of operations, or cash flows of the Company in any given reporting period. Except as set forth herein, there have been no material changes during the period covered by this Form 10-Q from the legal proceedings disclosures in the Annual Report on Form 10-K for the year ended December 31, 2019. City of Providence On April 18, 2014, the City of Providence, Rhode Island filed a securities class action lawsuit in the Southern District of New York against Bats and Direct Edge Holdings LLC, as well as 14 other securities exchanges. The action purports to be brought on behalf of all public investors who purchased and/or sold shares of stock in the United States since April 18, 2009 on a registered public stock exchange (“Exchange Defendants”) or a U.S.-based alternate trading venue and were injured as a result of the alleged misconduct detailed in the complaint, which includes allegations that the Exchange Defendants committed fraud through a variety of business practices associated with, among other things, what is commonly referred to as high frequency trading. On May 2, 2014 and May 20, 2014, American European Insurance Company and Harel Insurance Co., Ltd. each filed substantially similar class action lawsuits against the Exchange Defendants which were ultimately consolidated with the City of Providence, Rhode Island securities class action lawsuit. On June 18, 2015, the Southern District of New York (the “Lower Court”) held oral argument on the pending Motion to Dismiss and thereafter, on August 26, 2015, the Lower Court issued an Opinion and Order granting Exchange Defendants’ Motion to Dismiss, dismissing the complaint in full. Plaintiff filed a Notice of Appeal of the dismissal on September 24, 2015 and its appeal brief on January 7, 2016. Respondent's brief was filed on April 7, 2016 and oral argument was held on August 24, 2016. Following oral argument, the Court of Appeals issued an order requesting that the SEC submit an amicus brief on whether the Lower Court had jurisdiction and whether the Exchange Defendants have immunity in the claims alleged. The SEC filed its amicus brief with the Court of Appeals on November 28, 2016 and Plaintiff and the Exchange Defendants filed their respective supplemental response briefs on December 12, 2016. On December 19, 2017, the Court of Appeals reversed the Lower Court’s dismissal and remanded the case back to the Lower Court. On March 13, 2018, the Court of Appeals denied the Exchange Defendants’ motion for re-hearing. The Exchange Defendants filed their opening brief for their motion to dismiss May 18, 2018, Plaintiffs’ response was filed June 15, 2018 and the Exchange Defendants’ reply was filed June 29, 2018. On May 28, 2019, the Lower Court issued an opinion and order denying the Exchange Defendants’ motion to dismiss. On June 17, 2019, the Exchange Defendants filed a motion seeking interlocutory appeal of the May 28, 2019 dismissal order, which was denied July 16, 2019. Exchange Defendants filed their answers on July 25, 2019. The discovery period in the matter commenced and is scheduled to continue through 2020. Given the preliminary nature of the proceedings, the Company is unable to estimate what, if any, liability may result from this litigation. However, the Company believes that the claims are without merit and intends to litigate the matter vigorously. SIFMA Securities Industry Financial Markets Association (“SIFMA”) has filed a number of denial of access applications with the SEC to set aside proposed rule changes to establish or modify fees for Cboe Options, C2, BZX, BYX, EDGX and EDGA (the “Exchanges”) market data products and related services (the “Challenged Fees”). The Challenged Fees were held in abeyance pending a decision, which was issued by the SEC on October 16, 2018, on a separate SIFMA denial of access application regarding fees proposed by Nasdaq and the NYSE for their respective market data products. NASDAQ and NYSE filed petitions for review (“PFRs”) with the Court of Appeals for the D.C. Circuit (“D.C. Circuit”) seeking to appeal the SEC’s opinion (“Bellwether Case”). On June 5, 2020, the D.C. Circuit granted the PFRs and vacated the SEC’s finding that SIFMA could challenge generally applicable market data fees as a denial of access under Section 19(d) of the Exchange Act. In a second order entered on October 16, 2018, the SEC issued an order (the “Order”) that remanded the stayed Challenged Fees and ordered the Exchanges to: (i) within six months of the Order, provide notice to the SEC of developed or identified fair procedures for assessing the Challenged Fees (the “Procedures”) and (ii) within one year of the Order, apply the Procedures to the Challenged Fees and submit to the SEC a record explaining the Exchanges’ conclusions. On October 26, 2018, the Exchanges filed a motion to reconsider the Order with the SEC. On November 21, 2018, the Exchanges filed with the SEC a joinder motion to NYSE’s prior motion for stay of the Order. On December 3, 2018, SIFMA filed a response to NYSE’s motion for stay. Nasdaq withdrew its motion to reconsider the Order with the SEC on December 4, 2018, and on December 5, 2018, filed a Petition for Review with the D.C. Circuit. On December 14, 2018, the SEC denied the motion for stay but tolled the compliance date set forth in the remand order until ruling is made on the motion to reconsider. The Exchanges and NYSE filed on January 4, 2019 a motion to intervene in the Nasdaq Petition for Review to ensure the ability to participate in the case; the motion to intervene was granted on January 25, 2019. On the same day, SIFMA filed a motion with the D.C. Circuit moving to dismiss or hold in abeyance the Petition for Review. The Exchanges and NYSE submitted on February 6, 2019 a statement of issues for consideration in connection with the Petition for Review pending before the D.C. Circuit. On March 29, 2019, the D.C. Circuit issued an order indicating that SIFMA’s motion to dismiss will be considered with the underlying merits of the Petition for Review. On May 7, 2019, the SEC denied the Exchanges and NYSE’s motion for reconsideration of the Order. The SEC also further tolled the effectiveness of the remand order subject to the resolution of the substantive SIFMA case against Nasdaq and NYSE Arca that is already before the D.C. Circuit. On June 17, 2019, the Exchanges filed a petition for review of the May 7, 2019 SEC order denying reconsideration of the Order with the D.C. Circuit and of the Order. The Exchanges’ joint opening brief was filed on October 23, 2019, the SEC’s response was filed on November 22, 2019, the Exchanges’ joint reply was filed on December 20, 2019 and final briefs were filed on January 10, 2020. Oral arguments were held on February 18, 2020. On June 5, 2020, the D.C. Circuit remanded the Order to the SEC for reconsideration in light of the Bellwether Case opinion, i.e., that generally applicable market data fees may not be challenged as a denial of access under Section 19(d) of the Exchange Act. On August 7, 2020, the SEC entered an Order Vacating Prior Order and Requesting Additional Briefs. By September 3, 2020, all applications that had been previously filed with the SEC for review were the subject of notices for voluntary dismissal. On September 9, 2020, the Exchanges filed a response to the SEC’s August 7, 2020 Order. On October 5, 2020, the SEC entered an Order Granting Requests to Withdraw Applications for Review and Dismissing Review Proceedings. The deadline for the SEC to file a petition for writ of certiorari to the U.S. Supreme Court as to the Bellwether Case is November 2, 2020. An adverse ruling in that matter or a subsequent appeal could adversely affect exchange market data fees. However, the Company believes that the claims are without merit and intends to litigate the matter vigorously. The Company is unable to estimate what, if any, liability may result from this litigation. ​ VIX Litigation On March 20, 2018, a putative class action complaint captioned Tomasulo v. Cboe Exchange, Inc., et al., No. 18-cv-02025 was filed in federal district court for the Northern District of Illinois alleging that the Company intentionally designed its products, operated its platforms, and formulated the method for calculating VIX and the Special Opening Quotation, (i.e., the special VIX value designed by the Company and calculated on the settlement date of VIX derivatives prior to the opening of trading), in a manner that could be collusively manipulated by a group of entities named as John Doe defendants. A number of similar putative class actions, some of which do not name the Company as a party, were filed in federal court in Illinois and New York on behalf of investors in certain volatility-related products. On June 14, 2018, the Judicial Panel on Multidistrict Litigation centralized the putative class actions in the federal district court for the Northern District of Illinois. On September 28, 2018, plaintiffs filed a master, consolidated complaint that is a putative class action alleging various claims against the Company and John Doe defendants in the federal district court for the Northern District of Illinois. The claims asserted against the Company consist of a Securities Exchange Act fraud claim, three Commodity Exchange Act claims and a state law negligence claim. Plaintiffs request a judgment awarding class damages in an unspecified amount, as well as punitive or exemplary damages in an unspecified amount, prejudgment interest, costs including attorneys’ and experts’ fees and expenses and such other relief as the court may deem just and proper. On November 19, 2018, the Company filed a motion to dismiss the master consolidated complaint and the plaintiffs filed their response on January 7, 2019. The Company filed its reply on January 28, 2019. On May 29, 2019, the federal district court for the Northern District of Illinois granted the Company’s motion to dismiss plaintiffs’ entire complaint against the Company. The state law negligence claim was dismissed with prejudice and the other claims were dismissed without prejudice with leave to file an amended complaint, which plaintiffs filed on July 19, 2019. On August 28, 2019, the Company filed its second motion to dismiss the amended consolidated complaint and plaintiffs filed their response on October 8, 2019. On January 27, 2020, the federal district court for the Northern District of Illinois granted the Company’s second motion to dismiss and all counts against the Company were dismissed with prejudice. On April 21, 2020, the federal district court for the Northern District of Illinois granted plaintiffs’ motion to certify the January 27, 2020 dismissal order for an immediate appeal. On May 19, 2020, plaintiffs filed a notice of appeal with the Court of Appeals for the Seventh Circuit (“7th Circuit”), seeking to appeal the April 21, 2020 order granting the entry of partial final judgment and both orders granting the Company’s motions to dismiss entered on May 29, 2019 and January 27, 2020. On June 29, 2020, plaintiffs filed their opening brief with the 7th Circuit, on August 28, 2020 the Company filed its opposition brief with the 7th Circuit, on September 7, 2020, CME Group Inc., Intercontinental Exchange, Inc. and National Futures Association filed an amici curiae brief in support of the Company on the Bad Faith Standard with the 7th Circuit and on October 16, 2020, plaintiffs filed their reply brief with the 7th Other As self-regulatory organizations under the jurisdiction of the SEC, Cboe Options, C2, BZX, BYX, EDGX and EDGA are subject to routine reviews and inspections by the SEC. As a designated contract market under the jurisdiction of the CFTC, CFE is subject to routine rule enforcement reviews and examinations by the CFTC. Cboe SEF, LLC is a swap execution facility registered with the CFTC and subject to routine rule enforcement reviews and examinations by the CFTC. Cboe Trading is subject to reviews and inspections by FINRA. The Company has from time to time received inquiries and investigative requests from the SEC’s Office of Compliance Inspections and Examinations and the CFTC’s Division of Market Oversight as well as the SEC Division of Enforcement and CFTC Division of Enforcement seeking information about the Company’s compliance with its obligations as a self-regulatory organization under the federal securities laws and Commodity Exchange Act as well as members’ compliance with the federal securities laws and Commodity Exchange Act. In addition, while Cboe Europe, Cboe Chi-X Europe, EuroCCP, Cboe NL, and MATCHNow have not been the subject of any material litigation or regulatory investigation in the past, there is always the possibility of such action in the future. As Cboe Europe and Cboe Chi-X Europe are domiciled in the U.K., it is likely that any action would be taken in the U.K. courts in relation to litigation or by the FCA in relation to any regulatory enforcement action. As EuroCCP is domiciled in the Netherlands, it is likely that any action would be taken in the Dutch courts in relation to litigation or by the DNB or Dutch Authority for Financial Markets in relation to any regulatory enforcement action. For Cboe NL, also domiciled in the Netherlands, it is likely that any actions would be taken in the Dutch courts in relation to litigation or Dutch Authority for Financial Markets in relation to any regulatory enforcement action. As MATCHNow is domiciled in Canada, it is likely that any action would be taken in the Canadian courts in relation to litigation or by the IIROC or Ontario Securities Commission in relation to any regulatory enforcement action. The Company is also currently a party to various other legal proceedings in addition to those already mentioned. Management does not believe that the likely outcome of any of these other reviews, inspections, investigations or other legal proceedings is expected to have a material impact on the Company’s financial position, results of operations, liquidity or capital resources. See also Note 7 (“Credit Losses”) for information on promissory notes related to the CAT. See also Note 20 (“Income Taxes”). Contractual Obligations See Note 13 (“Clearing Operations”) for information on EuroCCP’s clearinghouse exposure guarantee. See Note 23 (“Leases”) for information on lease obligations.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2020
LEASES
LEASES	23. LEASES The Company currently leases office space, data centers, remote network operations centers, and equipment under non-cancelable operating leases with third parties as of September 30, 2020 one ​ In September 2019, the Company signed a new lease to secure approximately 185,000 square feet of office space within the Old Post Office building in Chicago, Illinois, which will serve as the Company’s new global headquarters. The initial term of the lease is 187 months from the accounting commencement date, January 13, 2020. The Company has the option to renew the lease term for an additional 60 months. The total legally binding minimum lease payments for this lease are approximately $98.8 million. See Note 6 (“Property and Equipment, Net”) for information on the current headquarters location. Additionally, in September 2019, the Company signed a new lease to secure approximately 40,000 square feet of office space within the Chicago Board of Trade Building in Chicago, Illinois, where the Company plans to build a new trading floor and office space. The initial term of the lease is 150 months from the accounting commencement date, May 1, 2020. The Company has the option to renew the lease term for an additional 60 months. The total legally binding minimum lease payments for this lease are approximately $17.1 million. ​ The following table presents the supplemental balance sheet information related to leases as of September 30, 2020 and December 31, 2019, respectively (in millions): ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 ​ 2019 Operating lease right of use assets $ 116.1 ​ $ 53.4 Total leased assets $ 116.1 ​ $ 53.4 ​ ​ ​ ​ Accrued liabilities $ 12.0 ​ $ 8.7 Non-current operating lease liabilities ​ 135.6 ​ ​ 46.7 Total leased liabilities $ 147.6 ​ $ 55.4 ​ The following table presents operating lease costs and other information as of and for the three and nine months ended September 30, 2020 and 2019, respectively (in millions, except as stated): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ 2020 ​ 2019 ​ 2020 ​ 2019 Operating lease costs (1) $ 4.7 ​ ​ $ 3.4 ​ ​ $ 14.5 ​ ​ $ 8.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease term and discount rate information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ ​ ​ ​ ​ ​ ​ ​ ​ 12.6 ​ ​ ​ 9.4 ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.4 % ​ ​ 3.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information and non-cash activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities $ 3.2 ​ ​ $ 2.7 ​ ​ $ 8.6 ​ ​ $ 7.5 ​ Lease incentive for leasehold improvements ​ — ​ ​ ​ — ​ ​ ​ 25.2 ​ ​ ​ — ​ Right-of-use assets obtained in exchange for lease liabilities (2) ​ 0.9 ​ ​ ​ 2.0 ​ ​ ​ 71.8 ​ ​ ​ 21.0 ​ (1) Includes short-term lease and variable lease costs, which are immaterial. (2) Excludes right-of-use assets and lease liabilities recognized upon adoption of the lease accounting standard in 2019 of $40.3 million and $42.8 million, respectively. ​ The maturities of the lease liabilities are as follows as of September 30, 2020 (in millions): ​ ​ ​ ​ ​ ​ September 30, ​ 2020 Remainder of 2020 ​ $ 4.2 2021 ​ ​ 16.8 2022 ​ ​ 17.3 2023 ​ ​ 16.0 2024 ​ ​ 11.6 After 2024 ​ 118.6 Total lease payments (1) ​ $ 184.5 Less: Interest ​ ​ (36.9) Present value of lease liabilities ​ $ 147.6 (1) Total lease payments include $ 20.4 million related to options to extend lease terms that are reasonably certain of being exercised .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	24. SUBSEQUENT EVENTS On October 28, 2020, the Company announced that its board of directors declared a quarterly cash dividend of $0.42 per share. The dividend is payable December 15, 2020 to stockholders of record at the close of business November 30, 2020. There have been no additional subsequent events that would require disclosure in, or adjustment to, the condensed consolidated financial statements as of and for the nine months ended September 30, 2020.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2020
ORGANIZATION AND BASIS OF PRESENTATION
Basis of Presentation	Basis of Presentation These interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year. For those consolidated subsidiaries in which the Company’s ownership is less than 100% and for which the Company has control over the assets and liabilities and the management of the entity, the outside stockholders’ interest is shown as noncontrolling interest.
Segment information	Segment information The Company has five business segments: Options, North American Equities (formerly U.S. Equities), Futures, European Equities, and Global FX, which is reflective of how the Company’s chief operating decision-maker reviews and operates the business. See Note 15 (“Segment Reporting”) for more information.
Significant Accounting Policies	Significant Accounting Policies With the exception of the change in the accounting for expected credit losses as a result of the adoption of Accounting Standards Update (“ASU”) 2016-13 (as discussed below in “Recent Accounting Pronouncements Adopted”) and the new accounting policies for margin deposits and clearing funds as a result of the acquisition of EuroCCP, there have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, that are of significance, or potential significance, to the Company.
Accounts Receivable, net	Accounts Receivable, net Accounts receivable are concentrated with the Company’s member firms and market data distributors and are carried at amortized cost. The Company nets transaction fees and liquidity payments for each member firm on a monthly basis and recognizes the total owed from a member firm as accounts receivable, net, and the total owed to a member firm as accounts payable and accrued liabilities in the condensed consolidated balance sheets. On a periodic basis, management evaluates the Company’s accounts receivable and records an allowance for expected credit losses using an aging schedule. The aging schedule applies loss rates based on historical loss information and, as deemed necessary, is adjusted for differences in the nature of the receivables that exist at the reporting date from the historical period. Due to the short-term nature of the accounts receivable, changes in future economic conditions are not expected to have a significant impact on the expected credit losses. The accounts receivable are presented net of allowance for credit losses on the condensed consolidated balance sheets and the associated losses are presented in other operating expenses on the condensed consolidated statements of income.
Margin Deposits and Clearing Funds	Margin Deposits and Clearing Funds Margin deposits and clearing funds in the form of cash contributions by EuroCCP’s clearing participants where title has transferred to EuroCCP are included as current assets with equal and offsetting current liabilities in the condensed consolidated balance sheet. These margin deposits and clearing funds are deposited with De Nederlandsche Bank (“DNB”), can only be used for specified EuroCCP operations, and fluctuate over time due to changes in deposit requirements. Certain non-cash margin deposits and clearing fund deposits, as well as interoperability fund deposits, are not reflected in the accompanying condensed consolidated balance sheet, as EuroCCP does not take legal ownership of these balances. Cash held as margin deposits and clearing fund deposits may be invested at an approved bank in accordance with EuroCCP’s investment policy, and any interest or gain received, or loss incurred on invested funds is recorded in other revenue in the condensed consolidated statements of income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements - Adopted In June 2016, the FASB issued ASU 2016-13, Credit Losses. This update replaces the incurred loss impairment methodology in GAAP with a methodology that requires management to estimate an expected lifetime credit loss on financial assets. This includes accounts receivable and notes receivable, which is included in other assets, net on the condensed consolidated balance sheets. The update also amends the impairment model for available-for-sale debt securities. The forward-looking expected lifetime credit loss model generally will result in the earlier recognition of credit losses. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company adopted this ASU on January 1, 2020 using the modified retrospective approach and did not restate comparative periods. Upon the adoption of the standard, the Company recognized an immaterial cumulative-effect adjustment to retained earnings for the estimate of current expected credit loss on financial instruments within the scope of the standard, including accounts receivable, net. Accounts receivable related to clearing operations are fully collateralized, which minimizes credit loss exposure. Based on the Company’s high turnover and collectability of accounts receivable, as well as the monthly billing process for the majority of revenue, there was not a significant variance in the recognized loss between the incurred loss impairment methodology under the prior standard and the expected lifetime credit loss model under this ASU. The financial instruments other than accounts receivable, net that are within the scope of the standard were not materially impacted by the standard. The impact to the condensed consolidated balance sheet was immaterial in nature and there was no impact to the condensed consolidated statements of income and cash flows. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This ASU removes certain disclosure requirements related to the fair value hierarchy, modifies existing disclosure requirements related to measurement uncertainty and adds new disclosure requirements. The new disclosure requirements include disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted this ASU on January 1, 2020 using the prospective approach, which did not result in a material impact to the condensed consolidated financial statements and disclosures. Recent Accounting Pronouncements - Issued, not yet Adopted There are no applicable material accounting pronouncements that have been issued but are not yet adopted as of September 30, 2020.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2020
REVENUE RECOGNITION
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ American ​ ​ ​ ​ European ​ Global ​ Items and ​ ​ ​ ​ Options Equities Futures Equities FX Eliminations Total Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 241.4 ​ $ 253.0 ​ $ 16.8 ​ $ 23.4 ​ $ 10.9 ​ $ — ​ $ 545.5 Access and capacity fees ​ ​ 27.5 ​ ​ 21.2 ​ ​ 4.4 ​ ​ 5.4 ​ ​ 2.1 ​ ​ — ​ ​ 60.6 Market data fees ​ ​ 19.8 ​ ​ 34.3 ​ ​ 1.7 ​ ​ 3.5 ​ ​ 0.2 ​ ​ — ​ ​ 59.5 Regulatory fees ​ ​ 19.7 ​ ​ 94.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 113.8 Other revenue ​ ​ 4.4 ​ ​ 1.0 ​ ​ 1.1 ​ ​ 6.8 ​ ​ — ​ ​ — ​ ​ 13.3 ​ ​ $ 312.8 ​ $ 403.6 ​ $ 24.0 ​ $ 39.1 ​ $ 13.2 ​ $ — ​ $ 792.7 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 265.5 ​ $ 348.1 ​ $ 17.9 ​ $ 30.2 ​ $ 10.9 ​ $ — ​ $ 672.6 Services transferred over time ​ ​ 47.3 ​ ​ 55.5 ​ ​ 6.1 ​ ​ 8.9 ​ ​ 2.3 ​ ​ — ​ ​ 120.1 ​ ​ $ 312.8 ​ $ 403.6 ​ $ 24.0 ​ $ 39.1 ​ $ 13.2 ​ $ — ​ $ 792.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 207.1 ​ $ 199.4 ​ $ 31.2 ​ $ 16.9 ​ $ 11.2 ​ $ — ​ $ 465.8 Access and capacity fees ​ ​ 26.0 ​ ​ 20.1 ​ ​ 4.0 ​ ​ 3.9 ​ ​ 1.7 ​ ​ — ​ ​ 55.7 Market data fees ​ ​ 13.8 ​ ​ 37.7 ​ ​ 1.6 ​ ​ 3.0 ​ ​ 0.2 ​ ​ — ​ ​ 56.3 Regulatory fees ​ ​ 15.9 ​ ​ 72.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 88.1 Other revenue ​ ​ 3.3 ​ ​ 1.3 ​ ​ 2.8 ​ ​ 2.1 ​ ​ — ​ ​ — ​ ​ 9.5 ​ ​ $ 266.1 ​ $ 330.7 ​ $ 39.6 ​ $ 25.9 ​ $ 13.1 ​ $ — ​ $ 675.4 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 226.3 ​ $ 272.9 ​ $ 34.0 ​ $ 19.0 ​ $ 11.2 ​ $ — ​ $ 563.4 Services transferred over time ​ ​ 39.8 ​ ​ 57.8 ​ ​ 5.6 ​ ​ 6.9 ​ ​ 1.9 ​ ​ — ​ ​ 112.0 ​ ​ $ 266.1 ​ $ 330.7 ​ $ 39.6 ​ $ 25.9 ​ $ 13.1 ​ $ — ​ $ 675.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ ​ ​ ​ European ​ Global ​ Items and ​ ​ ​ ​ ​ Options ​ Equities ​ Futures ​ Equities ​ FX ​ Eliminations ​ Total Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 776.4 ​ $ 882.1 ​ $ 68.5 ​ $ 60.9 ​ $ 37.4 ​ $ — ​ $ 1,825.3 Access and capacity fees ​ ​ 78.6 ​ ​ 62.1 ​ ​ 12.5 ​ ​ 15.0 ​ ​ 5.8 ​ ​ — ​ ​ 174.0 Market data fees ​ ​ 54.8 ​ ​ 104.1 ​ ​ 5.0 ​ ​ 9.9 ​ ​ 0.6 ​ ​ — ​ ​ 174.4 Regulatory fees ​ ​ 63.0 ​ ​ 316.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 379.3 Other revenue ​ ​ 14.1 ​ ​ 3.2 ​ ​ 1.1 ​ ​ 11.5 ​ ​ — ​ ​ — ​ ​ 29.9 ​ ​ $ 986.9 ​ $ 1,367.8 ​ $ 87.1 ​ $ 97.3 ​ $ 43.8 ​ $ — ​ $ 2,582.9 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 853.5 ​ $ 1,201.6 ​ $ 69.6 ​ $ 72.4 ​ $ 37.4 ​ $ — ​ $ 2,234.5 Services transferred over time ​ ​ 133.4 ​ ​ 166.2 ​ ​ 17.5 ​ ​ 24.9 ​ ​ 6.4 ​ ​ — ​ ​ 348.4 ​ ​ $ 986.9 ​ $ 1,367.8 ​ $ 87.1 ​ $ 97.3 ​ $ 43.8 ​ $ — ​ $ 2,582.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 565.7 ​ $ 580.3 ​ $ 84.1 ​ $ 57.5 ​ $ 34.4 ​ $ — ​ $ 1,322.0 Access and capacity fees ​ ​ 77.6 ​ ​ 58.7 ​ ​ 11.5 ​ ​ 11.8 ​ ​ 5.0 ​ ​ — ​ ​ 164.6 Market data fees ​ ​ 41.5 ​ ​ 103.4 ​ ​ 4.9 ​ ​ 9.4 ​ ​ 0.5 ​ ​ — ​ ​ 159.7 Regulatory fees ​ ​ 47.1 ​ ​ 178.9 ​ ​ 0.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 226.5 Other revenue ​ ​ 11.3 ​ ​ 3.9 ​ ​ 2.9 ​ ​ 6.2 ​ ​ 0.2 ​ ​ 0.2 ​ ​ 24.7 ​ ​ $ 743.2 ​ $ 925.2 ​ $ 103.9 ​ $ 84.9 ​ $ 40.1 ​ $ 0.2 ​ $ 1,897.5 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 624.1 ​ $ 763.1 ​ $ 87.5 ​ $ 63.7 ​ $ 34.6 ​ $ 0.2 ​ $ 1,573.2 Services transferred over time ​ ​ 119.1 ​ ​ 162.1 ​ ​ 16.4 ​ ​ 21.2 ​ ​ 5.5 ​ ​ — ​ ​ 324.3 ​ ​ $ 743.2 ​ $ 925.2 ​ $ 103.9 ​ $ 84.9 ​ $ 40.1 ​ $ 0.2 ​ $ 1,897.5
Schedule of revenue recognized from contract liabilities and the remaining balance	The revenue recognized from contract liabilities and the remaining balance is shown below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2020 Cash Revenue Balance at Liquidity provider sliding scale (1) ​ $ — ​ $ 9.6 ​ $ (7.2) ​ $ 2.4 Other, net ​ ​ 4.5 ​ ​ 31.1 ​ ​ (24.3) ​ ​ 11.3 Total deferred revenue ​ $ 4.5 ​ $ 40.7 ​ $ (31.5) ​ $ 13.7 (1) Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2020
ACQUISITIONS
Schedule of finite-lived and indefinite-lived intangible assets acquired	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hanweck ​ Useful Life (Years) ​ FT Options ​ Useful Life (Years) ​ Trade Alert ​ Useful Life (Years) ​ EuroCCP ​ Useful Life (Years) ​ MATCHNow ​ Useful Life (Years) Trading registrations and licenses ​ $ — ​ ​ ​ $ — ​ ​ ​ $ — ​ ​ ​ $ 28.1 ​ Indefinite ​ $ 18.4 ​ Indefinite Customer relationships ​ ​ 4.9 ​ 13 ​ ​ 2.2 ​ 13 ​ ​ 0.7 ​ 13 ​ ​ — ​ ​ ​ ​ 17.4 ​ 15 Technology ​ ​ 2.1 ​ 4 ​ ​ 0.9 ​ 4 ​ ​ 0.3 ​ 4 ​ ​ 3.6 ​ 6 ​ ​ 0.7 ​ 7 Trademarks and tradenames ​ ​ 7.0 ​ 10 ​ ​ 3.2 ​ 10 ​ ​ 1.0 ​ 10 ​ ​ 0.6 ​ 10 ​ ​ 0.2 ​ 2 Total identifiable intangible assets ​ $ 14.0 ​ ​ ​ $ 6.3 ​ ​ ​ $ 2.0 ​ ​ ​ $ 32.3 ​ ​ ​ $ 36.7 ​ ​

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
INVESTMENTS
Schedule of investments	As of September 30, 2020 and December 31, 2019, the Company’s investments were comprised of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Equity method investments: ​ ​ ​ ​ ​ ​ Investment in Signal Trading Systems, LLC ​ $ 12.5 ​ $ 12.6 Investment in EuroCCP ​ ​ — ​ ​ 10.3 Total equity method investments ​ ​ 12.5 ​ ​ 22.9 ​ ​ ​ ​ ​ ​ ​ Other equity investments: ​ ​ ​ ​ ​ ​ Investment in Eris Exchange Holdings, LLC ​ ​ 20.0 ​ ​ 20.8 Investment in American Financial Exchange, LLC ​ ​ 10.6 ​ ​ 8.6 Investment in Cboe Vest Financial Group, Inc. ​ ​ 2.9 ​ ​ 2.9 Investment in Eris Digital Holdings, LLC ​ ​ 0.8 ​ ​ — Investment in OCC ​ ​ 0.3 ​ ​ 0.3 Other equity investments ​ 6.1 ​ 5.7 Total other equity investments ​ ​ 40.7 ​ ​ 38.3 ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 53.2 ​ $ 61.2

FINANCIAL INVESTMENTS (Tables)

FINANCIAL INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
INVESTMENTS
Schedule of Financial Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Cost basis Unrealized gains Unrealized losses Fair value Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 0.5 ​ $ — ​ $ — ​ $ 0.5 Trading securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities (1) ​ ​ 22.3 ​ ​ — ​ ​ — ​ ​ 22.3 Total financial investments ​ $ 22.8 ​ $ — ​ $ — ​ $ 22.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Cost basis Unrealized gains Unrealized losses Fair value Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 47.6 ​ $ — ​ $ — ​ $ 47.6 Trading securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities (1) ​ ​ 23.4 ​ ​ — ​ ​ — ​ ​ 23.4 Total financial investments ​ $ 71.0 ​ $ — ​ $ — ​ $ 71.0 (1) The marketable securities are primarily mutual funds maintained for non-qualified retirement and benefit plans, also referred to as deferred compensation plan assets. See Note 16 (“Employee Benefit Plans”) for more information.

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2020
PROPERTY AND EQUIPMENT, NET
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Construction in progress ​ $ 1.8 ​ $ 1.2 Furniture and equipment ​ 219.0 ​ 164.4 Total property and equipment ​ 220.8 ​ 165.6 Less accumulated depreciation ​ (138.2) ​ (118.6) Property and equipment, net ​ $ 82.6 ​ $ 47.0

CREDIT LOSSES (Tables)

CREDIT LOSSES (Tables)	9 Months Ended
	Sep. 30, 2020
CREDIT LOSSES
Schedule of changes in allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2020 ​ Current period provision for expected credit losses ​ Write-offs charged against the allowance ​ Recoveries collected ​ Balance at September 30, 2020 Allowance for notes receivable credit losses ​ $ 23.4 ​ $ 6.7 ​ $ — ​ $ — ​ $ 30.1 Allowance for accounts receivable credit losses ​ ​ 1.1 ​ ​ — ​ ​ (0.2) ​ ​ (0.1) ​ ​ 0.8 Total allowance for credit losses ​ $ 24.5 ​ $ 6.7 ​ $ (0.2) ​ $ (0.1) ​ $ 30.9

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2020
OTHER ASSETS, NET
Schedule of Other Assets, Net	Other assets, net consisted of the following as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Software development work in progress ​ $ 5.6 ​ $ 2.6 Data processing software ​ ​ 91.1 ​ ​ 84.3 Less accumulated depreciation and amortization ​ (61.6) ​ (57.2) Data processing software, net ​ 35.1 ​ 29.7 Other assets (1) ​ ​ 32.6 ​ ​ 21.9 Other assets, net ​ $ 67.7 ​ $ 51.6 (1) At September 30, 2020 and December 31, 2019, the majority of the balance included long-term prepaid assets and notes receivable. See Note 7 (“Credit Losses”) for more information on the notes receivable included within other assets, net on the condensed consolidated balance sheets. As of September 30, 2020 and December 31, 2019, the notes receivable balance net of allowance for notes receivable credit losses was $26.4 million and $9.2 million, respectively. ​

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2020
GOODWILL AND INTANGIBLE ASSETS, NET
Schedule of goodwill details by segment	The following table presents the details of goodwill by segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ European ​ ​ ​ ​ ​ ​ ​ Options Equities Equities Global FX Total Balance as of December 31, 2019 ​ $ 239.4 ​ $ 1,740.4 ​ $ 435.1 ​ $ 267.2 ​ $ 2,682.1 Additions ​ 66.4 ​ ​ 39.5 ​ ​ — ​ ​ — ​ 105.9 Changes in foreign currency exchange rates ​ — ​ 0.2 ​ (6.7) ​ — ​ (6.5) Balance as of September 30, 2020 ​ $ 305.8 ​ $ 1,780.1 ​ $ 428.4 ​ $ 267.2 ​ $ 2,781.5
Schedule of details of intangible assets	The following table presents the details of the intangible assets (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ European ​ ​ ​ ​ ​ ​ ​ Options Equities Equities ​ Global FX Total Balance as of December 31, 2019 ​ $ 166.6 ​ $ 921.4 ​ $ 363.7 ​ $ 138.2 ​ $ 1,589.9 Additions ​ ​ 22.3 ​ 36.7 ​ 32.3 ​ — ​ ​ 91.3 Amortization ​ (11.6) ​ (45.7) ​ (17.4) ​ ​ (18.8) ​ (93.5) Changes in foreign currency exchange rates ​ — ​ 0.2 ​ (7.5) ​ — ​ (7.3) Balance as of September 30, 2020 ​ $ 177.3 ​ $ 912.6 ​ $ 371.1 ​ $ 119.4 ​ $ 1,580.4
Schedule of categories of intangible assets	The following tables present the categories of intangible assets as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Weighted ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ European ​ ​ ​ ​ Amortization ​ Options Equities Equities Global FX Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 591.1 ​ $ 207.2 ​ $ — ​ Indefinite Customer relationships ​ 46.6 ​ 240.5 ​ 165.7 ​ 140.0 ​ 17 Market data customer relationships ​ 53.6 ​ 322.0 ​ 62.1 ​ 64.4 ​ 11 Technology ​ 28.1 ​ 23.2 ​ 27.1 ​ 22.5 ​ 4 Trademarks and tradenames ​ 12.9 ​ 6.2 ​ 2.5 ​ 1.2 ​ 9 Accumulated amortization ​ (59.4) ​ (270.4) ​ (93.5) ​ (108.7) ​ ​ ​ ​ $ 177.3 ​ $ 912.6 ​ $ 371.1 ​ $ 119.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Weighted ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ European ​ ​ ​ ​ Amortization ​ Options Equities Equities Global FX Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 572.7 ​ $ 182.2 ​ $ — ​ Indefinite Customer relationships ​ 38.8 ​ 222.9 ​ 169.7 ​ 140.0 ​ 17 Market data customer relationships ​ 53.6 ​ 322.0 ​ 63.6 ​ 64.4 ​ 12 Technology ​ 24.8 ​ 22.5 ​ 23.9 ​ 22.5 ​ 4 Trademarks and tradenames ​ 1.7 ​ 6.0 ​ 1.9 ​ 1.2 ​ 6 Accumulated amortization ​ (47.8) ​ (224.7) ​ (77.6) ​ (89.9) ​ ​ ​ ​ $ 166.6 ​ $ 921.4 ​ $ 363.7 ​ $ 138.2 ​ ​

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2020
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 December 31, 2019 Compensation and benefit-related liabilities ​ $ 35.2 ​ $ 35.2 Termination benefits ​ ​ 0.4 ​ ​ 6.7 Royalties ​ ​ 16.3 ​ ​ 18.6 Accrued liabilities ​ 49.5 ​ ​ 29.3 Rebates payable ​ ​ 81.5 ​ ​ 48.5 Marketing fee payable ​ 12.8 ​ ​ 12.6 Accounts payable ​ 15.9 ​ ​ 21.0 Total accounts payable and accrued liabilities ​ $ 211.6 ​ $ 171.9

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2020
DEBT
Schedule of debt	The Company’s debt consisted of the following as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 December 31, 2019 $300 million Term Loan Agreement due December 2021, floating rate ​ $ 223.4 ​ $ 222.4 $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% ​ 645.7 ​ 645.2 Revolving Credit Agreement ​ ​ 70.0 ​ ​ — EuroCCP Credit Facility ​ ​ — ​ ​ — Total debt ​ $ 939.1 ​ $ 867.6
Schedule of maturities of long-term debt	The future expected loan repayments related to the Term Loan Agreement, the 3.650% Senior Notes, and the Revolving Credit Agreement as of September 30, 2020 are as follows (in millions): ​ ​ ​ ​ Remainder of 2020 $ 70.0 2021 ​ ​ 225.0 2022 ​ ​ — 2023 ​ ​ — 2024 ​ ​ — Thereafter ​ ​ 650.0 Principal amounts repayable ​ ​ 945.0 Debt issuance cost ​ ​ (2.3) Unamortized discounts on notes ​ ​ (3.6) Total debt outstanding ​ $ 939.1
Schedule of interest expense	Interest expense, net recognized in the condensed consolidated statements of income for the three and nine months ended September 30, 2020 and 2019 is as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Components of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual interest ​ $ 6.8 ​ $ 8.3 ​ $ 21.2 ​ $ 28.0 Amortization of debt discount and issuance costs ​ 2.8 ​ 0.5 ​ 3.8 ​ 1.7 Interest expense ​ $ 9.6 ​ $ 8.8 ​ $ 25.0 ​ $ 29.7 Interest income ​ ​ (0.1) ​ ​ (0.6) ​ ​ (0.9) ​ ​ (1.6) Interest expense, net ​ $ 9.5 ​ $ 8.2 ​ $ 24.1 ​ $ 28.1

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET (Tables)	9 Months Ended
	Sep. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET
Schedule of Accumulated Other Comprehensive Income (Loss), Net	The following represents the changes in accumulated other comprehensive income (loss), net by component (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ Total Accumulated ​ ​ Currency Unrealized ​ ​ ​ Other ​ ​ Translation Investment ​ Post-Retirement ​ Comprehensive ​ Adjustment Gain (Loss) Benefits Income (Loss) Balance at December 31, 2019 ​ $ 38.2 ​ $ 0.2 ​ $ (0.8) ​ $ 37.6 Other comprehensive (loss) income ​ (9.4) ​ ​ (0.3) ​ ​ 1.1 ​ ​ (8.6) Balance at September 30, 2020 ​ $ 28.8 ​ $ (0.1) ​ $ 0.3 ​ $ 29.0

CLEARING OPERATIONS (Tables)

CLEARING OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2020
CLEARING OPERATIONS
Schedule of Total Clearing Participant Deposits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ ​ Cash Contributions Non-Cash Contributions (1) Total Contributions ​ ​ (in millions) Margin deposits ​ $ 461.3 ​ $ 353.8 ​ $ 815.1 Clearing funds ​ ​ 310.6 ​ ​ 62.4 ​ ​ 373.0 Interoperability funds (1) ​ ​ 474.3 ​ ​ 130.9 ​ ​ 605.2 Total ​ $ 1,246.2 ​ $ 547.1 ​ $ 1,793.3 ​

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	9 Months Ended
	Sep. 30, 2020
FAIR VALUE MEASUREMENTS
Schedule of fair value hierarchy for assets measured at fair value on a recurring basis	The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 0.5 ​ $ 0.5 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 13.8 ​ ​ 13.8 ​ ​ — ​ ​ — Money market funds ​ 8.5 ​ 8.5 ​ — ​ — Total assets ​ $ 22.8 ​ $ 22.8 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 37.9 ​ $ — ​ $ — ​ $ 37.9 Total Liabilities ​ $ 37.9 ​ $ — ​ $ — ​ $ 37.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 47.6 ​ $ 47.6 ​ $ — ​ $ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 15.7 ​ ​ 15.7 ​ ​ — ​ ​ — Money market funds ​ ​ 7.7 ​ ​ 7.7 ​ ​ — ​ ​ — Total assets ​ $ 71.0 ​ $ 71.0 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 2.2 ​ $ — ​ $ — ​ $ 2.2 Total Liabilities ​ $ 2.2 ​ $ — ​ $ — ​ $ 2.2
Schedule of fair value hierarchy of financial instruments held	The following table presents the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of September 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 0.5 ​ $ 0.5 ​ $ — ​ $ — Deferred compensation plan assets ​ ​ 22.3 ​ ​ 22.3 ​ ​ — ​ ​ — Total assets ​ $ 22.8 ​ $ 22.8 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 37.9 ​ $ — ​ $ — ​ $ 37.9 Deferred compensation plan liabilities ​ ​ 22.3 ​ ​ 22.3 ​ ​ — ​ ​ — Debt ​ 939.1 ​ — ​ 939.1 ​ — Total liabilities ​ $ 999.3 ​ $ 22.3 ​ $ 939.1 ​ $ 37.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 47.6 ​ $ 47.6 ​ $ — ​ $ — Deferred compensation plan assets ​ ​ 23.4 ​ ​ 23.4 ​ ​ — ​ ​ — Total assets ​ $ 71.0 ​ $ 71.0 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 2.2 ​ $ — ​ $ — ​ $ 2.2 Deferred compensation plan liabilities ​ ​ 23.4 ​ ​ 23.4 ​ ​ — ​ ​ — Debt ​ 867.6 ​ — ​ 867.6 ​ — Total liabilities ​ $ 893.2 ​ $ 23.4 ​ $ 867.6 ​ $ 2.2
Summary of changes in the fair value of level 3 financial liabilities	The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities during the three and nine months ended September 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Financial Liabilities for the Three Months Ended September 30, 2020 ​ ​ Balance at ​ Realized (gains) ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of ​ losses during ​ ​ ​ ​ ​ Balance at ​ Period period Additions Settlements End of Period Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities $ 20.5 ​ $ — ​ $ 17.4 $ — $ 37.9 Total Liabilities ​ $ 20.5 ​ $ — ​ $ 17.4 ​ $ — ​ $ 37.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Financial Liabilities for the Nine Months Ended September 30, 2020 ​ ​ Balance at ​ Realized (gains) ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of ​ losses during ​ ​ ​ ​ ​ Balance at ​ Period period Additions Settlements End of Period Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities $ 2.2 ​ $ — ​ $ 37.9 $ (2.2) $ 37.9 Total Liabilities ​ $ 2.2 ​ $ — ​ $ 37.9 ​ $ (2.2) ​ $ 37.9

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2020
SEGMENT REPORTING
Summarized Financial Information by Reportable Segment	Summarized financial data of reportable segments was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ ​ ​ European ​ ​ ​ ​ Items and ​ ​ ​ ​ Options Equities Futures Equities Global FX Eliminations Total Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 312.8 ​ $ 403.6 ​ $ 24.0 ​ $ 39.1 ​ $ 13.2 ​ $ — ​ $ 792.7 Operating income (loss) ​ 94.4 ​ ​ 33.1 ​ ​ 10.1 ​ ​ 9.3 ​ ​ 0.6 ​ ​ (8.2) ​ ​ 139.3 Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 266.1 ​ $ 330.7 ​ $ 39.6 ​ $ 25.9 ​ $ 13.1 ​ $ — ​ $ 675.4 Operating income (loss) ​ 85.4 ​ ​ 36.4 ​ ​ 26.2 ​ ​ 4.8 ​ ​ (1.3) ​ ​ (4.1) ​ ​ 147.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ ​ ​ European ​ ​ ​ ​ Items and ​ ​ ​ ​ Options Equities Futures Equities Global FX Eliminations Total Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 986.9 ​ $ 1,367.8 ​ $ 87.1 ​ $ 97.3 ​ $ 43.8 ​ $ — ​ $ 2,582.9 Operating income (loss) ​ ​ 331.2 ​ ​ 138.0 ​ ​ 45.3 ​ ​ 24.2 ​ ​ 4.7 ​ ​ (16.0) ​ ​ 527.4 Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 743.2 ​ $ 925.2 ​ $ 103.9 ​ $ 84.9 ​ $ 40.1 ​ $ 0.2 ​ $ 1,897.5 Operating income (loss) ​ ​ 252.5 ​ ​ 110.4 ​ ​ 63.9 ​ ​ 16.3 ​ ​ (3.3) ​ ​ (21.8) ​ ​ 418.0

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2020
STOCK-BASED COMPENSATION
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic Value ​ Shares Price Term (years) (in millions) Outstanding and exercisable, December 31, 2019 10,834 ​ $ 18.59 ​ ​ ​ ​ ​ Exercised 10,834 ​ 18.59 ​ ​ ​ ​ ​ Outstanding and exercisable, September 30, 2020 ​ — ​ $ — ​ — ​ $ —
Summary of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average Grant ​ Shares Date Fair Value Nonvested stock at December 31, 2019 436,013 ​ $ 92.47 Granted 192,424 ​ ​ 116.11 Vested (271,511) ​ ​ 88.24 Forfeited (12,522) ​ ​ 105.94 Nonvested stock at September 30, 2020 344,404 ​ $ 108.52
Summary of performance-based restricted stock unit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average Grant ​ Shares Date Fair Value Nonvested stock at December 31, 2019 132,248 ​ $ 105.75 Granted 72,975 ​ ​ 125.62 Vested (48,053) ​ ​ 108.91 Forfeited (34,504) ​ ​ 109.85 Nonvested stock at September 30, 2020 122,666 ​ $ 115.18

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2020
EQUITY
Summary of repurchased shares of the company's common stock under the share repurchase program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2020 2019 Number of shares of common stock repurchased ​ 465,366 ​ ​ 453,319 Average price paid per share $ 89.92 ​ $ 115.49 Total purchase price (in millions) $ 41.8 ​ $ 52.4

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
EARNINGS PER SHARE
Reconciliation of basic and diluted net income per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (in millions, except per share amounts) 2020 2019 2020 2019 Basic earnings per share numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 109.9 ​ $ 105.9 ​ $ 380.9 ​ $ 284.5 Loss attributable to noncontrolling interest ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 4.1 Net income excluding noncontrolling interest ​ 109.9 ​ 106.0 ​ 380.9 ​ 288.6 Change in redemption value of noncontrolling interest ​ ​ — ​ ​ (0.1) ​ ​ — ​ ​ (0.5) Earnings allocated to participating securities ​ (0.3) ​ (0.4) ​ (1.0) ​ (1.5) Net income allocated to common stockholders ​ $ 109.6 ​ $ 105.5 ​ $ 379.9 ​ $ 286.6 Basic earnings per share denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 108.7 ​ ​ 111.6 ​ ​ 109.5 ​ ​ 111.6 Basic earnings per share ​ $ 1.01 ​ $ 0.95 ​ $ 3.47 ​ $ 2.57 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 109.9 ​ $ 105.9 ​ $ 380.9 ​ $ 284.5 Loss attributable to noncontrolling interest ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 4.1 Net income excluding noncontrolling interest ​ 109.9 ​ 106.0 ​ 380.9 ​ 288.6 Change in redemption value of noncontrolling interest ​ ​ — ​ ​ (0.1) ​ ​ — ​ ​ (0.5) Earnings allocated to participating securities ​ (0.3) ​ (0.4) ​ (1.0) ​ (1.5) Net income allocated to common stockholders ​ $ 109.6 ​ $ 105.5 ​ $ 379.9 ​ $ 286.6 Diluted earnings per share denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 108.7 ​ ​ 111.6 ​ ​ 109.5 ​ ​ 111.6 Dilutive potential common shares outstanding ​ ​ 0.1 ​ ​ 0.3 ​ ​ 0.3 ​ ​ 0.4 Total dilutive weighted average shares ​ ​ 108.8 ​ ​ 111.9 ​ ​ 109.8 ​ ​ 112.0 Diluted earnings per share ​ $ 1.01 ​ $ 0.94 ​ $ 3.46 ​ $ 2.56

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2020
LEASES
Schedule of supplemental balance sheet	The following table presents the supplemental balance sheet information related to leases as of September 30, 2020 and December 31, 2019, respectively (in millions): ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 ​ 2019 Operating lease right of use assets $ 116.1 ​ $ 53.4 Total leased assets $ 116.1 ​ $ 53.4 ​ ​ ​ ​ Accrued liabilities $ 12.0 ​ $ 8.7 Non-current operating lease liabilities ​ 135.6 ​ ​ 46.7 Total leased liabilities $ 147.6 ​ $ 55.4
Schedule of lease cost and other information	The following table presents operating lease costs and other information as of and for the three and nine months ended September 30, 2020 and 2019, respectively (in millions, except as stated): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ 2020 ​ 2019 ​ 2020 ​ 2019 Operating lease costs (1) $ 4.7 ​ ​ $ 3.4 ​ ​ $ 14.5 ​ ​ $ 8.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease term and discount rate information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ ​ ​ ​ ​ ​ ​ ​ ​ 12.6 ​ ​ ​ 9.4 ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.4 % ​ ​ 3.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information and non-cash activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities $ 3.2 ​ ​ $ 2.7 ​ ​ $ 8.6 ​ ​ $ 7.5 ​ Lease incentive for leasehold improvements ​ — ​ ​ ​ — ​ ​ ​ 25.2 ​ ​ ​ — ​ Right-of-use assets obtained in exchange for lease liabilities (2) ​ 0.9 ​ ​ ​ 2.0 ​ ​ ​ 71.8 ​ ​ ​ 21.0 ​ (1) Includes short-term lease and variable lease costs, which are immaterial. (2) Excludes right-of-use assets and lease liabilities recognized upon adoption of the lease accounting standard in 2019 of $40.3 million and $42.8 million, respectively.
Schedule of maturities of lease liabilities	The maturities of the lease liabilities are as follows as of September 30, 2020 (in millions): ​ ​ ​ ​ ​ ​ September 30, ​ 2020 Remainder of 2020 ​ $ 4.2 2021 ​ ​ 16.8 2022 ​ ​ 17.3 2023 ​ ​ 16.0 2024 ​ ​ 11.6 After 2024 ​ 118.6 Total lease payments (1) ​ $ 184.5 Less: Interest ​ ​ (36.9) Present value of lease liabilities ​ $ 147.6 (1) Total lease payments include $ 20.4 million related to options to extend lease terms that are reasonably certain of being exercised .

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION - Segment information (Details)	9 Months Ended
	Sep. 30, 2020segment
ORGANIZATION AND BASIS OF PRESENTATION
Number of reportable segments	5

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of revenue by product line and Segment (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)item	Sep. 30, 2019USD ($)
Segment Reporting Information
Number of types of regulatory fees the Company recognizes | item			2
Revenues	$ 792.7	$ 675.4	$ 2,582.9	$ 1,897.5
Services transferred at a point in time
Segment Reporting Information
Revenues	672.6	563.4	2,234.5	1,573.2
Services transferred over time
Segment Reporting Information
Revenues	120.1	112	348.4	324.3
Corporate Items and Eliminations
Segment Reporting Information
Revenues				0.2
Corporate Items and Eliminations | Services transferred at a point in time
Segment Reporting Information
Revenues				0.2
Options | Operating Segments
Segment Reporting Information
Revenues	312.8	266.1	986.9	743.2
Options | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	265.5	226.3	853.5	624.1
Options | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	47.3	39.8	133.4	119.1
North American Equities | Operating Segments
Segment Reporting Information
Revenues	403.6	330.7	1,367.8	925.2
North American Equities | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	348.1	272.9	1,201.6	763.1
North American Equities | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	55.5	57.8	166.2	162.1
Futures | Operating Segments
Segment Reporting Information
Revenues	24	39.6	87.1	103.9
Futures | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	17.9	34	69.6	87.5
Futures | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	6.1	5.6	17.5	16.4
European Equities | Operating Segments
Segment Reporting Information
Revenues	39.1	25.9	97.3	84.9
European Equities | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	30.2	19	72.4	63.7
European Equities | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	8.9	6.9	24.9	21.2
Global FX | Operating Segments
Segment Reporting Information
Revenues	13.2	13.1	43.8	40.1
Global FX | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	10.9	11.2	37.4	34.6
Global FX | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	2.3	1.9	6.4	5.5
Transaction and clearing fees
Segment Reporting Information
Revenues	545.5	465.8	1,825.3	1,322
Transaction and clearing fees | Options | Operating Segments
Segment Reporting Information
Revenues	241.4	207.1	776.4	565.7
Transaction and clearing fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	253	199.4	882.1	580.3
Transaction and clearing fees | Futures | Operating Segments
Segment Reporting Information
Revenues	16.8	31.2	68.5	84.1
Transaction and clearing fees | European Equities | Operating Segments
Segment Reporting Information
Revenues	23.4	16.9	60.9	57.5
Transaction and clearing fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	10.9	11.2	37.4	34.4
Access and capacity fees
Segment Reporting Information
Revenues	60.6	55.7	174	164.6
Access and capacity fees | Options | Operating Segments
Segment Reporting Information
Revenues	27.5	26	78.6	77.6
Access and capacity fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	21.2	20.1	62.1	58.7
Access and capacity fees | Futures | Operating Segments
Segment Reporting Information
Revenues	4.4	4	12.5	11.5
Access and capacity fees | European Equities | Operating Segments
Segment Reporting Information
Revenues	5.4	3.9	15	11.8
Access and capacity fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	2.1	1.7	5.8	5
Market data fees
Segment Reporting Information
Revenues	59.5	56.3	174.4	159.7
Market data fees | Options | Operating Segments
Segment Reporting Information
Revenues	19.8	13.8	54.8	41.5
Market data fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	34.3	37.7	104.1	103.4
Market data fees | Futures | Operating Segments
Segment Reporting Information
Revenues	1.7	1.6	5	4.9
Market data fees | European Equities | Operating Segments
Segment Reporting Information
Revenues	3.5	3	9.9	9.4
Market data fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	0.2	0.2	0.6	0.5
Regulatory fees
Segment Reporting Information
Revenues	113.8	88.1	379.3	226.5
Regulatory fees | Options | Operating Segments
Segment Reporting Information
Revenues	19.7	15.9	63	47.1
Regulatory fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	94.1	72.2	316.3	178.9
Regulatory fees | Futures | Operating Segments
Segment Reporting Information
Revenues				0.5
Other revenue
Segment Reporting Information
Revenues	13.3	9.5	29.9	24.7
Other revenue | Corporate Items and Eliminations
Segment Reporting Information
Revenues				0.2
Other revenue | Options | Operating Segments
Segment Reporting Information
Revenues	4.4	3.3	14.1	11.3
Other revenue | North American Equities | Operating Segments
Segment Reporting Information
Revenues	1	1.3	3.2	3.9
Other revenue | Futures | Operating Segments
Segment Reporting Information
Revenues	1.1	2.8	1.1	2.9
Other revenue | European Equities | Operating Segments
Segment Reporting Information
Revenues	$ 6.8	$ 2.1	$ 11.5	6.2
Other revenue | Global FX | Operating Segments
Segment Reporting Information
Revenues				$ 0.2

REVENUE RECOGNITION - Rollforwa

REVENUE RECOGNITION - Rollforward of contract liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	$ 4.5
Cash Additions	40.7
Revenue Recognition	(31.5)
Ending Balance	13.7
Liquidity provider sliding scale
Revenue recognized from contract liabilities and remaining balance
Cash Additions	9.6
Revenue Recognition	(7.2)
Ending Balance	2.4
Other, net
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	4.5
Cash Additions	31.1
Revenue Recognition	(24.3)
Ending Balance	$ 11.3

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Millions, € in Billions	Jul. 01, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Aug. 04, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Jul. 01, 2020EUR (€)	Dec. 31, 2019USD ($)
Acquisitions
Compensation and benefits		$ 59.2	$ 49.7		$ 167.4	$ 150
Acquisition-related costs		6.2	16.7		16.4	39.8
Professional fees		15.8	17.5		43	52.9
Goodwill					105.9
Contingent consideration liabilities		37.9			37.9			$ 2.2
Bargain purchase gain					32.6
Impairment of goodwill						10.5
Facility
Acquisitions
Debt instrument face amount | €							€ 1.5
Acquisitions
Acquisitions
Compensation and benefits			12.7			16.1
Acquisition-related costs		6.2	16.7		16.4	39.8
Professional fees		$ 6.2	1.7		8.3	3.7
General and administrative expenses			2			2
Impairment of goodwill						10.5
Impairment facilities charges					$ 8.1	6.1
Lease termination fees			$ 0.3			$ 1.4
EuroCCP
Acquisitions
Intangibles	$ 32.3
Working capital	56
Bargain purchase gain	$ 32.6
Ownership interest percentage	80.00%						80.00%
Hanweck, FT Options and Trade Alert
Acquisitions
Goodwill				$ 105.9
Intangibles				59
Working capital				2.2
Contingent consideration liabilities				$ 37.9

ACQUISITIONS - Intangible asset

ACQUISITIONS - Intangible assets acquired (Details) - USD ($) $ in Millions	Jul. 01, 2020	Sep. 30, 2020
Acquisitions
Goodwill		$ 105.9
Hanweck
Acquisitions
Total identifiable intangible assets	$ 14
FT Options
Acquisitions
Total identifiable intangible assets	6.3
Trade Alert
Acquisitions
Total identifiable intangible assets	2
EuroCCP
Acquisitions
Total identifiable intangible assets	32.3
MatchNow
Acquisitions
Total identifiable intangible assets	36.7
Customer relationships | Hanweck
Acquisitions
Finite-lived intangible assets acquired	$ 4.9
Useful Life (Years)	13 years
Customer relationships | FT Options
Acquisitions
Finite-lived intangible assets acquired	$ 2.2
Useful Life (Years)	13 years
Customer relationships | Trade Alert
Acquisitions
Finite-lived intangible assets acquired	$ 0.7
Useful Life (Years)	13 years
Customer relationships | MatchNow
Acquisitions
Finite-lived intangible assets acquired	$ 17.4
Useful Life (Years)	15 years
Technology | Hanweck
Acquisitions
Finite-lived intangible assets acquired	$ 2.1
Useful Life (Years)	4 years
Technology | FT Options
Acquisitions
Finite-lived intangible assets acquired	$ 0.9
Useful Life (Years)	4 years
Technology | Trade Alert
Acquisitions
Finite-lived intangible assets acquired	$ 0.3
Useful Life (Years)	4 years
Technology | EuroCCP
Acquisitions
Finite-lived intangible assets acquired	$ 3.6
Useful Life (Years)	6 years
Technology | MatchNow
Acquisitions
Finite-lived intangible assets acquired	$ 0.7
Useful Life (Years)	7 years
Trademarks and tradenames | Hanweck
Acquisitions
Finite-lived intangible assets acquired	$ 7
Useful Life (Years)	10 years
Trademarks and tradenames | FT Options
Acquisitions
Finite-lived intangible assets acquired	$ 3.2
Useful Life (Years)	10 years
Trademarks and tradenames | Trade Alert
Acquisitions
Finite-lived intangible assets acquired	$ 1
Useful Life (Years)	10 years
Trademarks and tradenames | EuroCCP
Acquisitions
Finite-lived intangible assets acquired	$ 0.6
Useful Life (Years)	10 years
Trademarks and tradenames | MatchNow
Acquisitions
Finite-lived intangible assets acquired	$ 0.2
Useful Life (Years)	2 years
Trading registrations and licenses | EuroCCP
Acquisitions
Indefinite-lived intangible assets acquired	$ 28.1
Trading registrations and licenses | MatchNow
Acquisitions
Indefinite-lived intangible assets acquired	$ 18.4

INVESTMENTS - Schedule of inves

INVESTMENTS - Schedule of investments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Aug. 31, 2019
Schedule of Cost and Equity Method Investments
Equity method investments:	$ 12.5	$ 22.9
Other equity investments:	40.7	38.3
Total investments	53.2	61.2
Investment in Signal Trading Systems, LLC
Schedule of Cost and Equity Method Investments
Equity method investments:	12.5	12.6
EuroCCP
Schedule of Cost and Equity Method Investments
Equity method investments:		10.3
Investment in Eris Exchange Holdings, LLC
Schedule of Cost and Equity Method Investments
Other equity investments:	20	20.8
Investment in American Financial Exchange, LLC
Schedule of Cost and Equity Method Investments
Other equity investments:	10.6	8.6
Investment in Cboe Vest Financial Group, Inc.
Schedule of Cost and Equity Method Investments
Other equity investments:	2.9	2.9	$ 2.9
Eris Digital Holdings, LLC
Schedule of Cost and Equity Method Investments
Other equity investments:	0.8
Investment in OCC
Schedule of Cost and Equity Method Investments
Other equity investments:	0.3	0.3
Other equity investments
Schedule of Cost and Equity Method Investments
Other equity investments:	$ 6.1	$ 5.7

INVESTMENTS - Equity method inv

INVESTMENTS - Equity method investments (Details) - item	Jul. 01, 2020	Sep. 30, 2020
Schedule of Equity Method Investments
Number of central counterparties		3
EuroCCP | Cboe Europe Limited
Schedule of Equity Method Investments
Ownership percentage		20.00%
Number of other investors		4
Remaining ownership percentage acquired	80.00%
Investment in Signal Trading Systems, LLC
Schedule of Equity Method Investments
Ownership percentage		50.00%

INVESTMENTS - Other Equity Inve

INVESTMENTS - Other Equity Investments (Details) - USD ($) $ in Millions	May 31, 2020	Jan. 24, 2020	Aug. 31, 2020	Aug. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
Other Equity Investments
Other equity investments:					$ 40.7	$ 38.3
Impairment of investment					4.1
Recognized gain or loss on restructuring	$ 0
Investment in OCC
Other Equity Investments
Other equity investments:					$ 0.3	0.3
Percentage of equity securities					20.00%
Investment in OCC | Other expense
Other Equity Investments
Dividend reversed		$ 8.8
Investment in Cboe Vest Financial Group, Inc.
Other Equity Investments
Other equity investments:				$ 2.9	$ 2.9	2.9
Decrease in net assets due to deconsolidation				14.5
Noncontrolling Interest, Decrease from Deconsolidation				5.8
Interest bearing notes receivable				$ 3.7
Investment in Cboe Vest Financial Group, Inc. | Maximum
Other Equity Investments
Ownership percentage				20.00%
Percentage of voting interest				5.00%
Investment in American Financial Exchange, LLC
Other Equity Investments
Other equity investments:					$ 10.6	$ 8.6
Impairment of investment			$ 4.1

FINANCIAL INVESTMENTS (Details)

FINANCIAL INVESTMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Financial Investments
Cost basis	$ 22.8	$ 71
Total Fair Value	22.8	71
U.S. Treasury securities
Available-for-sale:
Cost basis	0.5	47.6
Fair value	0.5	47.6
Marketable securities
Available-for-sale:
Cost basis	22.3	23.4
Fair value	$ 22.3	$ 23.4

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property and Equipment, Net
Total property and equipment	$ 220.8			$ 220.8		$ 165.6
Less accumulated depreciation	(138.2)			(138.2)		(118.6)
Property and equipment, net	82.6			82.6		47
Depreciation expense	6.9		$ 5.9	19.3	$ 18.2
Property classified as property held for sale	13			13		21.1
Options
Property and Equipment, Net
Impairment charge		$ 8.1
Construction in progress
Property and Equipment, Net
Total property and equipment	1.8			1.8		1.2
Furniture and equipment
Property and Equipment, Net
Total property and equipment	$ 219			$ 219		$ 164.4

CREDIT LOSSES - Narrative (Deta

CREDIT LOSSES - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Credit losses
Provision for notes receivable credit losses	$ 6.7

CREDIT LOSSES (Details)

CREDIT LOSSES (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Credit losses
Balance, at beginning of period	$ 24.5
Current period provision for expected credit losses	6.7
Writeoffs charged against the allowance	(0.2)
Recoveries collected	(0.1)
Balance, at end of period	30.9
Notes receivable
Credit losses
Balance, at beginning of period	23.4
Current period provision for expected credit losses	6.7
Balance, at end of period	30.1
Accounts receivable
Credit losses
Balance, at beginning of period	1.1
Writeoffs charged against the allowance	(0.2)
Recoveries collected	(0.1)
Balance, at end of period	$ 0.8

OTHER ASSETS, NET - Schedule of

OTHER ASSETS, NET - Schedule of other assets, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets
Less accumulated depreciation and amortization	$ (61.6)		$ (61.6)		$ (57.2)
Data processing software, net	35.1		35.1		29.7
Other assets	32.6		32.6		21.9
Data processing software and other assets, net	67.7		67.7		51.6
Notes receivable	26.4		26.4		9.2
Amortization	30.9	$ 33.4	93.5	$ 105.1
Software development work in progress
Finite-Lived Intangible Assets
Software	5.6		5.6		2.6
Data processing software
Finite-Lived Intangible Assets
Software	91.1		91.1		$ 84.3
Amortization	$ 1.7	$ 3.6	$ 5.2	$ 10.5

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill by segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Goodwill
Balance at beginning of the year	$ 2,682.1
Additions	105.9
Changes in foreign currency exchange rates	(6.5)
Balance at end of the year	2,781.5
Options
Goodwill
Balance at beginning of the year	239.4
Additions	66.4
Balance at end of the year	305.8
North American Equities
Goodwill
Balance at beginning of the year	1,740.4
Additions	39.5
Changes in foreign currency exchange rates	0.2
Balance at end of the year	1,780.1
European Equities
Goodwill
Balance at beginning of the year	435.1
Changes in foreign currency exchange rates	(6.7)
Balance at end of the year	428.4
Global FX
Goodwill
Balance at beginning of the year	267.2
Balance at end of the year	267.2
Futures
Goodwill
Balance at end of the year	$ 0

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of intangible assets by segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finite-lived Intangible Assets
Balance at beginning of the year			$ 1,589.9
Additions			91.3
Amortization	$ (30.9)	$ (33.4)	(93.5)	$ (105.1)
Changes in foreign currency exchange rates			(7.3)
Balance at end of the year	1,580.4		1,580.4
Options
Finite-lived Intangible Assets
Balance at beginning of the year			166.6
Additions			22.3
Amortization			(11.6)
Balance at end of the year	177.3		177.3
North American Equities
Finite-lived Intangible Assets
Balance at beginning of the year			921.4
Additions			36.7
Amortization			(45.7)
Changes in foreign currency exchange rates			0.2
Balance at end of the year	912.6		912.6
European Equities
Finite-lived Intangible Assets
Balance at beginning of the year			363.7
Additions			32.3
Amortization			(17.4)
Changes in foreign currency exchange rates			(7.5)
Balance at end of the year	371.1		371.1
Global FX
Finite-lived Intangible Assets
Balance at beginning of the year			138.2
Amortization			(18.8)
Balance at end of the year	$ 119.4		$ 119.4

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS, NET - Estimated Future Amortization (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
GOODWILL AND INTANGIBLE ASSETS, NET
Amortization	$ 30.9	$ 33.4	$ 93.5	$ 105.1
Amortization expense
Future amortization expense, remainder of 2020	31.1		31.1
2021	112.4		112.4
2022	99.5		99.5
2023	88.4		88.4
2024	67		67
2025	$ 56.5		$ 56.5

GOODWILL AND INTANGIBLE ASSET_6

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of intangible assets by category (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets
Intangible assets, net	$ 1,580.4	$ 1,589.9
Customer relationships | Weighted Average
Finite-Lived Intangible Assets
Amortization period (in years)	17 years	17 years
Market data customer relationships | Weighted Average
Finite-Lived Intangible Assets
Amortization period (in years)	11 years	12 years
Technology | Weighted Average
Finite-Lived Intangible Assets
Amortization period (in years)	4 years	4 years
Trademarks and tradenames | Weighted Average
Finite-Lived Intangible Assets
Amortization period (in years)	9 years	6 years
Options
Finite-Lived Intangible Assets
Accumulated amortization	$ (59.4)	$ (47.8)
Intangible assets, net	177.3	166.6
Options | Customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	46.6	38.8
Options | Market data customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	53.6	53.6
Options | Technology
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	28.1	24.8
Options | Trademarks and tradenames
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	12.9	1.7
Options | Trading registrations and licenses
Finite-Lived Intangible Assets
Indefinite-lived intangible assets, gross	95.5	95.5
North American Equities
Finite-Lived Intangible Assets
Accumulated amortization	(270.4)	(224.7)
Intangible assets, net	912.6	921.4
North American Equities | Customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	240.5	222.9
North American Equities | Market data customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	322	322
North American Equities | Technology
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	23.2	22.5
North American Equities | Trademarks and tradenames
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	6.2	6
North American Equities | Trading registrations and licenses
Finite-Lived Intangible Assets
Indefinite-lived intangible assets, gross	591.1	572.7
European Equities
Finite-Lived Intangible Assets
Accumulated amortization	(93.5)	(77.6)
Intangible assets, net	371.1	363.7
European Equities | Customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	165.7	169.7
European Equities | Market data customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	62.1	63.6
European Equities | Technology
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	27.1	23.9
European Equities | Trademarks and tradenames
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	2.5	1.9
European Equities | Trading registrations and licenses
Finite-Lived Intangible Assets
Indefinite-lived intangible assets, gross	207.2	182.2
Global FX
Finite-Lived Intangible Assets
Accumulated amortization	(108.7)	(89.9)
Intangible assets, net	119.4	138.2
Global FX | Customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	140	140
Global FX | Market data customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	64.4	64.4
Global FX | Technology
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	22.5	22.5
Global FX | Trademarks and tradenames
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	$ 1.2	$ 1.2

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Schedule of accounts payable and accrued liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Compensation and benefit-related liabilities	$ 35.2	$ 35.2
Termination benefits	0.4	6.7
Royalties	16.3	18.6
Accrued liabilities	49.5	29.3
Rebates payable	81.5	48.5
Marketing fee payable	12.8	12.6
Accounts payable	15.9	21
Total accounts payable and accrued liabilities	$ 211.6	$ 171.9

DEBT - Schedule of long-term de

DEBT - Schedule of long-term debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Mar. 22, 2018	Jan. 12, 2017
Debt Instrument
Total debt	$ 939.1	$ 867.6
Term Loan Agreement
Debt Instrument
Total debt	223.4	222.4
Debt instrument face amount	300		$ 300
3.650% Senior Notes
Debt Instrument
Total debt	645.7	$ 645.2
Debt instrument face amount	$ 650			$ 650
Interest rate (as a percent)	3.65%			3.65%
Revolving Credit Agreement
Debt Instrument
Total debt	$ 70

DEBT (Details)

DEBT (Details) € in Millions, $ in Millions	Jul. 01, 2020USD ($)	Mar. 22, 2018USD ($)	Dec. 15, 2016USD ($)subsidiary	Sep. 30, 2020USD ($)subsidiary	Sep. 30, 2019USD ($)	Jul. 01, 2020EUR (€)	Dec. 31, 2019USD ($)	Jan. 12, 2017USD ($)
Debt Instrument
Repayments of outstanding indebtedness					$ 350
Borrowings outstanding				$ 939.1			$ 867.6
Line of Credit
Debt Instrument
Credit facility, maximum borrowing capacity			$ 25
Term Loan Agreement
Debt Instrument
Debt instrument face amount		$ 300		$ 300
Proceeds from long-term debt		$ 300
Up-front fee (as percent)				0.05
Minimum consolidated interest ratio				4
Maximum consolidated leverage ratio				3.50
Borrowings outstanding				$ 223.4			222.4
Term Loan Agreement | LIBOR | Minimum
Debt Instrument
Interest rate margin (as a percent)				1.00%
Term Loan Agreement | LIBOR | Maximum
Debt Instrument
Interest rate margin (as a percent)				1.50%
Term Loan Agreement | Prime Rate | Minimum
Debt Instrument
Interest rate margin (as a percent)				0.00%
Term Loan Agreement | Prime Rate | Maximum
Debt Instrument
Interest rate margin (as a percent)				0.50%
3.650% Senior Notes
Debt Instrument
Debt instrument face amount				$ 650				$ 650
Interest rate (as a percent)				3.65%				3.65%
Redemption price				101.00%
Borrowings outstanding				$ 645.7			$ 645.2
Revolving Credit Agreement
Debt Instrument
Minimum consolidated interest ratio				4
Maximum consolidated leverage ratio				3.50
Credit facility, maximum borrowing capacity			$ 150
Term of facility			5 years
Maximum borrowing capacity, increase limit			$ 100
Maximum borrowing capacity, total with increase			$ 250
Number of subsidiaries designated as additional borrowers | subsidiary				0
Borrowings outstanding				$ 70
Borrowing capacity available				$ 80
Revolving Credit Agreement | Minimum
Debt Instrument
Number of subsidiaries that may be designated as additional borrowers | subsidiary			1
Revolving Credit Agreement | LIBOR | Minimum
Debt Instrument
Interest rate margin (as a percent)				1.00%
Revolving Credit Agreement | LIBOR | Maximum
Debt Instrument
Interest rate margin (as a percent)				1.75%
Revolving Credit Agreement | Prime Rate | Minimum
Debt Instrument
Interest rate margin (as a percent)				0.00%
Revolving Credit Agreement | Prime Rate | Maximum
Debt Instrument
Interest rate margin (as a percent)				0.75%
Facility
Debt Instrument
Debt instrument face amount | €						€ 1,500
Maximum borrowing capacity, increase limit | €						500
Maximum borrowing capacity, total with increase | €						2,000
Borrowings outstanding				$ 0
Borrowing capacity available				$ 1,500
Debt instrument, threshold amount transferred to provider of settlement or custody services	$ 500
Percentage of commitment fee	0.30%
Facility payable	364 days
Debt instrument, threshold net worth on each drawdown	$ 1,750
Debt instrument, amount to meet minimum liquidity regulations | €						€ 24
Facility | Base Rate
Debt Instrument
Interest rate margin (as a percent)	1.75%
Facility | Federal Funds Effective Rate
Debt Instrument
Interest rate margin (as a percent)	0.50%

DEBT - Schedule of debt repayme

DEBT - Schedule of debt repayments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Long-term Debt
Reminder of 2020	$ 70
2021	225
Thereafter	650
Principal amounts repayable	945
Debt issuance cost	(2.3)
Unamortized discount on notes	(3.6)
Total debt outstanding	$ 939.1	$ 867.6

DEBT - Schedule of Interest Exp

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
DEBT
Contractual interest	$ 6.8	$ 8.3	$ 21.2	$ 28
Amortization of debt discount and issuance costs	2.8	0.5	3.8	1.7
Interest expense	9.6	8.8	25	29.7
Interest income	(0.1)	(0.6)	(0.9)	(1.6)
Interest expense, net	$ 9.5	$ 8.2	$ 24.1	$ 28.1

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020
AOCI Rollforward
Beginning balance	$ 3,286.3	$ 3,310.1	$ 3,355.6	$ 3,327	$ 3,285.4	$ 3,241	$ 3,355.6
Other comprehensive (loss) income	31.6	(2.7)	(37.5)	(17.2)	(18.1)	14.7
Ending balance	3,344.5	3,286.3	3,310.1	3,328.7	3,327	3,285.4	3,344.5
Accumulated Other Comprehensive Income (loss), net
AOCI Rollforward
Beginning balance	(2.6)	0.1	37.6	8.1	26.2	11.5	37.6
Other comprehensive (loss) income	31.6	(2.7)	(37.5)	(17.2)	(18.1)	14.7	(8.6)
Ending balance	29	$ (2.6)	0.1	$ (9.1)	$ 8.1	$ 26.2	29
Foreign Currency Translation
AOCI Rollforward
Beginning balance			38.2				38.2
Other comprehensive (loss) income							(9.4)
Ending balance	28.8						28.8
Unrealized Investment Gain/Loss
AOCI Rollforward
Beginning balance			0.2				0.2
Other comprehensive (loss) income							(0.3)
Ending balance	(0.1)						(0.1)
Post-Retirement Benefits
AOCI Rollforward
Beginning balance			$ (0.8)				(0.8)
Other comprehensive (loss) income							1.1
Ending balance	$ 0.3						$ 0.3

CLEARING OPERATIONS - Clearing

CLEARING OPERATIONS - Clearing participant (Details) $ in Millions	Sep. 30, 2020USD ($)
Clearing Operations
Cash Contributions	$ 1,246.2
Non-Cash Contributions	547.1
Total Contributions	1,793.3
Margin deposits
Clearing Operations
Cash Contributions	461.3
Non-Cash Contributions	353.8
Total Contributions	815.1
Clearing funds
Clearing Operations
Cash Contributions	310.6
Non-Cash Contributions	62.4
Total Contributions	373
Interoperability funds
Clearing Operations
Cash Contributions	474.3
Non-Cash Contributions	130.9
Total Contributions	$ 605.2

CLEARING OPERATIONS - Narrative

CLEARING OPERATIONS - Narrative (Details) - EuroCCP	9 Months Ended
	Sep. 30, 2020itemCounterparty
Clearing Operations [Line Items]
Number of European Markets | item	18
Number of central counterparties | Counterparty	2
Default and liquid waterfalls regulatory capital	25.00%

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of fair value hierarchy for assets measured at fair value on a recurring basis (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets:
Total assets	$ 22.8	$ 71
Liabilities:
Contingent consideration liabilities	37.9	2.2
Total liabilities	999.3	893.2
Level 1
Assets:
Total assets	22.8	71
Liabilities:
Total liabilities	22.3	23.4
Level 2
Liabilities:
Total liabilities	939.1	867.6
Level 3
Liabilities:
Contingent consideration liabilities	37.9	2.2
Total liabilities	37.9	2.2
Recurring
Assets:
Total assets	22.8	71
Liabilities:
Contingent consideration liabilities	37.9	2.2
Total liabilities	37.9	2.2
Recurring | U.S. Treasury securities
Assets:
Total assets	0.5	47.6
Recurring | Marketable securities | Mutual funds
Assets:
Total assets	13.8	15.7
Recurring | Marketable securities | Money market funds
Assets:
Total assets	8.5	7.7
Recurring | Level 1
Assets:
Total assets	22.8	71
Recurring | Level 1 | U.S. Treasury securities
Assets:
Total assets	0.5	47.6
Recurring | Level 1 | Marketable securities | Mutual funds
Assets:
Total assets	13.8	15.7
Recurring | Level 1 | Marketable securities | Money market funds
Assets:
Total assets	8.5	7.7
Recurring | Level 3
Liabilities:
Contingent consideration liabilities	37.9	2.2
Total liabilities	$ 37.9	$ 2.2

FAIR VALUE MEASUREMENT - Sche_2

FAIR VALUE MEASUREMENT - Schedule of fair value hierarchy of financial instruments held (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets:
Financial investments	$ 0.5	$ 47.6
Deferred compensation plan assets	22.3	23.4
Total assets	22.8	71
Liabilities:
Contingent consideration liabilities	37.9	2.2
Deferred compensation plan liabilities	22.3	23.4
Debt	939.1	867.6
Total liabilities	999.3	893.2
Level 1
Assets:
Financial investments	0.5	47.6
Deferred compensation plan assets	22.3	23.4
Total assets	22.8	71
Liabilities:
Deferred compensation plan liabilities	22.3	23.4
Total liabilities	22.3	23.4
Level 2
Liabilities:
Debt	939.1	867.6
Total liabilities	939.1	867.6
Level 3
Liabilities:
Contingent consideration liabilities	37.9	2.2
Total liabilities	$ 37.9	$ 2.2

FAIR VALUE MEASUREMENT - Narrat

FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information
Contingent consideration liabilities	$ 37.9	$ 2.2
Recurring
Segment Reporting Information
Contingent consideration liabilities	$ 37.9	$ 2.2

FAIR VALUE MEASUREMENT - Summar

FAIR VALUE MEASUREMENT - Summary of changes in the fair value of the company's Level 3 financial liabilities (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Changes in fair value of level 3 financial liabilities
Balance at the beginning of the period	$ 20.5	$ 2.2
Additions	17.4	37.9
Settlements		(2.2)
Balance at the end of the period	37.9	37.9
Contingent consideration liabilities
Changes in fair value of level 3 financial liabilities
Balance at the beginning of the period	20.5	2.2
Additions	17.4	37.9
Settlements		(2.2)
Balance at the end of the period	$ 37.9	$ 37.9

SEGMENT REPORTING - Summarized

SEGMENT REPORTING - Summarized financial information by reportable segment (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Segment Reporting Information
Number of reportable segments | segment			5
Revenues	$ 792.7	$ 675.4	$ 2,582.9	$ 1,897.5
Operating income (loss)	139.3	147.4	527.4	418
Operating Segments | Options
Segment Reporting Information
Revenues	312.8	266.1	986.9	743.2
Operating income (loss)	94.4	85.4	331.2	252.5
Operating Segments | North American Equities
Segment Reporting Information
Revenues	403.6	330.7	1,367.8	925.2
Operating income (loss)	33.1	36.4	138	110.4
Operating Segments | Futures
Segment Reporting Information
Revenues	24	39.6	87.1	103.9
Operating income (loss)	10.1	26.2	45.3	63.9
Operating Segments | European Equities
Segment Reporting Information
Revenues	39.1	25.9	97.3	84.9
Operating income (loss)	9.3	4.8	24.2	16.3
Operating Segments | Global FX
Segment Reporting Information
Revenues	13.2	13.1	43.8	40.1
Operating income (loss)	0.6	(1.3)	4.7	(3.3)
Corporate Items and Eliminations
Segment Reporting Information
Revenues				0.2
Operating income (loss)	$ (8.2)	$ (4.1)	$ (16)	$ (21.8)

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
SMART Plan
Defined Contribution Plan
Total assets in the trust			$ 22.3		$ 23.4
Company contribution amount	$ 4	$ 3.3	8.1	$ 8.5
Cboe Europe Equities Employee Selected Stakeholder Contribution Plan
Defined Contribution Plan
Company contribution amount	0.2	$ 0.2	0.6	$ 0.5
EuroCCP
Defined Contribution Plan
Company contribution amount	$ 0.2		$ 0.2

REGULATORY CAPITAL (Details)

REGULATORY CAPITAL (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Cboe Trading
Regulatory Requirement
Minimum net capital required to be maintained, option 1 - percentage of aggregate indebtedness items	6.67%
Minimum net capital required to be maintained, option 2 - amount	$ 0.1
Net capital	19
Excess net capital	18.2
Required net capital	0.8
Cboe Europe Limited
Regulatory Requirement
Financial resources requirement	22.7
Capital in excess of financial resources requirement	27.5
Cboe Chi-X Europe
Regulatory Requirement
Capital resources requirement	0.1
Capital in excess of capital resources requirement	0.3
Cboe Europe B.V
Regulatory Requirement
Capital in excess of financial resources requirement	1.2
Minimum capital requirement	5.7
Cboe SEF
Regulatory Requirement
Annual operating expenses for swap execution facility capital adequacy tests	0.8
XX month operating expenses for swap execution facility capital adequacy tests	0.4
CFE
Regulatory Requirement
Annual operating expenses for registered futures exchange capital adequacy tests	59.3
XX month operating expenses for registered futures exchange capital adequacy tests	29.7
EuroCCP
Regulatory Requirement
Net capital	59.2
Capital resources requirement	29.6
IIROC
Regulatory Requirement
Minimum net capital required to be maintained, option 2 - amount	0.2
Net capital	1
Excess net capital	0.8
Required net capital	$ 0.2

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 4.4	$ 5.3	$ 17.3	$ 17
Options exercised (in shares)			10,834
Payments for the purchase of shares to satisfy the employee income tax withholdings (in shares)			$ 14.2	10.7
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Total intrinsic value of stock options exercised			$ 0.9	$ 25
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares purchased to satisfy the employee income tax withholdings (in shares)			100,114
Payments for the purchase of shares to satisfy the employee income tax withholdings (in shares)			$ 11.8
Number of shares of common stock of which unit is convertible (in shares)	1		1
Vesting period			3 years
Qualified retirement eligibility age for grants awarded in and after 2017			55 years
Qualified retirement eligibility number of years of service for grants awarded in and after 2017			10 years
Vested (in shares)			271,511
Restricted Stock and Restricted Stock Units | Director
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			1 year
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares purchased to satisfy the employee income tax withholdings (in shares)			19,456
Payments for the purchase of shares to satisfy the employee income tax withholdings (in shares)			$ 2.4
Number of shares of common stock of which unit is convertible (in shares)	1		1
Vesting period			3 years
Vested (in shares)	48,053		48,053
Risk-free interest rate			1.36%
Volatility time period			3 years
Expected volatility			21.00%
Correlation to S&P 500 Index time period			3 years
Correlation with S&P index			0.25%
Unrecognized compensation expense	$ 26.7		$ 26.7
Unrecognized compensation expense, period for recognition			1 year 10 months 24 days
Performance-Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Units ultimately expected to be awarded			0.00%
Performance-Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Units ultimately expected to be awarded			200.00%

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock option activity (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of Shares
Beginning balance (in shares) | shares	10,834
Exercised (in shares) | shares	(10,834)
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 18.59
Exercised (in dollars per share) | $ / shares	$ 18.59

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted stock activity (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Employee Stock Purchase Plan
Compensation expense		$ 4,400,000	$ 5,300,000	$ 17,300,000	$ 17,000,000
ESPP
Employee Stock Purchase Plan
Number of shares of common stock made available for purchase to employees	750,000
Maximum percentage of annual salary that an employee is permitted to utilize to purchase stock	10.00%
Maximum number of shares that a participant can purchase during any single offering period	312
Maximum fair market value of stock an employee can purchase under the plan per calendar year	$ 25,000
Compensation expense		$ 18,600,000	$ 200,000	$ 200,000	$ 400,000
Shares were reserved for future issuance		692,432		692,432
ESPP | US
Employee Stock Purchase Plan
Exercise price per share of common stock as a percent of fair market value	90.00%
ESPP | International
Employee Stock Purchase Plan
Exercise price per share of common stock as a percent of fair market value	85.00%
Restricted Stock and Restricted Stock Units
Number of shares
Beginning balance (in shares)				436,013
Granted (in shares)				192,424
Vested (in shares)				(271,511)
Forfeited (in shares)				(12,522)
Ending balance (in shares)		344,404		344,404
Weighted average grant date fair value
Beginning balance (in USD per share)				$ 92.47
Granted (in dollars per share)				116.11
Vested (in USD per share)				88.24
Forfeited (in USD per share)				105.94
Ending balance (in USD per share)		$ 108.52		$ 108.52
Performance-Based Restricted Stock Units
Number of shares
Beginning balance (in shares)				132,248
Granted (in shares)				72,975
Vested (in shares)		(48,053)		(48,053)
Forfeited (in shares)				(34,504)
Ending balance (in shares)		122,666		122,666
Weighted average grant date fair value
Beginning balance (in USD per share)				$ 105.75
Granted (in dollars per share)				125.62
Vested (in USD per share)				108.91
Forfeited (in USD per share)				109.85
Ending balance (in USD per share)		$ 115.18		$ 115.18

EQUITY (Details)

EQUITY (Details) $ / shares in Units, $ in Thousands	3 Months Ended						117 Months Ended
	Sep. 30, 2020USD ($)Vote / shares$ / sharesshares	Jun. 30, 2020USD ($)$ / shares	Mar. 31, 2020USD ($)$ / shares	Sep. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / shares	Mar. 31, 2019USD ($)$ / shares	Sep. 30, 2020USD ($)Vote / shares$ / sharesshares	Dec. 31, 2019$ / sharesshares
Common Stock
Common stock, shares authorized (in shares)	325,000,000						325,000,000	325,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01						$ 0.01	$ 0.01
Common stock, shares issued (in shares)	125,996,924						125,996,924	125,701,889
Common stock, shares outstanding (in shares)	108,311,921						108,311,921	110,656,892
Common stock, votes per share | Vote / shares	1						1
Common Stock in Treasury, at Cost
Common stock held in Treasury (in shares)	17,685,003						17,685,003	15,044,997
Share Repurchase Program
Treasury Stock, Shares, Acquired	465,366			453,319			16,236,415
Treasury Stock Acquired, Average Cost Per Share | $ / shares	$ 89.92			$ 115.49			$ 65.40
Treasury Stock, Value, Acquired, Cost Method | $	$ 41,800	$ 99,800	$ 119,500	$ 52,400		$ 35,000	$ 1,100
Availability remaining under existing share repurchase authorizations | $	$ 288,100			$ 118,700			$ 288,100
Purchase of Common Stock from Employees
Stock repurchased from employee stock plans (in shares)	786			3,569
Average price paid per share (in dollars per share) | $ / shares	$ 100.62			$ 111.56
Preferred stock
Preferred stock, shares authorized (in shares)	20,000,000						20,000,000	20,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01						$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0						0	0
Preferred stock, shares outstanding (in shares)	0						0	0
Dividends
Cash dividends per share, declared (in dollars per share) | $ / shares	$ 0.42	$ 0.36	$ 0.36	0.36	$ 0.31	$ 0.31
Cash dividends per share, paid (in dollars per share) | $ / shares	$ 0.42			$ 0.36
Aggregate payout | $	$ 45,800	$ 39,500	$ 40,000	$ 40,400	$ 34,800	$ 34,800

EQUITY - Share Repurchase Progr

EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended					12 Months Ended						117 Months Ended
	Jun. 30, 2020	Oct. 31, 2019	Aug. 31, 2018	Feb. 28, 2018	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2020
Share Repurchase Program
Stock repurchase amount authorized during period	$ 250,000	$ 250,000	$ 100,000	$ 150,000						$ 100,000	$ 100,000	$ 100,000	$ 100,000	$ 100,000	$ 100,000
Authorized amount					$ 1,400,000											$ 1,400,000
Number of shares of common stock repurchased					465,366			453,319								16,236,415
Average price paid per share					$ 89.92			$ 115.49								$ 65.40
Total purchase price					$ 41,800	$ 99,800	$ 119,500	$ 52,400	$ 35,000							$ 1,100

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
INCOME TAXES
Effective tax rate	32.70%	24.80%	29.10%	26.50%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic and Diluted EPS Numerator:
Net income	$ 109.9			$ 105.9		$ 380.9	$ 284.5
Net loss attributable to redeemable noncontrolling interest				0.1			4.1
Net income excluding redeemable noncontrolling interest	109.9	$ 113.6	$ 157.4	106	$ 88.3	380.9	288.6
Change in redemption value of redeemable noncontrolling interest				(0.1)			(0.5)
Earnings allocated to participating securities	(0.3)			(0.4)		(1)	(1.5)
Net income allocated to common stockholders	$ 109.6			$ 105.5		$ 379.9	$ 286.6
Basic EPS Denominator:
Weighted average shares outstanding (in shares)	108.7			111.6		109.5	111.6
Basic Net Income Per Common Share (in dollars per share)	$ 1.01			$ 0.95		$ 3.47	$ 2.57
Diluted EPS Denominator:
Weighted average shares outstanding (in shares)	108.7			111.6		109.5	111.6
Dilutive common shares issued under stock program (in shares)	0.1			0.3		0.3	0.4
Total dilutive weighted average shares (in shares)	108.8			111.9		109.8	112
Diluted Net Income Per Common Share (in dollars per share)	$ 1.01			$ 0.94		$ 3.46	$ 2.56

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Pending Litigation	Sep. 28, 2018claim	Apr. 18, 2014item
City of Providence
Loss Contingencies
The number of other securities exchanges a lawsuit has been filed against | item		14
VIX Litigation
Loss Contingencies
Number of Commodity Exchange Act claims | claim	3

LEASES (Details)

LEASES (Details) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)ft²	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Leases
Options to renew			true
Additional right of use assets		$ 0.9
Lease incentive for leasehold improvements			$ 25.2
Minimum lease payments		$ 184.5	$ 184.5
Old Post Office building in Chicago, Illinois
Leases
Area of office space leased | ft²	185,000
Initial term of lease	187 months
Renewal Term	60 months
Minimum lease payments	$ 98.8
Office Space in Chicago Board of Trade Building
Leases
Area of office space leased | ft²	40,000
Initial term of lease	150 months
Renewal Term	60 months
Minimum lease payments	$ 17.1
Minimum
Leases
Renewal term		1 year	1 year
Maximum
Leases
Renewal term		5 years	5 years
Option to terminate period			1 year

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
LEASES
Operating lease right of use assets	$ 116.1	$ 53.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Current operating leased liabilities	$ 12	8.7
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Non-current operating lease liabilities	$ 135.6	46.7
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseLiabilityNoncurrent
Total lease liabilities	$ 147.6	$ 55.4

LEASES - Lease Costs and Other

LEASES - Lease Costs and Other Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Leases
Operating lease costs	$ 4.7	$ 3.4	$ 14.5	$ 8.8
Weighted average remaining lease term (years)	12 years 7 months 6 days	9 years 4 months 24 days	12 years 7 months 6 days	9 years 4 months 24 days
Weighted average discount rate	3.40%	3.50%	3.40%	3.50%
Cash paid for amounts included in the measurement of lease liabilities	$ 3.2	$ 2.7	$ 8.6	$ 7.5
Lease incentive for leasehold improvements			25.2
Right-of-use assets obtained in exchange for lease liabilities	0.9	$ 2	71.8	$ 21
Operating lease right of use assets	116.1		116.1		$ 53.4
Operating lease liabilities recognized upon adoption	$ 147.6		$ 147.6		$ 55.4
ASU 2016-02 | Restatement Adjustment
Leases
Operating lease right of use assets						$ 40.3
Operating lease liabilities recognized upon adoption						$ 42.8

LEASES - Maturities (Details)

LEASES - Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Maturities of Lease Liabilities
Remainder of 2020	$ 4.2
2021	16.8
2022	17.3
2023	16
2024	11.6
After 2024	118.6
Total lease payments	184.5
Less: Interest	(36.9)
Present value of lease liabilities	147.6	$ 55.4
Minimum lease payments related to option to extend term	$ 20.4

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Oct. 28, 2020$ / shares
Subsequent Event
Subsequent Events
Cash dividend (in dollars per share)	$ 0.42