Cboe Global Markets (CBOE) 10-K19 Feb 212020 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2020	Feb. 12, 2021	Jun. 30, 2020
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		107,210,079
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001374310
Amendment Flag	false
Entity Public Float			$ 10.1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 245.4	$ 229.3
Financial investments	92.4	71
Accounts receivable, net of $0.6 allowance for credit losses at December 31, 2020 and $0.7 at December 31, 2019	337.3	234.7
Margin deposits and clearing funds	812.1
Income taxes receivable	53.1	56.8
Other current assets	26.5	15.8
Total current assets	1,566.8	607.6
Investments	42.7	61.2
Property and equipment, net	82.6	47
Property held for sale	13	21.1
Operating lease right of use assets	111	53.4
Goodwill	2,895.1	2,682.1
Intangible assets, net	1,729	1,589.9
Other assets, net	76.3	51.6
Total assets	6,516.5	5,113.9
Current liabilities:
Accounts payable and accrued liabilities	250	171.9
Section 31 fees payable	152.9	99
Deferred revenue	10.2	4.5
Margin deposits and clearing funds	812.1
Income taxes payable	4.2	4
Current portion of long-term debt	68.7
Current portion of contingent consideration liabilities	15.2	2.2
Total current liabilities	1,313.3	281.6
Long-term debt	1,135.2	867.6
Unrecognized tax benefits	164.7	135.9
Deferred income taxes	377.6	399.7
Non-current operating lease liabilities	132.1	46.7
Contingent consideration liabilities	17.5
Other non-current liabilities	27.2	26.8
Total liabilities	3,167.6	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 December 31, 2020 and December 31, 2019
Common stock, $0.01 par value: 325,000,000 shares authorized, 125,998,967 and 107,299,933 shares issued and outstanding, respectively at December 31, 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, 18,699,034 shares at December 31, 2020 and 15,044,997 shares at December 31, 2019	(1,250.4)	(887.1)
Additional paid-in capital	2,713.3	2,691.3
Retained earnings	1,809.8	1,512.6
Accumulated other comprehensive income, net	75	37.6
Total stockholders' equity	3,348.9	3,355.6
Total liabilities and stockholders' equity	$ 6,516.5	$ 5,113.9

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Consolidated Balance Sheets
Accounts Receivable, Allowance for credit losses	$ 0.6	$ 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)	125,998,967	125,701,889
Common stock, shares outstanding (in shares)	107,299,933	110,656,892
Common stock held in Treasury (in shares)	18,699,034	15,044,997

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total revenues	$ 3,427.1	$ 2,496.1	$ 2,768.8
Cost of revenues:
Total cost of revenues	2,172.8	1,359.2	1,551.9
Revenues less cost of revenues	1,254.3	1,136.9	1,216.9
Operating expenses:
Compensation and benefits	224.9	199	228.8
Depreciation and amortization	158.5	176.6	204
Technology support services	54.5	46.2	47.9
Professional fees and outside services	60.6	68.3	68.3
Travel and promotional expenses	6.6	11.9	13
Facilities costs	17.6	11	11.5
Acquisition-related costs	45.2	48.5	30
Other expenses	24.2	38.2	14
Total operating expenses	592.1	599.7	617.5
Operating income	662.2	537.2	599.4
Non-operating (expenses) income:
Interest expense, net	(37.6)	(35.9)	(38.2)
Other income, net	35.8	0.1	10
Income before income tax provision	660.4	501.4	571.2
Income tax provision	192.2	130.6	146
Net income	468.2	370.8	425.2
Net loss attributable to redeemable noncontrolling interest		4.1	1.3
Net income excluding redeemable noncontrolling interest	468.2	374.9	426.5
Change in redemption value of redeemable noncontrolling interest		(0.5)	(1.3)
Net income allocated to participating securities	(1.2)	(1.7)	(3.1)
Net income allocated to common stockholders	$ 467	$ 372.7	$ 422.1
Basic earnings per share (in dollars per share)	$ 4.28	$ 3.35	$ 3.78
Diluted earnings per share (in dollars per share)	$ 4.27	$ 3.34	$ 3.76
Basic weighted average shares outstanding (in shares)	109.1	111.4	111.8
Diluted weighted average shares outstanding (in shares)	109.3	111.8	112.2
Transaction and clearing fees
Revenues:
Total revenues	$ 2,418	$ 1,716.2	$ 1,986.9
Access and capacity fees
Revenues:
Total revenues	236.7	221.9	211
Market data fees
Revenues:
Total revenues	232	213.5	204
Regulatory fees
Revenues:
Total revenues	500.2	311.7	333.9
Other revenue
Revenues:
Total revenues	40.2	32.8	33
Liquidity payments
Cost of revenues:
Total cost of revenues	1,554.1	964.7	1,113
Routing and clearing
Cost of revenues:
Total cost of revenues	70.4	35.8	39.1
Section 31 fees
Cost of revenues:
Total cost of revenues	465	271.4	302.4
Royalty fees
Cost of revenues:
Total cost of revenues	83.4	86.8	$ 97.4
Other
Cost of revenues:
Total cost of revenues		$ 0.5
Total cost of revenues	$ (0.1)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Comprehensive Income
Net income	$ 468.2	$ 370.8	$ 425.2
Other comprehensive income (loss), net of income tax:
Foreign currency translation adjustments	36.5	26.1	(39.2)
Unrealized holding losses on financial investments	(0.3)
Post-retirement benefit obligations	1.2
Comprehensive income	505.6	396.9	386
Comprehensive loss attributable to redeemable noncontrolling interest		4.1	1.3
Comprehensive income excluding redeemable noncontrolling interest	505.6	401	387.3
Change in redemption value of redeemable noncontrolling interest		(0.5)	(1.3)
Comprehensive income allocated to participating securities	(1.2)	(1.7)	(3.1)
Comprehensive income allocated to common stockholders, net of income tax	$ 504.4	$ 398.8	$ 382.9

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholder's Equity - USD ($) $ in Millions	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, 2017	$ 1.2	$ (558.3)	$ 2,623.7		$ 993.3	$ 50.7	$ 9.4		$ 3,110.6
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock					(130.3)				(130.3)
Stock-based compensation			35.1						35.1
Repurchases of common stock from employee stock plans		(20.9)	1.4						(19.5)
Purchase of common stock		(140.9)							(140.9)
Net income excluding noncontrolling interest					426.5				426.5
Other comprehensive (loss) income						(39.2)			(39.2)
Net loss attributable to redeemable noncontrolling interest							(1.3)
Redemption value adjustment of redeemable noncontrolling interest					(1.3)		1.3		(1.3)
Ending balance at Dec. 31, 2018	1.2	(720.1)	2,660.2		1,288.2	11.5	9.4		3,241
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock					(150)				(150)
Stock-based compensation			21.8						21.8
Exercise of common stock options			9.3						9.3
Repurchases of common stock from employee stock plans		(11)							(11)
Purchase of common stock		(156.9)							(156.9)
Shares issued under employee stock purchase plan		0.9							0.9
Net income excluding noncontrolling interest					374.9				374.9
Other comprehensive (loss) income						26.1			26.1
Net loss attributable to redeemable noncontrolling interest							(4.1)
Redemption value adjustment of redeemable noncontrolling interest					(0.5)		0.5		(0.5)
Deconsolidation of former subsidiary with noncontrolling interest							$ (5.8)
Ending balance at Dec. 31, 2019	1.2	(887.1)	2,691.3	$ (0.4)	1,512.6	37.6		$ (0.4)	3,355.6
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock					(170.6)				(170.6)
Stock-based compensation			21.7						21.7
Exercise of common stock options			0.2						0.2
Repurchases of common stock from employee stock plans		(14.2)							(14.2)
Purchase of common stock		(349.1)							(349.1)
Shares issued under employee stock purchase plan			0.1						0.1
Net income excluding noncontrolling interest					468.2				468.2
Other comprehensive (loss) income						37.4			37.4
Ending balance at Dec. 31, 2020	$ 1.2	$ (1,250.4)	$ 2,713.3		$ 1,809.8	$ 75			$ 3,348.9

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Stockholder's Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Changes in Stockholders' Equity
Dividends (in dollars per share)	$ 1.56	$ 1.34	$ 1.16

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Millions	12 Months Ended
Consolidated Statements of Cash Flows $ in Millions	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Cash flows from operating activities:
Net income	$ 468.2	$ 370.8	$ 425.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	158.5	176.6	204
Amortization of debt issuance cost and debt discount	2	2.2	2.5
Change in fair value of contingent consideration		2.6	3.9
Realized gain on available-for-sale securities	(0.4)	(1.3)	(1.4)
Provision for uncollectable accounts receivable	0.1	1
Provision for deferred income taxes	(30.9)	(37.2)	(47.7)
Provision for notes receivable credit losses	6.7	23.4
Stock-based compensation expense	21.7	21.8	35.1
Loss on disposition of property		4.4	1
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	(1.1)	(2.2)	(1.1)
Impairment of investment	15.1
Bargain purchase gain	(32.6)
Changes in assets and liabilities:
Accounts receivable	(90)	50.3	(70.3)
Restricted cash and cash equivalents (margin deposit and clearing fund)	812.1
Income taxes receivable	5.4	13.5	(53.2)
Other current assets	(5.1)	(16.9)	(15.8)
Other assets	(23.4)
Accounts payable and accrued liabilities	59.4	(25.7)	46.8
Section 31 fees payable	53.9	17.9	(24.5)
Deferred revenue	4.5	(4.1)	(7)
Income taxes payable	(1.1)	0.1	0.4
Unrecognized tax benefits	28.8	21	36.1
Other liabilities	(1.1)	(4)	0.7
Net cash provided by operating activities	1,458.8	632.8	534.7
Cash flows from investing activities:
Acquisitions, net of cash acquired	(351.5)
Purchases of available-for-sale financial investments	(222.5)	(108.8)	(166.2)
Proceeds from maturities of available-for-sale financial investments	202.5	98	178.7
Return of capital from investments		30
Contributions to investments	(12.1)		(1.8)
Proceeds from insurance	0.5
Purchases of property and equipment	(47.4)	(35.1)	(36.3)
Net cash used in investing activities	(430.5)	(15.9)	(25.6)
Cash flows from financing activities:
Proceeds from long-term debt	493.7		300
Principal payments of long term debt	(155)	(350)	(325)
Proceeds from credit facility	70		39
Payments of credit facility	(70)		(39)
Debt issuance costs	(4.5)
Cash dividends on common stock	(170.6)	(150)	(130.3)
Repurchases of common stock from employee stock plans	(14.2)	(11)	(20.9)
Exercise of common stock options	0.2	9.3	2.1
Payment of contingent consideration from acquisition	(2.2)	(4.3)	(56.6)
Purchase of common stock	(349.1)	(156.9)	(140.9)
Net cash used in financing activities	(201.7)	(662.9)	(371.6)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	1.6	0.2	(5.9)
Increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	828.2	(45.8)	131.6
Cash, cash equivalents, and restricted cash and cash equivalents: Beginning of period	229.3	275.1	143.5
Cash, cash equivalents, and restricted cash and cash equivalents: End of period	1,057.5	229.3	275.1
Supplemental disclosure of cash transactions:
Cash paid for income taxes	191.5	134.9	213.4
Cash paid for interest	29.2	32.7	$ 38.7
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	11
Income taxes receivable acquired	1.7
Other current assets acquired	5.9
Goodwill acquired	201.2
Intangible assets acquired	247.7
Property and equipment, net acquired	4.4
Other assets, net acquired	0.9
Accounts payable and accrued expenses assumed	(16.7)
Income taxes payable assumed	(1.3)
Deferred revenue acquired	(1)
Contingent consideration related to acquisitions	(32.7)	$ (2.2)
Deferred income taxes acquired	$ (6.7)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parentheticals) $ in Millions	Dec. 31, 2020USD ($)
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents
Cash and cash equivalents	$ 245.4
Restricted cash and cash equivalents (margin deposit and clearing fund)	812.1
Total	$ 1,057.5

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
NATURE OF OPERATIONS	Dec. 31, 2020
NATURE OF OPERATIONS
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Cboe Global Markets, Inc. (“Cboe” or “the Company”) is one of the world’s largest exchange holding companies, offering cutting-edge trading and investment solutions to investors around the world. The Company is committed to defining markets to benefit its participants and drive the global marketplace forward 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, BIDS Trading, a leading block-trading ATS by volume in the U.S., and MATCHNow, a leading equities ATS in Canada. 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, Calgary, Singapore, Hong Kong, and Ecuador.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Principles of Accounting These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) as established by FASB. (b) Basis of Presentation The accompanying financial statements are presented on a consolidated basis to include the accounts and transactions of Cboe Global Markets, Inc. and its majority owned subsidiaries and all significant intercompany accounts and transactions have been eliminated. The preparation of 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. 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 17 (“Segment Reporting”) for more information. (c) Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of the amounts of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the valuation of goodwill, indefinite-lived intangible assets, and unrecognized tax benefits. (d) Cash and Cash Equivalents The Company’s cash and cash equivalents are exposed to concentrations of credit risk. The Company maintains cash at various regulated financial institutions and brokerage firms which, at times, may be in excess of the federal depository insurance limit. The Company’s management regularly monitors these institutions and believes that the potential for future loss is remote. The Company considers liquid investments with original or acquired maturities of three months or less to be cash equivalents. (e) Financial Investments Financial investments are classified as trading or available-for-sale. Trading financial investments represent financial investments held by Cboe Trading that retain the industry-specific accounting classification required for broker-dealers and marketable securities held in a rabbi trust for the Company’s non-qualified retirement and benefit plans. The investments held by the broker-dealer subsidiary are recorded at fair value with changes in unrealized gains and losses reflected within interest expense, net in the consolidated statements of income. The investments held in a rabbi trust are recorded at fair value with changes in unrealized gains or losses recorded within other income (expense) and the equal and offsetting charges in the related liability are recorded in compensation and benefits expense in the consolidated statements of income. Available-for-sale financial investments are comprised of the financial investments not held by Cboe Trading, including highly liquid U.S. Treasury securities. Unrealized gains and losses, net of income taxes, are included as a component of accumulated other comprehensive income in the accompanying consolidated balance sheets. Interest on financial investments, including amortization of premiums and accretion of discounts, is recognized as income when earned. Realized gains and losses on financial investments are calculated using the specific identification method and are included in interest expense, net in the accompanying consolidated statements of income. A decline in the fair value of any available-for-sale investment below carrying amount that is deemed to be other-than-temporary results in an impairment to reduce the carrying amount to realizable value. To determine whether an impairment is other-than-temporary, the Company considers all available information relevant to the collectability of the investment, including past events, current conditions, and reasonable and supportable forecasts when developing estimate of cash flows expected to be collected. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry in which the investee operates. (f) 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 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 consolidated balance sheets and the associated losses are presented in other operating expenses on the consolidated statements of income. (g) Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated lives of the assets, generally ranging from three to seven years . Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation of leasehold improvements is calculated using the straight-line method over the shorter of the related lease term or the estimated useful life of the assets. Long-lived assets to be held and used are reviewed to determine whether any events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. The Company bases this evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present that would indicate that the carrying amount of any asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. In the event of impairment, the Company recognizes a loss for the difference between the carrying amount and the estimated value of the asset as measured using quoted market prices or, in the absence of quoted market prices, a discounted cash flow analysis. The Company expenses software development costs as incurred during the preliminary project stage, while capitalizing costs incurred during the application development stage, which includes design, coding, installation and testing activities. (h) Goodwill and Intangible Assets, Net Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. Goodwill is allocated to the Company’s reporting units based on the assignment of the fair values of each reporting unit of the acquired company. The Company tests goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying value may be impaired. The impairment test is performed during the fourth quarter using October 1 st carrying values, and if the fair value of the reporting unit is found to be less than the carrying value, an impairment loss is recorded. The Company performed its 2020 annual goodwill impairment test and determined that no impairment existed. Intangible assets, net, primarily include acquired trademarks and trade names, customer relationships, strategic alliance agreements, licenses and registrations and non-compete agreements. Intangible assets with finite lives are amortized based on the discounted cash flow method applied over the estimated useful lives of the intangible assets and are tested for impairment if certain events occur indicating that the carry value may be impaired. Intangible assets deemed to have indefinite useful lives are not amortized, but instead are tested for impairment at least annually, usually concurrently with goodwill. Impairment exists if the fair value of the asset is less than the carrying amount, and in that case, an impairment loss is recorded. The Company performed its 2020 annual intangible assets impairment test using October 1, 2020 carrying values and determined that no impairment existed. (i) Foreign Currency The financial statements of foreign subsidiaries where the functional currency is not the U.S. dollar are translated into U.S. dollars using the exchange rate in effect as of each balance sheet date. Statements of income and cash flow amounts are translated using the average exchange rate during the period. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at the applicable exchange rates are included in accumulated other comprehensive income (loss), net in the balance sheet. Foreign currency gains and losses are recorded as other income, net in the consolidated statements of income. The Company’s operations in the United Kingdom, Amsterdam, Canada, Singapore, and Hong Kong are recorded in Pounds sterling, Euros, Canadian dollars, Singapore dollars, and Hong Kong dollars, respectively. (j) Income Taxes Deferred taxes are recorded on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the consolidated financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense is recognized on the full amount of deferred benefits for uncertain tax positions. The Company’s policy is to include interest and penalties related to unrecognized tax benefits in the income tax provision within the consolidated statements of income. The Company elected to account for global intangible low-taxed income (“GILTI”) in the period in which it is incurred, and therefore, have not provided any deferred tax impacts of GILTI in the consolidated financial statements. (k) Revenue Recognition For further discussion related to revenue recognition of fees, such as transaction and clearing fees and liquidity payments, access and capacity fees, market data fees, and regulation transaction and Section 31 fees, see Note 4 (“Revenue Recognition”). Concentrations of Revenue and Liquidity Payments For the years ended December 31, 2020, 2019, and 2018, no customer accounted for more than 15% of the Company’s total revenue. No customer is contractually or otherwise obligated to continue to use the Company’s services. The loss of, or a significant reduction of, participation by these customers may have a material adverse effect on the Company’s business, financial position, results of operations and cash flows. The two largest clearing members clear the majority of the market-maker sides of transactions at all of the Company’s U.S. options exchanges. If either of these clearing members were to withdraw from the business of market-maker clearing and market-makers were unable to transfer to another clearing member, this could create significant disruption to the U.S. options markets, including Cboe’s. (l) Earnings Per Share The computation of basic earnings per 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 earnings 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. (m) Stock-Based Compensation The Company grants stock-based compensation to its employees through awards of restricted stock units. In connection with the acquisition of Bats, Bats previously awarded stock options and restricted stock awards. The Company records stock-based compensation expense for all stock-based compensation granted based on the grant-date fair value. The Company recognizes stock-based compensation expense related to stock-based compensation awards with graded vesting that have a service condition on a straight-line basis over the requisite service period of the entire award. The amount of stock-based compensation expense related to awards of restricted stock and restricted stock units is based on the fair value of Cboe Global Markets, Inc. common stock at the date of grant. The fair value is based on a current market-based transaction of the Company’s common stock. If a market-based transaction of the Company’s common stock is not available, then the fair value is based on an independent third-party valuation using equal weighting of two valuation analysis techniques, discounted cash flows and valuation multiples observed from publicly traded companies in a similar industry. (n) Business Combinations The Company records identifiable assets, liabilities and goodwill acquired in a business combination at fair value at the acquisition date. Additionally, transaction-related costs are expensed in the period incurred. (o) Debt Issuance Costs All costs incurred to issue debt are capitalized as a contra-liability and amortized over the life of the debt using the interest method. (p) Investments The Company generally accounts for investments using the measurement alternative when it owns less than 20% of the outstanding voting stock of a company, there is an absence of readily determinable fair value for the respective investment, and the Company has an inability to exercise significant influence over the investment based upon the respective ownership interests held. The Company recognizes dividend income when declared. In general, the equity method of accounting is used when the Company owns 20% to 50% of the outstanding voting stock of a company and when it is able to exercise significant influence over the operating and financial policies of a company. For equity method investments, the Company records the pro-rata share of earnings or losses each period and records any dividends received as a reduction in the investment balance. The equity method investment is inclusive of other-than-temporary declines in value, recognized by the investee, who considers a variety of factors such as the earnings capacity of the investment and the fair value of the investment compared to its carrying amount. If the estimated fair value of the investment is less than the carrying amount and the decline in value is considered to be other than temporary, the excess of the carrying amount over the estimated fair value is recognized in the financial statements as an impairment. (q) Leases The Company determines if an arrangement contains a lease at inception. For arrangements where the Company is the lessee, operating leases are included in operating lease right of use (“ROU”) assets, accrued liabilities, and non-current operating lease liabilities on the balance sheet as of December 31, 2020. The Company does not have any finance leases as of December 31, 2020. ROU assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the lease liabilities, as the rate implicit in the Company’s leases are generally not reasonably determinable. Lease terms may include options to extend or terminate when the Company is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company also has lease arrangements with lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s leases. The Company elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for short-term leases. For short-term operating leases, lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and the Company recognizes lease expense in facilities costs within the consolidated statements of income for these leases on a straight-line basis over the lease term. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more, and some of which include the Company’s option to terminate the leases within one year . When the implicit rate in the Company’s lease is not reasonably determinable, the Company applies an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. (r) 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 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 consolidated balance sheet, as EuroCCP does not take economic 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 consolidated statements of income.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Dec. 31, 2020
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	3. 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 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 consolidated balance sheet was immaterial in nature and there was no impact to the 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 consolidated financial statements and disclosures. Recent Accounting Pronouncements – Issued, not yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes. This ASU removes certain income tax exceptions and modifies existing guidance to simplify the accounting for income taxes. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. The Company expects to adopt the update for the financial statements issued for the first quarter of 2021 and does not anticipate a material impact to the consolidated financial statements .

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
REVENUE RECOGNITION	Dec. 31, 2020
REVENUE RECOGNITION
REVENUE RECOGNITION	4. 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 income statement is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue according to product line and segment (in millions): North Corporate American European items and Options Equities Futures Equities Global FX eliminations Total Year Ended December 31, 2020 Transaction and clearing fees $ 1,046.3 $ 1,147.2 $ 84.5 $ 90.9 $ 49.1 $ — $ 2,418.0 Access and capacity fees 107.0 84.2 17.0 20.6 7.9 — 236.7 Market data fees 74.2 137.0 6.6 13.4 0.8 — 232.0 Regulatory fees 83.4 416.8 — — — — 500.2 Other revenue 19.2 4.3 1.1 15.6 — — 40.2 1,330.1 1,789.5 109.2 140.5 57.8 — 3,427.1 Timing of revenue recognition Services transferred at a point in time $ 1,148.9 $ 1,568.3 $ 85.6 $ 106.5 $ 49.1 $ — $ 2,958.4 Services transferred over time 181.2 221.2 23.6 34.0 8.7 — 468.7 1,330.1 1,789.5 109.2 140.5 57.8 — 3,427.1 Year Ended December 31, 2019 Transaction and clearing fees $ 742.9 $ 744.6 $ 110.2 $ 73.1 $ 45.4 $ — $ 1,716.2 Access and capacity fees 104.1 78.9 15.6 16.5 6.8 — 221.9 Market data fees 55.7 138.1 6.5 12.6 0.6 — 213.5 Regulatory fees 64.0 247.0 0.7 — — — 311.7 Other revenue 16.4 4.5 2.9 8.6 0.2 0.2 32.8 983.1 1,213.1 135.9 110.8 53.0 0.2 2,496.1 Timing of revenue recognition Services transferred at a point in time $ 823.3 $ 996.1 $ 113.8 $ 81.7 $ 45.6 $ 0.2 $ 2,060.7 Services transferred over time 159.8 217.0 22.1 29.1 7.4 — 435.4 983.1 1,213.1 135.9 110.8 53.0 0.2 2,496.1 Year Ended December 31, 2018 Transaction and clearing fees $ 835.5 $ 876.4 $ 128.0 $ 97.4 $ 49.6 $ — $ 1,986.9 Access and capacity fees 99.4 75.6 15.1 14.7 6.2 — 211.0 Market data fees 42.9 140.9 6.6 13.1 0.5 — 204.0 Regulatory fees 60.0 273.8 0.1 — — — 333.9 Other revenue 19.7 6.4 — 6.4 0.1 0.4 33.0 1,057.5 1,373.1 149.8 131.6 56.4 0.4 2,768.8 Timing of revenue recognition Services transferred at a point in time $ 915.2 $ 1,156.6 $ 128.1 $ 103.8 $ 49.7 $ 0.4 $ 2,353.8 Services transferred over time 142.3 216.5 21.7 27.8 6.7 — 415.0 1,057.5 1,373.1 149.8 131.6 56.4 0.4 2,768.8 Contract liabilities as of December 31, 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 Cash Additions Revenue Recognized Balance at Liquidity provider sliding scale (1) $ — $ 9.6 $ (9.6) $ — Other, net 4.5 32.8 (27.1) 10.2 Total deferred revenue $ 4.5 $ 42.4 $ (36.7) $ 10.2 (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	12 Months Ended
ACQUISITIONS	Dec. 31, 2020
ACQUISITIONS
ACQUISITIONS	5. 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, $100.7 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 $32.7 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 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 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 13 (“Debt”) for more information. See below for further discussion of intangible assets acquired. On December 31, 2020, the Company purchased BIDS Holdings (“BIDS”). BIDS Holdings owns BIDS Trading, LP, a registered broker-dealer and the operator of the BIDS ATS, the largest block-trading ATS by volume in the U.S. The alternative trading system operated by BIDS is not a registered national securities exchange or a facility thereof. The acquisition of BIDS provided the Company with a foothold in the off-exchange segment of the U.S. equities market, which allowed the Company’s presence in the North American equities segment to expand. Of the acquisitions purchase price, $100.5 million was allocated to goodwill, $156.4 million was allocated to intangible assets, and $22.8 million was allocated to working capital. 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. The acquisition was funded by the Company’s most recent debt issuance, which the Company secured on December 9, 2020. See Note 13 (“Debt”) for a discussion of debt agreements. 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) BIDS 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 15 137.0 17 Technology 2.1 4 0.9 4 0.3 4 3.6 6 0.7 7 17.8 11 Trademarks and tradenames 7.0 10 3.2 10 1.0 10 0.6 10 0.2 2 1.6 10 Total identifiable intangible assets $ 14.0 $ 6.3 $ 2.0 $ 32.3 $ 36.7 $ 156.4 Acquisition-related costs relate to acquisitions and other strategic opportunities, including the Merger. The Company expensed $45.3 million of acquisition-related costs during the year ended December 31, 2020, which included $22.1 million of professional fees, $15.1 million of impairment charges related to investments, and other expenses and $8.1 million of impairment charges related to facilities. These acquisition-related expenses are included in acquisition-related costs in the consolidated statements of income. The Company expensed $48.5 million of acquisition-related costs during the year ended December 31, 2019 that included $19.3 million of compensation-related costs, $10.5 million of impairment of goodwill charges, $6.1 million of impairment of facilities charges, $4.5 million loss on disposal of data processing software, $3.9 million of professional fees, $2.2 million of termination fees related to an assigned lease agreement, and $2.0 million of general and administrative expenses. These acquisition-related expenses are included in acquisition-related costs in the consolidated statements of income. The Company expensed $30.0 million of acquisition-related costs during the year ended December 31, 2018 that included $23.6 million of compensation-related costs, $2.7 million of stock-based compensation, $3.0 million of professional fees, and $0.6 million of general and administrative expenses. These acquisition-related expenses are included in acquisition-related costs in the consolidated statements of income.

INVESTMENTS

INVESTMENTS	12 Months Ended
INVESTMENTS	Dec. 31, 2020
FINANCIAL INVESTMENTS
INVESTMENTS	6. INVESTMENTS As of December 31, 2020 and 2019, the Company's investments were comprised of the following (in millions) : As of December 31, 2020 2019 Equity method investments: Investment in Signal Trading Systems, LLC $ 2.0 $ 12.6 Investment in EuroCCP — 10.3 Total equity method investments 2.0 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 $ 42.7 $ 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 5 (“Acquisitions”) for more information. Subsequent to the acquisition, the Company accounts for EuroCCP as a wholly-owned subsidiary in the consolidated financial statements. During the year, the Company commenced an initiative to migrate PULSe, the multi-asset front-end order entry system operated by Signal, and its related activity to Silexx, a wholly-owned subsidiary of the Company. PULSe was decommissioned as of December 31, 2020, and the joint venture with FlexTrade is anticipated to be terminated in the first quarter of 2021. Given the more-likely-than-not expectation that Signal was to be disposed of as of December 31, 2020, the Company concluded that the remaining investment in Signal had no future economic value and was written off in the amount of $11.0 million as of December 31, 2020. The loss related to the write-off was included within acquisition-related costs in the consolidated statements of income. Other Equity Investments The carrying amount of other equity method investments totaled $ 40.7 million and $ 38.3 million as of December 31, 2020 and 2019, respectively, and is included in investments in the 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 December 31, 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. In January 2016, the Company, through its subsidiary Cboe Vest, LLC (“Cboe Vest”), acquired a majority of the outstanding equity of Vest, an asset investment manager focused on Target Outcome Investment strategies. The purchase price consisted of $18.9 million in cash, reflecting payments of $14.9 million to former stockholders and $4.0 million to Vest for newly issued shares, and represented an ownership interest of 60% resulting in the consolidation of Vest operations. The remaining 40% noncontrolling interest was held by the remaining Vest stockholders. The remaining Vest stockholders had a put option that could have been exercised to Vest and Vest had a call option that could have been exercised to the remaining stockholders. The put and call options could have been exercised after five years though they could have been accelerated by certain employment-related actions. The combination of the noncontrolling interest and a redemption feature resulted in a redeemable noncontrolling interest, which was classified outside of permanent equity on the consolidated balance sheet. The Company’s ownership interest decreased in August 2019 which resulted in the deconsolidation of Vest operations and the elimination of the redeemable noncontrolling interest. 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 acquisition-related costs in the 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	12 Months Ended
FINANCIAL INVESTMENTS	Dec. 31, 2020
FINANCIAL INVESTMENTS
FINANCIAL INVESTMENTS	7. 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 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): December 31, 2020 Cost basis Unrealized gains Unrealized losses Fair Value Available-for-sale securities: U.S. Treasury securities $ 67.9 $ — $ — $ 67.9 Trading securities: Marketable securities (1) $ 24.5 $ — $ — $ 24.5 Total financial investments $ 92.4 $ — $ — $ 92.4 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 18 (“Employee Benefit Plan”) for more information .

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
PROPERTY AND EQUIPMENT, NET	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	8. PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following as of December 31, 2020 and 2019 (in millions): December 31, December 31, 2020 2019 Construction in progress $ 2.0 $ 1.2 Furniture and equipment 227.1 164.4 Total property and equipment 229.1 165.6 Less accumulated depreciation (146.5) (118.6) Property and equipment, net $ 82.6 $ 47.0 Depreciation expense using the straight-line method was $26.8 million, $24.5 million and $25.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. As a result of the Merger, there is 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 anticipated selling the property held for sale in less than twelve months. As of December 31, 2020, the headquarters location remains on the market for sale and management’s intent to sell the property is unchanged, and the total value of the property classified as property held for sale on the 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 consolidated statements of income. The impact of ceasing depreciation of the property held for sale did not result in a material impact to the consolidated financial statements .

CREDIT LOSSES

CREDIT LOSSES	12 Months Ended
CREDIT LOSSES	Dec. 31, 2020
CREDIT LOSSES
CREDIT LOSSES	9. CREDIT LOSSES Current expected credit losses are estimated for accounts receivable and notes receivable. The notes receivable included within other assets, net on the 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 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 those fees are collected, 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 for the year ended December 31, 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 for the year ended December 31, 2020: Balance at Current period Write-offs charged against the allowance Recoveries collected Balance at Allowance for notes receivable credit losses $ 23.4 $ 6.7 $ — $ — $ 30.1 Allowance for accounts receivable credit losses 1.1 — (0.4) (0.1) 0.6 Total allowance for credit losses $ 24.5 $ 6.7 $ (0.4) $ (0.1) $ 30.7

OTHER ASSETS, NET

OTHER ASSETS, NET	12 Months Ended
OTHER ASSETS, NET	Dec. 31, 2020
OTHER ASSETS, NET
OTHER ASSETS, NET	10. OTHER ASSETS, NET Other assets, net consisted of the following as of December 31, 2020 and 2019 (in millions): December 31, December 31, 2020 2019 Software development work in progress $ 8.4 $ 2.6 Data processing software 92.6 84.3 Less accumulated depreciation and amortization (63.5) (57.2) Data processing software, net 37.5 29.7 Other assets (1) 38.8 21.9 Data processing software and other assets, net $ 76.3 $ 51.6 (1) At December 31, 2020 and December 31, 2019, the majority of the balance included long-term prepaid assets and notes receivable. See Note 9 (“Credit Losses”) for more information on the notes receivable included within other assets, net on the consolidated balance sheets. As of December 31, 2020 and December 31, 2019, the notes receivable, net balance was $32.6 million and $9.2 million, respectively. Amortization expense related to data processing software was $6.9 million, $13.5 million, and $18.9 million for the years ended December 31, 2020, 2019, and 2018 .

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	12 Months Ended
GOODWILL AND INTANGIBLE ASSETS, NET	Dec. 31, 2020
GOODWILL AND INTANGIBLE ASSETS, NET
GOODWILL AND INTANGIBLE ASSETS, NET	11. GOODWILL AND INTANGIBLE ASSETS, NET The following table presents the details of goodwill by segment (in millions) : North American European Corporate Options Equities Equities Global FX and Other Total Balance as of December 31, 2018 $ 239.4 $ 1,740.4 $ 425.6 $ 267.2 $ 18.8 $ 2,691.4 Dispositions — — — — (8.3) (8.3) Impairment — — — — (10.5) (10.5) Changes in foreign currency exchange rates — — 9.5 — — 9.5 Balance as of December 31, 2019 $ 239.4 $ 1,740.4 $ 435.1 $ 267.2 $ — $ 2,682.1 Additions 66.4 134.8 — — — 201.2 Changes in foreign currency exchange rates — 2.1 9.7 — — 11.8 Balance as of December 31, 2020 $ 305.8 $ 1,877.3 $ 444.8 $ 267.2 $ — $ 2,895.1 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 Corporate Options Equities Equities Global FX and Other Total Balance as of December 31, 2018 $ 181.9 $ 990.3 $ 376.9 $ 166.9 $ 4.2 $ 1,720.2 Additions — — — — — — Dispositions — — — — (3.3) (3.3) Amortization (15.3) (68.9) (24.8) (28.7) (0.9) (138.6) Changes in foreign currency exchange rates — — 11.6 — — 11.6 Balance as of December 31, 2019 $ 166.6 $ 921.4 $ 363.7 $ 138.2 $ — $ 1,589.9 Additions 22.3 193.1 32.3 — — 247.7 Amortization (15.5) (61.0) (23.4) (24.9) — (124.8) Changes in foreign currency exchange rates — 2.0 14.2 — — 16.2 Balance as of December 31, 2020 $ 173.4 $ 1,055.5 $ 386.8 $ 113.3 $ — $ 1,729.0 For the years ended December 31, 2020, 2019 and 2018, amortization expense was $124.8 million, $ 138.6 million and $160.0 million, respectively. The estimated future amortization expense is $123.7 million for 2021, $110.7 million for 2022, $99.4 million for 2023, $77.8 million for 2024, and $67.2 million for 2025. The following tables present the categories of intangible assets at December 31, 2020 and 2019 (in millions): Weighted December 31, 2020 Average North American European Amortization Options Equities Equities Global FX Period (in years) Trading registrations and licenses $ 95.5 $ 592.0 $ 219.3 $ — Indefinite Customer relationships 46.6 378.3 175.7 140.0 16 Market data customer relationships 53.6 322.0 65.9 64.4 11 Technology 28.1 41.1 28.6 22.5 5 Trademarks and tradenames 12.9 7.8 2.6 1.2 9 Accumulated amortization (63.3) (285.7) (105.3) (114.8) $ 173.4 $ 1,055.5 $ 386.8 $ 113.3 Weighted December 31, 2019 Average North 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	12 Months Ended
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	Dec. 31, 2020
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consisted of the following as of December 31, 2020 and 2019 (in millions): December 31, 2020 December 31, 2019 Compensation and benefit related liabilities $ 49.1 $ 35.2 Termination benefits 0.5 6.7 Royalties 17.2 18.6 Accrued liabilities 55.5 29.3 Rebates payable 85.1 48.5 Marketing fee payable 14.1 12.6 Accounts payable 28.5 21.0 Total accounts payable and accrued liabilities $ 250.0 $ 171.9

DEBT

DEBT	12 Months Ended
DEBT	Dec. 31, 2020
DEBT
DEBT	13. DEBT The Company’s debt consisted of the following as of December 31, 2020 and 2019 (in millions): December 31, 2020 December 31, 2019 Term Loan Agreement due December 2021, floating rate $ 68.7 $ 222.4 $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% 489.3 — $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% 645.9 645.2 Revolving Credit Agreement — — EuroCCP Credit Facility — — Total debt $ 1,203.9 $ 867.6 On July 28, 2020, the Company drew down on the Prior Revolving Credit Agreement (as defined below) in the amount of $70 million. On December 16, 2020, the Company repaid all of the $70 million of outstanding indebtedness under the Prior Revolving Credit Agreement by using a portion of the proceeds from the issuance of $500 million in aggregate principal amount of the 1.625% Senior Notes (as defined below). On December 16, 2020, the Company repaid $155 million of outstanding indebtedness under the Term Loan Agreement (as defined below) by using a portion of the proceeds from the issuance of $500 million in aggregate principal amount of the 1.625% Senior Notes (as defined below). 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 the Company’s 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 the Company’s 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 December 31, 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 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. On December 15, 2020, the Company issued $500 million aggregate principal amount of 1.625% Senior Notes due 2030 (" 1.625% Senior Notes" and, together with the 3.650% Senior Notes, the "Senior Notes"). The form and terms of the 1.625% Senior Notes were established pursuant to an Officer’s Certificate, dated as of December 15, 2020, supplementing the Indenture. The Company used the net proceeds from the 1.625% Senior Notes to finance the acquisition of BIDS Trading, repay a portion of amounts outstanding under the term loan facility and all outstanding indebtedness under the revolving credit facility and the remainder for general corporate purposes, which may include the financing of future acquisitions or the repayment of other outstanding indebtedness. The 1.625% Senior Notes mature on December 15, 2030 and bear interest at the rate of 1.625% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing June 15, 2021. The 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 Senior Notes, at any time in whole or from time to time in part, at the redemption prices set forth in the applicable Officer’s Certificate. The Company may also be required to offer to repurchase the Senior Notes upon the occurrence of a Change of Control Triggering Event (as such term is defined in the applicable Officer’s Certificate) at a repurchase price equal to 101% of the aggregate principal amount of Senior Notes to be repurchased. Indenture Under the Indenture, the Company may issue debt securities, which includes the Senior Notes and the 1.625% 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 and the 1.625% 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 December 31, 2020, the Company was in compliance with these covenants. Revolving Credit Agreement On December 21, 2020, the Company, as borrower, entered into an Amended and Restated Credit Agreement (the “Revolving Credit Agreement”), which amended and restated the Prior Revolving Credit Agreement, as defined below, with Bank of America, N.A., as administrative agent and as swing line lender, certain lenders named therein (the “Revolving Lenders”), BOFA Securities, Inc., as sole lead arranger and sole bookrunner and certain syndication agents named therein ("Syndication Agents"). The Revolving Credit Agreement provides for a senior unsecured $250 million three-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 $350 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 under the Revolving Credit Agreement. As of December 31, 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, including the making of any acquisitions the Company may pursue in the ordinary course of its business. As of December 31, 2020, no borrowings were outstanding under the Revolving Credit Agreement. Accordingly, at December 31, 2020, $250 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 plus a margin (based on the Company’s public debt ratings) ranging from .875 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 the Company’s public debt ratings) ranging from zero percent per annum to 0.50 percent per annum. The Revolving Credit Agreement includes a mechanism to replace LIBOR with an alternate benchmark rate that includes the forward-looking term rate for any interest period that is based on the SOFR published by the Federal Reserve Bank of New York, as may be adjusted pursuant to the terms of the Revolving Credit Agreement. Subject to certain conditions stated in the Revolving Credit Agreement, the Company and any subsidiaries designated as additional borrowers 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 21, 2023, unless the commitments are terminated earlier, either at the request of the Company 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 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; provided that the consolidated leverage ratio may, subject to certain triggering events set forth in the Revolving Credit Agreement, be increased to 4.00 to 1.00 for four consecutive fiscal quarters. At December 31, 2020, the Company was in compliance with these covenants. Prior Revolving Credit Agreement On December 15, 2016, the Company, as borrower, entered into a syndicated Credit Agreement (the “Prior Revolving Credit Agreement”) with Bank of America, N.A., as administrative agent and as swing line lender, as well as certain lenders named therein (the “Prior Revolving Lenders”). The Prior Revolving Credit Agreement provided for a senior unsecured $150 million five-year revolving credit facility (the “Prior Revolving Credit Facility”) that included a $25 million swing line sub-facility. The Company may have also, subject to the agreement of the applicable lenders, increased the commitments under the Prior Revolving Credit Facility by up to $100 million, for a total of $250 million. Subject to specified conditions, the Company designated one or more of its subsidiaries as additional borrowers under the Prior Revolving Credit Agreement provided that the Company guaranteed all borrowings and other obligations of any such subsidiaries. Funds borrowed under the Prior Revolving Credit Agreement may have been used to fund working capital and for other general corporate purposes. Loans under the Prior Revolving Credit Agreement bore 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. The commercial terms of the Prior Revolving Credit Agreement are substantially similar to the Revolving Credit Agreement, other than interest rates and the maturity date. On May 29, 2020, the Company amended the Prior 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 Prior Revolving Credit Agreement, may be succeeded by one or more 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 December 31, 2020, no borrowings were outstanding under the Facility. Accordingly, at December 31, 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 December 31, 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 and the Senior Notes as of December 31, 2020 are as follows (in millions): 2021 $ 70.0 2022 — 2023 — 2024 — Thereafter 1,150.0 Principal amounts repayable 1,220.0 Debt issuance costs (6.4) Unamortized discounts on notes (9.7) Total debt outstanding $ 1,203.9 Interest expense recognized on the Term Loan Agreement, the Senior Notes, and the Revolving Credit Agreement is included in interest expense, net in the 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 consolidated statements of income for the years ended December 31, 2020, 2019 and 2018 are as follows (in millions): Year Ended Year Ended Year Ended December 31, December 31, December 31, 2020 2019 2018 Components of interest expense: Contractual interest $ 35.3 $ 35.6 $ 38.0 Amortization of debt discount and issuance costs 3.4 2.2 2.5 Interest expense $ 38.7 $ 37.8 $ 40.5 Interest income (1.1) (1.9) (2.3) Interest expense, net $ 37.6 $ 35.9 $ 38.2

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME, NET	12 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME, NET	Dec. 31, 2020
ACCUMULATED OTHER COMPREHENSIVE INCOME, NET
ACCUMULATED OTHER COMPREHENSIVE INCOME, NET	14. ACCUMULATED OTHER COMPREHENSIVE INCOME, NET The following represents the changes in accumulated other comprehensive income (loss) by component (in millions): Foreign currency Unrealized Total Other translation Investment Post-Retirement Comprehensive adjustment Gain/Loss Benefits Income Balance at December 31, 2018 $ 12.1 $ 0.2 $ (0.8) $ 11.5 Other comprehensive income 26.1 — — 26.1 Balance at December 31, 2019 $ 38.2 $ 0.2 $ (0.8) $ 37.6 Other comprehensive income (loss) 36.5 (0.3) 1.2 37.4 Balance at December 31, 2020 $ 74.7 $ (0.1) $ 0.4 $ 75.0

CLEARING OPERATIONS

CLEARING OPERATIONS	12 Months Ended
CLEARING OPERATIONS	Dec. 31, 2020
CLEARING OPERATIONS
CLEARING OPERATIONS	15. 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 December 31, 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 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 consolidated balance sheet. As of December 31, 2020, total clearing participant contributions were as follows : December 31, 2020 Cash Contributions Non-Cash Contributions (1) Total Contributions (in millions) Margin deposits $ 319.5 $ 401.0 $ 720.5 Clearing funds 492.6 69.7 562.3 Interoperability funds (1) 378.5 175.2 553.7 Total $ 1,190.6 $ 645.9 $ 1,836.5 (1) These amounts are not reflected in the consolidated balance sheet, as EuroCCP does not take economic ownership of these balances. 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: The EuroCCP default waterfall first utilizes its own dedicated resources ahead of clearing fund contributions of non-defaulting clearing participants, up to 25% of EuroCCP capital requirements discussed in Note 19 (“Regulatory Capital”). • Clearing fund: Second, the EuroCCP default waterfall utilizes traditional CCP risk mutualization, in the event the default is larger than the allocable EuroCCP capital amount. • Pro Rata Contributions: Third, if the losses caused cannot be covered by the first two layers, the non-defaulting clearing participants shall on demand make additional payments to EuroCCP on a pro rata basis in proportion to the amount of their contributions to cover any such remaining losses, which is limited to an amount equal to the amount of their contribution as established under EuroCCP’s rules and regulations. 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	12 Months Ended
FAIR VALUE MEASUREMENT	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENT	16. 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 and Disclosure , 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, 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 consolidated balance sheet as of December 31, 2020 and 2019, respectively. 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 December 31, 2020 and 2019 (in millions): December 31, 2020 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities $ 67.9 $ 67.9 $ — $ — Marketable securities: Mutual funds 15.9 15.9 — — Money market funds 8.6 8.6 — — Total assets $ 92.4 $ 92.4 $ — $ — Liabilities: Contingent consideration liabilities $ 32.7 $ — $ — $ 32.7 Total Liabilities $ 32.7 $ — $ — $ 32.7 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 18 (“Employee Benefit Plan”) for more information. Contingent Consideration Liability 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 December 31, 2020 was $32.7 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 December 31, 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. 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. See Note 6 (“Investments”) for more information. Property held for sale as of December 31, 2020 was measured at fair value, less selling costs at December 31, 2020. See Note 8 (“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 December 31, 2020 and 2019 (in millions): December 31, 2020 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities $ 67.9 $ 67.9 $ — $ — Deferred compensation plan assets 24.5 24.5 — — Total assets $ 92.4 $ 92.4 $ — $ — Liabilities: Contingent consideration liabilities $ 32.7 $ — $ — $ 32.7 Deferred compensation plan liabilities 24.5 24.5 — — Debt 1,319.1 — 1,319.1 — Total liabilities $ 1,376.3 $ 24.5 $ 1,319.1 $ 32.7 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, 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 debt balance consists of fixed rate, Senior Notes and a floating rate, Term Loan Agreement. The fair values of the Senior Notes were classified as Level 2 under the fair value hierarchy and were estimated using prevailing market quotes. The fair value of the Term Loan Agreement approximates the carrying amount and is considered a Level 2 measurement. At December 31, 2020, the fair values of the Company’s debt obligations were as follows: Fair Value (in millions) Term Loan Agreement $ 70.0 3.650% Senior Notes 744.0 1.625% Senior Notes 505.1 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 year ended December 31, 2020 and 2019: Level 3 Financial Liabilities for the Year Ended December 31, 2020 Balance at Realized (gains) Beginning of losses during Balance at Period period Additions Settlements End of Period Liabilities Contingent consideration liabilities $ 2.2 $ — $ 32.7 $ (2.2) $ 32.7 Total Liabilities $ 2.2 $ — $ 32.7 $ (2.2) $ 32.7 Level 3 Financial Liabilities for the Year Ended December 31, 2019 Balance at Realized (gains) Beginning of losses during Balances at Period period Additions Settlements End of Period Liabilities Contingent consideration liabilities $ 3.9 $ 2.6 $ — $ (4.3) $ 2.2 Total Liabilities $ 3.9 $ 2.6 $ — $ (4.3) $ 2.2

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
SEGMENT REPORTING	Dec. 31, 2020
SEGMENT REPORTING
SEGMENT REPORTING	17. 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 (“Nature of Operations”). 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. The Options segment includes listed options on market indices (“index options”), as well as on the stocks of individual corporations (“equity options”) and options on ETPs, such as exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”), which are “multi-listed” options and listed on a non-exclusive basis. These options trade on Cboe Options, C2 Options, BZX Options, and EDGX Options, all U.S. national security exchanges. Cboe Options is the Company’s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. There was a temporary suspension of open outcry trading between March 13, 2020 and June 14, 2020 in response to the COVID-19 pandemic. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data revenue generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, and access and capacity services. North American Equities (formerly U.S. Equities) . The North American Equities segment includes listed U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX Equities, BYX Equities, EDGX Equities, and EDGA Equities and Canadian equities and other transaction services that occur on or through the MATCHNow ATS. This segment was previously referred to as the U.S. Equities segment, but has been updated as a result of the acquisition of MATCHNow, which provides Canadian equities and other transaction services. In addition, in connection with the closing of the acquisition of BIDS Trading, starting January 1, 2021, this segment also includes equities transactions that occur on the BIDS Trading platforms. The North American Equities segment also includes ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, applicable market data revenue generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, access and capacity services and advertising activity from ETF.com. Futures. The Futures segment includes transaction service provided by the Company’s fully electronic futures exchange, CFE, which includes offerings for trading VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services . European Equities. The European Equities segment includes the pan-European listed equities transaction services, ETPs, exchange traded commodities, and international depository receipts that are hosted on MTFs operated by Cboe Europe Equities. It also includes the ETP listings business on RMs and clearing activities of EuroCCP. Cboe Europe Equities operates lit and dark books, a periodic auctions book, and a Large-in-Scale (“LIS”) trading negotiation facility. Cboe NL, launched in October 2019, operates similar business functionality to that offered by Cboe Europe, and provides for trading only in European Economic Area symbols. Cboe Europe Equities also includes revenue generated from the licensing of proprietary market data and from access and capacity services. Global FX. The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions (“NDFs”) offered for execution on Cboe SEF and Cboe Swiss, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. Summarized financial data of reportable segments was as follows (in millions): Corporate North American European items and Options Equities Futures Equities Global FX eliminations Total Year ended December 31, 2020 Revenues $ 1,330.1 $ 1,789.5 $ 109.2 $ 140.5 $ 57.8 $ — $ 3,427.1 Operating income (loss) 430.4 159.5 53.8 33.5 6.0 (21.0) 662.2 Year ended December 31, 2019 Revenues $ 983.1 $ 1,213.1 $ 135.9 $ 110.8 $ 53.0 $ 0.2 $ 2,496.1 Operating income (loss) 334.3 132.5 83.1 20.3 (4.9) (28.1) 537.2 Year ended December 31, 2018 Revenues $ 1,057.5 $ 1,373.1 $ 149.8 $ 131.6 $ 56.4 $ 0.4 $ 2,768.8 Operating income (loss) 390.9 140.5 85.7 24.1 (11.7) (30.1) 599.4

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	18. EMPLOYEE BENEFIT PLAN 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 $24.5 million at December 31, 2020. Although the value of the plans are recorded in financial investments on the 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 consolidated statements of income. The Company contributed $10.5 million, $11.3 million, and $12.4 million to the defined contribution plans for the years ended December 31, 2020, 2019, and 2018, respectively. This expense is included in compensation and benefits in the consolidated statements of income. For employees of Cboe Europe Limited, the Company contributes to an employee-selected stakeholder contribution plan. The Company’s contribution amounted to $0.8 million, $0.7 million, and $0.4 million for the years ended December 31, 2020, 2019, and 2018, respectively. This expense is included in compensation and benefits in the consolidated statements of income. For employees of EuroCCP, the Company contributes to an employee selected stakeholder contribution plan. The Company’s contribution amounted to $0.8 million for the year ended December 31, 2020. This expense is included in compensation and benefits in the consolidated statements of income. Following the Company’s acquisition of MATCHNow, Cboe elected to establish a Cboe Canadian Retirement Plan which is available to all Canadian Cboe employees, and now includes BIDS employees. The Cboe Canadian Retirement Plan was implemented with an effective date of January 1, 2021. The Cboe Canadian Retirement Plan is a defined contribution plan, delivered by Mercer and Desjardins Financial Security Life Insurance Company. It features a registered retirement savings plan (“RRSP”). BIDS U.S. employees participate in the SMART Plan, effective as of January 1, 2021.

REGULATORY CAPITAL

REGULATORY CAPITAL	12 Months Ended
REGULATORY CAPITAL	Dec. 31, 2020
REGULATORY CAPITAL
REGULATORY CAPITAL	19. REGULATORY CAPITAL As a broker dealer registered with the SEC, Cboe Trading and BIDS Trading are 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 and BIDS compute the net capital requirements under the basic method provided for in Rule 15c3-1. As of December 31, 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 December 31, 2020, Cboe Trading had net capital of $15.0 million, which was $13.9 million in excess of its required net capital of $1.1 million. As of December 31, 2020, BIDS 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 December 31, 2020 BIDS had net capital of $13.6 million, which was $13.5 million in excess of its required net capital of $0.1 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 $24.0 million at December 31, 2020. At December 31, 2020, Cboe Europe had capital in excess of its required FRR of $28.8 million. 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 as of December 31, 2020, or the summation of the credit risk, market risk and fixed overheads requirements, as defined. As of December 31, 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 of March 8, 2019. As of December 31, 2020, the minimum capital requirement calculated in accordance with the license was $5.3 million. At December 31, 2020, Cboe Europe NL had capital in excess of its requirement of $1.4 million. 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. As of December 31, 2020, EuroCCP’s net capital was $48.2 million, which was $17.2 million in excess of its EMIR capital requirement of $31.0 million. The 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. As of December 31, 2020, MATCHNow had RAC of $2.2 million, which was $2.0 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 December 31, 2020, CFE had annual projected operating expenses of $52.1 million and had financial resources that exceeded this amount. Additionally, as of December 31, 2020, CFE had projected operating expenses for the upcoming six months of $26.1 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 December 31, 2020, Cboe SEF had annual projected operating expenses of $0.8 million and had financial resources that exceeded this amount. Additionally, as of December 31, 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	12 Months Ended
STOCK-BASED COMPENSATION	Dec. 31, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	20. 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 $21.7 million, $21.8 million, and $35.1 million, for the years ended December 31, 2020, 2019, and 2018 respectively. Stock-based compensation expense is included in compensation and benefits and acquisition-related costs in the 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”), was as follows: Stock Options Summary stock option activity is presented below: Weighted Average Number of Exercise Shares Price Outstanding, December 31, 2018 369,483 $ 26.40 Exercised 358,649 26.63 Outstanding, December 31, 2019 10,834 $ 18.59 Exercised 10,834 18.59 Outstanding and exercisable December 31, 2020 — $ — The total intrinsic value of stock options exercised was $0.9 million and $ 26.0 million for the years ended December 31, 2020 and 2019, respectively. RSAs and RSUs The following table summarizes RSA and RSU activity during the year ended December 31, 2020: Weighted Number of average grant shares date fair value Nonvested stock at December 31, 2019 436,013 $ 91.58 Granted 193,912 115.89 Vested (272,258) 88.32 Forfeited (15,585) 106.70 Nonvested stock at December 31, 2020 342,082 $ 108.40 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 Company 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 achieving 55 years of age and 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 the Company’s 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). In the year ended December 31, 2020, to satisfy employees’ tax obligations upon the vesting of restricted stock, the Company purchased 100,466 shares of common stock totaling $ 11.8 million as the result of the vesting of 272,258 shares of restricted stock. PSUs The following table summarizes restricted stock unit contingent upon achievement of performance conditions, or PSU, activity during the year ended December 31, 2020: Weighted Number of Average Grant Shares Date Fair Value Nonvested stock at December 31, 2019 132,248 $ 107.21 Granted 72,975 125.62 Vested (48,053) 108.91 Forfeited (34,504) 109.85 Nonvested stock at December 31, 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 once the PSUs contingent on the achievement of performance conditions vest. In the year ended December 31, 2020, to satisfy employees’ tax obligations upon the vesting of performance stock, the Company purchased 19,456 shares of common stock totaling $ 2.4 million as the result of the vesting of 48,053 shares of performance stock. As of December 31, 2020, there were $ 21.8 million in total unrecognized compensation costs related to restricted stock, restricted stock units, and performance stock units. These costs are expected to be recognized over a weighted average period of 1.7 years. Employee Stock Purchase Plan In May 2018, the Company’s stockholders approved the Employee Stock Purchase Plan, (“ESPP”), under which a total of 750,000 shares of the Company’s common stock will be made available for purchase to employees. The ESPP is a broad-based plan that permits the Company’s employees to contribute up to 10% of wages and base salary to purchase shares of our 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 market 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 $0.3 million and $0.4 million for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, 692,432 shares were reserved for future issuance under the ESPP .

EQUITY

EQUITY	12 Months Ended
EQUITY	Dec. 31, 2020
EQUITY
EQUITY	21. EQUITY Common Stock The Company’s common stock is listed on Cboe BZX under the trading symbol CBOE. As of December 31, 2020, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, 125,998,967 and 107,299,933 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 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 18,699,034 of common stock in treasury as of December 31, 2020 and 15,044,997 shares as of December 31, 2019. 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, and $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. Under the program, for the year ended December 31, 2020, the Company repurchased 3,534,115 shares of common stock at an average cost per share of $98.78 , totaling $349.1 million. Since inception of the program through December 31, 2020, the Company has repurchased 17,250,124 shares of common stock at an average cost per share of $66.66 , totaling $1.1 billion. As of December 31, 2020, the Company had $200.1 million of availability remaining under its existing share repurchase authorizations. The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the periods presented as follows: Average Repurchase Amount of Repurchases Shares Repurchased Price Per Share (in millions) 2020 Fourth quarter 1,013,709 $ 86.79 $ 88.0 Third quarter 465,366 89.92 41.8 Second quarter 992,159 100.54 99.8 First quarter 1,062,881 112.46 119.5 Total open market common stock repurchases 3,534,115 349.1 2019 Fourth quarter 600,442 $ 115.76 $ 69.5 Third quarter 453,319 115.49 52.4 Second quarter 100 104.75 0.01 First quarter 366,793 95.36 35.0 Total open market common stock repurchases 1,420,654 156.9 2018 Fourth quarter — $ — $ — Third quarter 491,899 99.75 49.1 Second quarter 468,913 102.92 48.3 First quarter 387,142 112.52 43.6 Total open market common stock repurchases 1,347,954 140.9 Purchase of Common Stock from Employees The Company purchased 120,552 and 143,247 shares that were not part of the publicly announced share repurchase authorization from employees for an average price paid per share of $117.98 and $97.22 during the years ended December 31, 2020 and 2019, respectively. These shares consisted of shares retained to cover payroll withholding taxes or option costs in connection with the vesting of restricted stock awards, restricted stock units, performance share awards, 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. For the years ended December 31, 2020, and 2019, the Company had no shares of preferred stock issued or outstanding . Dividends During the year ended December 31, 2020 , the Company declared and paid cash dividends per share of $1.56, for an aggregate payout of $170.6 million. During the year ended December 31, 2019 , the Company declared and paid cash dividends per share of $1.34, for an aggregate payout of $150.0 million. 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 earnings, financial condition, capital requirements, level of indebtedness and other considerations the board of directors deems relevant. Future debt obligations and statutory provisions, among other things, may limit, or in some cases prohibit, the Company’s 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	12 Months Ended
INCOME TAXES	Dec. 31, 2020
INCOME TAXES
INCOME TAXES	22. INCOME TAXES Net deferred tax assets and liabilities consist of the following as of December 31, 2020 and 2019 (in millions): As of December 31, 2020 2019 Deferred tax assets: Accrued compensation and benefits $ 11.4 $ 14.1 Property, equipment and technology, net 2.4 1.9 Operating leases 36.2 13.5 Other 39.3 30.5 Subtotal 89.3 60.0 Valuation allowance (6.8) (4.2) Total deferred tax assets 82.5 55.8 Deferred tax liabilities: Intangibles (351.1) (357.6) Property, equipment and technology, net (21.8) (14.5) Investments (56.6) (68.2) Prepaid expenses or assets (2.8) (2.2) Operating leases (27.8) (13.0) Total deferred tax liabilities (460.1) (455.5) Net deferred tax liabilities $ (377.6) $ (399.7) The Company provides a valuation allowance against deferred tax assets if, based on management’s assessment of historical and projected future operating results and other available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. A valuation allowance of $6.8 million was recorded against gross deferred tax assets for certain investments, net operating and capital losses as of December 31, 2020. As of December 31, 2020, the Company has capital loss carryforwards of $8.0 million, which, if unused, will expire in 2024. The Company considers its non-U.S. earnings to be indefinitely reinvested outside of the U.S. to the extent these earnings are not subject to U.S. income tax under an anti-deferral tax regime. As of December 31, 2020, the cumulative amount of undistributed earnings in these subsidiaries is $32.1 million. Given our intent to reinvest these earnings for an indefinite period of time, we have not accrued a deferred tax liability on these earnings. A determination of an unrecognized deferred tax liability related to these earnings is not practicable. The provision for income taxes for the years ended December 31, 2020, 2019 and 2018 consists of the following (in millions): Year Ended December 31, 2020 2019 2018 Current tax expense: Federal $ 143.7 $ 98.7 $ 125.1 State 70.5 61.2 58.7 Foreign 8.9 7.9 9.9 Total current tax expense 223.1 167.8 193.7 Deferred income tax expense/(benefit): Federal (25.2) (28.7) (18.4) State (9.1) (3.8) (23.7) Foreign 3.4 (4.7) (5.6) Total deferred income tax benefit (30.9) (37.2) (47.7) Total $ 192.2 $ 130.6 $ 146.0 For the years ended December 31, 2020, 2019, and 2018, income before taxes consists of the following (in millions): Year Ended December 31, 2020 2019 2018 U.S. operations $ 601.9 $ 480.0 $ 548.3 Foreign operations 58.5 21.4 22.9 $ 660.4 $ 501.4 $ 571.2 A reconciliation of the statutory federal income tax rate to the effective income tax rate for the years ended December 31, 2020, 2019, and 2018 is as follows: Year Ended December 31, 2020 2019 2018 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Impact of federal, state and local tax law & rate changes, net (0.2) % — % (3.5) % State taxes, net of federal benefit 4.2 % 5.0 % 5.0 % Uncertain tax positions 2.9 % 2.6 % 6.1 % Deduction for Foreign-Derived Intangible Income (1.1) % (1.2) % — % Valuation allowance 0.8 % — % — % Other, net 1.5 % (1.4) % (3.0) % Effective income tax rate 29.1 % 26.0 % 25.6 % A reconciliation of the beginning and ending uncertain tax positions, excluding interest and penalties, is as follows (in thousands): 2020 2019 2018 Balance as of January 1 $ 116.7 $ 102.3 $ 67.8 Acquired unrecognized tax benefits — — — Gross increases on tax positions in prior period 3.3 3.1 35.0 Gross decreases on tax positions in prior period — (6.3) (19.0) Gross increases on tax positions in current period 24.3 18.5 19.0 Lapse of statute of limitations (5.7) (0.9) (0.5) Balance as of December 31 $ 138.6 $ 116.7 $ 102.3 As of December 31, 2020, 2019 and 2018, the Company had $137.4 million, $114.9 million, and $99.5 million, respectively, of uncertain tax positions, net of federal benefit, which, if recognized in the future, would affect the effective income tax rate. Reductions to uncertain tax positions from the lapse of the applicable statutes of limitations and potential audit settlements during the next twelve months are estimated to be approximately $0.2 million. Estimated interest costs and penalties are classified as part of the provision for income taxes in the Company's consolidated statements of income and were $6.9 million, $6.6 million, and $1.1 million, for the periods ended December 31, 2020, 2019 and 2018, respectively. Accrued interest and penalties were $26.1 million, $19.2 million and $12.6 million as of December 31, 2020, 2019 and 2018, respectively. The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the most significant jurisdictions in which Cboe operates: U.S. Federal 2008-2020 Illinois 2016-2020 New York 2011-2020 New York City 2011-2020 United Kingdom 2017-2020 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 in May 2021. 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 December 31, 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	12 Months Ended
EARNINGS PER SHARE	Dec. 31, 2020
EARNINGS PER SHARE
EARNINGS PER SHARE	23. 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): Year Ended December 31, (in millions, except per share amounts) 2020 2019 2018 Basic EPS Numerator: Net income $ 468.2 $ 370.8 $ 425.2 Net loss attributable to noncontrolling interest — 4.1 1.3 Net income excluding redeemable noncontrolling interest 468.2 374.9 426.5 Change in redemption value of redeemable noncontrolling interest — (0.5) (1.3) Net income allocated to participating securities (1.2) (1.7) (3.1) Net income allocated to common stockholders $ 467.0 $ 372.7 $ 422.1 Basic EPS Denominator: Weighted average shares outstanding 109.1 111.4 111.8 Basic earnings per share $ 4.28 $ 3.35 $ 3.78 Diluted EPS Numerator: Net income $ 468.2 $ 370.8 $ 425.2 Net loss attributable to redeemable noncontrolling interest — 4.1 1.3 Net income excluding redeemable noncontrolling interest 468.2 374.9 426.5 Change in redemption value of redeemable noncontrolling interest — (0.5) (1.3) Net income allocated to participating securities (1.2) (1.7) (3.1) Net income allocated to common stockholders $ 467.0 $ 372.7 $ 422.1 Diluted EPS Denominator: Weighted average shares outstanding 109.1 111.4 111.8 Dilutive common shares issued under stock program 0.2 0.4 0.4 Total dilutive weighted average shares 109.3 111.8 112.2 Diluted earnings per share $ 4.27 $ 3.34 $ 3.76 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 earnings per share .

COMMITMENTS, CONTINGENCIES AND

COMMITMENTS, CONTINGENCIES AND GUARANTEES	12 Months Ended
COMMITMENTS, CONTINGENCIES AND GUARANTEES	Dec. 31, 2020
COMMITMENTS, CONTINGENCIES, AND GUARANTEES
COMMITMENTS, CONTINGENCIES, AND GUARANTEES	24. COMMITMENTS, CONTINGENCIES, AND GUARANTEES Legal Proceedings As of December 31, 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 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 December 31, 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. 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 at least the first half of 2021. 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. 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 Circuit. Oral arguments were held remotely on November 30, 2020 and the parties are currently awaiting a decision by the 7 th Circuit. The Company currently 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. 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 SEC did not file a petition for writ of certiorari to the U.S. Supreme Court as to the Bellwether Case by November 2, 2020. The matter is now concluded. 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 and BIDS Trading are 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 UK, it is likely that any action would be taken in the UK 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 10 (“Other Assets, Net”) for information on promissory notes related to the CAT. See also Note 22 (“Income Taxes”). Contractual Obligations See Note 15 (“Clearing Operations”) for information on EuroCCP’s clearinghouse exposure guarantee. See Note 25 (“Leases”) for information on lease obligations.

LEASES

LEASES	12 Months Ended
LEASES	Dec. 31, 2020
LEASES
LEASES	25. 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 December 31, 2020. During the year ended December 31, 2020, an additional $68.9 million of right of use assets and $96.3 million of lease liabilities were added related to new operating leases and modified operating leases. The following table presents the supplemental balance sheet information related to leases for the years ended December 31, 2020 and 2019 (in millions): December 31, December 31, 2020 2019 Operating lease right of use assets $ 111.0 $ 53.4 Total leased assets $ 111.0 $ 53.4 Accrued liabilities $ 12.5 $ 8.7 Non-current operating lease liabilities 132.1 46.7 Total leased liabilities $ 144.6 $ 55.4 The following table presents operating lease costs and other information as of and for the year ended December 31, 2020 (in millions, except as stated): Year Ended December 31, Year Ended December 31, 2020 2019 Operating lease costs (1) $ 20.2 $ 12.4 Lease term and discount rate information: Weighted average remaining lease term (years) 12.1 9.2 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 $ 11.1 $ 11.2 Lease incentive for leasehold improvements 25.2 — Right-of-use assets obtained in exchange for lease liabilities (2) 68.9 22.1 (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 $40.3 million and $42.8 million, respectively. The total rent expense related to lease obligations, reflected in technology support services and facilities costs line items on the consolidated statements of income, for the years ended December 31, 2020, 2019, and 2018 were $20.2 million, $12.4 million, and $10.1 million, respectively. The maturities of the lease liabilities are as follows as of December 31, 2020 (in millions): December 31, 2020 2021 $ 16.4 2022 17.3 2023 15.8 2024 11.1 2025 10.3 After 2025 (1) 107.2 Total lease payments $ 178.1 Less: Interest (33.5) Present value of lease liabilities $ 144.6 (1) Total lease payments include $20.4 million related to options to extend lease terms that are reasonably certain of being exercised .

QUARTERLY DATA (UNAUDITED)

QUARTERLY DATA (UNAUDITED)	12 Months Ended
QUARTERLY DATA (UNAUDITED)	Dec. 31, 2020
QUARTERLY DATA (UNAUDITED)
QUARTERLY DATA (UNAUDITED)	26. QUARTERLY DATA (UNAUDITED) First Second Third Fourth Year ended December 31, 2020 (in millions, except per share data) Quarter Quarter Quarter Quarter Revenues less cost of revenues $ 358.3 $ 296.9 $ 292.0 $ 307.1 Operating income 226.4 161.7 139.3 134.8 Net income 157.4 113.6 109.9 87.3 Net income allocated to common stockholders 157.0 113.3 109.6 87.1 Basic earnings per share $ 1.42 $ 1.04 $ 1.01 $ 0.81 Diluted earnings per share $ 1.42 $ 1.03 $ 1.01 $ 0.81 First Second Third Fourth Year ended December 31, 2019 (in millions, except per share data) Quarter Quarter Quarter Quarter Revenues less cost of revenues $ 279.4 $ 283.2 $ 294.0 $ 280.3 Operating income 145.4 125.2 147.4 119.2 Net income 94.1 84.5 105.9 86.3 Net income allocated to common stockholders 93.5 87.6 105.5 86.1 Basic earnings per share $ 0.84 $ 0.79 $ 0.95 $ 0.78 Diluted earnings per share $ 0.84 $ 0.78 $ 0.94 $ 0.77

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	27. SUBSEQUENT EVENTS On February 5, 2021, the Company announced that its board of directors authorized an additional $200 million to repurchase shares of its outstanding common stock. This is in addition to any unused amount remaining under prior authorizations. On February 11, 2021, the Company's board of directors declared a quarterly cash dividend of $0.42 per share. The dividend is payable on March 15, 2021 to stockholders of record at the close of business on February 26, 2021. On February 19, 2021, the Company granted 239,853 RSUs and 71,302 PSUs to certain officers and employees at a fair value, based on the closing price of the Company’s stock on the grant date. The shares have a three year vesting period based on achievement of certain service, performance and/or market conditions and vesting accelerates upon the occurrence of a termination of employment following a change in control of the Company or in the event of earlier death, disability or qualified retirement, though a portion of the awards vest immediately based upon the combination of age and years of service in accordance with the plan.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	(b) Basis of Presentation The accompanying financial statements are presented on a consolidated basis to include the accounts and transactions of Cboe Global Markets, Inc. and its majority owned subsidiaries and all significant intercompany accounts and transactions have been eliminated. The preparation of 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. 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 17 (“Segment Reporting”) for more information.
Use of Estimates	(c) Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of the amounts of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the valuation of goodwill, indefinite-lived intangible assets, and unrecognized tax benefits.
Cash and Cash Equivalents	(d) Cash and Cash Equivalents The Company’s cash and cash equivalents are exposed to concentrations of credit risk. The Company maintains cash at various regulated financial institutions and brokerage firms which, at times, may be in excess of the federal depository insurance limit. The Company’s management regularly monitors these institutions and believes that the potential for future loss is remote. The Company considers liquid investments with original or acquired maturities of three months or less to be cash equivalents.
Financial Investments	(e) Financial Investments Financial investments are classified as trading or available-for-sale. Trading financial investments represent financial investments held by Cboe Trading that retain the industry-specific accounting classification required for broker-dealers and marketable securities held in a rabbi trust for the Company’s non-qualified retirement and benefit plans. The investments held by the broker-dealer subsidiary are recorded at fair value with changes in unrealized gains and losses reflected within interest expense, net in the consolidated statements of income. The investments held in a rabbi trust are recorded at fair value with changes in unrealized gains or losses recorded within other income (expense) and the equal and offsetting charges in the related liability are recorded in compensation and benefits expense in the consolidated statements of income. Available-for-sale financial investments are comprised of the financial investments not held by Cboe Trading, including highly liquid U.S. Treasury securities. Unrealized gains and losses, net of income taxes, are included as a component of accumulated other comprehensive income in the accompanying consolidated balance sheets. Interest on financial investments, including amortization of premiums and accretion of discounts, is recognized as income when earned. Realized gains and losses on financial investments are calculated using the specific identification method and are included in interest expense, net in the accompanying consolidated statements of income. A decline in the fair value of any available-for-sale investment below carrying amount that is deemed to be other-than-temporary results in an impairment to reduce the carrying amount to realizable value. To determine whether an impairment is other-than-temporary, the Company considers all available information relevant to the collectability of the investment, including past events, current conditions, and reasonable and supportable forecasts when developing estimate of cash flows expected to be collected. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry in which the investee operates.
Accounts Receivable, net	(f) 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 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 consolidated balance sheets and the associated losses are presented in other operating expenses on the consolidated statements of income.
Property and Equipment, Net	(g) Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated lives of the assets, generally ranging from three to seven years . Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation of leasehold improvements is calculated using the straight-line method over the shorter of the related lease term or the estimated useful life of the assets. Long-lived assets to be held and used are reviewed to determine whether any events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. The Company bases this evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present that would indicate that the carrying amount of any asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. In the event of impairment, the Company recognizes a loss for the difference between the carrying amount and the estimated value of the asset as measured using quoted market prices or, in the absence of quoted market prices, a discounted cash flow analysis. The Company expenses software development costs as incurred during the preliminary project stage, while capitalizing costs incurred during the application development stage, which includes design, coding, installation and testing activities.
Goodwill and Intangible Assets, Net	(h) Goodwill and Intangible Assets, Net Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. Goodwill is allocated to the Company’s reporting units based on the assignment of the fair values of each reporting unit of the acquired company. The Company tests goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying value may be impaired. The impairment test is performed during the fourth quarter using October 1 st carrying values, and if the fair value of the reporting unit is found to be less than the carrying value, an impairment loss is recorded. The Company performed its 2020 annual goodwill impairment test and determined that no impairment existed. Intangible assets, net, primarily include acquired trademarks and trade names, customer relationships, strategic alliance agreements, licenses and registrations and non-compete agreements. Intangible assets with finite lives are amortized based on the discounted cash flow method applied over the estimated useful lives of the intangible assets and are tested for impairment if certain events occur indicating that the carry value may be impaired. Intangible assets deemed to have indefinite useful lives are not amortized, but instead are tested for impairment at least annually, usually concurrently with goodwill. Impairment exists if the fair value of the asset is less than the carrying amount, and in that case, an impairment loss is recorded. The Company performed its 2020 annual intangible assets impairment test using October 1, 2020 carrying values and determined that no impairment existed.
Foreign Currency	(i) Foreign Currency The financial statements of foreign subsidiaries where the functional currency is not the U.S. dollar are translated into U.S. dollars using the exchange rate in effect as of each balance sheet date. Statements of income and cash flow amounts are translated using the average exchange rate during the period. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at the applicable exchange rates are included in accumulated other comprehensive income (loss), net in the balance sheet. Foreign currency gains and losses are recorded as other income, net in the consolidated statements of income. The Company’s operations in the United Kingdom, Amsterdam, Canada, Singapore, and Hong Kong are recorded in Pounds sterling, Euros, Canadian dollars, Singapore dollars, and Hong Kong dollars, respectively.
Income Taxes	(j) Income Taxes Deferred taxes are recorded on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the consolidated financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense is recognized on the full amount of deferred benefits for uncertain tax positions. The Company’s policy is to include interest and penalties related to unrecognized tax benefits in the income tax provision within the consolidated statements of income. The Company elected to account for global intangible low-taxed income (“GILTI”) in the period in which it is incurred, and therefore, have not provided any deferred tax impacts of GILTI in the consolidated financial statements.
Revenue Recognition	(k) Revenue Recognition For further discussion related to revenue recognition of fees, such as transaction and clearing fees and liquidity payments, access and capacity fees, market data fees, and regulation transaction and Section 31 fees, see Note 4 (“Revenue Recognition”).
Concentrations of Revenue and Liquidity Payments	Concentrations of Revenue and Liquidity Payments For the years ended December 31, 2020, 2019, and 2018, no customer accounted for more than 15% of the Company’s total revenue. No customer is contractually or otherwise obligated to continue to use the Company’s services. The loss of, or a significant reduction of, participation by these customers may have a material adverse effect on the Company’s business, financial position, results of operations and cash flows. The two largest clearing members clear the majority of the market-maker sides of transactions at all of the Company’s U.S. options exchanges. If either of these clearing members were to withdraw from the business of market-maker clearing and market-makers were unable to transfer to another clearing member, this could create significant disruption to the U.S. options markets, including Cboe’s.
Earnings Per Share	(l) Earnings Per Share The computation of basic earnings per 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 earnings 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.
Stock Based Compensation	(m) Stock-Based Compensation The Company grants stock-based compensation to its employees through awards of restricted stock units. In connection with the acquisition of Bats, Bats previously awarded stock options and restricted stock awards. The Company records stock-based compensation expense for all stock-based compensation granted based on the grant-date fair value. The Company recognizes stock-based compensation expense related to stock-based compensation awards with graded vesting that have a service condition on a straight-line basis over the requisite service period of the entire award. The amount of stock-based compensation expense related to awards of restricted stock and restricted stock units is based on the fair value of Cboe Global Markets, Inc. common stock at the date of grant. The fair value is based on a current market-based transaction of the Company’s common stock. If a market-based transaction of the Company’s common stock is not available, then the fair value is based on an independent third-party valuation using equal weighting of two valuation analysis techniques, discounted cash flows and valuation multiples observed from publicly traded companies in a similar industry.
Business Combinations	(n) Business Combinations The Company records identifiable assets, liabilities and goodwill acquired in a business combination at fair value at the acquisition date. Additionally, transaction-related costs are expensed in the period incurred.
Debt Issuance Costs	(o) Debt Issuance Costs All costs incurred to issue debt are capitalized as a contra-liability and amortized over the life of the debt using the interest method.
Investments	(p) Investments The Company generally accounts for investments using the measurement alternative when it owns less than 20% of the outstanding voting stock of a company, there is an absence of readily determinable fair value for the respective investment, and the Company has an inability to exercise significant influence over the investment based upon the respective ownership interests held. The Company recognizes dividend income when declared. In general, the equity method of accounting is used when the Company owns 20% to 50% of the outstanding voting stock of a company and when it is able to exercise significant influence over the operating and financial policies of a company. For equity method investments, the Company records the pro-rata share of earnings or losses each period and records any dividends received as a reduction in the investment balance. The equity method investment is inclusive of other-than-temporary declines in value, recognized by the investee, who considers a variety of factors such as the earnings capacity of the investment and the fair value of the investment compared to its carrying amount. If the estimated fair value of the investment is less than the carrying amount and the decline in value is considered to be other than temporary, the excess of the carrying amount over the estimated fair value is recognized in the financial statements as an impairment.
Leases	(q) Leases The Company determines if an arrangement contains a lease at inception. For arrangements where the Company is the lessee, operating leases are included in operating lease right of use (“ROU”) assets, accrued liabilities, and non-current operating lease liabilities on the balance sheet as of December 31, 2020. The Company does not have any finance leases as of December 31, 2020. ROU assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the lease liabilities, as the rate implicit in the Company’s leases are generally not reasonably determinable. Lease terms may include options to extend or terminate when the Company is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company also has lease arrangements with lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s leases. The Company elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for short-term leases. For short-term operating leases, lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and the Company recognizes lease expense in facilities costs within the consolidated statements of income for these leases on a straight-line basis over the lease term. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more, and some of which include the Company’s option to terminate the leases within one year . When the implicit rate in the Company’s lease is not reasonably determinable, the Company applies an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.
Margin Deposits and Clearing Funds	(r) 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 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 consolidated balance sheet, as EuroCCP does not take economic 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 consolidated statements of income.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 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 consolidated balance sheet was immaterial in nature and there was no impact to the 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 consolidated financial statements and disclosures. Recent Accounting Pronouncements – Issued, not yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes. This ASU removes certain income tax exceptions and modifies existing guidance to simplify the accounting for income taxes. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. The Company expects to adopt the update for the financial statements issued for the first quarter of 2021 and does not anticipate a material impact to the consolidated financial statements .

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
REVENUE RECOGNITION (Tables)	Dec. 31, 2020
REVENUE RECOGNITION
Schedule of disaggregation of revenue	North Corporate American European items and Options Equities Futures Equities Global FX eliminations Total Year Ended December 31, 2020 Transaction and clearing fees $ 1,046.3 $ 1,147.2 $ 84.5 $ 90.9 $ 49.1 $ — $ 2,418.0 Access and capacity fees 107.0 84.2 17.0 20.6 7.9 — 236.7 Market data fees 74.2 137.0 6.6 13.4 0.8 — 232.0 Regulatory fees 83.4 416.8 — — — — 500.2 Other revenue 19.2 4.3 1.1 15.6 — — 40.2 1,330.1 1,789.5 109.2 140.5 57.8 — 3,427.1 Timing of revenue recognition Services transferred at a point in time $ 1,148.9 $ 1,568.3 $ 85.6 $ 106.5 $ 49.1 $ — $ 2,958.4 Services transferred over time 181.2 221.2 23.6 34.0 8.7 — 468.7 1,330.1 1,789.5 109.2 140.5 57.8 — 3,427.1 Year Ended December 31, 2019 Transaction and clearing fees $ 742.9 $ 744.6 $ 110.2 $ 73.1 $ 45.4 $ — $ 1,716.2 Access and capacity fees 104.1 78.9 15.6 16.5 6.8 — 221.9 Market data fees 55.7 138.1 6.5 12.6 0.6 — 213.5 Regulatory fees 64.0 247.0 0.7 — — — 311.7 Other revenue 16.4 4.5 2.9 8.6 0.2 0.2 32.8 983.1 1,213.1 135.9 110.8 53.0 0.2 2,496.1 Timing of revenue recognition Services transferred at a point in time $ 823.3 $ 996.1 $ 113.8 $ 81.7 $ 45.6 $ 0.2 $ 2,060.7 Services transferred over time 159.8 217.0 22.1 29.1 7.4 — 435.4 983.1 1,213.1 135.9 110.8 53.0 0.2 2,496.1 Year Ended December 31, 2018 Transaction and clearing fees $ 835.5 $ 876.4 $ 128.0 $ 97.4 $ 49.6 $ — $ 1,986.9 Access and capacity fees 99.4 75.6 15.1 14.7 6.2 — 211.0 Market data fees 42.9 140.9 6.6 13.1 0.5 — 204.0 Regulatory fees 60.0 273.8 0.1 — — — 333.9 Other revenue 19.7 6.4 — 6.4 0.1 0.4 33.0 1,057.5 1,373.1 149.8 131.6 56.4 0.4 2,768.8 Timing of revenue recognition Services transferred at a point in time $ 915.2 $ 1,156.6 $ 128.1 $ 103.8 $ 49.7 $ 0.4 $ 2,353.8 Services transferred over time 142.3 216.5 21.7 27.8 6.7 — 415.0 1,057.5 1,373.1 149.8 131.6 56.4 0.4 2,768.8
Schedule of revenue recognized from contract liabilities and the remaining balance	Balance at Cash Additions Revenue Recognized Balance at Liquidity provider sliding scale (1) $ — $ 9.6 $ (9.6) $ — Other, net 4.5 32.8 (27.1) 10.2 Total deferred revenue $ 4.5 $ 42.4 $ (36.7) $ 10.2 (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)	12 Months Ended
ACQUISITIONS (Tables)	Dec. 31, 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) BIDS 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 15 137.0 17 Technology 2.1 4 0.9 4 0.3 4 3.6 6 0.7 7 17.8 11 Trademarks and tradenames 7.0 10 3.2 10 1.0 10 0.6 10 0.2 2 1.6 10 Total identifiable intangible assets $ 14.0 $ 6.3 $ 2.0 $ 32.3 $ 36.7 $ 156.4

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
INVESTMENTS (Tables)	Dec. 31, 2020
FINANCIAL INVESTMENTS
Schedule of investments	As of December 31, 2020 and 2019, the Company's investments were comprised of the following (in millions) : As of December 31, 2020 2019 Equity method investments: Investment in Signal Trading Systems, LLC $ 2.0 $ 12.6 Investment in EuroCCP — 10.3 Total equity method investments 2.0 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 $ 42.7 $ 61.2

FINANCIAL INVESTMENTS (Tables)

FINANCIAL INVESTMENTS (Tables)	12 Months Ended
FINANCIAL INVESTMENTS (Tables)	Dec. 31, 2020
FINANCIAL INVESTMENTS
Schedule of Financial Investments	December 31, 2020 Cost basis Unrealized gains Unrealized losses Fair Value Available-for-sale securities: U.S. Treasury securities $ 67.9 $ — $ — $ 67.9 Trading securities: Marketable securities (1) $ 24.5 $ — $ — $ 24.5 Total financial investments $ 92.4 $ — $ — $ 92.4 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 18 (“Employee Benefit Plan”) for more information .

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
PROPERTY AND EQUIPMENT, NET (Tables)	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET
Schedule of Property and Equipment, Net	Property and equipment consisted of the following as of December 31, 2020 and 2019 (in millions): December 31, December 31, 2020 2019 Construction in progress $ 2.0 $ 1.2 Furniture and equipment 227.1 164.4 Total property and equipment 229.1 165.6 Less accumulated depreciation (146.5) (118.6) Property and equipment, net $ 82.6 $ 47.0

CREDIT LOSSES (Tables)

CREDIT LOSSES (Tables)	12 Months Ended
CREDIT LOSSES (Tables)	Dec. 31, 2020
CREDIT LOSSES
Schedule of changes in allowance for credit losses	Balance at Current period Write-offs charged against the allowance Recoveries collected Balance at Allowance for notes receivable credit losses $ 23.4 $ 6.7 $ — $ — $ 30.1 Allowance for accounts receivable credit losses 1.1 — (0.4) (0.1) 0.6 Total allowance for credit losses $ 24.5 $ 6.7 $ (0.4) $ (0.1) $ 30.7

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	12 Months Ended
OTHER ASSETS, NET (Tables)	Dec. 31, 2020
OTHER ASSETS, NET
Schedule of Other Assets, Net	Other assets, net consisted of the following as of December 31, 2020 and 2019 (in millions): December 31, December 31, 2020 2019 Software development work in progress $ 8.4 $ 2.6 Data processing software 92.6 84.3 Less accumulated depreciation and amortization (63.5) (57.2) Data processing software, net 37.5 29.7 Other assets (1) 38.8 21.9 Data processing software and other assets, net $ 76.3 $ 51.6 (1) At December 31, 2020 and December 31, 2019, the majority of the balance included long-term prepaid assets and notes receivable. See Note 9 (“Credit Losses”) for more information on the notes receivable included within other assets, net on the consolidated balance sheets. As of December 31, 2020 and December 31, 2019, the notes receivable, net balance was $32.6 million and $9.2 million, respectively.

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	Dec. 31, 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 Corporate Options Equities Equities Global FX and Other Total Balance as of December 31, 2018 $ 239.4 $ 1,740.4 $ 425.6 $ 267.2 $ 18.8 $ 2,691.4 Dispositions — — — — (8.3) (8.3) Impairment — — — — (10.5) (10.5) Changes in foreign currency exchange rates — — 9.5 — — 9.5 Balance as of December 31, 2019 $ 239.4 $ 1,740.4 $ 435.1 $ 267.2 $ — $ 2,682.1 Additions 66.4 134.8 — — — 201.2 Changes in foreign currency exchange rates — 2.1 9.7 — — 11.8 Balance as of December 31, 2020 $ 305.8 $ 1,877.3 $ 444.8 $ 267.2 $ — $ 2,895.1
Schedule of details of intangible assets	The following table presents the details of the intangible assets (in millions): North American European Corporate Options Equities Equities Global FX and Other Total Balance as of December 31, 2018 $ 181.9 $ 990.3 $ 376.9 $ 166.9 $ 4.2 $ 1,720.2 Additions — — — — — — Dispositions — — — — (3.3) (3.3) Amortization (15.3) (68.9) (24.8) (28.7) (0.9) (138.6) Changes in foreign currency exchange rates — — 11.6 — — 11.6 Balance as of December 31, 2019 $ 166.6 $ 921.4 $ 363.7 $ 138.2 $ — $ 1,589.9 Additions 22.3 193.1 32.3 — — 247.7 Amortization (15.5) (61.0) (23.4) (24.9) — (124.8) Changes in foreign currency exchange rates — 2.0 14.2 — — 16.2 Balance as of December 31, 2020 $ 173.4 $ 1,055.5 $ 386.8 $ 113.3 $ — $ 1,729.0
Schedule of categories of intangible assets	The following tables present the categories of intangible assets at December 31, 2020 and 2019 (in millions): Weighted December 31, 2020 Average North American European Amortization Options Equities Equities Global FX Period (in years) Trading registrations and licenses $ 95.5 $ 592.0 $ 219.3 $ — Indefinite Customer relationships 46.6 378.3 175.7 140.0 16 Market data customer relationships 53.6 322.0 65.9 64.4 11 Technology 28.1 41.1 28.6 22.5 5 Trademarks and tradenames 12.9 7.8 2.6 1.2 9 Accumulated amortization (63.3) (285.7) (105.3) (114.8) $ 173.4 $ 1,055.5 $ 386.8 $ 113.3 Weighted December 31, 2019 Average North 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)	12 Months Ended
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	Dec. 31, 2020
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following as of December 31, 2020 and 2019 (in millions): December 31, 2020 December 31, 2019 Compensation and benefit related liabilities $ 49.1 $ 35.2 Termination benefits 0.5 6.7 Royalties 17.2 18.6 Accrued liabilities 55.5 29.3 Rebates payable 85.1 48.5 Marketing fee payable 14.1 12.6 Accounts payable 28.5 21.0 Total accounts payable and accrued liabilities $ 250.0 $ 171.9

DEBT (Tables)

DEBT (Tables)	12 Months Ended
DEBT (Tables)	Dec. 31, 2020
DEBT
Schedule of debt	The Company’s debt consisted of the following as of December 31, 2020 and 2019 (in millions): December 31, 2020 December 31, 2019 Term Loan Agreement due December 2021, floating rate $ 68.7 $ 222.4 $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% 489.3 — $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% 645.9 645.2 Revolving Credit Agreement — — EuroCCP Credit Facility — — Total debt $ 1,203.9 $ 867.6
Schedule of maturities of long-term debt	The future expected loan repayments related to the Term Loan Agreement and the Senior Notes as of December 31, 2020 are as follows (in millions): 2021 $ 70.0 2022 — 2023 — 2024 — Thereafter 1,150.0 Principal amounts repayable 1,220.0 Debt issuance costs (6.4) Unamortized discounts on notes (9.7) Total debt outstanding $ 1,203.9
Schedule of interest expense	Year Ended Year Ended Year Ended December 31, December 31, December 31, 2020 2019 2018 Components of interest expense: Contractual interest $ 35.3 $ 35.6 $ 38.0 Amortization of debt discount and issuance costs 3.4 2.2 2.5 Interest expense $ 38.7 $ 37.8 $ 40.5 Interest income (1.1) (1.9) (2.3) Interest expense, net $ 37.6 $ 35.9 $ 38.2

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET (Tables)	12 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET (Tables)	Dec. 31, 2020
ACCUMULATED OTHER COMPREHENSIVE INCOME, NET
Schedule of Accumulated Other Comprehensive Income (Loss), Net	The following represents the changes in accumulated other comprehensive income (loss) by component (in millions): Foreign currency Unrealized Total Other translation Investment Post-Retirement Comprehensive adjustment Gain/Loss Benefits Income Balance at December 31, 2018 $ 12.1 $ 0.2 $ (0.8) $ 11.5 Other comprehensive income 26.1 — — 26.1 Balance at December 31, 2019 $ 38.2 $ 0.2 $ (0.8) $ 37.6 Other comprehensive income (loss) 36.5 (0.3) 1.2 37.4 Balance at December 31, 2020 $ 74.7 $ (0.1) $ 0.4 $ 75.0

CLEARING OPERATIONS (Tables)

CLEARING OPERATIONS (Tables)	12 Months Ended
CLEARING OPERATIONS (Tables)	Dec. 31, 2020
CLEARING OPERATIONS
Schedule of Total Clearing Participant Deposits	December 31, 2020 Cash Contributions Non-Cash Contributions (1) Total Contributions (in millions) Margin deposits $ 319.5 $ 401.0 $ 720.5 Clearing funds 492.6 69.7 562.3 Interoperability funds (1) 378.5 175.2 553.7 Total $ 1,190.6 $ 645.9 $ 1,836.5 (1) These amounts are not reflected in the consolidated balance sheet, as EuroCCP does not take economic ownership of these balances.

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
FAIR VALUE MEASUREMENT (Tables)	Dec. 31, 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 December 31, 2020 and 2019 (in millions): December 31, 2020 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities $ 67.9 $ 67.9 $ — $ — Marketable securities: Mutual funds 15.9 15.9 — — Money market funds 8.6 8.6 — — Total assets $ 92.4 $ 92.4 $ — $ — Liabilities: Contingent consideration liabilities $ 32.7 $ — $ — $ 32.7 Total Liabilities $ 32.7 $ — $ — $ 32.7 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 December 31, 2020 and 2019 (in millions): December 31, 2020 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities $ 67.9 $ 67.9 $ — $ — Deferred compensation plan assets 24.5 24.5 — — Total assets $ 92.4 $ 92.4 $ — $ — Liabilities: Contingent consideration liabilities $ 32.7 $ — $ — $ 32.7 Deferred compensation plan liabilities 24.5 24.5 — — Debt 1,319.1 — 1,319.1 — Total liabilities $ 1,376.3 $ 24.5 $ 1,319.1 $ 32.7 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
Schedule of fair value of debt obligation	Fair Value (in millions) Term Loan Agreement $ 70.0 3.650% Senior Notes 744.0 1.625% Senior Notes 505.1
Summary of changes in the fair value of level 3 financial liabilities	Level 3 Financial Liabilities for the Year Ended December 31, 2020 Balance at Realized (gains) Beginning of losses during Balance at Period period Additions Settlements End of Period Liabilities Contingent consideration liabilities $ 2.2 $ — $ 32.7 $ (2.2) $ 32.7 Total Liabilities $ 2.2 $ — $ 32.7 $ (2.2) $ 32.7 Level 3 Financial Liabilities for the Year Ended December 31, 2019 Balance at Realized (gains) Beginning of losses during Balances at Period period Additions Settlements End of Period Liabilities Contingent consideration liabilities $ 3.9 $ 2.6 $ — $ (4.3) $ 2.2 Total Liabilities $ 3.9 $ 2.6 $ — $ (4.3) $ 2.2

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
SEGMENT REPORTING (Tables)	Dec. 31, 2020
SEGMENT REPORTING
Summarized Financial Information by Reportable Segment	Summarized financial data of reportable segments was as follows (in millions): Corporate North American European items and Options Equities Futures Equities Global FX eliminations Total Year ended December 31, 2020 Revenues $ 1,330.1 $ 1,789.5 $ 109.2 $ 140.5 $ 57.8 $ — $ 3,427.1 Operating income (loss) 430.4 159.5 53.8 33.5 6.0 (21.0) 662.2 Year ended December 31, 2019 Revenues $ 983.1 $ 1,213.1 $ 135.9 $ 110.8 $ 53.0 $ 0.2 $ 2,496.1 Operating income (loss) 334.3 132.5 83.1 20.3 (4.9) (28.1) 537.2 Year ended December 31, 2018 Revenues $ 1,057.5 $ 1,373.1 $ 149.8 $ 131.6 $ 56.4 $ 0.4 $ 2,768.8 Operating income (loss) 390.9 140.5 85.7 24.1 (11.7) (30.1) 599.4

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
STOCK-BASED COMPENSATION (Tables)	Dec. 31, 2020
STOCK-BASED COMPENSATION
Summary of stock option activity	Weighted Average Number of Exercise Shares Price Outstanding, December 31, 2018 369,483 $ 26.40 Exercised 358,649 26.63 Outstanding, December 31, 2019 10,834 $ 18.59 Exercised 10,834 18.59 Outstanding and exercisable December 31, 2020 — $ —
Summary of restricted stock activity	Weighted Number of average grant shares date fair value Nonvested stock at December 31, 2019 436,013 $ 91.58 Granted 193,912 115.89 Vested (272,258) 88.32 Forfeited (15,585) 106.70 Nonvested stock at December 31, 2020 342,082 $ 108.40
Summary of performance-based restricted stock unit	Weighted Number of Average Grant Shares Date Fair Value Nonvested stock at December 31, 2019 132,248 $ 107.21 Granted 72,975 125.62 Vested (48,053) 108.91 Forfeited (34,504) 109.85 Nonvested stock at December 31, 2020 122,666 $ 115.18

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
EQUITY (Tables)	Dec. 31, 2020
EQUITY
Summary of repurchased shares of the company's common stock under the share repurchase program	Average Repurchase Amount of Repurchases Shares Repurchased Price Per Share (in millions) 2020 Fourth quarter 1,013,709 $ 86.79 $ 88.0 Third quarter 465,366 89.92 41.8 Second quarter 992,159 100.54 99.8 First quarter 1,062,881 112.46 119.5 Total open market common stock repurchases 3,534,115 349.1 2019 Fourth quarter 600,442 $ 115.76 $ 69.5 Third quarter 453,319 115.49 52.4 Second quarter 100 104.75 0.01 First quarter 366,793 95.36 35.0 Total open market common stock repurchases 1,420,654 156.9 2018 Fourth quarter — $ — $ — Third quarter 491,899 99.75 49.1 Second quarter 468,913 102.92 48.3 First quarter 387,142 112.52 43.6 Total open market common stock repurchases 1,347,954 140.9

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2020
INCOME TAXES
Schedule of net deferred tax liabilities	Net deferred tax assets and liabilities consist of the following as of December 31, 2020 and 2019 (in millions): As of December 31, 2020 2019 Deferred tax assets: Accrued compensation and benefits $ 11.4 $ 14.1 Property, equipment and technology, net 2.4 1.9 Operating leases 36.2 13.5 Other 39.3 30.5 Subtotal 89.3 60.0 Valuation allowance (6.8) (4.2) Total deferred tax assets 82.5 55.8 Deferred tax liabilities: Intangibles (351.1) (357.6) Property, equipment and technology, net (21.8) (14.5) Investments (56.6) (68.2) Prepaid expenses or assets (2.8) (2.2) Operating leases (27.8) (13.0) Total deferred tax liabilities (460.1) (455.5) Net deferred tax liabilities $ (377.6) $ (399.7)
Schedule of provision for income taxes	The provision for income taxes for the years ended December 31, 2020, 2019 and 2018 consists of the following (in millions): Year Ended December 31, 2020 2019 2018 Current tax expense: Federal $ 143.7 $ 98.7 $ 125.1 State 70.5 61.2 58.7 Foreign 8.9 7.9 9.9 Total current tax expense 223.1 167.8 193.7 Deferred income tax expense/(benefit): Federal (25.2) (28.7) (18.4) State (9.1) (3.8) (23.7) Foreign 3.4 (4.7) (5.6) Total deferred income tax benefit (30.9) (37.2) (47.7) Total $ 192.2 $ 130.6 $ 146.0
Schedule of income from continuing operations before taxes	For the years ended December 31, 2020, 2019, and 2018, income before taxes consists of the following (in millions): Year Ended December 31, 2020 2019 2018 U.S. operations $ 601.9 $ 480.0 $ 548.3 Foreign operations 58.5 21.4 22.9 $ 660.4 $ 501.4 $ 571.2
Schedule of reconciliation of the statutory federal income tax rate to the effective income tax rate	A reconciliation of the statutory federal income tax rate to the effective income tax rate for the years ended December 31, 2020, 2019, and 2018 is as follows: Year Ended December 31, 2020 2019 2018 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Impact of federal, state and local tax law & rate changes, net (0.2) % — % (3.5) % State taxes, net of federal benefit 4.2 % 5.0 % 5.0 % Uncertain tax positions 2.9 % 2.6 % 6.1 % Deduction for Foreign-Derived Intangible Income (1.1) % (1.2) % — % Valuation allowance 0.8 % — % — % Other, net 1.5 % (1.4) % (3.0) % Effective income tax rate 29.1 % 26.0 % 25.6 %
Schedule of reconciliation of beginning and ending uncertain tax positions	A reconciliation of the beginning and ending uncertain tax positions, excluding interest and penalties, is as follows (in thousands): 2020 2019 2018 Balance as of January 1 $ 116.7 $ 102.3 $ 67.8 Acquired unrecognized tax benefits — — — Gross increases on tax positions in prior period 3.3 3.1 35.0 Gross decreases on tax positions in prior period — (6.3) (19.0) Gross increases on tax positions in current period 24.3 18.5 19.0 Lapse of statute of limitations (5.7) (0.9) (0.5) Balance as of December 31 $ 138.6 $ 116.7 $ 102.3
Schedule of tax years currently under audit or remain open and subject to examination by the tax authorities	U.S. Federal 2008-2020 Illinois 2016-2020 New York 2011-2020 New York City 2011-2020 United Kingdom 2017-2020

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2020
EARNINGS PER SHARE
Reconciliation of basic and diluted net income per common share	The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data): Year Ended December 31, (in millions, except per share amounts) 2020 2019 2018 Basic EPS Numerator: Net income $ 468.2 $ 370.8 $ 425.2 Net loss attributable to noncontrolling interest — 4.1 1.3 Net income excluding redeemable noncontrolling interest 468.2 374.9 426.5 Change in redemption value of redeemable noncontrolling interest — (0.5) (1.3) Net income allocated to participating securities (1.2) (1.7) (3.1) Net income allocated to common stockholders $ 467.0 $ 372.7 $ 422.1 Basic EPS Denominator: Weighted average shares outstanding 109.1 111.4 111.8 Basic earnings per share $ 4.28 $ 3.35 $ 3.78 Diluted EPS Numerator: Net income $ 468.2 $ 370.8 $ 425.2 Net loss attributable to redeemable noncontrolling interest — 4.1 1.3 Net income excluding redeemable noncontrolling interest 468.2 374.9 426.5 Change in redemption value of redeemable noncontrolling interest — (0.5) (1.3) Net income allocated to participating securities (1.2) (1.7) (3.1) Net income allocated to common stockholders $ 467.0 $ 372.7 $ 422.1 Diluted EPS Denominator: Weighted average shares outstanding 109.1 111.4 111.8 Dilutive common shares issued under stock program 0.2 0.4 0.4 Total dilutive weighted average shares 109.3 111.8 112.2 Diluted earnings per share $ 4.27 $ 3.34 $ 3.76

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 31, 2020
LEASES
Schedule of supplemental balance sheet	The following table presents the supplemental balance sheet information related to leases for the years ended December 31, 2020 and 2019 (in millions): December 31, December 31, 2020 2019 Operating lease right of use assets $ 111.0 $ 53.4 Total leased assets $ 111.0 $ 53.4 Accrued liabilities $ 12.5 $ 8.7 Non-current operating lease liabilities 132.1 46.7 Total leased liabilities $ 144.6 $ 55.4
Schedule of lease cost and other information	The following table presents operating lease costs and other information as of and for the year ended December 31, 2020 (in millions, except as stated): Year Ended December 31, Year Ended December 31, 2020 2019 Operating lease costs (1) $ 20.2 $ 12.4 Lease term and discount rate information: Weighted average remaining lease term (years) 12.1 9.2 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 $ 11.1 $ 11.2 Lease incentive for leasehold improvements 25.2 — Right-of-use assets obtained in exchange for lease liabilities (2) 68.9 22.1 (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 $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 December 31, 2020 (in millions): December 31, 2020 2021 $ 16.4 2022 17.3 2023 15.8 2024 11.1 2025 10.3 After 2025 (1) 107.2 Total lease payments $ 178.1 Less: Interest (33.5) Present value of lease liabilities $ 144.6 (1) Total lease payments include $20.4 million related to options to extend lease terms that are reasonably certain of being exercised .

QUARTERLY DATA (UNAUDITED) (Tab

QUARTERLY DATA (UNAUDITED) (Tables)	12 Months Ended
QUARTERLY DATA (UNAUDITED) (Tables)	Dec. 31, 2020
QUARTERLY DATA (UNAUDITED)
Summary of quarterly data	First Second Third Fourth Year ended December 31, 2020 (in millions, except per share data) Quarter Quarter Quarter Quarter Revenues less cost of revenues $ 358.3 $ 296.9 $ 292.0 $ 307.1 Operating income 226.4 161.7 139.3 134.8 Net income 157.4 113.6 109.9 87.3 Net income allocated to common stockholders 157.0 113.3 109.6 87.1 Basic earnings per share $ 1.42 $ 1.04 $ 1.01 $ 0.81 Diluted earnings per share $ 1.42 $ 1.03 $ 1.01 $ 0.81 First Second Third Fourth Year ended December 31, 2019 (in millions, except per share data) Quarter Quarter Quarter Quarter Revenues less cost of revenues $ 279.4 $ 283.2 $ 294.0 $ 280.3 Operating income 145.4 125.2 147.4 119.2 Net income 94.1 84.5 105.9 86.3 Net income allocated to common stockholders 93.5 87.6 105.5 86.1 Basic earnings per share $ 0.84 $ 0.79 $ 0.95 $ 0.78 Diluted earnings per share $ 0.84 $ 0.78 $ 0.94 $ 0.77

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)customersegmentitem	Dec. 31, 2019customeritem	Dec. 31, 2018customeritem
Summary of Significant Accounting Policies
Number of reportable segments \| segment	5
Goodwill impairment from annual impairment test	$ 0
Intangible assets impairment loss	$ 0
Options to renew	true
Option to terminate period	1 year
Minimum
Summary of Significant Accounting Policies
Useful life (in years)	3 years
Renewal term	1 year
Maximum
Summary of Significant Accounting Policies
Useful life (in years)	7 years
Renewal term	5 years
Transaction fees \| Customer Risk
Summary of Significant Accounting Policies
Number of members \| item	2	2	2
Revenue \| Customer Risk
Summary of Significant Accounting Policies
Number of members \| customer	0	0	0
Concentration risk (as a percent)	15.00%	15.00%	15.00%

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of revenue by product line and Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Revenues	$ 3,427.1	$ 2,496.1	$ 2,768.8
Services transferred at a point in time
Segment Reporting Information
Revenues	2,958.4	2,060.7	2,353.8
Services transferred over time
Segment Reporting Information
Revenues	468.7	435.4	415
Corporate Items and Eliminations
Segment Reporting Information
Revenues		0.2	0.4
Corporate Items and Eliminations \| Services transferred at a point in time
Segment Reporting Information
Revenues		0.2	0.4
Options \| Operating Segments
Segment Reporting Information
Revenues	1,330.1	983.1	1,057.5
Options \| Operating Segments \| Services transferred at a point in time
Segment Reporting Information
Revenues	1,148.9	823.3	915.2
Options \| Operating Segments \| Services transferred over time
Segment Reporting Information
Revenues	181.2	159.8	142.3
North American Equities \| Operating Segments
Segment Reporting Information
Revenues	1,789.5	1,213.1	1,373.1
North American Equities \| Operating Segments \| Services transferred at a point in time
Segment Reporting Information
Revenues	1,568.3	996.1	1,156.6
North American Equities \| Operating Segments \| Services transferred over time
Segment Reporting Information
Revenues	221.2	217	216.5
Futures \| Operating Segments
Segment Reporting Information
Revenues	109.2	135.9	149.8
Futures \| Operating Segments \| Services transferred at a point in time
Segment Reporting Information
Revenues	85.6	113.8	128.1
Futures \| Operating Segments \| Services transferred over time
Segment Reporting Information
Revenues	23.6	22.1	21.7
European Equities \| Operating Segments
Segment Reporting Information
Revenues	140.5	110.8	131.6
European Equities \| Operating Segments \| Services transferred at a point in time
Segment Reporting Information
Revenues	106.5	81.7	103.8
European Equities \| Operating Segments \| Services transferred over time
Segment Reporting Information
Revenues	34	29.1	27.8
Global FX \| Operating Segments
Segment Reporting Information
Revenues	57.8	53	56.4
Global FX \| Operating Segments \| Services transferred at a point in time
Segment Reporting Information
Revenues	49.1	45.6	49.7
Global FX \| Operating Segments \| Services transferred over time
Segment Reporting Information
Revenues	8.7	7.4	6.7
Transaction and clearing fees
Segment Reporting Information
Revenues	2,418	1,716.2	1,986.9
Transaction and clearing fees \| Options \| Operating Segments
Segment Reporting Information
Revenues	1,046.3	742.9	835.5
Transaction and clearing fees \| North American Equities \| Operating Segments
Segment Reporting Information
Revenues	1,147.2	744.6	876.4
Transaction and clearing fees \| Futures \| Operating Segments
Segment Reporting Information
Revenues	84.5	110.2	128
Transaction and clearing fees \| European Equities \| Operating Segments
Segment Reporting Information
Revenues	90.9	73.1	97.4
Transaction and clearing fees \| Global FX \| Operating Segments
Segment Reporting Information
Revenues	49.1	45.4	49.6
Access and capacity fees
Segment Reporting Information
Revenues	236.7	221.9	211
Access and capacity fees \| Options \| Operating Segments
Segment Reporting Information
Revenues	107	104.1	99.4
Access and capacity fees \| North American Equities \| Operating Segments
Segment Reporting Information
Revenues	84.2	78.9	75.6
Access and capacity fees \| Futures \| Operating Segments
Segment Reporting Information
Revenues	17	15.6	15.1
Access and capacity fees \| European Equities \| Operating Segments
Segment Reporting Information
Revenues	20.6	16.5	14.7
Access and capacity fees \| Global FX \| Operating Segments
Segment Reporting Information
Revenues	7.9	6.8	6.2
Market data fees
Segment Reporting Information
Revenues	232	213.5	204
Market data fees \| Options \| Operating Segments
Segment Reporting Information
Revenues	74.2	55.7	42.9
Market data fees \| North American Equities \| Operating Segments
Segment Reporting Information
Revenues	137	138.1	140.9
Market data fees \| Futures \| Operating Segments
Segment Reporting Information
Revenues	6.6	6.5	6.6
Market data fees \| European Equities \| Operating Segments
Segment Reporting Information
Revenues	13.4	12.6	13.1
Market data fees \| Global FX \| Operating Segments
Segment Reporting Information
Revenues	0.8	0.6	0.5
Regulatory fees
Segment Reporting Information
Revenues	500.2	311.7	333.9
Regulatory fees \| Options \| Operating Segments
Segment Reporting Information
Revenues	83.4	64	60
Regulatory fees \| North American Equities \| Operating Segments
Segment Reporting Information
Revenues	416.8	247	273.8
Regulatory fees \| Futures \| Operating Segments
Segment Reporting Information
Revenues		0.7	0.1
Other revenue
Segment Reporting Information
Revenues	40.2	32.8	33
Other revenue \| Corporate Items and Eliminations
Segment Reporting Information
Revenues		0.2	0.4
Other revenue \| Options \| Operating Segments
Segment Reporting Information
Revenues	19.2	16.4	19.7
Other revenue \| North American Equities \| Operating Segments
Segment Reporting Information
Revenues	4.3	4.5	6.4
Other revenue \| Futures \| Operating Segments
Segment Reporting Information
Revenues	1.1	2.9
Other revenue \| European Equities \| Operating Segments
Segment Reporting Information
Revenues	$ 15.6	8.6	6.4
Other revenue \| Global FX \| Operating Segments
Segment Reporting Information
Revenues		$ 0.2	$ 0.1

REVENUE RECOGNITION - Rollforwa

REVENUE RECOGNITION - Rollforward of contract liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	$ 4.5
Cash Additions	42.4
Revenue Recognition	(36.7)
Ending Balance	10.2
Liquidity provider sliding scale
Revenue recognized from contract liabilities and remaining balance
Cash Additions	9.6
Revenue Recognition	(9.6)
Other, net
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	4.5
Cash Additions	32.8
Revenue Recognition	(27.1)
Ending Balance	$ 10.2

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Millions, € in Billions	Aug. 04, 2020USD ($)	Jul. 01, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jul. 01, 2020EUR (€)	Jan. 31, 2016
Acquisitions
Compensation and benefits			$ 224.9	$ 199	$ 228.8
Acquisition-related costs			45.2	48.5	30
Professional fees			60.6	68.3	68.3
Goodwill			201.2
Contingent consideration liabilities			32.7	2.2
Bargain purchase gain			32.6
Share-based Compensation			21.7	21.8	35.1
Impairment of goodwill				10.5
Credit Facility
Acquisitions
Debt instrument face amount \| €						€ 1.5
Vest Financial Group Inc.
Acquisitions
Noncontrolling interest percentage							40.00%
Acquisitions
Acquisitions
Compensation and benefits				19.3	23.6
Acquisition-related costs			45.3	48.5	30
Professional fees			22.1	3.9	3
General and administrative expenses				2	0.6
Share-based Compensation					$ 2.7
Impairment of goodwill				10.5
Impairment of investment			15.1
Impairment facilities charges			8.1	6.1
Lease termination fees				2.2
Impairment of capitalized data processing software				$ 4.5
EuroCCP
Acquisitions
Intangibles		$ 32.3
Working capital		56
Bargain purchase gain		$ 32.6
Ownership interest acquired (as a percent)		80.00%				80.00%
Hanweck, FT Options and Trade Alert
Acquisitions
Goodwill	$ 100.7
Intangibles	59
Working capital	2.2
Contingent consideration liabilities	$ 32.7
Hanweck, FT Options, Trade Alert, and MATCHNow
Acquisitions
Contingent consideration liabilities			32.7
BIDS Holdings
Acquisitions
Goodwill			100.5
Intangibles			156.4
Working capital			$ 22.8

ACQUISITIONS - Intangible asset

ACQUISITIONS - Intangible assets acquired (Details) - USD ($) $ in Millions	Jul. 01, 2020	Dec. 31, 2020
Acquisitions
Goodwill		$ 201.2
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
BIDS Holdings
Acquisitions
Goodwill		$ 100.5
Total identifiable intangible assets	156.4
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
Customer relationships \| BIDS Holdings
Acquisitions
Finite-lived intangible assets acquired	$ 137
Useful Life (Years)	17 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
Technology \| BIDS Holdings
Acquisitions
Finite-lived intangible assets acquired	$ 17.8
Useful Life (Years)	11 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
Trademarks and tradenames \| BIDS Holdings
Acquisitions
Finite-lived intangible assets acquired	$ 1.6
Useful Life (Years)	10 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	Dec. 31, 2020	Dec. 31, 2019	Jan. 31, 2016
Schedule of Cost and Equity Method Investments
Equity method investments:	$ 2	$ 22.9
Other equity investments:	40.7	38.3
Total investments	42.7	61.2
Investment in Signal Trading Systems, LLC
Schedule of Cost and Equity Method Investments
Equity method investments:	2	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	$ 18.9
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) $ in Millions	Jul. 01, 2020	Dec. 31, 2020USD ($)item	Jun. 30, 2020item
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%
Write off amount \| $		$ 11

INVESTMENTS - Other Equity Inve

INVESTMENTS - Other Equity Investments (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Aug. 31, 2020	May 31, 2020	Jan. 31, 2016	Dec. 31, 2020	Dec. 31, 2019
Other Equity Investments
Other equity investments:				$ 40.7	$ 38.3
Impairment of investment				15.1
Investment in OCC
Other Equity Investments
Other equity investments:				$ 0.3	0.3
Investment percentage				20.00%
Investment in Cboe Vest Financial Group, Inc.
Other Equity Investments
Other equity investments:			$ 18.9	$ 2.9	2.9
Payments made to former share holder			14.9
Payments made to Vest for newly issued shares			$ 4
Ownership percentage			60.00%
Investment in Cboe Vest Financial Group, Inc. \| Put Option
Other Equity Investments
Option exercise period			5 years
Investment in Cboe Vest Financial Group, Inc. \| Call Option
Other Equity Investments
Option exercise period			5 years
Eris Digital Holdings, LLC
Other Equity Investments
Other equity investments:				0.8
Recognized gain or loss on restructuring		$ 0
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	Dec. 31, 2020	Dec. 31, 2019
Financial Investments
Cost basis	$ 92.4	$ 71
Total Fair Value	92.4	71
U.S. Treasury securities
Available-for-sale:
Cost basis	67.9	47.6
Fair value	67.9	47.6
Marketable securities
Financial Investments
Cost basis	24.5	23.4
Total Fair Value	$ 24.5	$ 23.4

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property and Equipment, Net
Total property and equipment		$ 229.1	$ 165.6
Less accumulated depreciation		(146.5)	(118.6)
Property and equipment, net		82.6	47
Depreciation expense		26.8	24.5	$ 25.1
Property classified as property held for sale		13	21.1
Options
Property and Equipment, Net
Impairment charge	$ 8.1
Construction in progress
Property and Equipment, Net
Total property and equipment		2	1.2
Furniture and equipment
Property and Equipment, Net
Total property and equipment		$ 227.1	$ 164.4

CREDIT LOSSES - Narrative (Deta

CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Credit losses
Provision for notes receivable credit losses	$ 6.7	$ 23.4

CREDIT LOSSES (Details)

CREDIT LOSSES (Details) - USD ($) $ in Millions	12 Months Ended
CREDIT LOSSES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Credit losses
Balance, at beginning of period	$ 24.5
Current period provision for expected credit losses	6.7	$ 23.4
Write-offs charged against the allowance	(0.4)
Recoveries collected	(0.1)
Balance, at end of period	30.7	24.5
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	23.4
Accounts receivable
Credit losses
Balance, at beginning of period	1.1
Write-offs charged against the allowance	(0.4)
Recoveries collected	(0.1)
Balance, at end of period	$ 0.6	$ 1.1

OTHER ASSETS, NET - Schedule of

OTHER ASSETS, NET - Schedule of other assets, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets
Less accumulated depreciation and amortization	$ (63.5)	$ (57.2)
Data processing software, net	37.5	29.7
Other assets	38.8	21.9
Data processing software and other assets, net	76.3	51.6
Notes receivable	32.6	9.2
Amortization	124.8	138.6	$ 160
Software development work in progress
Finite-Lived Intangible Assets
Software	8.4	2.6
Data processing software
Finite-Lived Intangible Assets
Software	92.6	84.3
Amortization	$ 6.9	$ 13.5	$ 18.9

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill
Balance at beginning of the year	$ 2,682.1	$ 2,691.4
Additions	201.2
Dispositions		(8.3)
Impairment		(10.5)
Changes in foreign currency exchange rates	11.8	9.5
Balance at end of the year	2,895.1	2,682.1
Options
Goodwill
Balance at beginning of the year	239.4	239.4
Additions	66.4
Balance at end of the year	305.8	239.4
North American Equities
Goodwill
Balance at beginning of the year	1,740.4	1,740.4
Additions	134.8
Changes in foreign currency exchange rates	2.1
Balance at end of the year	1,877.3	1,740.4
European Equities
Goodwill
Balance at beginning of the year	435.1	425.6
Changes in foreign currency exchange rates	9.7	9.5
Balance at end of the year	444.8	435.1
Global FX
Goodwill
Balance at beginning of the year	267.2	267.2
Balance at end of the year	$ 267.2	267.2
Corporate and Other
Goodwill
Balance at beginning of the year		18.8
Dispositions		(8.3)
Impairment		$ (10.5)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of intangible assets by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-lived Intangible Assets
Balance at beginning of the year	$ 1,589.9	$ 1,720.2
Additions	247.7
Dispositions		(3.3)
Amortization	(124.8)	(138.6)	$ (160)
Changes in foreign currency exchange rates	16.2	11.6
Balance at end of the year	1,729	1,589.9	1,720.2
Options
Finite-lived Intangible Assets
Balance at beginning of the year	166.6	181.9
Additions	22.3
Amortization	(15.5)	(15.3)
Balance at end of the year	173.4	166.6	181.9
North American Equities
Finite-lived Intangible Assets
Balance at beginning of the year	921.4	990.3
Additions	193.1
Amortization	(61)	(68.9)
Changes in foreign currency exchange rates	2
Balance at end of the year	1,055.5	921.4	990.3
European Equities
Finite-lived Intangible Assets
Balance at beginning of the year	363.7	376.9
Additions	32.3
Amortization	(23.4)	(24.8)
Changes in foreign currency exchange rates	14.2	11.6
Balance at end of the year	386.8	363.7	376.9
Global FX
Finite-lived Intangible Assets
Balance at beginning of the year	138.2	166.9
Amortization	(24.9)	(28.7)
Balance at end of the year	113.3	138.2	166.9
Corporate and Other
Finite-lived Intangible Assets
Balance at beginning of the year		4.2
Dispositions		(3.3)
Amortization		$ (0.9)
Balance at end of the year			$ 4.2
Futures
Finite-lived Intangible Assets
Balance at end of the year	$ 0

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS, NET - Estimated Future Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
GOODWILL AND INTANGIBLE ASSETS, NET
Amortization	$ 124.8	$ 138.6	$ 160
Amortization expense
2021	123.7
2022	110.7
2023	99.4
2024	77.8
2025	$ 67.2

GOODWILL AND INTANGIBLE ASSET_6

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of intangible assets by category (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets
Intangible assets, net	$ 1,729	$ 1,589.9	$ 1,720.2
Customer relationships \| Weighted Average
Finite-Lived Intangible Assets
Amortization period (in years)	16 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)	5 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	$ (63.3)	$ (47.8)
Intangible assets, net	173.4	166.6	181.9
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	(285.7)	(224.7)
Intangible assets, net	1,055.5	921.4	990.3
North American Equities \| Customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	378.3	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	41.1	22.5
North American Equities \| Trademarks and tradenames
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	7.8	6
North American Equities \| Trading registrations and licenses
Finite-Lived Intangible Assets
Indefinite-lived intangible assets, gross	592	572.7
European Equities
Finite-Lived Intangible Assets
Accumulated amortization	(105.3)	(77.6)
Intangible assets, net	386.8	363.7	376.9
European Equities \| Customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	175.7	169.7
European Equities \| Market data customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	65.9	63.6
European Equities \| Technology
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	28.6	23.9
European Equities \| Trademarks and tradenames
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	2.6	1.9
European Equities \| Trading registrations and licenses
Finite-Lived Intangible Assets
Indefinite-lived intangible assets, gross	219.3	182.2
Global FX
Finite-Lived Intangible Assets
Accumulated amortization	(114.8)	(89.9)
Intangible assets, net	113.3	138.2	166.9
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
Corporate and Other
Finite-Lived Intangible Assets
Intangible assets, net			$ 4.2

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Schedule of accounts payable and accrued liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Compensation and benefit-related liabilities	$ 49.1	$ 35.2
Termination benefits	0.5	6.7
Royalties	17.2	18.6
Accrued liabilities	55.5	29.3
Rebates payable	85.1	48.5
Marketing fee payable	14.1	12.6
Accounts payable	28.5	21
Total accounts payable and accrued liabilities	$ 250	$ 171.9

DEBT - Schedule of long-term de

DEBT - Schedule of long-term debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 16, 2020	Dec. 15, 2020	Dec. 31, 2019	Mar. 22, 2018	Jan. 12, 2017
Debt Instrument
Total debt	$ 1,203.9			$ 867.6
Term Loan Agreement
Debt Instrument
Total debt	68.7			222.4
Debt instrument face amount					$ 300
1.625% Senior Notes
Debt Instrument
Total debt	489.3
Debt instrument face amount	$ 500	$ 500	$ 500
Interest rate (as a percent)	1.625%	1.625%	1.625%
3.650% Senior Notes
Debt Instrument
Total debt	$ 645.9			$ 645.2
Debt instrument face amount	$ 650					$ 650
Interest rate (as a percent)	3.65%		3.65%			3.65%
Revolving Credit Agreement
Debt Instrument
Total debt	$ 0

DEBT (Details)

DEBT (Details) € in Millions, $ in Millions

Dec. 21, 2020USD ($)subsidiary

Dec. 16, 2020USD ($)

Jul. 28, 2020USD ($)

Jul. 01, 2020USD ($)

May 29, 2020

Mar. 22, 2018USD ($)

Dec. 15, 2016USD ($)subsidiary

Dec. 31, 2020USD ($)subsidiary

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2020EUR (€)subsidiary

Dec. 15, 2020USD ($)

Jul. 01, 2020EUR (€)

Jan. 12, 2017USD ($)

Debt Instrument

Amount drawn from credit facility

$ 70

$ 39

Repayments of credit facility

Proceeds from long-term debt

493.7

300

Repayments of outstanding indebtedness

155

$ 350

$ 325

Borrowings outstanding

$ 1,203.9

867.6

Line of Credit

Debt Instrument

Credit facility, maximum borrowing capacity

$ 25

Term Loan Agreement

Debt Instrument

Debt instrument face amount

$ 300

Proceeds from long-term debt

$ 300

Up-front fee (as percent)

0.05

Minimum consolidated interest ratio

Maximum consolidated leverage ratio

3.50

Repayments of outstanding indebtedness

$ 155

Borrowings outstanding

$ 68.7

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

Interest rate (as a percent)

3.65%

Redemption price

101.00%

Borrowings outstanding

$ 645.9

$ 645.2

Revolving Credit Agreement

Debt Instrument

Amount drawn from credit facility

$ 70

Repayments of credit facility

Minimum consolidated interest ratio

Maximum consolidated leverage ratio

3.50

Credit facility, maximum borrowing capacity

$ 250

Term of facility

3 years

Maximum borrowing capacity, increase limit

$ 100

Maximum borrowing capacity, total with increase

$ 350

Number of subsidiaries designated as additional borrowers | subsidiary

Borrowings outstanding

$ 0

Borrowing capacity available

$ 250

Revolving Credit Agreement | Minimum

Debt Instrument

Number of subsidiaries that may be designated as additional borrowers | subsidiary

Revolving Credit Agreement | Maximum

Debt Instrument

Minimum consolidated interest ratio

Revolving Credit Agreement | LIBOR | Minimum

Debt Instrument

Interest rate margin (as a percent)

0.875%

Revolving Credit Agreement | LIBOR | Maximum

Debt Instrument

Interest rate margin (as a percent)

1.50%

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)

0.50%

Prior Revolving Credit Agreement

Debt Instrument

Credit facility, maximum borrowing capacity

$ 150

Term of facility

35 days

5 years

Maximum borrowing capacity, increase limit

$ 100

Maximum borrowing capacity, total with increase

$ 250

Prior Revolving Credit Agreement | Minimum

Debt Instrument

Number of subsidiaries that may be designated as additional borrowers | subsidiary

Prior Revolving Credit Agreement | LIBOR | Minimum

Debt Instrument

Interest rate margin (as a percent)

1.00%

Prior Revolving Credit Agreement | LIBOR | Maximum

Debt Instrument

Interest rate margin (as a percent)

1.75%

Prior Revolving Credit Agreement | Prime Rate | Minimum

Debt Instrument

Interest rate margin (as a percent)

0.00%

Prior Revolving Credit Agreement | Prime Rate | Maximum

Debt Instrument

Interest rate margin (as a percent)

0.75%

Prior Revolving Credit Agreement | Line of Credit

Debt Instrument

Credit facility, maximum borrowing capacity

$ 25

1.625% Senior Notes

Debt Instrument

Debt instrument face amount

$ 500

Interest rate (as a percent)

1.625%

Borrowings outstanding

$ 489.3

Credit 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

Credit Facility | Base Rate

Debt Instrument

Interest rate margin (as a percent)

1.75%

Credit 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	Dec. 31, 2020	Dec. 31, 2019
Long-term Debt
2021	$ 70
Thereafter	1,150
Principal amounts repayable	1,220
Debt issuance cost	(6.4)
Unamortized discount on notes	(9.7)
Total debt outstanding	$ 1,203.9	$ 867.6

DEBT - Schedule of Interest Exp

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
DEBT
Contractual interest	$ 35.3	$ 35.6	$ 38
Amortization of debt discount and issuance costs	3.4	2.2	2.5
Interest expense	38.7	37.8	40.5
Interest income	(1.1)	(1.9)	(2.3)
Interest expense, net	$ 37.6	$ 35.9	$ 38.2

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Rollforward
Beginning balance	$ 3,355.6	$ 3,241	$ 3,110.6
Other comprehensive (loss) income	37.4	26.1	(39.2)
Ending balance	3,348.9	3,355.6	3,241
Accumulated Other Comprehensive Income (loss), net
AOCI Rollforward
Beginning balance	37.6	11.5	50.7
Other comprehensive (loss) income	37.4	26.1	(39.2)
Ending balance	75	37.6	11.5
Foreign Currency Translation
AOCI Rollforward
Beginning balance	38.2	12.1
Other comprehensive (loss) income	36.5	26.1
Ending balance	74.7	38.2	12.1
Unrealized Investment Gain/Loss
AOCI Rollforward
Beginning balance	0.2	0.2
Other comprehensive (loss) income	(0.3)
Ending balance	(0.1)	0.2	0.2
Post-Retirement Benefits
AOCI Rollforward
Beginning balance	(0.8)	(0.8)
Other comprehensive (loss) income	1.2
Ending balance	$ 0.4	$ (0.8)	$ (0.8)

CLEARING OPERATIONS - Clearing

CLEARING OPERATIONS - Clearing participant (Details) $ in Millions	Dec. 31, 2020USD ($)
Clearing Operations
Cash Contributions	$ 1,190.6
Non-Cash Contributions	645.9
Total Contributions	1,836.5
Margin deposits
Clearing Operations
Cash Contributions	319.5
Non-Cash Contributions	401
Total Contributions	720.5
Clearing funds
Clearing Operations
Cash Contributions	492.6
Non-Cash Contributions	69.7
Total Contributions	562.3
Interoperability funds
Clearing Operations
Cash Contributions	378.5
Non-Cash Contributions	175.2
Total Contributions	$ 553.7

CLEARING OPERATIONS - Narrative

CLEARING OPERATIONS - Narrative (Details) - EuroCCP	12 Months Ended
CLEARING OPERATIONS - Narrative (Details) - EuroCCP	Dec. 31, 2020item
Clearing Operations [Line Items]
Number of European Markets	18
Number of central counterparties	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	Dec. 31, 2020	Dec. 31, 2019
Assets:
Total assets	$ 92.4	$ 71
Liabilities:
Contingent consideration liabilities	32.7	2.2
Total liabilities	1,376.3	893.2
Hanweck, FT Options, Trade Alert, and MATCHNow
Liabilities:
Contingent consideration liabilities	32.7
Level 1
Assets:
Total assets	92.4	71
Liabilities:
Total liabilities	24.5	23.4
Level 2
Liabilities:
Total liabilities	1,319.1	867.6
Level 3
Liabilities:
Contingent consideration liabilities	32.7	2.2
Total liabilities	32.7	2.2
Recurring
Assets:
Total assets	92.4	71
Liabilities:
Contingent consideration liabilities	32.7
Total liabilities	32.7	2.2
Recurring \| Mutual funds
Assets:
Total assets	15.9	15.7
Recurring \| Money market funds
Assets:
Total assets	8.6	7.7
Liabilities:
Contingent consideration liabilities		2.2
Recurring \| U.S. Treasury securities
Assets:
Assets		47.6
Total assets	67.9
Recurring \| Level 1
Assets:
Total assets	92.4	71
Recurring \| Level 1 \| Mutual funds
Assets:
Total assets	15.9	15.7
Recurring \| Level 1 \| Money market funds
Assets:
Total assets	8.6	7.7
Recurring \| Level 1 \| U.S. Treasury securities
Assets:
Assets		47.6
Total assets	67.9
Recurring \| Level 3
Liabilities:
Contingent consideration liabilities	32.7
Total liabilities	$ 32.7	2.2
Recurring \| Level 3 \| Money market funds
Liabilities:
Contingent consideration liabilities		$ 2.2

FAIR VALUE MEASUREMENT - Sche_2

FAIR VALUE MEASUREMENT - Schedule of fair value hierarchy of financial instruments held (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets:
Financial investments	$ 67.9	$ 47.6
Deferred compensation plan assets	24.5	23.4
Total assets	92.4	71
Liabilities:
Contingent consideration liabilities	32.7	2.2
Deferred compensation plan liabilities	24.5	23.4
Debt	1,319.1	867.6
Total liabilities	1,376.3	893.2
Level 1
Assets:
Financial investments	67.9	47.6
Deferred compensation plan assets	24.5	23.4
Total assets	92.4	71
Liabilities:
Deferred compensation plan liabilities	24.5	23.4
Total liabilities	24.5	23.4
Level 2
Liabilities:
Debt	1,319.1	867.6
Total liabilities	1,319.1	867.6
Level 3
Liabilities:
Contingent consideration liabilities	32.7	2.2
Total liabilities	$ 32.7	$ 2.2

FAIR VALUE MEASUREMENT - Narrat

FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Contingent consideration liabilities	$ 32.7	$ 2.2
Recurring
Segment Reporting Information
Contingent consideration liabilities	$ 32.7

FAIR VALUE MEASUREMENT - Sche_3

FAIR VALUE MEASUREMENT - Schedule of fair values of debt obligations (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 16, 2020	Dec. 15, 2020	Dec. 31, 2019	Jan. 12, 2017
Debt Instrument [Line Items]
Debt obligations	$ 1,319.1			$ 867.6
Level 2
Debt Instrument [Line Items]
Debt obligations	1,319.1			$ 867.6
Term Loan Agreement \| Level 2
Debt Instrument [Line Items]
Debt obligations	$ 70
3.650% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	3.65%		3.65%		3.65%
3.650% Senior Notes \| Level 2
Debt Instrument [Line Items]
Debt obligations	$ 744
1.625% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	1.625%	1.625%	1.625%
1.625% Senior Notes \| Level 2
Debt Instrument [Line Items]
Debt obligations	$ 505.1

FAIR VALUE MEASUREMENT - Summar

FAIR VALUE MEASUREMENT - Summary of changes in the fair value of the company's Level 3 financial liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in fair value of level 3 financial liabilities
Balance at the beginning of the period	$ 2.2	$ 3.9
Realized (gains) losses during period		2.6
Additions	32.7
Settlements	(2.2)
Balance at the end of the period	32.7	2.2
Contingent consideration liabilities
Changes in fair value of level 3 financial liabilities
Balance at the beginning of the period	2.2	3.9
Realized (gains) losses during period		2.6
Additions	32.7
Settlements	(2.2)
Balance at the end of the period	$ 32.7	2.2
Level 3
Changes in fair value of level 3 financial liabilities
Settlements		(4.3)
Level 3 \| Contingent consideration liabilities
Changes in fair value of level 3 financial liabilities
Settlements		$ (4.3)

SEGMENT REPORTING - Summarized

SEGMENT REPORTING - Summarized financial information by reportable segment (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information
Number of reportable segments \| segment									5
Revenues									$ 3,427.1	$ 2,496.1	$ 2,768.8
Operating income (loss)	$ 134.8	$ 139.3	$ 161.7	$ 226.4	$ 119.2	$ 147.4	$ 125.2	$ 145.4	662.2	537.2	599.4
Operating Segments \| Options
Segment Reporting Information
Revenues									1,330.1	983.1	1,057.5
Operating income (loss)									430.4	334.3	390.9
Operating Segments \| North American Equities
Segment Reporting Information
Revenues									1,789.5	1,213.1	1,373.1
Operating income (loss)									159.5	132.5	140.5
Operating Segments \| Futures
Segment Reporting Information
Revenues									109.2	135.9	149.8
Operating income (loss)									53.8	83.1	85.7
Operating Segments \| European Equities
Segment Reporting Information
Revenues									140.5	110.8	131.6
Operating income (loss)									33.5	20.3	24.1
Operating Segments \| Global FX
Segment Reporting Information
Revenues									57.8	53	56.4
Operating income (loss)									6	(4.9)	(11.7)
Corporate Items and Eliminations
Segment Reporting Information
Revenues										0.2	0.4
Operating income (loss)									$ (21)	$ (28.1)	$ (30.1)

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SMART Plan
Defined Contribution Plan
Total assets in the trust	$ 24.5
Company contribution amount	10.5	$ 11.3	$ 12.4
Cboe Europe Equities Employee Selected Stakeholder Contribution Plan
Defined Contribution Plan
Company contribution amount	0.8	$ 0.7	$ 0.4
EuroCCP
Defined Contribution Plan
Company contribution amount	$ 0.8

REGULATORY CAPITAL (Details)

REGULATORY CAPITAL (Details) $ in Millions	12 Months Ended
REGULATORY CAPITAL (Details) $ in Millions	Dec. 31, 2020USD ($)item
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	15
Excess net capital	13.9
Required net capital	1.1
Cboe Europe Limited
Regulatory Requirement
Financial resources requirement	24
Capital in excess of financial resources requirement	$ 28.8
BIDS 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	13.6
Excess net capital	13.5
Required net capital	0.1
Cboe Chi-X Europe
Regulatory Requirement
Capital resources requirement	0.1
Capital in excess of capital resources requirement	0.3
Cboe Europe NL
Regulatory Requirement
Capital in excess of financial resources requirement	1.4
Minimum capital requirement	5.3
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
Number of capital adequacy tests required to be met \| item	2
Annual operating expenses for registered futures exchange capital adequacy tests	$ 52.1
XX month operating expenses for registered futures exchange capital adequacy tests	26.1
EuroCCP
Regulatory Requirement
Excess net capital	17.2
Annual operating expenses for swap execution facility capital adequacy tests	48.2
XX month operating expenses for registered futures exchange capital adequacy tests	31
IIROC
Regulatory Requirement
Minimum net capital required to be maintained, option 2 - amount	0.2
Net capital	2.2
Excess net capital	2
Required net capital	$ 0.2

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	12 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 21.7	$ 21.8	$ 35.1
Options exercised (in shares)	10,834	358,649
Payments for the purchase of shares to satisfy the employee income tax withholdings (in shares)	$ 14.2	$ 11	$ 20.9
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Total intrinsic value of stock options exercised	$ 0.9	$ 26
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)	100,466
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
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)	272,258
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
Vesting period	3 years
Vested (in shares)	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	$ 21.8
Unrecognized compensation expense, period for recognition	1 year 8 months 12 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) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Beginning balance (in shares)	10,834	369,483
Exercised (in shares)	10,834	358,649
Ending balance (in shares)		10,834
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 18.59	$ 26.40
Exercised (in dollars per share)	$ 18.59	26.63
Ending balance (in dollars per share)		$ 18.59

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted stock activity (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Stock Purchase Plan
Compensation expense		$ 21,700,000	$ 21,800,000	$ 35,100,000
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		$ 300,000	$ 400,000
Shares were reserved for future issuance		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)		193,912
Vested (in shares)		(272,258)
Forfeited (in shares)		(15,585)
Ending balance (in shares)		342,082	436,013
Weighted average grant date fair value
Beginning balance (in USD per share)		$ 91.58
Granted (in dollars per share)		115.89
Vested (in USD per share)		88.32
Forfeited (in USD per share)		106.70
Ending balance (in USD per share)		$ 108.40	$ 91.58
Performance-Based Restricted Stock Units
Number of shares
Beginning balance (in shares)		132,248
Granted (in shares)		72,975
Vested (in shares)		(48,053)
Forfeited (in shares)		(34,504)
Ending balance (in shares)		122,666	132,248
Weighted average grant date fair value
Beginning balance (in USD per share)		$ 107.21
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	$ 107.21

EQUITY (Details)

EQUITY (Details) $ / shares in Units, $ in Thousands	3 Months Ended											12 Months Ended			120 Months Ended
EQUITY (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2020USD ($)Vote$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2020USD ($)Vote$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2020USD ($)Vote$ / sharesshares
Common Stock
Common stock, shares authorized (in shares)	325,000,000				325,000,000							325,000,000	325,000,000		325,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01				$ 0.01							$ 0.01	$ 0.01		$ 0.01
Common stock, shares issued (in shares)	125,998,967				125,701,889							125,998,967	125,701,889		125,998,967
Common stock, shares outstanding (in shares)	107,299,933				110,656,892							107,299,933	110,656,892		107,299,933
Common stock, votes per share \| Vote	1											1			1
Common Stock in Treasury, at Cost
Common stock held in Treasury (in shares)	18,699,034				15,044,997							18,699,034	15,044,997		18,699,034
Share Repurchase Program
Treasury Stock, Shares, Acquired	1,013,709	465,366	992,159	1,062,881	600,442	453,319	100	366,793	491,899	468,913	387,142	3,534,115	1,420,654	1,347,954	17,250,124
Treasury Stock Acquired, Average Cost Per Share \| $ / shares	$ 86.79	$ 89.92	$ 100.54	$ 112.46	$ 115.76	$ 115.49	$ 104.75	$ 95.36	$ 99.75	$ 102.92	$ 112.52	$ 98.78			$ 66.66
Treasury Stock, Value, Acquired, Cost Method \| $	$ 88,000	$ 41,800	$ 99,800	$ 119,500	$ 69,500	$ 52,400	$ 10	$ 35,000	$ 49,100	$ 48,300	$ 43,600	$ 349,100	$ 156,900	$ 140,900	$ 1,100,000
Availability remaining under existing share repurchase authorizations \| $	$ 200,100											$ 200,100			$ 200,100
Purchase of Common Stock from Employees
Stock repurchased from employee stock plans (in shares)												120,552	143,247
Average price paid per share (in dollars per share) \| $ / shares												$ 117.98	$ 97.22
Preferred stock
Preferred stock, shares authorized (in shares)	20,000,000				20,000,000							20,000,000	20,000,000		20,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01				$ 0.01							$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)	0				0							0	0		0
Preferred stock, shares outstanding (in shares)	0				0							0	0		0
Dividends
Cash dividends declared (in dollars per share) \| $ / shares												$ 1.56	$ 1.34	$ 1.16
Cash dividends per share, paid (in dollars per share) \| $ / shares												$ 1.56	$ 1.34
Aggregate payout \| $												$ 170,600	$ 150,000	$ 130,300

EQUITY - Share Repurchase Progr

EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended											12 Months Ended			120 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Oct. 31, 2019	Aug. 31, 2018	Feb. 28, 2018	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share Repurchase Program
Authorized amount	$ 1,400,000		$ 250,000									$ 1,400,000			$ 1,400,000	$ 250,000	$ 100,000	$ 150,000	$ 100,000	$ 100,000	$ 100,000	$ 100,000	$ 100,000	$ 100,000
Number of shares of common stock repurchased	1,013,709	465,366	992,159	1,062,881	600,442	453,319	100	366,793	491,899	468,913	387,142	3,534,115	1,420,654	1,347,954	17,250,124
Average price paid per share	$ 86.79	$ 89.92	$ 100.54	$ 112.46	$ 115.76	$ 115.49	$ 104.75	$ 95.36	$ 99.75	$ 102.92	$ 112.52	$ 98.78			$ 66.66
Total purchase price	$ 88,000	$ 41,800	$ 99,800	$ 119,500	$ 69,500	$ 52,400	$ 10	$ 35,000	$ 49,100	$ 48,300	$ 43,600	$ 349,100	$ 156,900	$ 140,900	$ 1,100,000

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Accrued compensation and benefits	$ 11.4	$ 14.1
Property, equipment and technology, net	2.4	1.9
Operating leases	36.2	13.5
Other	39.3	30.5
Subtotal	89.3	60
Valuation allowance	(6.8)	(4.2)
Total deferred tax assets	82.5	55.8
Deferred tax liabilities:
Intangibles	(351.1)	(357.6)
Property, equipment and technology, net	(21.8)	(14.5)
Investments	(56.6)	(68.2)
Prepaid expenses or assets	(2.8)	(2.2)
Operating leases	(27.8)	(13)
Total deferred tax liabilities	(460.1)	(455.5)
Net deferred tax liabilities	$ (377.6)	$ (399.7)

INCOME TAXES - Components of in

INCOME TAXES - Components of income tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax expense:
Federal	$ 143.7	$ 98.7	$ 125.1
State	70.5	61.2	58.7
Foreign	8.9	7.9	9.9
Total current tax expense	223.1	167.8	193.7
Deferred income tax expense/(benefit):
Federal	(25.2)	(28.7)	(18.4)
State	(9.1)	(3.8)	(23.7)
Foreign	3.4	(4.7)	(5.6)
Total deferred income tax expense	(30.9)	(37.2)	(47.7)
Total	$ 192.2	$ 130.6	$ 146

INCOME TAXES - Deferred income

INCOME TAXES - Deferred income tax liability, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
U.S. operations	$ 601.9	$ 480	$ 548.3
Foreign operations	58.5	21.4	22.9
Income before income tax provision	$ 660.4	$ 501.4	$ 571.2

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of the statutory federal income tax rate to the effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Statutory federal income tax rate	21.00%	21.00%	21.00%
Change in income tax rate (percent)	(0.20%)		(3.50%)
State income tax rate, net of federal income tax effect	4.20%	5.00%	5.00%
Uncertain tax positions	2.90%	2.60%	6.10%
Deduction for Foreign Derived Intangible Income	(1.10%)	(1.20%)
Valuation allowance	0.80%
Other, net	1.50%	(1.40%)	(3.00%)
Effective tax rate	29.10%	26.00%	25.60%

INCOME TAXES - Reconciliation_2

INCOME TAXES - Reconciliation of the beginning and ending uncertain tax positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Uncertain tax positions, beginning balance	$ 116.7	$ 102.3	$ 67.8
Gross increases on tax positions in prior period	3.3	3.1	35
Gross decreases on tax positions in prior period		(6.3)	(19)
Gross increases on tax positions in current period	24.3	18.5	19
Lapse of statute of limitations	(5.7)	(0.9)	(0.5)
Uncertain tax positions, ending balance	$ 138.6	$ 116.7	$ 102.3

INCOME TAXES - (Details)

INCOME TAXES - (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes
Valuation allowance		$ 6.8
Undistributed earnings in subsidiaries		32.1
Unrecognized tax positions that would affect the annual effective tax rate		137.4	$ 114.9	$ 99.5
Lapse of statute of limitations		5.7	0.9	0.5
Estimated interest costs and penalties		6.9	6.6	1.1
Accrued interest and penalties		$ 26.1	$ 19.2	$ 12.6
Statutory federal income tax rate		21.00%	21.00%	21.00%
Capital Loss Carryforward [Member]
Income taxes
Capital loss forwards which, if unused, will expire in 2024		$ 8
Forecast
Income taxes
Lapse of statute of limitations	$ 0.2

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic and Diluted EPS Numerator:
Net income	$ 87.3	$ 109.9	$ 113.6	$ 157.4	$ 86.3	$ 105.9	$ 84.5	$ 94.1	$ 468.2	$ 370.8	$ 425.2
Net loss attributable to redeemable noncontrolling interest										4.1	1.3
Net income excluding redeemable noncontrolling interest									468.2	374.9	426.5
Change in redemption value of redeemable noncontrolling interest										(0.5)	(1.3)
Earnings allocated to participating securities									(1.2)	(1.7)	(3.1)
Net income allocated to common stockholders	$ 87.1	$ 109.6	$ 113.3	$ 157	$ 86.1	$ 105.5	$ 87.6	$ 93.5	$ 467	$ 372.7	$ 422.1
Basic EPS Denominator:
Weighted average shares outstanding (in shares)									109.1	111.4	111.8
Basic Net Income Per Common Share (in dollars per share)	$ 0.81	$ 1.01	$ 1.04	$ 1.42	$ 0.78	$ 0.95	$ 0.79	$ 0.84	$ 4.28	$ 3.35	$ 3.78
Diluted EPS Denominator:
Weighted average shares outstanding (in shares)									109.1	111.4	111.8
Dilutive common shares issued under stock program (in shares)									0.2	0.4	0.4
Total dilutive weighted average shares (in shares)									109.3	111.8	112.2
Diluted Net Income Per Common Share (in dollars per share)	$ 0.81	$ 1.01	$ 1.03	$ 1.42	$ 0.77	$ 0.94	$ 0.78	$ 0.84	$ 4.27	$ 3.34	$ 3.76

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (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) - USD ($) $ in Millions	12 Months Ended
LEASES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases
Additional right of use assets	$ 68.9
Additional operating lease liabilities	96.3
Lease incentive for leasehold improvements	25.2
Minimum lease payments	178.1
Technology support services
Leases
Rent expense	$ 20.2	$ 12.4
Rent expense			$ 10.1

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
LEASES
Operating lease right of use assets	$ 111	$ 53.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Current operating leased liabilities	$ 12.5	$ 8.7
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Non-current operating lease liabilities	$ 132.1	$ 46.7
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseLiabilityNoncurrent	us-gaap:OperatingLeaseLiabilityNoncurrent
Total lease liabilities	$ 144.6	$ 55.4
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent us-gaap:OperatingLeaseLiabilityNoncurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent us-gaap:OperatingLeaseLiabilityNoncurrent

LEASES - Lease Costs and Other

LEASES - Lease Costs and Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Leases
Operating lease costs	$ 20.2	$ 12.4
Weighted average remaining lease term (years)	12 years 1 month 6 days	9 years 2 months 12 days
Weighted average discount rate	3.40%	3.50%
Cash paid for amounts included in the measurement of lease liabilities	$ 11.1	$ 11.2
Lease incentive for leasehold improvements	25.2
Right-of-use assets obtained in exchange for lease liabilities	68.9	22.1
Operating lease right of use assets	111	53.4
Operating lease liabilities recognized upon adoption	$ 144.6	$ 55.4
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	Dec. 31, 2020	Dec. 31, 2019
Maturities of Lease Liabilities
2021	$ 16.4
2022	17.3
2023	15.8
2024	11.1
2024	10.3
After 2024	107.2
Total lease payments	178.1
Less: Interest	(33.5)
Present value of lease liabilities	144.6	$ 55.4
Minimum lease payments related to option to extend term	$ 20.4

QUARTERLY DATA (UNAUDITED) (Det

QUARTERLY DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
QUARTERLY DATA (UNAUDITED)
Revenues less cost of revenues	$ 307.1	$ 292	$ 296.9	$ 358.3	$ 280.3	$ 294	$ 283.2	$ 279.4	$ 1,254.3	$ 1,136.9	$ 1,216.9
Operating income	134.8	139.3	161.7	226.4	119.2	147.4	125.2	145.4	662.2	537.2	599.4
Net income	87.3	109.9	113.6	157.4	86.3	105.9	84.5	94.1	468.2	370.8	425.2
Net Income allocated to common stockholders	$ 87.1	$ 109.6	$ 113.3	$ 157	$ 86.1	$ 105.5	$ 87.6	$ 93.5	$ 467	$ 372.7	$ 422.1
Basic earnings per share (in dollars per share)	$ 0.81	$ 1.01	$ 1.04	$ 1.42	$ 0.78	$ 0.95	$ 0.79	$ 0.84	$ 4.28	$ 3.35	$ 3.78
Diluted earnings per share (in dollars per share)	$ 0.81	$ 1.01	$ 1.03	$ 1.42	$ 0.77	$ 0.94	$ 0.78	$ 0.84	$ 4.27	$ 3.34	$ 3.76

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 19, 2021	Feb. 11, 2021	Feb. 05, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Events
Cash dividends declared (in dollars per share)				$ 1.56	$ 1.34	$ 1.16
Restricted Stock and Restricted Stock Units
Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				193,912
Vesting period				3 years
Performance-Based Restricted Stock Units
Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				72,975
Vesting period				3 years
Subsequent Event
Subsequent Events
Increase in amount of stock repurchase plan authorized			$ 200
Cash dividends declared (in dollars per share)		$ 0.42
Subsequent Event \| Restricted Stock Units
Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	239,853
Vesting period	3 years
Subsequent Event \| Performance-Based Restricted Stock Units
Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	71,302