Cboe Global Markets (CBOE) 10-Q 29 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 22, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
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	433 West Van Buren Street
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60607
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
Security Exchange Name	CboeBZX
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		106,062,246
Entity Central Index Key	0001374310
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 373.3	$ 341.9
Financial investments	68.5	37.1
Accounts receivable, net of $1.3 allowance for credit losses at June 30, 2022 and $1.0 at December 31, 2021	391.3	326.9
Margin deposits and clearing funds	987.2	745.9
Digital assets - safeguarded assets	22.4
Income taxes receivable	51.1	42.7
Other current assets	39	36.8
Total current assets	1,932.8	1,531.3
Investments	243.5	245.8
Land	2.3	2.3
Property and equipment, net	107.5	105.2
Operating lease right of use assets	124.8	110.1
Goodwill	3,132	3,025.4
Intangible assets, net	1,792.8	1,668.6
Other assets, net	140.4	125.8
Total assets	7,476.1	6,814.5
Current liabilities:
Accounts payable and accrued liabilities	405.9	295.4
Section 31 fees payable	116.3	40.8
Deferred revenue	22.7	15.2
Margin deposits and clearing funds	987.2	745.9
Digital assets - safeguarded liabilities	22.4
Income taxes payable	0.3	8.2
Current portion of contingent consideration liabilities	44.8	63.8
Total current liabilities	1,599.6	1,169.3
Long-term debt	1,959.2	1,299.3
Unrecognized tax benefits	173.5	197.9
Deferred income taxes	252.6	372.7
Non-current operating lease liabilities	139.4	129.2
Contingent consideration liabilities	57.3	6.7
Other non-current liabilities	32.6	34.6
Total liabilities	4,214.2	3,209.7
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at June 30, 2022 and December 31, 2021
Common stock, $0.01 par value: 325,000,000 shares authorized, 108,391,393 and 106,062,246 shares issued and outstanding, respectively at June 30, 2022 and 108,159,319 and 106,646,498 shares issued and outstanding, respectively at December 31, 2021	1.1	1.1
Common stock in treasury, at cost, 2,329,147 shares at June 30, 2022 and 1,512,821 shares at December 31, 2021	(201)	(106.8)
Additional paid-in capital	1,525.7	1,509.4
Retained earnings	1,968	2,145.5
Accumulated other comprehensive (loss) income, net	(31.9)	55.6
Total stockholders' equity	3,261.9	3,604.8
Total liabilities and stockholders' equity	$ 7,476.1	$ 6,814.5

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Accounts Receivable, Allowance for credit losses	$ 1.3	$ 1
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)	108,391,393	108,159,319
Common stock, shares outstanding (in shares)	106,062,246	106,646,498
Common stock held in Treasury (in shares)	2,329,147	1,512,821

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Total revenues	$ 985.8	$ 800.8	$ 1,960.3	$ 1,811.6
Cost of revenues:
Total cost of revenues	561.7	450.2	1,118.1	1,095.5
Revenues less cost of revenues	424.1	350.6	842.2	716.1
Operating expenses:
Compensation and benefits	86.2	67.7	167.4	140
Depreciation and amortization	40.2	40.6	81.1	82.6
Technology support services	18.1	16.2	37.3	33.4
Professional fees and outside services	24.1	22.4	43.8	38
Travel and promotional expenses	5.5	1.9	8.4	3.5
Facilities costs	6.6	5.4	13.1	10.7
Acquisition-related costs	14.3	1.8	16.3	5.2
Goodwill impairment charge	460.1		460.1
Other expenses	6.4	4.6	12.4	8.1
Total operating expenses	661.5	160.6	839.9	321.5
Operating (loss) income	(237.4)	190	2.3	394.6
Non-operating (expenses) income:
Interest expense, net	(14.6)	(12.3)	(25.4)	(24.6)
Other (expense) income, net	(4.8)	1.5	(8.8)	2.1
(Loss) income before income tax provision	(256.8)	179.2	(31.9)	372.1
Income tax (benefit) provision	(72.3)	73.7	43	129.4
Net (loss) income	(184.5)	105.5	(74.9)	242.7
Net income allocated to participating securities		(0.3)		(0.7)
Net (loss) income allocated to common stockholders	$ (184.5)	$ 105.2	$ (74.9)	$ 242
Basic (loss) earnings per share (in dollars per share)	$ (1.74)	$ 0.99	$ (0.70)	$ 2.26
Diluted (loss) earnings per share (in dollars per share)	$ (1.74)	$ 0.98	$ (0.70)	$ 2.26
Basic weighted average shares outstanding (in shares)	106.3	106.8	106.5	107.1
Diluted weighted average shares outstanding (in shares)	106.3	106.9	106.5	107.3
Cash and spot markets
Revenues:
Total revenues	$ 458.5	$ 372.7	$ 920.4	$ 921.6
Data and access solutions
Revenues:
Total revenues	123.9	103	242.8	203.6
Derivatives markets
Revenues:
Total revenues	403.4	325.1	797.1	686.4
Liquidity payments
Cost of revenues:
Total cost of revenues	429	377.9	896.5	879.7
Routing and clearing
Cost of revenues:
Total cost of revenues	20.9	19.9	43.2	47
Section 31 fees
Cost of revenues:
Total cost of revenues	79.6	28.8	115.3	120.7
Royalty fees and other cost of revenues
Cost of revenues:
Total cost of revenues	$ 32.2	$ 23.6	$ 63.1	$ 48.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Comprehensive Income
Net (loss) income	$ (184.5)	$ 105.5	$ (74.9)	$ 242.7
Other comprehensive (loss) income, net of income tax:
Foreign currency translation adjustments	(60.9)	6	(87.4)	10.8
Unrealized holding losses on financial investments	(0.1)		(0.1)
Comprehensive (loss) income	(245.5)	111.5	(162.4)	253.5
Comprehensive income allocated to participating securities		(0.3)		(0.7)
Comprehensive (loss) income allocated to common stockholders, net of income tax	$ (245.5)	$ 111.2	$ (162.4)	$ 252.8

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Stockholder's Equity - USD ($) $ in Millions	Common Stock	Treasury Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss), net	Total
Beginning balance at Dec. 31, 2020	$ 1.2	$ (1,250.4)	$ 2,713.3	$ 1,809.8	$ 75	$ 3,348.9
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock				(45.3)		(45.3)
Stock-based compensation	0.1		11.7			11.8
Repurchases of common stock from employee stock plans		(5.7)				(5.7)
Purchase of common stock		(47.6)				(47.6)
Shares issued under employee stock purchase plan			0.1			0.1
Net (loss) income				137.2		137.2
Other comprehensive income (loss)					4.8	4.8
Ending balance at Mar. 31, 2021	1.3	(1,303.7)	2,725.1	1,901.7	79.8	3,404.2
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock				(45)		(45)
Stock-based compensation			5.5			5.5
Repurchases of common stock from employee stock plans		(0.1)				(0.1)
Purchase of common stock		(33.7)				(33.7)
Shares issued under employee stock purchase plan			0.1			0.1
Net (loss) income				105.5		105.5
Other comprehensive income (loss)					6	6
Ending balance at Jun. 30, 2021	1.3	(1,337.5)	2,730.7	1,962.2	85.8	3,442.5
Beginning balance at Dec. 31, 2021	1.1	(106.8)	1,509.4	2,145.5	55.6	3,604.8
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock				(51.4)		(51.4)
Stock-based compensation			9.1			9.1
Repurchases of common stock from employee stock plans		(8.4)				(8.4)
Purchase of common stock		(70)				(70)
Shares issued under employee stock purchase plan			0.1			0.1
Net (loss) income				109.6		109.6
Other comprehensive income (loss)					(26.5)	(26.5)
Ending balance at Mar. 31, 2022	1.1	(185.2)	1,518.6	2,203.7	29.1	3,567.3
Beginning balance at Dec. 31, 2021	1.1	(106.8)	1,509.4	2,145.5	55.6	3,604.8
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)					(87.5)
Ending balance at Jun. 30, 2022	1.1	(201)	1,525.7	1,968	(31.9)	3,261.9
Beginning balance at Mar. 31, 2022	1.1	(185.2)	1,518.6	2,203.7	29.1	3,567.3
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock				(51.2)		(51.2)
Stock-based compensation			7			7
Repurchases of common stock from employee stock plans		(0.2)				(0.2)
Purchase of common stock		(15.6)				(15.6)
Shares issued under employee stock purchase plan			0.1			0.1
Net (loss) income				(184.5)		(184.5)
Other comprehensive income (loss)					(61)	(61)
Ending balance at Jun. 30, 2022	$ 1.1	$ (201)	$ 1,525.7	$ 1,968	$ (31.9)	$ 3,261.9

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Changes in Stockholder's Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Condensed Consolidated Statements of Changes in Stockholders' Equity
Dividends (in dollars per share)	$ 0.48	$ 0.48	$ 0.42	$ 0.42

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Cash flows from operating activities:
Net (loss) income	$ (74.9)	$ 242.7
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	81.1	82.6
Amortization of debt issuance cost and debt discount	1.1	1.4
Provision for accounts receivable credit losses	0.3	0.5
(Benefit) provision for deferred income taxes	(142.3)	5.9
Stock-based compensation expense	16.1	17.2
Loss on disposal of property and equipment	0.3
Impairment charge of investment	10.6	0.6
Impairment charge of goodwill	460.1
Equity loss in investments	3.5	0.4
Gain on investment	(7.5)
Changes in assets and liabilities:
Accounts receivable	(70)	4.2
Restricted cash and cash equivalents (included in margin deposits and clearing funds)	217.6	376.1
Customer bank deposits (included in margin deposits and clearing funds)	(1.7)
Income taxes receivable	(8.5)	13.3
Digital assets - safeguarded assets	(22.4)
Other current assets	(0.8)	(21.7)
Other assets	(13.3)	(15.9)
Accounts payable and accrued liabilities	24	9.6
Digital assets - safeguarded liabilities	22.4
Section 31 fees payable	75.5	(31.9)
Deferred revenue	6.8	7
Income taxes payable	(7.1)	0.6
Unrecognized tax benefits	66.5	22.8
Other liabilities	(12)	6.4
Net cash provided by operating activities	625.4	721.8
Cash flows from investing activities:
Acquisitions, net of cash acquired	(706.5)
Proceeds from acquisition-related escrow		0.5
Purchases of available-for-sale financial investments	(41.1)	(92.6)
Proceeds from maturities of available-for-sale financial investments	8.6	67.6
Proceeds from Investments	(1.1)
Contributions to investments	(12.8)
Purchases of property and equipment and leasehold improvements	(22.2)	(21.3)
Net cash used in investing activities	(772.9)	(45.8)
Cash flows from financing activities:
Proceeds from long-term debt	663.6	110
Principal payments of current portion of long-term debt		(20)
Debt issuance costs	(4.9)
Cash dividends on common stock	(102.6)	(90.3)
Repurchases of common stock from employee stock plans	(8.6)	(5.8)
Payments of contingent consideration related to acquisitions	(25.9)	(6.5)
Shares issued under employee stock purchase plan	(0.2)	(0.2)
Purchase of common stock	(85.6)	(81.3)
Net cash provided by (used in) financing activities	435.8	(94.1)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	(15.8)	(0.3)
Increase in cash, cash equivalents, and restricted cash and cash equivalents	272.5	581.6
Cash, cash equivalents, and restricted cash and cash equivalents: Beginning of period	1,092.2	1,057.5
Cash, cash equivalents, and restricted cash and cash equivalents: End of period	1,364.7	1,639.1
Supplemental disclosure of cash transactions:
Cash paid for income taxes, net of refunds	134.4	95.1
Cash paid for interest	45	$ 21.1
Supplemental disclosure of noncash investing and financing activities:
Accounts receivable acquired	4.4
Financial investments acquired	1.5
Other current assets acquired	1.6
Goodwill acquired	529.5
Intangible assets acquired	225.1
Property and equipment, net acquired	1.6
Data processing software and other assets acquired	2
Operating lease right of use asset acquired	1.2
Accounts payable and accrued expenses assumed	(6.1)
Deferred revenue acquired	(0.6)
Operating lease liability acquired	(1.2)
Contingent consideration related to acquisitions	(54.3)
Deferred income taxes acquired	(40.3)
Other non-current liabilities, net acquired	(0.4)
Paycheck Protection Program loan forgiveness	$ 1.3

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents
Cash and cash equivalents	$ 373.3	$ 450.9
Restricted cash and cash equivalents		1,188.2
Total	1,364.7	$ 1,639.1
Margin deposits and clearing funds
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents
Restricted cash and cash equivalents	963.5
Customer bank deposits	23.7
Other current assets
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents
Restricted cash and cash equivalents	$ 4.2

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	1. ORGANIZATION AND BASIS OF PRESENTATION Cboe Global Markets, Inc. (“Cboe” or “the Company”), a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The Company is committed to operating a trusted, inclusive global marketplace, and to providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe, and Asia Pacific. 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 and derivatives clearinghouse, BIDS Trading, a leading block-trading ATS by volume in the U.S., MATCHNow, a leading equities ATS in Canada, Cboe Australia, an operator of trading venues in Australia, and Cboe Japan, an operator of trading venues in Japan. Cboe also is a leading market globally for exchange-traded products (“ETPs”) listings and trading. On May 2, 2022, the Company completed its acquisition of ErisX, an operator of a U.S. based digital asset spot market, a regulated futures exchange and a regulated clearinghouse. On June 1, 2022, the Company completed its acquisition of NEO, which is a fintech organization that is comprised of a fully registered Canadian securities exchange. The Company is headquartered in Chicago with offices in Amsterdam, Belfast, Hong Kong, Kansas City, London, Manila, New York, San Francisco, Sarasota Springs, Singapore, Sydney, Tokyo, and Toronto. Basis of Presentation These interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP as established by FASB for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. Beginning in the first quarter of 2022, the Company updated the financial statement captions within its condensed consolidated statements of income for both periods presented to better reflect the Company’s diversified products, expansive geographical reach, and overall business strategy. Below is a summary of the changes to the financial statement captions. The changes do not have a financial impact on the Company’s reported revenue, revenues less cost of revenues, reported net income, or cash flows from operations. Revenues ● Cash and spot markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s North American Equities, Europe and Asia Pacific, Global FX, and Digital segments. ● Data and access solutions – includes access and capacity fees, proprietary market data fees, and associated other revenue across Cboe’s six segments. ● Derivatives markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s Options, Futures, Europe and Asia Pacific, and Digital segments. Cost of Revenues ● Royalty fees and other cost of revenues – includes royalty fees and other cost of revenues across the Company’s six segments. Segment Information The Company previously operated as five reportable business segments as of March 31, 2022. As a result of the ErisX acquisition, as of June 30, 2022, the Company operates as six reportable segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital which is reflective of how the Company's chief operating decision-maker reviews and operates the business. See Note 14 (“Segment Reporting”) for more information. Update to Significant Accounting Policies With the exception of the change in the accounting for digital assets and liabilities safeguarded as a result of the adoption of Securities and Exchange Commission Staff Accounting Bulletin No. 121 (“SAB 121”) (as discussed below in “Recent Accounting Pronouncements - Adopted”) and the new accounting policies for digital assets as a result of the acquisition of ErisX, there have been no new or material changes to the significant accounting policies discussed for the Company for the period ended June 30, 2022, that are of significance, or potential significance, to the Company. (a) Digital Assets Held In the current period, the Company determined that digital assets held should be accounted for under FASB Accounting Standards Codification (“ASC”) 350, Intangibles — Goodwill and Other (b) Digital Assets – Safeguarded Assets and Liabilities Recent Accounting Pronouncements - Adopted On March 31, 2022, the SEC issued SAB 121, which sets out interpretive guidance from the staff of the SEC regarding the accounting for obligations to safeguarded digital assets that an entity holds for its platform users. The guidance requires an entity to recognize a liability for the obligation to safeguard the users’ assets and recognize an associated asset for the digital assets held for users. Both the liability and asset will be measured initially and subsequently at the fair value of the digital assets being safeguarded. The guidance also requires additional disclosures related to the nature and amount of digital assets held on behalf of its platform users, with separate disclosure for each significant digital asset, and the vulnerabilities the entity has due to any concentration in such activities. The guidance, effective for interim or annual periods ending after June 15, 2022, was adopted by the Company as of June 30, 2022. As a result of adopting SAB 121 Recent Accounting Pronouncements - Issued, not yet Adopted There were no applicable material accounting pronouncements that have been issued, but not yet adopted as of June 30, 2022.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2022
REVENUE RECOGNITION
REVENUE RECOGNITION	2. REVENUE RECOGNITION The Company’s main types of revenue contracts consist of the following, which are disaggregated from the condensed consolidated statements of income. ● 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, represent fees charged by the Company for meeting the point-in-time performance obligation for transactions cleared and settled by EuroCCP and Eris Clearing LLC (“Eris Clearing”), the derivatives clearing organization for ErisX. 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 Europe and Asia Pacific and Digital segments. 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 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. Proprietary market data also includes revenue from various licensing agreements, which was classified as other revenue prior to January 1, 2022. 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 interest income from clearing operations, all fees related to the trade reporting facility operated in the Europe and Asia Pacific segment, listing fees, and revenue associated with advertisements through the Company’s websites. ​ All revenue recognized in the condensed consolidated statements of income is considered to be revenue from contracts with customers, with the exception of interest income from clearing operations. The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the condensed consolidated statements of income (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ Markets Solutions Markets Total Three Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 359.2 ​ $ — ​ $ 376.1 ​ $ 735.3 Access and capacity fees ​ ​ — ​ ​ 81.8 ​ ​ — ​ ​ 81.8 Market data fees ​ ​ 19.3 ​ ​ 41.0 ​ ​ 8.5 ​ ​ 68.8 Regulatory fees ​ ​ 68.7 ​ ​ — ​ ​ 18.1 ​ ​ 86.8 Other revenue ​ ​ 11.3 ​ ​ 1.1 ​ ​ 0.7 ​ ​ 13.1 ​ ​ $ 458.5 ​ $ 123.9 ​ $ 403.4 ​ $ 985.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ ​ Markets Solutions Markets Total Three Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 312.7 ​ $ — ​ $ 305.5 ​ $ 618.2 Access and capacity fees ​ ​ — ​ ​ 67.1 ​ ​ — ​ ​ 67.1 Market data fees ​ ​ 23.9 ​ ​ 30.9 ​ ​ 8.0 ​ ​ 62.8 Regulatory fees ​ ​ 26.1 ​ ​ — ​ ​ 10.8 ​ ​ 36.9 Other revenue ​ ​ 10.0 ​ ​ 5.0 ​ ​ 0.8 ​ ​ 15.8 ​ ​ $ 372.7 ​ $ 103.0 ​ $ 325.1 ​ $ 800.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ ​ Markets Solutions Markets Total Six Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 754.7 ​ $ — ​ $ 750.2 ​ $ 1,504.9 Access and capacity fees ​ ​ — ​ ​ 159.7 ​ ​ — ​ ​ 159.7 Market data fees ​ ​ 42.2 ​ ​ 80.6 ​ ​ 16.7 ​ ​ 139.5 Regulatory fees ​ ​ 100.6 ​ ​ — ​ ​ 28.8 ​ ​ 129.4 Other revenue ​ ​ 22.9 ​ ​ 2.5 ​ ​ 1.4 ​ ​ 26.8 ​ ​ $ 920.4 ​ $ 242.8 ​ $ 797.1 ​ $ 1,960.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ ​ ​ Markets ​ Solutions ​ Markets ​ Total Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 741.6 ​ $ — ​ $ 639.8 ​ $ 1,381.4 Access and capacity fees ​ ​ — ​ ​ 133.5 ​ ​ — ​ ​ 133.5 Market data fees ​ ​ 50.8 ​ ​ 60.6 ​ ​ 15.2 ​ ​ 126.6 Regulatory fees ​ ​ 108.5 ​ ​ — ​ ​ 29.9 ​ ​ 138.4 Other revenue ​ ​ 20.7 ​ ​ 9.5 ​ ​ 1.5 ​ ​ 31.7 ​ ​ $ 921.6 ​ $ 203.6 ​ $ 686.4 ​ $ 1,811.6 ​ ​ The following table depicts the disaggregation of revenue according to segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ Global ​ ​ ​ Items and ​ ​ ​ ​ Options Equities Pacific Futures FX Digital Eliminations Total Three Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 353.0 ​ $ 304.5 ​ $ 40.6 ​ $ 23.0 ​ $ 14.1 ​ $ 0.1 ​ $ — ​ $ 735.3 Access and capacity fees ​ ​ 38.3 ​ ​ 27.3 ​ ​ 8.7 ​ ​ 5.2 ​ ​ 2.3 ​ ​ — ​ ​ — ​ ​ 81.8 Market data fees ​ ​ 27.1 ​ ​ 31.2 ​ ​ 8.1 ​ ​ 2.1 ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ 68.8 Regulatory fees ​ ​ 17.9 ​ ​ 68.7 ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ 86.8 Other revenue ​ ​ 1.9 ​ ​ 1.1 ​ ​ 10.0 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ 13.1 ​ ​ $ 438.2 ​ $ 432.8 ​ $ 67.4 ​ $ 30.5 ​ $ 16.8 ​ $ 0.1 ​ $ — ​ $ 985.8 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 372.8 ​ $ 374.3 ​ $ 50.6 ​ $ 23.2 ​ $ 14.2 ​ $ 0.1 ​ $ — ​ $ 835.2 Services transferred over time ​ ​ 65.4 ​ ​ 58.5 ​ ​ 16.8 ​ ​ 7.3 ​ ​ 2.6 ​ ​ — ​ ​ — ​ ​ 150.6 ​ ​ $ 438.2 ​ $ 432.8 ​ $ 67.4 ​ $ 30.5 ​ $ 16.8 ​ $ 0.1 ​ $ — ​ $ 985.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 283.2 ​ $ 268.0 ​ $ 33.3 ​ $ 22.2 ​ $ 11.5 ​ $ — ​ $ — ​ $ 618.2 Access and capacity fees ​ ​ 29.6 ​ ​ 23.8 ​ ​ 7.2 ​ ​ 4.3 ​ ​ 2.2 ​ ​ — ​ ​ — ​ ​ 67.1 Market data fees ​ ​ 21.0 ​ ​ 34.8 ​ ​ 5.1 ​ ​ 1.7 ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ 62.8 Regulatory fees ​ ​ 10.7 ​ ​ 26.1 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 36.9 Other revenue ​ ​ 5.5 ​ ​ 0.8 ​ ​ 9.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 15.8 ​ ​ $ 350.0 ​ $ 353.5 ​ $ 55.1 ​ $ 28.3 ​ $ 13.9 ​ $ — ​ $ — ​ $ 800.8 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 299.4 ​ $ 294.9 ​ $ 42.8 ​ $ 22.3 ​ $ 11.5 ​ $ — ​ $ — ​ $ 670.9 Services transferred over time ​ ​ 50.6 ​ ​ 58.6 ​ ​ 12.3 ​ ​ 6.0 ​ ​ 2.4 ​ ​ — ​ ​ — ​ ​ 129.9 ​ ​ $ 350.0 ​ $ 353.5 ​ $ 55.1 ​ $ 28.3 ​ $ 13.9 ​ $ — ​ $ — ​ $ 800.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Europe ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ Global ​ ​ ​ Items and ​ ​ ​ ​ ​ Options ​ Equities ​ Pacific ​ Futures ​ FX ​ Digital ​ Eliminations ​ Total Six Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 701.3 ​ $ 635.3 ​ $ 90.7 ​ $ 48.8 ​ $ 28.7 ​ $ 0.1 ​ $ — ​ $ 1,504.9 Access and capacity fees ​ ​ 74.1 ​ ​ 53.3 ​ ​ 18.0 ​ ​ 9.7 ​ ​ 4.6 ​ ​ — ​ ​ — ​ ​ 159.7 Market data fees ​ ​ 53.0 ​ ​ 65.4 ​ ​ 16.4 ​ ​ 4.1 ​ ​ 0.6 ​ ​ — ​ ​ — ​ ​ 139.5 Regulatory fees ​ ​ 28.6 ​ ​ 100.6 ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ 129.4 Other revenue ​ ​ 3.8 ​ ​ 1.9 ​ ​ 20.9 ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ 26.8 ​ ​ $ 860.8 ​ $ 856.5 ​ $ 146.0 ​ $ 62.8 ​ $ 34.1 ​ $ 0.1 ​ $ — ​ $ 1,960.3 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 733.7 ​ $ 737.8 ​ $ 111.6 ​ $ 49.0 ​ $ 28.9 ​ $ 0.1 ​ $ — ​ $ 1,661.1 Services transferred over time ​ ​ 127.1 ​ ​ 118.7 ​ ​ 34.4 ​ ​ 13.8 ​ ​ 5.2 ​ ​ — ​ ​ — ​ ​ 299.2 ​ ​ $ 860.8 ​ $ 856.5 ​ $ 146.0 ​ $ 62.8 ​ $ 34.1 ​ $ 0.1 ​ $ — ​ $ 1,960.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 591.9 ​ $ 649.8 ​ $ 68.0 ​ $ 47.8 ​ $ 23.9 ​ $ — ​ $ — ​ $ 1,381.4 Access and capacity fees ​ ​ 59.0 ​ ​ 47.2 ​ ​ 14.3 ​ ​ 8.7 ​ ​ 4.3 ​ ​ — ​ ​ — ​ ​ 133.5 Market data fees ​ ​ 41.5 ​ ​ 72.3 ​ ​ 9.1 ​ ​ 3.3 ​ ​ 0.4 ​ ​ — ​ ​ — ​ ​ 126.6 Regulatory fees ​ ​ 29.8 ​ ​ 108.5 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 138.4 Other revenue ​ ​ 10.2 ​ ​ 1.7 ​ ​ 19.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 ​ ​ 31.7 ​ ​ $ 732.4 ​ $ 879.5 ​ $ 110.9 ​ $ 59.9 ​ $ 28.6 ​ $ — ​ $ 0.3 ​ $ 1,811.6 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 631.9 ​ $ 760.0 ​ $ 87.5 ​ $ 47.9 ​ $ 23.9 ​ $ — ​ $ 0.3 ​ $ 1,551.5 Services transferred over time ​ ​ 100.5 ​ ​ 119.5 ​ ​ 23.4 ​ ​ 12.0 ​ ​ 4.7 ​ ​ — ​ ​ — ​ ​ 260.1 ​ ​ $ 732.4 ​ $ 879.5 ​ $ 110.9 ​ $ 59.9 ​ $ 28.6 ​ $ — ​ $ 0.3 ​ $ 1,811.6 ​ Contract liabilities as of June 30, 2022 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 December 31, 2021 Cash Additions Revenue Recognized Balance at June 30, 2022 Liquidity provider sliding scale (1) ​ $ — ​ $ 7.2 ​ $ (3.6) ​ $ 3.6 Other, net ​ ​ 15.3 ​ ​ 11.1 ​ ​ (7.3) ​ ​ 19.1 Total deferred revenue ​ $ 15.3 ​ $ 18.3 ​ $ (10.9) ​ $ 22.7 (1) Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2022
ACQUISITIONS
ACQUISITIONS	3. ACQUISITIONS On July 1, 2021, the Company purchased Chi-X, whose wholly owned subsidiary Chi-X Asia Pacific Holdings Limited was subsequently rebranded to Cboe Asia Pacific. Cboe Asia Pacific is a holding company of alternative market operators and providers of market solutions, which is included in the Company’s Europe and Asia Pacific segment. The acquisition of Chi-X provided the Company with a single point of entry into two key capital markets, Australia and Japan, to help enable it to expand its global equities and market data business into Asia Pacific, bring other products and services to the region, and further expand access to its proprietary product suite in the region. Of the acquisition’s purchase price, $137.0 million was allocated to goodwill, $73.8 million was allocated to intangible assets, $25.7 million was allocated to working capital, and $53.0 million in contingent consideration, which is earned based on developmental milestones of the acquired business. 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 May 2, 2022, the Company purchased ErisX. ErisX operates a U.S. based digital asset spot market, a regulated futures exchange and a regulated clearinghouse. Ownership of ErisX allows the Company to enter the digital asset spot and derivatives marketplaces through a digital-first platform developed with industry partners to focus on robust regulatory compliance, data and transparency. Eris Exchange Holdings, LLC was not a part of this transaction and the Company retains its minority equity ownership interest in Eris Exchange Holdings, LLC. Of the acquisition’s purchase price, $460.1 million was allocated to goodwill, $95.0 million was allocated to intangible assets, and $9.2 million was allocated to working capital. Prior to signing the acquisition agreement, the Company held a minority investment in ErisX. As a result of the acquisition of the remaining portion of ErisX, the Company recognized a $7.5 million gain, reflecting the change in fair value of the minority investment in ErisX as a result of the acquisition, which is included in other (expense) income, net in the condensed consolidated statement of income. These amounts represent the allocation of the purchase price and are subject to revision during the remainder of the measurement period, a period not to exceed twelve months from the acquisition date. See below for further discussion of intangible assets acquired. On June 1, 2022, the Company purchased NEO. NEO is a fintech organization that is comprised of a fully registered Canadian securities exchange with a diverse product and services set ranging from corporate listings to cash equities trading and a non-listed securities distribution platform. With ownership of NEO, the Company expects to further grow Canada as a hub for global equities trading, in addition to MATCHNow, the ATS acquired by the Company in 2020. Of the acquisition’s estimated purchase price, $132.4 million was allocated to goodwill, $130.1 million was allocated to intangible assets, negative net working capital of $6.9 million, and $54.3 million in contingent consideration, which will be earned based on developmental milestones of the acquired business. These amounts represent the preliminary allocation of the purchase price, as the Company continues to evaluate information relevant to its determination of the fair value of the assets and liabilities acquired, 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 following table presents the details of intangible assets at the date of acquisition (in millions, except as stated). All acquired intangible assets with finite lives are amortized using the straight-line method. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cboe Asia Pacific ​ Useful Life (Years) ​ ErisX ​ Useful Life (Years) ​ NEO ​ Useful Life (Years) Trading registrations and licenses ​ $ 6.2 ​ Indefinite ​ $ 25.0 ​ Indefinite ​ $ 23.3 ​ Indefinite Customer relationships ​ ​ 60.1 ​ 30 ​ ​ — ​ ​ ​ ​ 92.9 ​ 15 Technology ​ ​ 7.5 ​ 2 ​ ​ 70.0 ​ 10 ​ ​ 11.6 ​ 7 Trademarks and tradenames ​ ​ — ​ ​ ​ ​ — ​ ​ ​ ​ 2.3 ​ 2 Total identifiable intangible assets ​ $ 73.8 ​ ​ ​ $ 95.0 ​ ​ ​ $ 130.1 ​ ​ ​ Acquisition-related costs relate to acquisitions and other strategic opportunities. The Company expensed $14.3 million of acquisition-related costs during the three months ended June 30, 2022, all of which related to professional fees and other expenses. The Company expensed $1.8 million of acquisition-related costs during the three months ended June 30, 2021, all of which related to professional fees and other expenses. These acquisition-related expenses are included in acquisition-related costs in the condensed consolidated statements of income. The Company expensed $16.3 million of acquisition-related costs during the six months ended June 30, 2022, all of which related to professional fees and other expenses. The Company expensed $5.2 million of acquisition-related costs during the six months ended June 30, 2021, which primarily included $4.6 million of professional fees and other expenses and $0.6 million of impairment charges related to facilities. These acquisition-related expenses are included in acquisition-related costs in the condensed consolidated statements of income.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2022
INVESTMENTS
INVESTMENTS	4. INVESTMENTS As of June 30, 2022 and December 31, 2021, the Company’s investments were comprised of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Equity method investments: ​ ​ ​ ​ ​ ​ Investment in 7Ridge Investments 3 LP ​ $ 207.6 ​ $ 209.5 Total equity method investments ​ ​ 207.6 ​ ​ 209.5 ​ ​ ​ ​ ​ ​ ​ Other equity investments: ​ ​ ​ ​ ​ ​ Investment in Eris Exchange Holdings, LLC ​ ​ 20.0 ​ ​ 20.0 Investment in CSD Br ​ ​ 5.9 ​ ​ — Investment in Coin Metrics Inc. ​ ​ 5.0 ​ ​ — Investment in Cboe Vest Financial Group, Inc. ​ ​ 2.9 ​ ​ 2.9 Investment in OCC ​ ​ 0.3 ​ ​ 0.3 Investment in American Financial Exchange, LLC ​ ​ — ​ ​ 10.6 Investment in Eris Digital Holdings, LLC ​ ​ — ​ ​ 1.1 Other equity investments ​ 1.8 ​ 1.4 Total other equity investments ​ ​ 35.9 ​ ​ 36.3 ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 243.5 ​ $ 245.8 ​ Equity Method Investments The Company’s investment in 7Ridge Investments 3 LP (“7Ridge Fund”), accounted for under the equity method of accounting, represents a nonconsolidated variable interest entity (“VIE”). The Company has determined that consolidation of the VIE is not required as the Company is not the primary beneficiary of the 7Ridge Fund, as it does not have controlling financial interest and lacks the ability to unilaterally remove the general partner, 7Ridge Investments 3 GP Limited, direct material strategic decisions, or dissolve the entity (i.e., the Company does not have unilateral substantive “kick-out” or “liquidation” rights). The Company’s interest in the 7Ridge Fund is equal to the carrying value of the investment as of June 30, 2022, or $207.6 million, which includes periodic capital contributions to the 7Ridge Fund, as well as the Company’s share of 7Ridge Fund’s profit or loss, including gains or losses arising from the fair value measurement of the investment held by the 7Ridge Fund, booked against the investment account. The carrying value of the investment is included in investments within the condensed consolidated balance sheets. The Company’s maximum loss exposure, in the unlikely event that all of the VIE’s assets become worthless, is limited to the carrying value of Company’s investment. Other Equity Investments The carrying value of other equity investments is included in investments in the condensed consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held. As of June 30, 2022, other equity investments primarily reflect a 20% investment in OCC and minority investments in Eris Exchange Holdings, LLC, CSD Br, Coin Metrics Inc., and Cboe Vest Financial Group, Inc. In the second quarter of 2022, the Company invested $5.0 million in a funding raise by Coin Metrics, Inc., a digital asset intelligence and crypto data startup, $5.9 million in a funding raise by CSD Br, a Brazilian bank and financial intermediary, and completed the purchase of ErisX. Eris Exchange Holdings, LLC was not a part of this transaction and the Company retains its minority equity ownership interest in Eris Exchange Holdings, LLC. See Note 3 (“Acquisitions”) for more information. In the second quarter of 2022, the Company recorded an impairment charge of $10.6 million on its investment in American Financial Exchange, LLC based on management’s assessment of the fair value of the investment. The impairment was recorded in other (expense) income, net in the condensed consolidated statements of income.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2022
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	5. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following as of June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Construction in progress ​ $ 2.5 ​ $ 17.3 Building ​ ​ 68.8 ​ ​ 68.8 Furniture and equipment ​ 280.4 ​ 256.5 Total property and equipment ​ 351.7 ​ 342.6 Less accumulated depreciation ​ (244.2) ​ (237.4) Total property and equipment, net ​ $ 107.5 ​ $ 105.2 ​ Depreciation expense using the straight-line method was $8.6 million and $8.2 million for the three months ended June 30, 2022 and 2021, respectively, and $17.2 million and $15.6 million for the six months ended June 30, 2022 and 2021, respectively. As a result of the Merger, there was a reduction in employee workspace needed in Chicago, which led to the decision to market for sale the former headquarters location. The Company classified the associated land, building, and certain furniture and equipment of the former 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. However, due to the time elapsed since active marketing for sale of the building commenced, the Company reclassified the property to held and used, effective May 1, 2021, and the building was once again subject to depreciation. On April 28, 2022, the Company entered into a non-binding agreement to sell its former headquarters building, subject to a due-diligence period and customary closing conditions. The total value of the property classified as property held and used was $10.7 million, which includes $2.3 million of land and $8.4 million of property and equipment, net on the condensed consolidated balance sheet as of June 30, 2022.

CREDIT LOSSES

CREDIT LOSSES	6 Months Ended
	Jun. 30, 2022
CREDIT LOSSES
CREDIT LOSSES	6. CREDIT LOSSES Current expected credit losses are estimated for accounts receivable and certain notes receivable. The notes receivable included within other assets, net on the condensed consolidated balance sheets primarily relate to the consolidated audit trail (“CAT”), which involves the creation of an audit trail that strives to enhance regulators’ ability to monitor trading activity in the U.S. markets through a phased implementation. The funding of the CAT is ultimately expected to be provided by both self-regulatory organizations (“SROs”) (which includes the Exchanges) and industry members; however, the funding to date has solely been provided by the SROs in exchange for promissory notes, which are expected to be repaid once fee filings and plan amendments associated with a funding model are approved by the SEC and such industry member fees are collected. Until those fees are collected, the SROs may continue to incur additional significant costs, including additional promissory notes to fund CAT operations. The allowance for notes receivable credit losses associated with the CAT is calculated using a probability of default methodology that is primarily based on various potential outcomes of the funding model proposals being discussed with the SEC. Accounts receivable represent amounts due from the Company’s member firms. The allowance for accounts receivable credit losses is calculated using an aging schedule. The following represents the changes in allowance for credit losses during the six months ended June 30, 2022 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2021 ​ Current period provision for expected credit losses ​ Write-offs charged against the allowance ​ Recoveries collected ​ Balance at June 30, 2022 Allowance for notes receivable credit losses ​ $ 30.1 ​ $ — ​ $ — ​ $ — ​ $ 30.1 Allowance for accounts receivable credit losses ​ ​ 1.0 ​ ​ 0.6 ​ ​ — ​ ​ (0.3) ​ ​ 1.3 Total allowance for credit losses ​ $ 31.1 ​ $ 0.6 ​ $ — ​ $ (0.3) ​ $ 31.4

OTHER ASSETS, NET

OTHER ASSETS, NET	6 Months Ended
	Jun. 30, 2022
OTHER ASSETS, NET
OTHER ASSETS, NET	7. OTHER ASSETS, NET Other assets, net consisted of the following as of June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Software development work in progress ​ $ 5.5 ​ $ 5.6 Data processing software ​ ​ 108.8 ​ ​ 103.8 Less accumulated depreciation and amortization ​ (74.6) ​ (70.9) Data processing software, net ​ 39.7 ​ 38.5 Other assets (1) ​ ​ 100.7 ​ ​ 87.3 Total other assets, net ​ $ 140.4 ​ $ 125.8 (1) At June 30, 2022 and December 31, 2021, the majority of the balance included notes receivable, net of allowance, and long-term prepaid assets. See Note 6 (“Credit Losses”) for more information on the notes receivable included within other assets, net on the condensed consolidated balance sheets. As of June 30, 2022 and December 31, 2021, the notes receivable, net balance was ​ Amortization expense related to data processing software was $1.8 million and $1.8 million for the three months ended June 30, 2022 and 2021, respectively, and $3.5 million and $3.5 million for the six months ended June 30, 2022 and 2021, respectively.

GOODWILL, INTANGIBLE ASSETS, NE

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD	6 Months Ended
	Jun. 30, 2022
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD	8. GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD The following table presents the details of goodwill by segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ Europe and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Equities Asia Pacific Global FX Digital Total Balance as of December 31, 2021 ​ $ 305.8 ​ $ 1,876.9 ​ $ 575.5 ​ $ 267.2 ​ $ — ​ $ 3,025.4 Adjustment ​ — ​ ​ — ​ ​ 3.4 ​ ​ — ​ ​ — ​ 3.4 Additions ​ ​ — ​ ​ 132.4 ​ ​ — ​ ​ — ​ ​ 460.1 ​ ​ 592.5 Impairment ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ (460.1) ​ ​ (460.1) Changes in foreign currency exchange rates ​ — ​ (0.5) ​ (28.7) ​ — ​ — ​ (29.2) Balance as of June 30, 2022 ​ $ 305.8 ​ $ 2,008.8 ​ $ 550.2 ​ $ 267.2 ​ $ — ​ $ 3,132.0 ​ Goodwill has been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, Global FX, and Digital. 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. Following the acquisition of ErisX, which closed on May 2, 2022, negative events and trends in the broader digital asset environment emerged, such as deleveraging and bankruptcies, and certain negative trends in the broader digital asset environment which emerged in late 2021 intensified, such as the decline in digital asset prices, overall market activity, and market capitalization. Additionally, following the acquisition of ErisX, the efforts to syndicate minority ownership interests in Cboe Digital to potential investors became more challenging and the outlook for the Digital segment’s future market growth has been negatively impacted. However, ownership of ErisX allows the Company to enter the digital asset spot and derivatives marketplaces through a digital-first platform developed with industry partners to focus on robust regulatory compliance, data and transparency. The Company considered these developments, in particular the recent syndication efforts, to be potential indications of impairment and performed an interim impairment test for the goodwill recognized in the Digital reporting unit. The Company concluded that the carrying value of the reporting unit exceeded its estimated fair value, which considered both market and income approaches, and recorded a goodwill impairment charge of $460.1 million in the condensed consolidated statements of income for the three and six months ended June 30, 2022, and also recognized a deferred tax asset of $116.2 million. This deferred tax asset, resulting from the excess of tax deductible goodwill over book goodwill, relates to future tax deductions the Company expects to realize to reduce potential tax payments on future income. As a result, the carrying value of ErisX decreased by $343.9 million, to $220.0 million as of June 30, 2022. The Company also performed testing over the intangible assets recognized as a result of the ErisX acquisition, and based on the results of the assessments, determined there was no The following table presents the details of the intangible assets (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ Europe and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Equities Asia Pacific Global FX Digital Total Balance as of December 31, 2021 ​ $ 159.1 ​ $ 991.4 ​ $ 426.4 ​ $ 91.7 ​ $ — ​ $ 1,668.6 Additions ​ ​ — ​ 130.1 ​ — ​ — ​ 95.9 ​ ​ 226.0 Amortization ​ (6.6) ​ (30.1) ​ (12.7) ​ ​ (9.7) ​ ​ (1.3) ​ (60.4) Changes in foreign currency exchange rates ​ — ​ (0.5) ​ ​ (40.9) ​ — ​ — ​ (41.4) Balance as of June 30, 2022 ​ $ 152.5 ​ $ 1,090.9 ​ $ 372.8 ​ $ 82.0 ​ $ 94.6 ​ $ 1,792.8 ​ For the three months ended June 30, 2022 and 2021, amortization expense was $29.8 million and $30.6 million, respectively. For the six months ended June 30, 2022 and 2021, amortization expense was $60.4 million and $63.5 million, respectively. The estimated future amortization expense is $65.1 million for the remainder of 2022, $119.5 million for 2023, $95.5 million for 2024, $84.5 million for 2025, and $77.3 million for 2026. The following tables present the categories of intangible assets as of June 30, 2022 and December 31, 2021 (in millions, except as stated): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Weighted ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ Amortization ​ Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 615.2 ​ $ 199.6 ​ $ — ​ $ 25.0 ​ Indefinite Customer relationships ​ 46.6 ​ 471.0 ​ 209.3 ​ 140.0 ​ — ​ 16 Market data customer relationships ​ 53.6 ​ 322.0 ​ 58.6 ​ 64.4 ​ — ​ 10 Technology ​ 28.1 ​ 52.7 ​ 32.8 ​ 22.5 ​ 70.0 ​ 8 Trademarks and tradenames ​ 12.9 ​ 10.1 ​ 2.3 ​ 1.2 ​ — ​ 6 Digital assets held ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.9 ​ Indefinite Accumulated amortization ​ (84.2) ​ (380.1) ​ (129.8) ​ (146.1) ​ (1.3) ​ ​ ​ ​ $ 152.5 ​ $ 1,090.9 ​ $ 372.8 ​ $ 82.0 ​ $ 94.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Weighted ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ Amortization ​ Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 592.0 ​ $ 221.1 ​ $ — ​ $ — ​ Indefinite Customer relationships ​ 46.6 ​ ​ 378.3 ​ ​ 232.3 ​ ​ 140.0 ​ ​ — ​ 17 Market data customer relationships ​ 53.6 ​ ​ 322.0 ​ ​ 65.2 ​ ​ 64.4 ​ ​ — ​ 10 Technology ​ 28.1 ​ ​ 41.1 ​ ​ 35.6 ​ ​ 22.5 ​ ​ — ​ 5 Trademarks and tradenames ​ 12.9 ​ ​ 7.8 ​ ​ 2.5 ​ ​ 1.2 ​ ​ — ​ 8 Accumulated amortization ​ (77.6) ​ ​ (349.8) ​ ​ (130.3) ​ ​ (136.4) ​ ​ — ​ ​ ​ ​ $ 159.1 ​ $ 991.4 ​ $ 426.4 ​ $ 91.7 ​ $ — ​ ​ ​ ErisX holds customer digital assets in customer accounts, referred to as wallets, either through a third-party custodian, a licensed trust company, or in separate and distinct wallets managed by ErisX. ErisX, together with its third-party custodian, is directly responsible for securing customers’ crypto assets and protecting them from loss or theft. Customer digital assets are held in omnibus wallets for the benefit of customers of ErisX and ErisX maintains the records of the amount and type of digital asset owned by each of its customers in omnibus wallets. The amount of customer digital assets held by ErisX is reflected within digital assets – safeguarded assets and digital assets – safeguarded liabilities in the condensed consolidated balance sheets.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consisted of the following as of June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 Compensation and benefit-related liabilities ​ $ 51.7 ​ $ 68.6 Royalties ​ ​ 27.3 ​ ​ 23.0 Current unrecognized tax benefits ​ ​ 92.0 ​ ​ — Accrued liabilities ​ 74.3 ​ ​ 73.3 Rebates payable ​ ​ 111.2 ​ ​ 95.3 Marketing fee payable ​ 14.2 ​ ​ 15.7 Accounts payable ​ 35.2 ​ ​ 19.5 Total accounts payable and accrued liabilities ​ $ 405.9 ​ $ 295.4 ​

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
DEBT
DEBT	10. DEBT The Company’s debt consisted of the following as of June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 Term Loan Agreement due December 2023, floating rate ​ $ 524.6 ​ $ 159.5 $300 million fixed rate Senior Notes due March 2032, stated rate of 3.000% ​ ​ 295.8 ​ ​ — $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% ​ ​ 493.7 ​ ​ 493.3 $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% ​ 646.9 ​ 646.5 Revolving Credit Agreement (1) ​ ​ (1.8) ​ ​ — EuroCCP Credit Facility ​ ​ — ​ ​ — Total debt ​ $ 1,959.2 ​ $ 1,299.3 (1) As of June 30, 2022 there was ​ As described below in further detail, on April 29, 2022 and May 31, 2022, the Company borrowed $190 million and $175 million, respectively, under the Term Loan Agreement (as defined below), in order to fund acquisitions. Term Loan Agreement On March 22, 2018, the Company entered into a Term Loan Credit Agreement (the “Term Loan Agreement”). The Term Loan Agreement matures on December 15, 2023 and initially provided for a senior unsecured term loan facility in an aggregate principal amount of $300 million, which amount was later increased to allow for an additional draw of $110 million on June 25, 2021 in order to fund a portion of the acquisition of Chi-X and was increased on March 29, 2022 to allow for additional delayed draws of up to $400 million in the aggregate by the earliest of: (1) September 30, 2022, (2) the date of termination of the commitments of all of the lenders and (3) the date of termination of the commitment of each lender to make loans pursuant to an event of default, provided that this borrowing period shall end immediately upon the funding of the fifth borrowing of committed loans. On April 29, 2022, the Company borrowed $190 million to fund a portion of the ErisX acquisition and on May 31, 2022, borrowed $175 million to fund a portion of the NEO acquisition. Loans under the Term Loan Agreement bear interest, at the Company’s option, at either (i) the Secured Overnight Financing Rate (“SOFR”) as administered by the Federal Reserve Bank of New York (or a successor administrator) plus a margin of 0.65 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 SOFR) plus a margin of 0.50 percent per annum. The Term Loan Agreement contains customary representations, warranties, and affirmative and negative covenants for facilities of its type, including financial covenants, events of default, including cross-defaults from the Company’s other indebtedness, and indemnification provisions in favor of the 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; provided that the consolidated leverage ratio may, subject to certain triggering events set forth in the Term Loan Agreement, be increased to 4.25 to 1.00 or 4.00 to 1.00 (from 3.50 to 1.00) for four consecutive fiscal quarters following certain acquisitions, provided this increase may be made only once and at the time it exercises such financial covenant step-up, the Company shall be exercising a like step-up under its revolving credit facility. At June 30, 2022, the Company was in compliance with these covenants and did not exercise financial covenant step-up. Senior Notes On January 12, 2017, the Company entered into an indenture (the “Indenture”), by and between the Company and Computershare Trust Company, N.A. (as successor to 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"). 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. On March 16, 2022, the Company issued $300 million aggregate principal amount of 3.000% Senior Notes due 2032 (“3.000% Senior Notes” and, together with the 1.625% Senior Notes and the 3.650% Senior Notes, the "Senior Notes"). The form and terms of the 3.000% Senior Notes were established pursuant to an Officer’s Certificate, dated as of March 16, 2022, supplementing the Indenture. The Company used the net proceeds from the 3.000% Senior Notes, together with cash on hand, and the proceeds of additional borrowings, to partially fund its previously announced acquisition of ErisX. The 3.000% Senior Notes mature on March 16, 2032 and bear interest at the rate of 3.000% per annum, payable semi-annually in arrears on March 16 and September 16 of each year, commencing September 16, 2022. 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 percent 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, at any time and from time to time, in one or more series without limitation on the aggregate principal amount. The Indenture governing the 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 June 30, 2022, the Company was in compliance with these covenants. Revolving Credit Agreement On February 25, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the “Revolving Credit Agreement”), which amended and restated the prior revolving credit agreement. The Revolving Credit Agreement provides for a senior unsecured $400 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 $200 million, for a total of $600 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 June 30, 2022, 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 June 30, 2022, no borrowings were outstanding under the Revolving Credit Agreement. Accordingly, at June 30, 2022, $400 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) the Relevant Rate (defined herein) plus a margin (based on the Company’s public debt ratings) ranging from 0.75 percent per annum to 1.25 percent per annum or (ii) a daily fluctuating rate based on the administrative agent’s prime rate (subject to certain minimums based upon the federal funds effective rate or Term SOFR), which is subject to a 1 percent floor, plus a margin (based on the Company’s public debt ratings) ranging from zero 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 February 25, 2027, unless the commitments are terminated earlier, either at the request of the Company or, if an event of default occurs, by the 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 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 4.25 to 1.00 on one occasion and 4.00 to 1.00 on another occasion, in each case, for four consecutive fiscal quarters; provided that, prior to the exercise of the second such financial covenant step-up, the maximum consolidated leverage ratio shall have returned to a level of 3.50 to 1.00 for at least two consecutive fiscal quarters. At June 30, 2022, the Company was in compliance with these covenants and did not exercise financial covenant step-up. EuroCCP Credit Facility On July 1, 2020, EuroCCP, as borrower, the Company, as guarantor, entered into a Facility Agreement (the “Facility” or “EuroCCP Credit 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 was further amended and restated, as described below. The Facility initially provided 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 was initially 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. Initially, 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 initially 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. On July 1, 2021, the Facility was amended and restated to, among other items: (i) extend the term of the Facility until June 30, 2022; (ii) update benchmark rates for U.S. dollar swingline loans and alternative term rates for revolving loans; (iii) remove references to LIBOR and clarified procedures to calculate interest rates; (iv) reduce the minimum tangible net worth requirement from €24 million to €20 million; (v) include a new tranche in the revolving and swingline facilities to increase access to certain currencies; (vi) update the borrowing base calculations to more accurately reflect the collateral held by EuroCCP; and (vii) modify certain other provisions to incorporate updates in applicable laws and regulations. On June 30, 2022, the Facility was further amended and restated to, among other items: (i) extend the term of the Facility until June 29, 2023; (ii) lower the interest rate margin from 1.75 percent per annum to 1.60 percent per annum; (iii) revise certain of the representations the Company makes pursuant to the Facility; (iv) increase the minimum tangible net worth requirement from €20 million to €30 million; (v) reduce the aggregate commitment under the Facility from €1.5 billion to €1.25 billion; (vi) reduce the aggregate commitment under the Facility, after the accordion increase, from €2.0 billion to €1.75 billion; and (vii) modify certain other provisions to incorporate updates in applicable laws and regulations. As of June 30, 2022, no borrowings were outstanding under the Facility. Accordingly, at June 30, 2022, €1.25 billion of borrowing capacity was available for the purposes permitted by the Facility. At June 30, 2022, the Company and EuroCCP were in compliance with applicable covenants. Small Business Administration’s Paycheck Protection Program On May 1, 2020, ErisX received $1.3 million of proceeds from a loan issued under either the Small Business Administration ("SBA") Paycheck Protection Program ("PPP") under section 7(a)(36) of the Small Business Act or the SBA's Paycheck Protection Program Second Draw Loans under Section 7(a)(37) of the SBA. On May 26, 2022, the PPP loan was forgiven and no further balance is due. Loan and Notes Payments and Contractual Interest The future expected loan repayments related to the Term Loan Agreement and the Senior Notes as of June 30, 2022 are as follows (in millions): ​ ​ ​ ​ Remainder of 2022 $ — 2023 ​ ​ 525.0 2024 ​ ​ — 2025 ​ ​ — 2026 ​ ​ — Thereafter ​ ​ 1,450.0 Principal amounts repayable ​ ​ 1,975.0 Debt issuance costs ​ ​ (9.4) Unamortized discounts on notes ​ ​ (6.4) Total debt outstanding ​ $ 1,959.2 ​ Interest expense recognized on the Term Loan Agreement, the Senior Notes, and the Revolving Credit Agreement is included in interest expense, net in the condensed consolidated statements of income. The Company is also obligated to pay commitment fees under the terms of the Revolving Credit Agreement, Term Loan Agreement and Facility, which are also included in interest expense, net. Interest expense, net recognized in the condensed consolidated statements of income for the three months and six months ended June 30, 2022 and 2021 is as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Components of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual interest ​ $ 14.4 ​ $ 11.7 ​ $ 25.6 ​ $ 23.4 Amortization of debt discount and issuance costs ​ 0.7 ​ 0.7 ​ 1.2 ​ 1.4 Interest expense ​ $ 15.1 ​ $ 12.4 ​ $ 26.8 ​ $ 24.8 Interest income ​ ​ (0.5) ​ ​ (0.1) ​ ​ (1.4) ​ ​ (0.2) Interest expense, net ​ $ 14.6 ​ $ 12.3 ​ $ 25.4 ​ $ 24.6 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET	6 Months Ended
	Jun. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET	​ ​ 11. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET The following represents the changes in accumulated other comprehensive income, net by component (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ Total Accumulated ​ ​ Currency Unrealized ​ ​ ​ Other ​ ​ Translation Investment ​ Post-Retirement ​ Comprehensive ​ Adjustment Loss Benefits Income (Loss), Net Balance at December 31, 2021 ​ $ 55.4 ​ $ (0.1) ​ $ 0.3 ​ $ 55.6 Other comprehensive loss ​ (87.4) ​ ​ (0.1) ​ ​ — ​ ​ (87.5) Balance at June 30, 2022 ​ $ (32.0) ​ $ (0.2) ​ $ 0.3 ​ $ (31.9) ​

CLEARING OPERATIONS

CLEARING OPERATIONS	6 Months Ended
	Jun. 30, 2022
CLEARING OPERATIONS
CLEARING OPERATIONS	12. CLEARING OPERATIONS ​ EuroCCP EuroCCP is a European equities central counterparty that provides post-trade services to stock exchanges, MTFs, over-the-counter (“OTC”) equities trades and an equity index derivatives exchange. EuroCCP clears equities from eighteen European markets and the United States, as well as Depositary Receipts, ETFs, and exchange traded currencies (“ETCs”). In September 2021, EuroCCP began clearing equity index derivatives for six European markets. 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. For the period ended June 30, 2022, there have been no events of default for which a liability is required to be recognized in accordance with GAAP. Clearing Participant Deposits EuroCCP generally requires all clearing participants to deposit collateral to help mitigate EuroCCP’s exposure to credit risk in the event that a clearing participant fails to meet a financial or contractual obligation. Margin Deposits Margin deposits, which are predominately in the form of cash and cash equivalents, are deposits made by each clearing participant to EuroCCP to cover some or all of the credit risk of its failure to fulfill its obligations in the trade. EuroCCP maintains and manages all cash deposits related to margin deposits. Substantially all risks and rewards of margin deposit ownership, including net interest income, belong to EuroCCP and are recorded in other revenue on the condensed consolidated statements of income. In the event of a default, EuroCCP can access the defaulting participant’s margin deposits to cover the defaulting participant’s losses. For more information, see “Default and Liquidity Waterfalls” below. Clearing Funds The clearing fund mutualizes the risk of default among all clearing participants. Depending on their membership, clearing participants contribute to the cash-equity and/or derivatives segment of the clearing fund. Although 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, the clearing fund first uses the product class segment of the Clearing Fund in which the defaulting participants was active (see “Default and Liquidity Waterfalls” below). 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 For the cash equity business line, EuroCCP has entered into interoperable arrangements with two other central counterparties (“CCPs”). Under these arrangements, margin is paid to, and received from, the other CCPs. The interoperability fund consists of collateral pledged by EuroCCP to the other interoperable CCPs, to cover margin calls EuroCCP received from other interoperable CCPs. For EuroCCP, the collateral pledged by the clearing participants is maintained in an interoperability fund designated account. EuroCCP does not have any economic interest or ownership in the collateral; therefore, these balances are not included in the condensed consolidated balance sheets. The following tables present the Company’s total clearing participant deposits as of June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Cash Contributions Non-Cash Contributions (1) Total Contributions Margin deposits ​ $ 850.8 ​ $ 517.8 ​ $ 1,368.6 Clearing funds ​ ​ 112.7 ​ ​ 41.4 ​ ​ 154.1 Interoperability funds (1) ​ ​ 514.8 ​ ​ 117.0 ​ ​ 631.8 Total ​ $ 1,478.3 ​ $ 676.2 ​ $ 2,154.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Cash Contributions Non-Cash Contributions (1) Total Contributions Margin deposits ​ $ 600.0 ​ $ 287.0 ​ $ 887.0 Clearing funds ​ ​ 145.9 ​ ​ 41.9 ​ ​ 187.8 Interoperability funds (1) ​ ​ 423.3 ​ ​ 92.6 ​ ​ 515.9 Total ​ $ 1,169.2 ​ $ 421.5 ​ $ 1,590.7 (1) These amounts are not reflected in the condensed consolidated balance sheets, 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 and clearing fund deposits, are depleted, then additional capital is utilized in the following order: ● EuroCCP dedicated own resources : 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 16 (“Regulatory Capital”). ● Clearing fund: Second, the EuroCCP default waterfall utilizes traditional CCP risk mutualization, in the event that default losses fully exhaust EuroCCP’s dedicated own resources amount, whereby contributions applicable to a particular product class are applied first to any loss attributable to that product class. ● Pro rata contributions: Third, if the default 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 clearing fund contributions to cover any such remaining losses, which is limited to an amount equal to twice their clearing fund contribution as established under EuroCCP’s rules and regulations. In this scenario, contributions applicable to a particular product class are first applied to any losses attributable to that product class. 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. ​ ​ Eris Clearing Eris Clearing is a digital asset clearinghouse and central counterparty that provides clearing and settlement of digital asset trades. Eris Clearing clears cryptocurrencies from 51 U.S. jurisdictions authorized by license or not subject to licensing. Eris Clearing performs a guarantee function whereby Eris Clearing helps to ensure that the obligations of the transactions it clears are fulfilled. Eris Clearing’s clearing transactions are fully collateralized with either customer cash or digital assets owned by customers, which helps mitigate Eris Clearing’s exposure to credit risk in the event that a clearing participant fails to meet a financial or contractual obligation. The Company includes customer cash deposits on the condensed consolidated balance sheets in margin deposits and clearing funds and includes customer digital assets on the condensed consolidated balance sheets in digital assets - safeguarded assets, with a corresponding offset in digital assets - safeguarded liabilities. Additional details on safeguarded digital assets held can be found in Note 1 (“Organization and Basis of Presentation”). ​ The table below presents the Company’s cash deposits and safeguarded digital assets held on behalf of its customers for the purposes of supporting clearing transactions as of June 30, 2022 (in millions): ​ ​ ​ ​ ​ ​ ​ June 30, 2022 Customer bank deposits ​ $ 23.7 Digital assets - safeguarded assets ​ ​ 22.4 Total ​ $ 46.1 ​ The following table depicts the Company’s valuation of digital assets – safeguarded assets and safeguarded liabilities as of June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Asset ​ Number of Units Valuation per Unit Fair Value (in millions) Bitcoin ​ ​ 674 ​ $ 18,720 ​ $ 12.6 Ethereum ​ ​ 7,232 ​ ​ 1,010 ​ ​ 7.3 Litecoin ​ ​ 11,869 ​ ​ 51 ​ ​ 0.6 Bitcoin Cash ​ ​ 3,459 ​ ​ 99 ​ ​ 0.4 USD Coin ​ ​ 1,507,706 ​ ​ 1 ​ ​ 1.5 Total ​ ​ ​ ​ ​ ​ ​ $ 22.4 ​

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	6 Months Ended
	Jun. 30, 2022
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	13. 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 Accounting Standards Codification (“ASC”) 820— Fair Value Measurement ● Level 1—Unadjusted inputs based on quoted markets for identical assets or liabilities. ● Level 2—Observable inputs, either direct or indirect, not including Level 1 measurements, corroborated by market data or based upon quoted prices in non-active markets. ● Level 3—Unobservable inputs that reflect management’s best assumptions of what market participants would use in valuing the asset or liability. The Company has included a tabular disclosure for financial assets and liabilities that are measured at fair value on a recurring basis in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 43.0 ​ $ 43.0 ​ $ — ​ $ — Marketable securities (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 16.1 ​ ​ 16.1 ​ ​ — ​ ​ — Money market funds ​ 9.4 ​ 9.4 ​ — ​ — Digital assets - safeguarded assets ​ ​ 22.4 ​ ​ 22.4 ​ ​ — ​ ​ — Total assets ​ $ 90.9 ​ $ 90.9 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 102.1 ​ $ — ​ $ — ​ $ 102.1 Digital assets - safeguarded liabilities ​ ​ 22.4 ​ ​ 22.4 ​ ​ — ​ ​ — Total liabilities ​ $ 124.5 ​ $ 22.4 ​ $ — ​ $ 102.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 9.1 ​ $ 9.1 ​ $ — ​ $ — Marketable securities (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 18.4 ​ ​ 18.4 ​ ​ — ​ ​ — Money market funds ​ ​ 9.6 ​ ​ 9.6 ​ ​ — ​ ​ — Total assets ​ $ 37.1 ​ $ 37.1 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 70.5 ​ $ — ​ $ — ​ $ 70.5 Total liabilities ​ $ 70.5 ​ $ — ​ $ — ​ $ 70.5 (1) These amounts are reflected within financial investments in the condensed consolidated balance sheets. ​ 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 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. No material adjustments were made to the carrying value of financial investments for the period ended June 30, 2022. See Note 15 (“Employee Benefit Plans”) for more information. Digital Assets – Safeguarded Assets and Liabilities Contingent Consideration Liabilities In connection with the acquisitions of Hanweck Associates, LLC (“Hanweck”), MATCHNow, Cboe Asia Pacific, and NEO, as well as the acquisition of assets of FT Providers, LLC (“FT Options”) and Trade Alert, LLC (“Trade Alert”), the Company entered into contingent consideration arrangements with the former owners. The total fair value of the liabilities at June 30, 2022 was $102.1 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. In connection with the contingent consideration arrangements, the Company paid a total of $8.5 million in contingent consideration to Hanweck, FT Options, and Cboe Asia Pacific during the three months ended June 30, 2022. 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 June 30, 2022. ​ 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 value of the reporting unit, including its recorded goodwill. In connection with the annual impairment evaluation of goodwill and indefinite lived intangibles, impairment is considered to have occurred if the fair value of the reporting unit is lower than the carrying value of the reporting unit. See “Digital Assets Held” below and Note 1 (“Organization and Basis of Presentation”) for discussion of valuation considerations specific to digital assets held. For the other 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 value. These measurements are considered Level 3 and these assets are recognized at fair value if they are deemed to be impaired. ​ The Company performed an impairment test during the three months ended June 30, 2022, as there were market events that indicated it was more likely than not that these assets were impaired, resulting in the recognition of an impairment charge to goodwill. See Note 4 (“Goodwill, Intangible Assets, net, and Digital Assets Held”) for more information on the impairment. ​ 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 4 (“Investments”) for more information. During the three months ended June 30, 2022, the Company recorded an impairment charge on its investment in American Financial Exchange, LLC. No other observable transactions or impairments materially impacted the measurements of the investments accounted for as other equity investments. See Note 4 (“Investments”) for more information. ​ Fair Value of Assets and Liabilities The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company, with the exception of debt and digital assets held which are presented at its carrying value, as of June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 43.0 ​ $ 43.0 ​ $ — ​ $ — Deferred compensation plan assets (1) ​ ​ 25.5 ​ ​ 25.5 ​ ​ — ​ ​ — Digital assets - safeguarded assets ​ ​ 22.4 ​ ​ 22.4 ​ ​ — ​ ​ — Digital assets held (2) ​ ​ 0.9 ​ ​ 0.9 ​ ​ — ​ ​ — Total assets ​ $ 91.8 ​ $ 91.8 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 102.1 ​ $ — ​ $ — ​ $ 102.1 Deferred compensation plan liabilities (3) ​ ​ 25.5 ​ ​ 25.5 ​ ​ — ​ ​ — Digital assets - safeguarded liabilities ​ ​ 22.4 ​ ​ 22.4 ​ ​ — ​ ​ — Debt ​ 1,959.2 ​ — ​ 1,959.2 ​ — Total liabilities ​ $ 2,109.2 ​ $ 47.9 ​ $ 1,959.2 ​ $ 102.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 9.1 ​ $ 9.1 ​ $ — ​ $ — Deferred compensation plan assets (1) ​ 28.0 ​ 28.0 ​ — ​ — Total assets ​ $ 37.1 ​ $ 37.1 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 70.5 ​ $ — ​ $ — ​ $ 70.5 Deferred compensation plan liabilities (3) ​ ​ 28.0 ​ ​ 28.0 ​ ​ — ​ ​ — Debt ​ 1,299.3 ​ — ​ 1,299.3 ​ — Total liabilities ​ $ 1,397.8 ​ $ 28.0 ​ $ 1,299.3 ​ $ 70.5 (1) These amounts are reflected within financial investments in the condensed consolidated balance sheets. (2) These amounts are reflected within intangible assets, net in the condensed consolidated balance sheets. (3) These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets. ​ 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 are classified as Level 2 under the fair value hierarchy and are estimated using prevailing market quotes. The fair value of the Term Loan Agreement was determined by utilizing a discounted cash flow analysis and is considered a Level 2 measurement. ​ At June 30, 2022 and December 31, 2021, the fair values of the Company’s debt obligations were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ Fair Value ​ June 30, 2022 ​ December 31, 2021 Term Loan Agreement $ 507.7 ​ $ 160.1 3.650% Senior Notes 636.1 ​ ​ 702.6 1.625% Senior Notes ​ 410.1 ​ ​ 470.9 3.000% Senior Notes ​ 267.5 ​ ​ — ​ Digital Assets Held Digital assets held, which are included within intangible assets, net in the condensed consolidated balance sheets, are valued following a review of exchange prices for each specific digital asset throughout the period ended June 30, 2022. The Company will impair to the lowest observable value during the period for each digital asset type in accordance with ErisX’s policy, which states that the Company values digital assets held by using the closing prices at 4:00pm Central Standard Time on Eris Exchange’s spot market (“ErisX spot market”), which the Company determined is the principal marketplace for digital assets. As part of ErisX’s pricing policy, the closing price on ErisX’s spot market is compared to three other exchanges (Coinbase, Bitstamp, and Kraken) to assess for reasonableness. These inputs are categorized in the fair value hierarchy as Level 1 as the marketplace is considered active. Information on Level 3 Financial Liabilities The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities during the three and six months ended June 30, 2022 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Financial Liabilities for the Three Months Ended June 30, 2022 ​ ​ Balance at ​ Realized (Gains) ​ ​ ​ ​ ​ Foreign ​ Balance at ​ ​ Beginning of ​ Losses during ​ ​ ​ ​ ​ Currency ​ End of ​ Period Period Additions Settlements ​ Translation Period Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities $ 53.3 ​ $ — ​ $ 57.7 $ (8.5) ​ $ (0.4) $ 102.1 Total liabilities ​ $ 53.3 ​ $ — ​ $ 57.7 ​ $ (8.5) ​ $ (0.4) ​ $ 102.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Financial Liabilities for the Six Months Ended June 30, 2022 ​ ​ Balance at ​ Realized (Gains) ​ ​ ​ ​ ​ Foreign ​ Balance at ​ ​ Beginning of ​ Losses during ​ ​ ​ ​ ​ Currency ​ End of ​ Period Period Additions Settlements ​ Translation Period Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities $ 70.5 ​ $ — ​ $ 57.7 $ (25.9) ​ $ (0.2) $ 102.1 Total liabilities ​ $ 70.5 ​ $ — ​ $ 57.7 ​ $ (25.9) ​ $ (0.2) ​ $ 102.1 ​

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2022
SEGMENT REPORTING
SEGMENT REPORTING	14. SEGMENT REPORTING The Company previously operated as five reportable business segments as of March 31, 2022. As a result of the ErisX acquisition, as of June 30, 2022, the Company operates as six reportable segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital which is reflective of how the Company's chief operating decision-maker reviews and operates the business, as discussed in Note 1 (“Organization and Basis of Presentation”). Segment performance is primarily evaluated based on operating income (loss). The Company’s chief operating decision-maker does not use segment-level assets or income and expenses below operating income (loss) as key performance metrics; therefore, such information is not presented below. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. Options. The Options segment includes 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 are eligible to trade on Cboe Options, C2, BZX, EDGX, and other 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. 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 fees generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, and access and capacity services. North American Equities. Europe and Asia Pacific. Futures. Global FX. Digital. Summarized financial data of reportable segments was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Europe ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ ​ ​ Items and ​ ​ ​ ​ Options Equities Pacific Futures Global FX Digital Eliminations Total Three Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 438.2 ​ $ 432.8 ​ $ 67.4 ​ $ 30.5 ​ $ 16.8 ​ $ 0.1 ​ $ — ​ $ 985.8 Operating income (loss) ​ 178.1 ​ ​ 32.6 ​ ​ 10.7 ​ ​ 15.3 ​ ​ 2.7 ​ ​ (473.6) ​ ​ (3.2) ​ ​ (237.4) Three Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 350.0 ​ $ 353.5 ​ $ 55.1 ​ $ 28.3 ​ $ 13.9 ​ $ — ​ $ — ​ $ 800.8 Operating income (loss) ​ 125.2 ​ ​ 37.4 ​ ​ 13.3 ​ ​ 15.3 ​ ​ 0.4 ​ ​ — ​ ​ (1.6) ​ ​ 190.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Europe ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ ​ ​ Items and ​ ​ ​ ​ Options Equities Pacific Futures Global FX Digital Eliminations Total Six Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 860.8 ​ $ 856.5 ​ $ 146.0 ​ $ 62.8 ​ $ 34.1 ​ $ 0.1 ​ $ — ​ $ 1,960.3 Operating income (loss) ​ ​ 340.8 ​ ​ 71.2 ​ ​ 31.6 ​ ​ 32.3 ​ ​ 5.1 ​ ​ (473.6) ​ ​ (5.1) ​ ​ 2.3 Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 732.4 ​ $ 879.5 ​ $ 110.9 ​ $ 59.9 ​ $ 28.6 ​ $ — ​ $ 0.3 ​ $ 1,811.6 Operating income (loss) ​ ​ 253.9 ​ ​ 82.5 ​ ​ 27.8 ​ ​ 32.8 ​ ​ 1.6 ​ ​ — ​ ​ (4.0) ​ ​ 394.6 ​

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2022
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	15. EMPLOYEE BENEFIT PLANS Eligible U.S. employees, which includes employees of ErisX as of the acquisition date, 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 trust, are subject to the claims of general creditors of the Company and totaled $25.5 million and $28.0 million June 30, 2022, and December 31, 2021, respectively. Although the value of the plan is recorded in financial investments on the condensed consolidated balance sheets, there is an equal and offsetting liability in other non-current liabilities. The investment results of these plans have no impact on net income as the investment results are recorded in equal amounts to both other expense, net and compensation and benefits expense in the condensed consolidated statements of income. The Company contributed $2.8 million and $2.8 million to the defined contribution plans for the three months ended June 30, 2022, and 2021, respectively, and $6.1 million and $5.0 million to the defined contribution plans for the six months ended June 30, 2022 and 2021, respectively. Eligible employees outside of the U.S., which includes employees of Cboe Europe, EuroCCP, MATCHNow, BIDS, Cboe Asia Pacific, and NEO, as of the respective acquisition date, are eligible to participate in various employee-selected stakeholder contribution plans or plans covered by local jurisdictions or by applicable laws. The Company’s contribution amounted to $0.7 million and $0.3 million for the three months ended June 30, 2022 and 2021, respectively, and $1.6 million and $0.9 million for the six months ended June 30, 2022 and 2021, respectively. This expense is included in compensation and benefits in the condensed consolidated statements of income.

REGULATORY CAPITAL

REGULATORY CAPITAL	6 Months Ended
	Jun. 30, 2022
REGULATORY CAPITAL
REGULATORY CAPITAL	16. REGULATORY CAPITAL As broker-dealers 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 Trading compute the net capital requirements under the basic method provided for in Rule 15c3-1. As of June 30, 2022, Cboe Trading and BIDS Trading were required to maintain net capital equal to the greater of 6.67% of aggregate indebtedness items, as defined, or $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. In accordance with the Markets in Financial Instruments Directive of the FCA requirements, Cboe Chi-X Europe computes its CRR as the greater of the base requirement of $0.1 million at June 30, 2022, or the summation of the credit risk, market risk and fixed overheads requirements, as defined. On March 8, 2019, Cboe NL received approval from the Dutch Ministry of Finance to operate a RM, an MTF, and an approved publication arrangement in the Netherlands. As a RM, Cboe NL is subject to minimum capital requirements, as established by the Dutch Ministry of Finance in the license dated March 8, 2019. 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. The Investment Industry Regulatory Organization of Canada (“IIROC”) sets and monitors regulatory capital requirements for MATCHNow to protect its clients and counterparties. MATCHNow is required to maintain a prescribed minimum level of risk adjusted capital in accordance with such requirements as IIROC may from time to time prescribe. 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. The amounts presented below represent the greater of the two capital adequacy requirements. As a swap execution facility regulated by the CFTC, Cboe SEF is required to meet two capital adequacy tests: (i) its financial resources must exceed at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets must be equal to the greater of: (a) three months of projected operating costs or (b) its projected wind-down costs. The amounts presented below represent the greater of the two capital adequacy requirements. As a designated contract organization regulated by the CFTC, Eris Exchange 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. The amounts presented below represent the greater of the two capital adequacy requirements. As a derivatives clearing organization regulated by the CFTC, Eris Clearing 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. The amounts presented below represent the greater of the two capital adequacy requirements. NEO is regulated by the Ontario Securities Commission (“OSC”). NEO is required to maintain sufficient financial resources for the proper performance of its functions and to meet its responsibilities. NEO must calculate the following financial ratios monthly: (i) current ratio, (ii) a debt to cash flow ratio, and (iii) a financial leverage ratio. NEO must report the monthly calculations to the OSC on a quarterly basis. Cboe Australia is regulated by the Australian Securities and Investments Commission (“ASIC”). Cboe Australia is required to maintain sufficient financial resources to operate the market properly in accordance with Section 794A(d) of the Corporations Act, which Cboe Australia satisfies by maintaining a prudent cash reserve, which must be equal to at least six months of its projected operating expenses. Cboe Japan is regulated by the Japanese Financial Services Agency (“JFSA”) and the Japan Securities Dealers Association (“JSDA”). Cboe Japan is required to maintain a minimum level of regulatory capital ratio of 120% in accordance with such requirements prescribed by the JFSA and JSDA. The following table presents the Company’s subsidiaries with regulatory capital requirements discussed above, as well as the actual and minimum regulatory capital requirements of the subsidiary as of June 30, 2022 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Subsidiary ​ Regulatory Authority ​ Actual ​ Requirement Cboe Trading ​ FINRA/SEC ​ $ 16.4 ​ $ 1.2 BIDS Trading ​ FINRA/SEC ​ ​ 9.1 ​ ​ 0.2 Cboe Europe ​ FCA ​ ​ 37.3 ​ ​ 27.8 Cboe Chi-X Europe ​ FCA ​ ​ 0.3 ​ ​ 0.1 Cboe NL ​ Dutch Authority for Financial Markets ​ ​ 9.3 ​ ​ 5.5 EuroCCP ​ DNB ​ ​ 58.2 ​ ​ 38.6 MATCHNow ​ IIROC ​ ​ 5.2 ​ ​ 0.2 CFE ​ CFTC ​ ​ 85.3 ​ ​ 68.6 SEF ​ CFTC ​ ​ 2.4 ​ ​ 0.9 Eris Exchange ​ CFTC ​ ​ 9.3 ​ ​ 4.0 Eris Clearing ​ CFTC ​ ​ 11.6 ​ ​ 3.8 Cboe Australia ​ ASIC ​ ​ 4.2 ​ ​ 4.2 Cboe Japan ​ JFSA ​ ​ 5.9 ​ ​ 2.7 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2022
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	17. 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 $7.0 million and $5.5 million for the three months ended June 30, 2022 and 2021, respectively, and $16.1 million and $17.2 million for the six months ended June 30, 2022 and 2021, respectively. Stock-based compensation expense is included in compensation and benefits and acquisition-related costs in the condensed consolidated statements of income. The activity in the Company’s restricted stock, consisting of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) for the six months ended June 30, 2022 was as follows: RSAs and RSUs The following table summarizes RSA and RSU activity during the six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average grant ​ Shares date fair value Nonvested stock at December 31, 2021 443,319 ​ $ 99.22 Granted 300,266 ​ ​ 118.65 Vested (196,447) ​ ​ 99.58 Forfeited (29,019) ​ ​ 101.93 Nonvested stock at June 30, 2022 518,119 ​ $ 110.19 ​ RSAs granted to non-employee members of the Board of Directors have a one-year vesting period and vesting accelerates upon the occurrence of a change in control of the Company. Unvested portions of the RSAs will be forfeited if the director leaves the Board of Directors prior to the applicable vesting date. The RSAs have voting rights and entitle the holder to receive dividends. RSUs entitle the holder to one share of common stock upon vesting, typically vest over a three year period, and vesting accelerates upon the occurrence of a change in control or a termination of employment following a change in control or in the event of a participant’s earlier death or disability. Vesting will also accelerate upon a qualified retirement where applicable and permitted. Where applicable and permitted, 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. During the six months ended June 30, 2022, to satisfy employees’ tax obligations upon the vesting of restricted stock, the Company purchased 66,954 shares of common stock totaling $8.0 million as the result of the vesting of 178,563 shares of restricted stock. PSUs The following table summarizes restricted stock units contingent upon achievement of performance conditions, also known as PSUs, activity during the six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average grant ​ Shares date fair value Nonvested stock at December 31, 2021 152,410 ​ $ 108.41 Granted 64,668 ​ ​ 141.41 Vested (16,834) ​ ​ 96.00 Forfeited (33,542) ​ ​ 95.40 Nonvested stock at June 30, 2022 166,702 ​ $ 125.08 ​ 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 for awards granted in February 2022: risk-free interest rate (1.75)%, three-year volatility (32.2)% and three-year correlation with S&P 500 Index (0.51) and incorporated the following assumptions for awards granted in May 2022: risk-free interest rate (2.88)%, three-year volatility (32.8)% and three-year correlation with S&P 500 Index (0.52). 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 six months ended June 30, 2022, to satisfy employees’ tax obligations upon the vesting of performance stock, the Company purchased 5,245 shares of common stock totaling $0.6 million as the result of the vesting of 16,834 shares of performance stock. As of June 30, 2022, there were $47.3 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 2.0 years. Employee Stock Purchase Plan In May 2018, the Company’s stockholders approved an Employee Stock Purchase Plan, (“ESPP”), under which a total of 750,000 shares of the Company’s common stock will be made available for purchase to employees. The ESPP is a broad-based plan that permits employees to contribute up to 10% of wages and base salary to purchase shares of the Company’s common stock at a discount, subject to applicable annual Internal Revenue Service limitations. Under the ESPP, a participant may not purchase more than a maximum of 312 shares of the Company’s common stock during any single offering period. No participant may accrue options to purchase shares of the Company’s common stock at a rate that exceeds $25,000 in fair market value of the Company’s common stock (determined at the time such options are granted) for each calendar year in which such rights are outstanding at any time. The exercise price per share of common stock shall be 90% (for eligible U.S. employees) or 85% (for eligible international employees) of the lesser of the fair value of the stock on the first day of the applicable offering period or the applicable exercise date. The Company records compensation expense over the offering period related to the discount that is given to employees, which totaled $0.1 million and $0.1 million for the three months ended June 30, 2022 and 2021, respectively, and $0.2 million and $0.2 million for the six months ended June 30, 2022 and 2021. As of June 30, 2022, 637,225 shares were reserved for future issuance under the ESPP.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2022
EQUITY
EQUITY	18. EQUITY Common Stock The Company’s common stock is listed on Cboe BZX under the trading symbol CBOE. As of June 30, 2022, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 108,391,393 and 106,062,246 shares were issued and outstanding, respectively. As of December 31, 2021, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 108,159,319 and 106,646,498 shares were issued and outstanding, respectively. The holders of common stock are entitled to one vote per share. Common Stock in Treasury, at Cost The Company accounts for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Cboe stockholders’ equity and included in common stock in treasury, at cost in the condensed consolidated balance sheets. Shares repurchased under the Company’s share repurchase program are retired or they are available to be redistributed. When treasury shares are redistributed, they are recorded at the average cost of the treasury shares acquired. When treasury shares are retired, they are removed from the common stock in treasury balance. The Company held 2,329,147 and 1,512,821 shares of common stock in treasury as of June 30, 2022 and December 31, 2021, respectively. Share Repurchase Program In 2011, the Board of Directors approved an initial authorization for the Company to repurchase shares of its outstanding common stock of $100 million and subsequently approved additional authorizations for a total authorization of $1.6 billion. The Company expects to fund repurchases primarily through the use of existing cash balances. The program permits the Company to purchase shares, through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation. The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the periods presented as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ 2022 2021 Number of shares of common stock repurchased ​ 147,139 ​ ​ 331,373 Average price paid per share $ 106.12 ​ $ 101.57 Total purchase price (in millions) $ 15.6 ​ $ 33.7 ​ Since inception of the program through June 30, 2022, the Company has repurchased 18,816,256 shares of common stock at an average cost per share of $69.98, totaling $1.3 billion. As of June 30, 2022 and 2021, the Company had $233.3 million and $318.9 million of availability remaining under its existing share repurchase authorizations, respectively. Purchase of Common Stock from Employees The Company purchased 1,525 and 1,441 shares that were not part of the publicly announced share repurchase authorization from employees for an average price paid per share of $111.98 and $111.70 during the three months ended June 30, 2022, and 2021, respectively. These shares consisted of shares retained to cover payroll withholding taxes in connection with the vesting of restricted stock awards, restricted stock units, and performance share awards. Preferred Stock The Company has authorized the issuance of 20,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. As of June 30, 2022, and December 31, 2021, the Company had no shares of preferred stock issued or outstanding. Dividends During the three months ended June 30, 2022, the Company declared and paid paid Each share of common stock, including RSAs, RSUs, and PSUs, is entitled to receive dividend and dividend equivalents, respectively, if, as and when declared by the Board of Directors of the Company. The Company’s expectation is to continue to pay dividends. The decision to pay a dividend, however, remains within the discretion of the Company’s Board of Directors and may be affected by various factors, including 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	6 Months Ended
	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	19. INCOME TAXES The Company records income tax expense during interim periods based on the best estimate of the full year’s tax rate as adjusted for discrete items, if any, that are taken into account in the relevant interim period. Each quarter, the Company updates its estimate of the annual effective tax rate and any change in the estimated rate is recorded on a cumulative basis. The effective tax rate from continuing operations was 28.2% and 41.1% for the three months ended June 30, 2022 and 2021, respectively, and (134.8%) and 34.8% for the six months ended June 30, 2022 and 2021, respectively. The lower effective tax rate for the three months ended June 30, 2022 compared to the same period in 2021 is primarily due to the remeasurement of UK deferred tax liabilities following the UK tax rate increase from 19% to 25% in the second quarter of 2021. The negative effective tax rate in the six months ended June 30, 2022 compared to the same period in 2021 is due to the year to date pretax loss caused by the $460.1 million ErisX goodwill impairment and the derecognition of the Company’s Section 199 tax benefits for tax years 2008 through 2016 upon the unfavorable decision by the United States Tax Court in the matter of Bats Global Markets Holdings, Inc. and Subsidiaries v. Commissioner of Internal Revenue, on March 31, 2022. The Company petitioned the U.S. 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. These petitions resulted in the establishment of three cases before the U.S. Tax Court. The Company also filed a complaint on October 9, 2018 with the Court of Federal Claims for a refund of Section 199 claims related to tax years 2008 through 2010, resulting in the establishment of a single case before the Court of Federal Claims. The first case that went to trial involved certain subsidiaries related to electronic trading for tax years 2011 through 2013. The U.S. Tax Court held the trial remotely from May 24, 2021 to June 1, 2021. On March 31, 2022, the U.S. Tax Court issued its decision rejecting the Company’s basis for its Petition (the “Opinion”). On May 26, 2022, the U.S. Tax Court entered its decision, which gave effect to the Opinion. A notice of appeal, which would lie before the U.S. Court of Appeals for the 10th Circuit, must be filed by August 24, 2022. The Company plans to appeal. Two cases remain pending in U.S. Tax Court and the case before the Court of Federal Claims also remains pending. Trial dates in those cases have not been established. As a result of the Opinion, the Company’s Section 199 positions no longer meet the recognition threshold provided by ASC 740-10. Accordingly, in the first quarter of 2022, the Company increased its provision for income taxes in order to fully reserve for the expected aggregate amount of additional liabilities that the Company currently expects would result from these cases if they were all decided against the Company.

(LOSS) EARNINGS PER SHARE

(LOSS) EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2022
(LOSS) EARNINGS PER SHARE
(LOSS) EARNINGS PER SHARE	20. (LOSS) EARNINGS PER SHARE The computation of basic net (loss) income per common share is calculated by reducing net (loss) income for the period by dividends paid or declared and undistributed net (loss) income for the period that are allocated to participating securities to arrive at net (loss) income allocated to common stockholders. Net (loss) income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net (loss) 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. The following table sets forth the computation of basic and diluted (loss) earnings per share for the three and six months ended June 30, 2022 and 2021 (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 Basic (loss) earnings per share numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (184.5) ​ $ 105.5 ​ $ (74.9) ​ $ 242.7 Net income allocated to participating securities ​ — ​ (0.3) ​ — ​ (0.7) Net (loss) income allocated to common stockholders ​ $ (184.5) ​ $ 105.2 ​ $ (74.9) ​ $ 242.0 Basic (loss) earnings per share denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 106.3 ​ ​ 106.8 ​ ​ 106.5 ​ ​ 107.1 Basic (loss) earnings per share ​ $ (1.74) ​ $ 0.99 ​ $ (0.70) ​ $ 2.26 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (184.5) ​ $ 105.5 ​ $ (74.9) ​ $ 242.7 Net income allocated to participating securities ​ — ​ (0.3) ​ — ​ (0.7) Net (loss) income allocated to common stockholders ​ $ (184.5) ​ $ 105.2 ​ $ (74.9) ​ $ 242.0 Diluted (loss) earnings per share denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 106.3 ​ ​ 106.8 ​ ​ 106.5 ​ ​ 107.1 Dilutive potential common shares outstanding ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 0.2 Total dilutive weighted average shares ​ ​ 106.3 ​ ​ 106.9 ​ ​ 106.5 ​ ​ 107.3 Diluted (loss) earnings per share ​ $ (1.74) ​ $ 0.98 ​ $ (0.70) ​ $ 2.26 ​ For the three and six months ended June 30, 2021, 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. For the three and six months ended June 30, 2022, the shares of stock-based compensation that would otherwise decrease diluted loss per share of 0.1 million and 0.2 million shares, respectively, are considered to be anti-dilutive and thus are excluded from the computation of diluted loss per share.

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND GUARANTEES	6 Months Ended
	Jun. 30, 2022
COMMITMENTS, CONTINGENCIES, AND GUARANTEES
COMMITMENTS, CONTINGENCIES, AND GUARANTEES	21. COMMITMENTS, CONTINGENCIES, AND GUARANTEES Legal Proceedings As of June 30, 2022, the Company was subject to the various legal proceedings and claims discussed below, as well as certain other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. The Company reviews its legal proceedings and claims, regulatory reviews and inspections and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for the condensed consolidated financial statements to not be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. The Company’s assessment of whether a loss is remote, reasonably possible, or probable is based on its assessment of the ultimate outcome of the matter following all appeals. As of June 30, 2022, 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 federal district court for the Southern District of New York (“Lower Court”) 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 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. On September 24, 2015, Plaintiffs filed a Notice of Appeal with the Court of Appeals for the Second Circuit (“2nd Circuit”), seeking to appeal the August 26, 2015 dismissal opinion and order. On January 7, 2016, Plaintiffs filed their opening brief with the 2nd Circuit and on April 7, 2019, the Exchange Defendants filed their opposition brief with the 2nd Circuit. Oral argument was held on August 24, 2016. Following oral argument, the 2nd Circuit 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 2nd Circuit on November 28, 2016 and Plaintiffs and the Exchange Defendants filed their respective supplemental response briefs on December 12, 2016. On December 19, 2017, the 2nd Circuit reversed the Lower Court’s dismissal and remanded the case back to the Lower Court. On March 13, 2018, the 2nd Circuit 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. Targeted discovery regarding class certification and legal preclusion concluded on April 26, 2021. On May 28, 2021, (1) Plaintiffs filed a Motion for Class Certification, (2) Bats and NYSE filed a joint Motion for Summary Judgment on Grounds of Legal Preclusion and a joint Motion for Summary Judgment on Grounds of Lack of Article III Standing, and (3) Nasdaq filed a Motion for Summary Judgment for Legal Preclusion. Briefing on these dispositive motions concluded in December 2021. The parties also filed motions to exclude some of the other’s experts. Oral argument regarding the joint Motion for Lack of Article III Standing and Exchange Defendant’s motion to exclude the testimony of one of Plaintiffs’ experts occurred on March 11, 2022. On March 28, 2022, the Lower Court entered an opinion and order dismissing all of Plaintiffs’ claims, without prejudice, against the Exchange Defendants and ordered that judgment be entered for the Defendant Exchanges. On April 25, 2022, Plaintiffs filed a Notice of Appeal with the 2nd Circuit, seeking to appeal the March 28, 2022 dismissal order and the judgment entered against them. During May and June 2022, all of the Exchange Defendants entered into settlement agreements with Plaintiffs and Plaintiffs moved to dismiss their pending appeals from the March 28, 2022, dismissal order. On June 13, 2022, the 2nd Circuit dismissed Plaintiffs’ appeals with respect to Bats and Direct Edge Holdings LLC and the litigation is concluded. 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 did 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 consisted of a Securities Exchange Act fraud claim, three Commodity Exchange Act claims and a state law negligence claim. Plaintiffs requested 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 Commodity Exchange Act’s 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. On July 27, 2022, as amended on July 28, 2022, the 7th Circuit issued its decision affirming the dismissal of all counts against the Company by the federal district court for the Northern District of Illinois. Plaintiffs have 14 days (from July 27, 2022) to petition the 7th Circuit for a rehearing en banc, or if a petition for rehearing is not filed, Plaintiffs have 90 days (from July 27, 2022) to file a petition for writ of certiorari with the U.S. Supreme Court. 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. 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, and Eris Exchange are subject to routine rule enforcement reviews and examinations by the CFTC. As a derivatives clearing organization under the jurisdiction of the CFTC, Eris Clearing is also subject to routine examinations by the CFTC. Eris Clearing is also subject to routine audits and examinations by state regulators. 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, Cboe Australia, Cboe Japan, MATCHNow, and NEO 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 Cboe Australia is domiciled in Australia, it is likely that any action would be taken in the Australian courts in relation to litigation or by the ASIC, in relation to any regulatory enforcement action. As Cboe Japan is domiciled in Japan, it is likely that any action would be taken in the Japanese courts in relation to litigation or by the JFSA or the JSDA in relation to any regulatory enforcement action. As MATCHNow and NEO are 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 OSC in relation to any regulatory enforcement action. ErisX has committed to securely store all crypto assets it holds on behalf of users. As such, ErisX may be liable to its users for losses arising from theft or loss of user private keys. ErisX has no reason to believe it will incur any expense associated with such potential liability because (i) it has no known or historical experience of claims to use as a basis of measurement, (ii) it accounts for and continually verifies the amount of crypto assets within its control, and (iii) it has established security around custodial private keys to minimize the risk of theft or loss. There were no loss events impacting safeguarded assets caused by the theft or loss of digital asset user private keys as of June, 30, 2022. Since the risk of loss is remote, the Company had not recorded a liability at June 30, 2022. 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 6 (“Credit Losses”) for information on promissory notes related to the CAT. See also Note 19 (“Income Taxes”). Contractual Obligations The Company has contractual obligations related to licensing agreements with various licensors, some of which included fixed fees and/or variable fees calculated using agreed upon contracted rates and reported cleared volumes. Certain licensing agreements contain annual minimum fee requirements that total $14.5 million each year for the next five years See Note 12 (“Clearing Operations”) for information on the clearinghouse exposure guarantees for EuroCCP and ErisX. See Note 22 (“Leases”) for information on lease obligations.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2022
LEASES.
LEASES	22. 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 June 30, 2022 one lease liabilities In May 2021, the Company signed a new lease to secure approximately 21,000 square feet of office space in London. The initial term of the lease is 69 months from the accounting commencement date, June 24, 2021. The Company has the option to renew the lease term for an additional 60 months. The total legally binding minimum lease payments for this lease are approximately $9.5 million. Additionally, in October 2021, the Company signed a new lease to secure approximately 29,500 square feet of office space in Amsterdam. The initial term of the lease is 120 months from the accounting commencement date, February 1, 2022. The Company has the option to renew the lease term for an additional 60 months. The total legally binding minimum lease payments for this lease are approximately $9.2 million. The following table presents the supplemental balance sheet information related to leases as of June 30, 2022 and December 31, 2021, respectively (in millions): ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 ​ 2021 Operating lease right of use assets $ 124.8 ​ $ 110.1 Total leased assets $ 124.8 ​ $ 110.1 ​ ​ ​ ​ Accrued liabilities $ 19.9 ​ $ 15.6 Non-current operating lease liabilities ​ 139.4 ​ ​ 129.2 Total leased liabilities $ 159.3 ​ $ 144.8 ​ The following table presents operating lease costs and other information as of and for the three and six months ended June 30, 2022 and 2021, respectively (in millions, except as stated): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ Six Months Ended June 30, ​ ​ 2022 ​ ​ 2021 ​ ​ 2022 ​ ​ 2021 ​ Operating lease costs (1) $ 7.8 ​ ​ $ 6.3 ​ ​ $ 15.2 ​ ​ $ 12.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease term and discount rate information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.3 ​ ​ ​ 11.5 ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.1 % ​ ​ 3.3 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information and non-cash activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities $ 5.5 ​ ​ $ 8.6 ​ ​ $ 10.8 ​ ​ $ 12.7 ​ Right of use assets obtained in exchange for lease liabilities ​ 6.8 ​ ​ ​ 9.7 ​ ​ ​ 21.6 ​ ​ ​ 10.7 ​ (1) Includes short-term lease and variable lease costs, which are immaterial. ​ The maturities of the lease liabilities are as follows as of June 30, 2022 (in millions): ​ ​ ​ ​ ​ ​ June 30, ​ 2022 Remainder of 2022 ​ $ 10.5 2023 ​ ​ 22.7 2024 ​ ​ 17.3 2025 ​ ​ 15.9 2026 ​ ​ 17.2 After 2026 ​ 104.9 Total lease payments (1) ​ $ 188.5 Less: Interest ​ ​ (29.2) Present value of lease liabilities ​ $ 159.3 (1) Total lease payments include $20.4 million related to options to extend lease terms that are reasonably certain of being exercised.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	23. SUBSEQUENT EVENTS There have been no subsequent events that would require disclosure in, or adjustment to, the condensed consolidated financial statements as of and for the six months ended June 30, 2022.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2022
ORGANIZATION AND BASIS OF PRESENTATION
Basis of Presentation	Basis of Presentation These interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP as established by FASB for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. Beginning in the first quarter of 2022, the Company updated the financial statement captions within its condensed consolidated statements of income for both periods presented to better reflect the Company’s diversified products, expansive geographical reach, and overall business strategy. Below is a summary of the changes to the financial statement captions. The changes do not have a financial impact on the Company’s reported revenue, revenues less cost of revenues, reported net income, or cash flows from operations. Revenues ● Cash and spot markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s North American Equities, Europe and Asia Pacific, Global FX, and Digital segments. ● Data and access solutions – includes access and capacity fees, proprietary market data fees, and associated other revenue across Cboe’s six segments. ● Derivatives markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s Options, Futures, Europe and Asia Pacific, and Digital segments. Cost of Revenues ● Royalty fees and other cost of revenues – includes royalty fees and other cost of revenues across the Company’s six segments.
Segment information	Segment Information The Company previously operated as five reportable business segments as of March 31, 2022. As a result of the ErisX acquisition, as of June 30, 2022, the Company operates as six reportable segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital which is reflective of how the Company's chief operating decision-maker reviews and operates the business. See Note 14 (“Segment Reporting”) for more information.
Update to Significant Accounting Policies	Update to Significant Accounting Policies With the exception of the change in the accounting for digital assets and liabilities safeguarded as a result of the adoption of Securities and Exchange Commission Staff Accounting Bulletin No. 121 (“SAB 121”) (as discussed below in “Recent Accounting Pronouncements - Adopted”) and the new accounting policies for digital assets as a result of the acquisition of ErisX, there have been no new or material changes to the significant accounting policies discussed for the Company for the period ended June 30, 2022, that are of significance, or potential significance, to the Company. (a) Digital Assets Held In the current period, the Company determined that digital assets held should be accounted for under FASB Accounting Standards Codification (“ASC”) 350, Intangibles — Goodwill and Other (b) Digital Assets – Safeguarded Assets and Liabilities
Recent Accounting Pronouncements	Recent Accounting Pronouncements - Adopted On March 31, 2022, the SEC issued SAB 121, which sets out interpretive guidance from the staff of the SEC regarding the accounting for obligations to safeguarded digital assets that an entity holds for its platform users. The guidance requires an entity to recognize a liability for the obligation to safeguard the users’ assets and recognize an associated asset for the digital assets held for users. Both the liability and asset will be measured initially and subsequently at the fair value of the digital assets being safeguarded. The guidance also requires additional disclosures related to the nature and amount of digital assets held on behalf of its platform users, with separate disclosure for each significant digital asset, and the vulnerabilities the entity has due to any concentration in such activities. The guidance, effective for interim or annual periods ending after June 15, 2022, was adopted by the Company as of June 30, 2022. As a result of adopting SAB 121 Recent Accounting Pronouncements - Issued, not yet Adopted There were no applicable material accounting pronouncements that have been issued, but not yet adopted as of June 30, 2022.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2022
REVENUE RECOGNITION
Schedule of disaggregated revenue contract types	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ Markets Solutions Markets Total Three Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 359.2 ​ $ — ​ $ 376.1 ​ $ 735.3 Access and capacity fees ​ ​ — ​ ​ 81.8 ​ ​ — ​ ​ 81.8 Market data fees ​ ​ 19.3 ​ ​ 41.0 ​ ​ 8.5 ​ ​ 68.8 Regulatory fees ​ ​ 68.7 ​ ​ — ​ ​ 18.1 ​ ​ 86.8 Other revenue ​ ​ 11.3 ​ ​ 1.1 ​ ​ 0.7 ​ ​ 13.1 ​ ​ $ 458.5 ​ $ 123.9 ​ $ 403.4 ​ $ 985.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ ​ Markets Solutions Markets Total Three Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 312.7 ​ $ — ​ $ 305.5 ​ $ 618.2 Access and capacity fees ​ ​ — ​ ​ 67.1 ​ ​ — ​ ​ 67.1 Market data fees ​ ​ 23.9 ​ ​ 30.9 ​ ​ 8.0 ​ ​ 62.8 Regulatory fees ​ ​ 26.1 ​ ​ — ​ ​ 10.8 ​ ​ 36.9 Other revenue ​ ​ 10.0 ​ ​ 5.0 ​ ​ 0.8 ​ ​ 15.8 ​ ​ $ 372.7 ​ $ 103.0 ​ $ 325.1 ​ $ 800.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ ​ Markets Solutions Markets Total Six Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 754.7 ​ $ — ​ $ 750.2 ​ $ 1,504.9 Access and capacity fees ​ ​ — ​ ​ 159.7 ​ ​ — ​ ​ 159.7 Market data fees ​ ​ 42.2 ​ ​ 80.6 ​ ​ 16.7 ​ ​ 139.5 Regulatory fees ​ ​ 100.6 ​ ​ — ​ ​ 28.8 ​ ​ 129.4 Other revenue ​ ​ 22.9 ​ ​ 2.5 ​ ​ 1.4 ​ ​ 26.8 ​ ​ $ 920.4 ​ $ 242.8 ​ $ 797.1 ​ $ 1,960.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ ​ ​ Markets ​ Solutions ​ Markets ​ Total Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 741.6 ​ $ — ​ $ 639.8 ​ $ 1,381.4 Access and capacity fees ​ ​ — ​ ​ 133.5 ​ ​ — ​ ​ 133.5 Market data fees ​ ​ 50.8 ​ ​ 60.6 ​ ​ 15.2 ​ ​ 126.6 Regulatory fees ​ ​ 108.5 ​ ​ — ​ ​ 29.9 ​ ​ 138.4 Other revenue ​ ​ 20.7 ​ ​ 9.5 ​ ​ 1.5 ​ ​ 31.7 ​ ​ $ 921.6 ​ $ 203.6 ​ $ 686.4 ​ $ 1,811.6
Schedule of disaggregation of revenue	The following table depicts the disaggregation of revenue according to segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ Global ​ ​ ​ Items and ​ ​ ​ ​ Options Equities Pacific Futures FX Digital Eliminations Total Three Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 353.0 ​ $ 304.5 ​ $ 40.6 ​ $ 23.0 ​ $ 14.1 ​ $ 0.1 ​ $ — ​ $ 735.3 Access and capacity fees ​ ​ 38.3 ​ ​ 27.3 ​ ​ 8.7 ​ ​ 5.2 ​ ​ 2.3 ​ ​ — ​ ​ — ​ ​ 81.8 Market data fees ​ ​ 27.1 ​ ​ 31.2 ​ ​ 8.1 ​ ​ 2.1 ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ 68.8 Regulatory fees ​ ​ 17.9 ​ ​ 68.7 ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ 86.8 Other revenue ​ ​ 1.9 ​ ​ 1.1 ​ ​ 10.0 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ 13.1 ​ ​ $ 438.2 ​ $ 432.8 ​ $ 67.4 ​ $ 30.5 ​ $ 16.8 ​ $ 0.1 ​ $ — ​ $ 985.8 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 372.8 ​ $ 374.3 ​ $ 50.6 ​ $ 23.2 ​ $ 14.2 ​ $ 0.1 ​ $ — ​ $ 835.2 Services transferred over time ​ ​ 65.4 ​ ​ 58.5 ​ ​ 16.8 ​ ​ 7.3 ​ ​ 2.6 ​ ​ — ​ ​ — ​ ​ 150.6 ​ ​ $ 438.2 ​ $ 432.8 ​ $ 67.4 ​ $ 30.5 ​ $ 16.8 ​ $ 0.1 ​ $ — ​ $ 985.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 283.2 ​ $ 268.0 ​ $ 33.3 ​ $ 22.2 ​ $ 11.5 ​ $ — ​ $ — ​ $ 618.2 Access and capacity fees ​ ​ 29.6 ​ ​ 23.8 ​ ​ 7.2 ​ ​ 4.3 ​ ​ 2.2 ​ ​ — ​ ​ — ​ ​ 67.1 Market data fees ​ ​ 21.0 ​ ​ 34.8 ​ ​ 5.1 ​ ​ 1.7 ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ 62.8 Regulatory fees ​ ​ 10.7 ​ ​ 26.1 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 36.9 Other revenue ​ ​ 5.5 ​ ​ 0.8 ​ ​ 9.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 15.8 ​ ​ $ 350.0 ​ $ 353.5 ​ $ 55.1 ​ $ 28.3 ​ $ 13.9 ​ $ — ​ $ — ​ $ 800.8 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 299.4 ​ $ 294.9 ​ $ 42.8 ​ $ 22.3 ​ $ 11.5 ​ $ — ​ $ — ​ $ 670.9 Services transferred over time ​ ​ 50.6 ​ ​ 58.6 ​ ​ 12.3 ​ ​ 6.0 ​ ​ 2.4 ​ ​ — ​ ​ — ​ ​ 129.9 ​ ​ $ 350.0 ​ $ 353.5 ​ $ 55.1 ​ $ 28.3 ​ $ 13.9 ​ $ — ​ $ — ​ $ 800.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Europe ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ Global ​ ​ ​ Items and ​ ​ ​ ​ ​ Options ​ Equities ​ Pacific ​ Futures ​ FX ​ Digital ​ Eliminations ​ Total Six Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 701.3 ​ $ 635.3 ​ $ 90.7 ​ $ 48.8 ​ $ 28.7 ​ $ 0.1 ​ $ — ​ $ 1,504.9 Access and capacity fees ​ ​ 74.1 ​ ​ 53.3 ​ ​ 18.0 ​ ​ 9.7 ​ ​ 4.6 ​ ​ — ​ ​ — ​ ​ 159.7 Market data fees ​ ​ 53.0 ​ ​ 65.4 ​ ​ 16.4 ​ ​ 4.1 ​ ​ 0.6 ​ ​ — ​ ​ — ​ ​ 139.5 Regulatory fees ​ ​ 28.6 ​ ​ 100.6 ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ 129.4 Other revenue ​ ​ 3.8 ​ ​ 1.9 ​ ​ 20.9 ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ 26.8 ​ ​ $ 860.8 ​ $ 856.5 ​ $ 146.0 ​ $ 62.8 ​ $ 34.1 ​ $ 0.1 ​ $ — ​ $ 1,960.3 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 733.7 ​ $ 737.8 ​ $ 111.6 ​ $ 49.0 ​ $ 28.9 ​ $ 0.1 ​ $ — ​ $ 1,661.1 Services transferred over time ​ ​ 127.1 ​ ​ 118.7 ​ ​ 34.4 ​ ​ 13.8 ​ ​ 5.2 ​ ​ — ​ ​ — ​ ​ 299.2 ​ ​ $ 860.8 ​ $ 856.5 ​ $ 146.0 ​ $ 62.8 ​ $ 34.1 ​ $ 0.1 ​ $ — ​ $ 1,960.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 591.9 ​ $ 649.8 ​ $ 68.0 ​ $ 47.8 ​ $ 23.9 ​ $ — ​ $ — ​ $ 1,381.4 Access and capacity fees ​ ​ 59.0 ​ ​ 47.2 ​ ​ 14.3 ​ ​ 8.7 ​ ​ 4.3 ​ ​ — ​ ​ — ​ ​ 133.5 Market data fees ​ ​ 41.5 ​ ​ 72.3 ​ ​ 9.1 ​ ​ 3.3 ​ ​ 0.4 ​ ​ — ​ ​ — ​ ​ 126.6 Regulatory fees ​ ​ 29.8 ​ ​ 108.5 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 138.4 Other revenue ​ ​ 10.2 ​ ​ 1.7 ​ ​ 19.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 ​ ​ 31.7 ​ ​ $ 732.4 ​ $ 879.5 ​ $ 110.9 ​ $ 59.9 ​ $ 28.6 ​ $ — ​ $ 0.3 ​ $ 1,811.6 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services transferred at a point in time ​ $ 631.9 ​ $ 760.0 ​ $ 87.5 ​ $ 47.9 ​ $ 23.9 ​ $ — ​ $ 0.3 ​ $ 1,551.5 Services transferred over time ​ ​ 100.5 ​ ​ 119.5 ​ ​ 23.4 ​ ​ 12.0 ​ ​ 4.7 ​ ​ — ​ ​ — ​ ​ 260.1 ​ ​ $ 732.4 ​ $ 879.5 ​ $ 110.9 ​ $ 59.9 ​ $ 28.6 ​ $ — ​ $ 0.3 ​ $ 1,811.6
Schedule of revenue recognized from contract liabilities and the remaining balance	The revenue recognized from contract liabilities and the remaining balance is shown below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2021 Cash Additions Revenue Recognized Balance at June 30, 2022 Liquidity provider sliding scale (1) ​ $ — ​ $ 7.2 ​ $ (3.6) ​ $ 3.6 Other, net ​ ​ 15.3 ​ ​ 11.1 ​ ​ (7.3) ​ ​ 19.1 Total deferred revenue ​ $ 15.3 ​ $ 18.3 ​ $ (10.9) ​ $ 22.7 (1) Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2022
ACQUISITIONS
Schedule of finite-lived and indefinite-lived intangible assets acquired	The following table presents the details of intangible assets at the date of acquisition (in millions, except as stated). All acquired intangible assets with finite lives are amortized using the straight-line method. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cboe Asia Pacific ​ Useful Life (Years) ​ ErisX ​ Useful Life (Years) ​ NEO ​ Useful Life (Years) Trading registrations and licenses ​ $ 6.2 ​ Indefinite ​ $ 25.0 ​ Indefinite ​ $ 23.3 ​ Indefinite Customer relationships ​ ​ 60.1 ​ 30 ​ ​ — ​ ​ ​ ​ 92.9 ​ 15 Technology ​ ​ 7.5 ​ 2 ​ ​ 70.0 ​ 10 ​ ​ 11.6 ​ 7 Trademarks and tradenames ​ ​ — ​ ​ ​ ​ — ​ ​ ​ ​ 2.3 ​ 2 Total identifiable intangible assets ​ $ 73.8 ​ ​ ​ $ 95.0 ​ ​ ​ $ 130.1 ​ ​

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
INVESTMENTS
Schedule of investments	As of June 30, 2022 and December 31, 2021, the Company’s investments were comprised of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Equity method investments: ​ ​ ​ ​ ​ ​ Investment in 7Ridge Investments 3 LP ​ $ 207.6 ​ $ 209.5 Total equity method investments ​ ​ 207.6 ​ ​ 209.5 ​ ​ ​ ​ ​ ​ ​ Other equity investments: ​ ​ ​ ​ ​ ​ Investment in Eris Exchange Holdings, LLC ​ ​ 20.0 ​ ​ 20.0 Investment in CSD Br ​ ​ 5.9 ​ ​ — Investment in Coin Metrics Inc. ​ ​ 5.0 ​ ​ — Investment in Cboe Vest Financial Group, Inc. ​ ​ 2.9 ​ ​ 2.9 Investment in OCC ​ ​ 0.3 ​ ​ 0.3 Investment in American Financial Exchange, LLC ​ ​ — ​ ​ 10.6 Investment in Eris Digital Holdings, LLC ​ ​ — ​ ​ 1.1 Other equity investments ​ 1.8 ​ 1.4 Total other equity investments ​ ​ 35.9 ​ ​ 36.3 ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 243.5 ​ $ 245.8

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2022
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment, net	Property and equipment, net consisted of the following as of June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Construction in progress ​ $ 2.5 ​ $ 17.3 Building ​ ​ 68.8 ​ ​ 68.8 Furniture and equipment ​ 280.4 ​ 256.5 Total property and equipment ​ 351.7 ​ 342.6 Less accumulated depreciation ​ (244.2) ​ (237.4) Total property and equipment, net ​ $ 107.5 ​ $ 105.2

CREDIT LOSSES (Tables)

CREDIT LOSSES (Tables)	6 Months Ended
	Jun. 30, 2022
CREDIT LOSSES
Schedule of changes in allowance for credit losses	The following represents the changes in allowance for credit losses during the six months ended June 30, 2022 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2021 ​ Current period provision for expected credit losses ​ Write-offs charged against the allowance ​ Recoveries collected ​ Balance at June 30, 2022 Allowance for notes receivable credit losses ​ $ 30.1 ​ $ — ​ $ — ​ $ — ​ $ 30.1 Allowance for accounts receivable credit losses ​ ​ 1.0 ​ ​ 0.6 ​ ​ — ​ ​ (0.3) ​ ​ 1.3 Total allowance for credit losses ​ $ 31.1 ​ $ 0.6 ​ $ — ​ $ (0.3) ​ $ 31.4

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2022
OTHER ASSETS, NET
Schedule of other assets, net	Other assets, net consisted of the following as of June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Software development work in progress ​ $ 5.5 ​ $ 5.6 Data processing software ​ ​ 108.8 ​ ​ 103.8 Less accumulated depreciation and amortization ​ (74.6) ​ (70.9) Data processing software, net ​ 39.7 ​ 38.5 Other assets (1) ​ ​ 100.7 ​ ​ 87.3 Total other assets, net ​ $ 140.4 ​ $ 125.8 (1) At June 30, 2022 and December 31, 2021, the majority of the balance included notes receivable, net of allowance, and long-term prepaid assets. See Note 6 (“Credit Losses”) for more information on the notes receivable included within other assets, net on the condensed consolidated balance sheets. As of June 30, 2022 and December 31, 2021, the notes receivable, net balance was ​

GOODWILL, INTANGIBLE ASSETS, _2

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD (Tables)	6 Months Ended
	Jun. 30, 2022
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD
Schedule of goodwill details by segment	The following table presents the details of goodwill by segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ Europe and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Equities Asia Pacific Global FX Digital Total Balance as of December 31, 2021 ​ $ 305.8 ​ $ 1,876.9 ​ $ 575.5 ​ $ 267.2 ​ $ — ​ $ 3,025.4 Adjustment ​ — ​ ​ — ​ ​ 3.4 ​ ​ — ​ ​ — ​ 3.4 Additions ​ ​ — ​ ​ 132.4 ​ ​ — ​ ​ — ​ ​ 460.1 ​ ​ 592.5 Impairment ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ (460.1) ​ ​ (460.1) Changes in foreign currency exchange rates ​ — ​ (0.5) ​ (28.7) ​ — ​ — ​ (29.2) Balance as of June 30, 2022 ​ $ 305.8 ​ $ 2,008.8 ​ $ 550.2 ​ $ 267.2 ​ $ — ​ $ 3,132.0
Schedule of details of intangible assets	The following table presents the details of the intangible assets (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ Europe and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Equities Asia Pacific Global FX Digital Total Balance as of December 31, 2021 ​ $ 159.1 ​ $ 991.4 ​ $ 426.4 ​ $ 91.7 ​ $ — ​ $ 1,668.6 Additions ​ ​ — ​ 130.1 ​ — ​ — ​ 95.9 ​ ​ 226.0 Amortization ​ (6.6) ​ (30.1) ​ (12.7) ​ ​ (9.7) ​ ​ (1.3) ​ (60.4) Changes in foreign currency exchange rates ​ — ​ (0.5) ​ ​ (40.9) ​ — ​ — ​ (41.4) Balance as of June 30, 2022 ​ $ 152.5 ​ $ 1,090.9 ​ $ 372.8 ​ $ 82.0 ​ $ 94.6 ​ $ 1,792.8
Schedule of categories of intangible assets	The following tables present the categories of intangible assets as of June 30, 2022 and December 31, 2021 (in millions, except as stated): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Weighted ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ Amortization ​ Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 615.2 ​ $ 199.6 ​ $ — ​ $ 25.0 ​ Indefinite Customer relationships ​ 46.6 ​ 471.0 ​ 209.3 ​ 140.0 ​ — ​ 16 Market data customer relationships ​ 53.6 ​ 322.0 ​ 58.6 ​ 64.4 ​ — ​ 10 Technology ​ 28.1 ​ 52.7 ​ 32.8 ​ 22.5 ​ 70.0 ​ 8 Trademarks and tradenames ​ 12.9 ​ 10.1 ​ 2.3 ​ 1.2 ​ — ​ 6 Digital assets held ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.9 ​ Indefinite Accumulated amortization ​ (84.2) ​ (380.1) ​ (129.8) ​ (146.1) ​ (1.3) ​ ​ ​ ​ $ 152.5 ​ $ 1,090.9 ​ $ 372.8 ​ $ 82.0 ​ $ 94.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Weighted ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ Amortization ​ Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 592.0 ​ $ 221.1 ​ $ — ​ $ — ​ Indefinite Customer relationships ​ 46.6 ​ ​ 378.3 ​ ​ 232.3 ​ ​ 140.0 ​ ​ — ​ 17 Market data customer relationships ​ 53.6 ​ ​ 322.0 ​ ​ 65.2 ​ ​ 64.4 ​ ​ — ​ 10 Technology ​ 28.1 ​ ​ 41.1 ​ ​ 35.6 ​ ​ 22.5 ​ ​ — ​ 5 Trademarks and tradenames ​ 12.9 ​ ​ 7.8 ​ ​ 2.5 ​ ​ 1.2 ​ ​ — ​ 8 Accumulated amortization ​ (77.6) ​ ​ (349.8) ​ ​ (130.3) ​ ​ (136.4) ​ ​ — ​ ​ ​ ​ $ 159.1 ​ $ 991.4 ​ $ 426.4 ​ $ 91.7 ​ $ — ​ ​

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following as of June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 Compensation and benefit-related liabilities ​ $ 51.7 ​ $ 68.6 Royalties ​ ​ 27.3 ​ ​ 23.0 Current unrecognized tax benefits ​ ​ 92.0 ​ ​ — Accrued liabilities ​ 74.3 ​ ​ 73.3 Rebates payable ​ ​ 111.2 ​ ​ 95.3 Marketing fee payable ​ 14.2 ​ ​ 15.7 Accounts payable ​ 35.2 ​ ​ 19.5 Total accounts payable and accrued liabilities ​ $ 405.9 ​ $ 295.4

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 Term Loan Agreement due December 2023, floating rate ​ $ 524.6 ​ $ 159.5 $300 million fixed rate Senior Notes due March 2032, stated rate of 3.000% ​ ​ 295.8 ​ ​ — $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% ​ ​ 493.7 ​ ​ 493.3 $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% ​ 646.9 ​ 646.5 Revolving Credit Agreement (1) ​ ​ (1.8) ​ ​ — EuroCCP Credit Facility ​ ​ — ​ ​ — Total debt ​ $ 1,959.2 ​ $ 1,299.3 (1) As of June 30, 2022 there was ​
Schedule of maturities of long-term debt	The future expected loan repayments related to the Term Loan Agreement and the Senior Notes as of June 30, 2022 are as follows (in millions): ​ ​ ​ ​ Remainder of 2022 $ — 2023 ​ ​ 525.0 2024 ​ ​ — 2025 ​ ​ — 2026 ​ ​ — Thereafter ​ ​ 1,450.0 Principal amounts repayable ​ ​ 1,975.0 Debt issuance costs ​ ​ (9.4) Unamortized discounts on notes ​ ​ (6.4) Total debt outstanding ​ $ 1,959.2
Schedule of interest expense	Interest expense, net recognized in the condensed consolidated statements of income for the three months and six months ended June 30, 2022 and 2021 is as follows (in millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Components of interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual interest ​ $ 14.4 ​ $ 11.7 ​ $ 25.6 ​ $ 23.4 Amortization of debt discount and issuance costs ​ 0.7 ​ 0.7 ​ 1.2 ​ 1.4 Interest expense ​ $ 15.1 ​ $ 12.4 ​ $ 26.8 ​ $ 24.8 Interest income ​ ​ (0.5) ​ ​ (0.1) ​ ​ (1.4) ​ ​ (0.2) Interest expense, net ​ $ 14.6 ​ $ 12.3 ​ $ 25.4 ​ $ 24.6

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET (Tables)	6 Months Ended
	Jun. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET
Schedule of Accumulated Other Comprehensive Income, Net	The following represents the changes in accumulated other comprehensive income, net by component (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ Total Accumulated ​ ​ Currency Unrealized ​ ​ ​ Other ​ ​ Translation Investment ​ Post-Retirement ​ Comprehensive ​ Adjustment Loss Benefits Income (Loss), Net Balance at December 31, 2021 ​ $ 55.4 ​ $ (0.1) ​ $ 0.3 ​ $ 55.6 Other comprehensive loss ​ (87.4) ​ ​ (0.1) ​ ​ — ​ ​ (87.5) Balance at June 30, 2022 ​ $ (32.0) ​ $ (0.2) ​ $ 0.3 ​ $ (31.9)

CLEARING OPERATIONS (Tables)

CLEARING OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2022
CLEARING OPERATIONS
Schedule of total clearing participant deposits	The following tables present the Company’s total clearing participant deposits as of June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Cash Contributions Non-Cash Contributions (1) Total Contributions Margin deposits ​ $ 850.8 ​ $ 517.8 ​ $ 1,368.6 Clearing funds ​ ​ 112.7 ​ ​ 41.4 ​ ​ 154.1 Interoperability funds (1) ​ ​ 514.8 ​ ​ 117.0 ​ ​ 631.8 Total ​ $ 1,478.3 ​ $ 676.2 ​ $ 2,154.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Cash Contributions Non-Cash Contributions (1) Total Contributions Margin deposits ​ $ 600.0 ​ $ 287.0 ​ $ 887.0 Clearing funds ​ ​ 145.9 ​ ​ 41.9 ​ ​ 187.8 Interoperability funds (1) ​ ​ 423.3 ​ ​ 92.6 ​ ​ 515.9 Total ​ $ 1,169.2 ​ $ 421.5 ​ $ 1,590.7 (1) These amounts are not reflected in the condensed consolidated balance sheets, as EuroCCP does not take economic ownership of these balances.
Schedule of cash deposits and safeguarded digital assets	The table below presents the Company’s cash deposits and safeguarded digital assets held on behalf of its customers for the purposes of supporting clearing transactions as of June 30, 2022 (in millions): ​ ​ ​ ​ ​ ​ ​ June 30, 2022 Customer bank deposits ​ $ 23.7 Digital assets - safeguarded assets ​ ​ 22.4 Total ​ $ 46.1
Schedule of valuation of digital assets - safeguarded assets and safeguarded liabilities	The following table depicts the Company’s valuation of digital assets – safeguarded assets and safeguarded liabilities as of June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Asset ​ Number of Units Valuation per Unit Fair Value (in millions) Bitcoin ​ ​ 674 ​ $ 18,720 ​ $ 12.6 Ethereum ​ ​ 7,232 ​ ​ 1,010 ​ ​ 7.3 Litecoin ​ ​ 11,869 ​ ​ 51 ​ ​ 0.6 Bitcoin Cash ​ ​ 3,459 ​ ​ 99 ​ ​ 0.4 USD Coin ​ ​ 1,507,706 ​ ​ 1 ​ ​ 1.5 Total ​ ​ ​ ​ ​ ​ ​ $ 22.4

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	6 Months Ended
	Jun. 30, 2022
FAIR VALUE MEASUREMENT
Schedule of fair value hierarchy for 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 June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 43.0 ​ $ 43.0 ​ $ — ​ $ — Marketable securities (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 16.1 ​ ​ 16.1 ​ ​ — ​ ​ — Money market funds ​ 9.4 ​ 9.4 ​ — ​ — Digital assets - safeguarded assets ​ ​ 22.4 ​ ​ 22.4 ​ ​ — ​ ​ — Total assets ​ $ 90.9 ​ $ 90.9 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 102.1 ​ $ — ​ $ — ​ $ 102.1 Digital assets - safeguarded liabilities ​ ​ 22.4 ​ ​ 22.4 ​ ​ — ​ ​ — Total liabilities ​ $ 124.5 ​ $ 22.4 ​ $ — ​ $ 102.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 9.1 ​ $ 9.1 ​ $ — ​ $ — Marketable securities (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 18.4 ​ ​ 18.4 ​ ​ — ​ ​ — Money market funds ​ ​ 9.6 ​ ​ 9.6 ​ ​ — ​ ​ — Total assets ​ $ 37.1 ​ $ 37.1 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 70.5 ​ $ — ​ $ — ​ $ 70.5 Total liabilities ​ $ 70.5 ​ $ — ​ $ — ​ $ 70.5 (1) These amounts are reflected within financial investments in the condensed consolidated balance sheets.
Schedule of fair value hierarchy of financial instruments held	The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company, with the exception of debt and digital assets held which are presented at its carrying value, as of June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 43.0 ​ $ 43.0 ​ $ — ​ $ — Deferred compensation plan assets (1) ​ ​ 25.5 ​ ​ 25.5 ​ ​ — ​ ​ — Digital assets - safeguarded assets ​ ​ 22.4 ​ ​ 22.4 ​ ​ — ​ ​ — Digital assets held (2) ​ ​ 0.9 ​ ​ 0.9 ​ ​ — ​ ​ — Total assets ​ $ 91.8 ​ $ 91.8 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 102.1 ​ $ — ​ $ — ​ $ 102.1 Deferred compensation plan liabilities (3) ​ ​ 25.5 ​ ​ 25.5 ​ ​ — ​ ​ — Digital assets - safeguarded liabilities ​ ​ 22.4 ​ ​ 22.4 ​ ​ — ​ ​ — Debt ​ 1,959.2 ​ — ​ 1,959.2 ​ — Total liabilities ​ $ 2,109.2 ​ $ 47.9 ​ $ 1,959.2 ​ $ 102.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 9.1 ​ $ 9.1 ​ $ — ​ $ — Deferred compensation plan assets (1) ​ 28.0 ​ 28.0 ​ — ​ — Total assets ​ $ 37.1 ​ $ 37.1 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 70.5 ​ $ — ​ $ — ​ $ 70.5 Deferred compensation plan liabilities (3) ​ ​ 28.0 ​ ​ 28.0 ​ ​ — ​ ​ — Debt ​ 1,299.3 ​ — ​ 1,299.3 ​ — Total liabilities ​ $ 1,397.8 ​ $ 28.0 ​ $ 1,299.3 ​ $ 70.5 (1) These amounts are reflected within financial investments in the condensed consolidated balance sheets. (2) These amounts are reflected within intangible assets, net in the condensed consolidated balance sheets. (3) These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets.
Schedule of fair value of debt obligation	At June 30, 2022 and December 31, 2021, the fair values of the Company’s debt obligations were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ Fair Value ​ June 30, 2022 ​ December 31, 2021 Term Loan Agreement $ 507.7 ​ $ 160.1 3.650% Senior Notes 636.1 ​ ​ 702.6 1.625% Senior Notes ​ 410.1 ​ ​ 470.9 3.000% Senior Notes ​ 267.5 ​ ​ —
Summary of changes in the fair value of Level 3 financial liabilities	The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities during the three and six months ended June 30, 2022 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Financial Liabilities for the Three Months Ended June 30, 2022 ​ ​ Balance at ​ Realized (Gains) ​ ​ ​ ​ ​ Foreign ​ Balance at ​ ​ Beginning of ​ Losses during ​ ​ ​ ​ ​ Currency ​ End of ​ Period Period Additions Settlements ​ Translation Period Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities $ 53.3 ​ $ — ​ $ 57.7 $ (8.5) ​ $ (0.4) $ 102.1 Total liabilities ​ $ 53.3 ​ $ — ​ $ 57.7 ​ $ (8.5) ​ $ (0.4) ​ $ 102.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Financial Liabilities for the Six Months Ended June 30, 2022 ​ ​ Balance at ​ Realized (Gains) ​ ​ ​ ​ ​ Foreign ​ Balance at ​ ​ Beginning of ​ Losses during ​ ​ ​ ​ ​ Currency ​ End of ​ Period Period Additions Settlements ​ Translation Period Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities $ 70.5 ​ $ — ​ $ 57.7 $ (25.9) ​ $ (0.2) $ 102.1 Total liabilities ​ $ 70.5 ​ $ — ​ $ 57.7 ​ $ (25.9) ​ $ (0.2) ​ $ 102.1

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2022
SEGMENT REPORTING
Summarized financial data of reportable segments	Summarized financial data of reportable segments was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Europe ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ ​ ​ Items and ​ ​ ​ ​ Options Equities Pacific Futures Global FX Digital Eliminations Total Three Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 438.2 ​ $ 432.8 ​ $ 67.4 ​ $ 30.5 ​ $ 16.8 ​ $ 0.1 ​ $ — ​ $ 985.8 Operating income (loss) ​ 178.1 ​ ​ 32.6 ​ ​ 10.7 ​ ​ 15.3 ​ ​ 2.7 ​ ​ (473.6) ​ ​ (3.2) ​ ​ (237.4) Three Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 350.0 ​ $ 353.5 ​ $ 55.1 ​ $ 28.3 ​ $ 13.9 ​ $ — ​ $ — ​ $ 800.8 Operating income (loss) ​ 125.2 ​ ​ 37.4 ​ ​ 13.3 ​ ​ 15.3 ​ ​ 0.4 ​ ​ — ​ ​ (1.6) ​ ​ 190.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Europe ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ ​ ​ Items and ​ ​ ​ ​ Options Equities Pacific Futures Global FX Digital Eliminations Total Six Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 860.8 ​ $ 856.5 ​ $ 146.0 ​ $ 62.8 ​ $ 34.1 ​ $ 0.1 ​ $ — ​ $ 1,960.3 Operating income (loss) ​ ​ 340.8 ​ ​ 71.2 ​ ​ 31.6 ​ ​ 32.3 ​ ​ 5.1 ​ ​ (473.6) ​ ​ (5.1) ​ ​ 2.3 Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 732.4 ​ $ 879.5 ​ $ 110.9 ​ $ 59.9 ​ $ 28.6 ​ $ — ​ $ 0.3 ​ $ 1,811.6 Operating income (loss) ​ ​ 253.9 ​ ​ 82.5 ​ ​ 27.8 ​ ​ 32.8 ​ ​ 1.6 ​ ​ — ​ ​ (4.0) ​ ​ 394.6

REGULATORY CAPITAL (Tables)

REGULATORY CAPITAL (Tables)	6 Months Ended
	Jun. 30, 2022
REGULATORY CAPITAL
Schedule of actual and minimum regulatory capital requirements of the subsidiary	The following table presents the Company’s subsidiaries with regulatory capital requirements discussed above, as well as the actual and minimum regulatory capital requirements of the subsidiary as of June 30, 2022 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Subsidiary ​ Regulatory Authority ​ Actual ​ Requirement Cboe Trading ​ FINRA/SEC ​ $ 16.4 ​ $ 1.2 BIDS Trading ​ FINRA/SEC ​ ​ 9.1 ​ ​ 0.2 Cboe Europe ​ FCA ​ ​ 37.3 ​ ​ 27.8 Cboe Chi-X Europe ​ FCA ​ ​ 0.3 ​ ​ 0.1 Cboe NL ​ Dutch Authority for Financial Markets ​ ​ 9.3 ​ ​ 5.5 EuroCCP ​ DNB ​ ​ 58.2 ​ ​ 38.6 MATCHNow ​ IIROC ​ ​ 5.2 ​ ​ 0.2 CFE ​ CFTC ​ ​ 85.3 ​ ​ 68.6 SEF ​ CFTC ​ ​ 2.4 ​ ​ 0.9 Eris Exchange ​ CFTC ​ ​ 9.3 ​ ​ 4.0 Eris Clearing ​ CFTC ​ ​ 11.6 ​ ​ 3.8 Cboe Australia ​ ASIC ​ ​ 4.2 ​ ​ 4.2 Cboe Japan ​ JFSA ​ ​ 5.9 ​ ​ 2.7

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2022
STOCK-BASED COMPENSATION
Summary of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average grant ​ Shares date fair value Nonvested stock at December 31, 2021 443,319 ​ $ 99.22 Granted 300,266 ​ ​ 118.65 Vested (196,447) ​ ​ 99.58 Forfeited (29,019) ​ ​ 101.93 Nonvested stock at June 30, 2022 518,119 ​ $ 110.19
Summary of performance-based restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average grant ​ Shares date fair value Nonvested stock at December 31, 2021 152,410 ​ $ 108.41 Granted 64,668 ​ ​ 141.41 Vested (16,834) ​ ​ 96.00 Forfeited (33,542) ​ ​ 95.40 Nonvested stock at June 30, 2022 166,702 ​ $ 125.08

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
EQUITY
Summary of repurchased shares of the company's common stock under the share repurchase program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ 2022 2021 Number of shares of common stock repurchased ​ 147,139 ​ ​ 331,373 Average price paid per share $ 106.12 ​ $ 101.57 Total purchase price (in millions) $ 15.6 ​ $ 33.7

(LOSS) EARNINGS PER SHARE (Tabl

(LOSS) EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
(LOSS) EARNINGS PER SHARE
Reconciliation of basic and diluted (loss) earnings per share	The following table sets forth the computation of basic and diluted (loss) earnings per share for the three and six months ended June 30, 2022 and 2021 (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 Basic (loss) earnings per share numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (184.5) ​ $ 105.5 ​ $ (74.9) ​ $ 242.7 Net income allocated to participating securities ​ — ​ (0.3) ​ — ​ (0.7) Net (loss) income allocated to common stockholders ​ $ (184.5) ​ $ 105.2 ​ $ (74.9) ​ $ 242.0 Basic (loss) earnings per share denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 106.3 ​ ​ 106.8 ​ ​ 106.5 ​ ​ 107.1 Basic (loss) earnings per share ​ $ (1.74) ​ $ 0.99 ​ $ (0.70) ​ $ 2.26 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (184.5) ​ $ 105.5 ​ $ (74.9) ​ $ 242.7 Net income allocated to participating securities ​ — ​ (0.3) ​ — ​ (0.7) Net (loss) income allocated to common stockholders ​ $ (184.5) ​ $ 105.2 ​ $ (74.9) ​ $ 242.0 Diluted (loss) earnings per share denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 106.3 ​ ​ 106.8 ​ ​ 106.5 ​ ​ 107.1 Dilutive potential common shares outstanding ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 0.2 Total dilutive weighted average shares ​ ​ 106.3 ​ ​ 106.9 ​ ​ 106.5 ​ ​ 107.3 Diluted (loss) earnings per share ​ $ (1.74) ​ $ 0.98 ​ $ (0.70) ​ $ 2.26

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2022
LEASES.
Schedule of supplemental balance sheet	The following table presents the supplemental balance sheet information related to leases as of June 30, 2022 and December 31, 2021, respectively (in millions): ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 ​ 2021 Operating lease right of use assets $ 124.8 ​ $ 110.1 Total leased assets $ 124.8 ​ $ 110.1 ​ ​ ​ ​ Accrued liabilities $ 19.9 ​ $ 15.6 Non-current operating lease liabilities ​ 139.4 ​ ​ 129.2 Total leased liabilities $ 159.3 ​ $ 144.8
Schedule of lease cost and other information	The following table presents operating lease costs and other information as of and for the three and six months ended June 30, 2022 and 2021, respectively (in millions, except as stated): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ Six Months Ended June 30, ​ ​ 2022 ​ ​ 2021 ​ ​ 2022 ​ ​ 2021 ​ Operating lease costs (1) $ 7.8 ​ ​ $ 6.3 ​ ​ $ 15.2 ​ ​ $ 12.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease term and discount rate information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.3 ​ ​ ​ 11.5 ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.1 % ​ ​ 3.3 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information and non-cash activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities $ 5.5 ​ ​ $ 8.6 ​ ​ $ 10.8 ​ ​ $ 12.7 ​ Right of use assets obtained in exchange for lease liabilities ​ 6.8 ​ ​ ​ 9.7 ​ ​ ​ 21.6 ​ ​ ​ 10.7 ​ (1) Includes short-term lease and variable lease costs, which are immaterial.
Schedule of maturities of lease liabilities	​ The maturities of the lease liabilities are as follows as of June 30, 2022 (in millions): ​ ​ ​ ​ ​ ​ June 30, ​ 2022 Remainder of 2022 ​ $ 10.5 2023 ​ ​ 22.7 2024 ​ ​ 17.3 2025 ​ ​ 15.9 2026 ​ ​ 17.2 After 2026 ​ 104.9 Total lease payments (1) ​ $ 188.5 Less: Interest ​ ​ (29.2) Present value of lease liabilities ​ $ 159.3 (1) Total lease payments include $20.4 million related to options to extend lease terms that are reasonably certain of being exercised.

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) segment	Mar. 31, 2022 segment	Jun. 30, 2022 USD ($) segment
ORGANIZATION AND BASIS OF PRESENTATION
Number of reportable segments | segment	6	5	6
Digital assets - safeguarded assets	$ 22.4		$ 22.4
Digital assets - safeguarded liabilities	$ 22.4		$ 22.4

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by product line and Segment (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)
Segment Reporting Information
Number of types of regulatory fees the Company recognizes | item			2
Revenues	$ 985.8	$ 800.8	$ 1,960.3	$ 1,811.6
Services transferred at a point in time
Segment Reporting Information
Revenues	835.2	670.9	1,661.1	1,551.5
Services transferred over time
Segment Reporting Information
Revenues	150.6	129.9	299.2	260.1
Corporate Items and Eliminations
Segment Reporting Information
Revenues				0.3
Corporate Items and Eliminations | Services transferred at a point in time
Segment Reporting Information
Revenues				0.3
Options | Operating Segments
Segment Reporting Information
Revenues	438.2	350	860.8	732.4
Options | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	372.8	299.4	733.7	631.9
Options | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	65.4	50.6	127.1	100.5
North American Equities | Operating Segments
Segment Reporting Information
Revenues	432.8	353.5	856.5	879.5
North American Equities | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	374.3	294.9	737.8	760
North American Equities | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	58.5	58.6	118.7	119.5
Futures | Operating Segments
Segment Reporting Information
Revenues	30.5	28.3	62.8	59.9
Futures | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	23.2	22.3	49	47.9
Futures | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	7.3	6	13.8	12
Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	67.4	55.1	146	110.9
Europe and Asia Pacific | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	50.6	42.8	111.6	87.5
Europe and Asia Pacific | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	16.8	12.3	34.4	23.4
Global FX | Operating Segments
Segment Reporting Information
Revenues	16.8	13.9	34.1	28.6
Global FX | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	14.2	11.5	28.9	23.9
Global FX | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	2.6	2.4	5.2	4.7
Digital | Operating Segments
Segment Reporting Information
Revenues	0.1		0.1
Digital | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	0.1		0.1
Transaction and clearing fees
Segment Reporting Information
Revenues	735.3	618.2	1,504.9	1,381.4
Transaction and clearing fees | Options | Operating Segments
Segment Reporting Information
Revenues	353	283.2	701.3	591.9
Transaction and clearing fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	304.5	268	635.3	649.8
Transaction and clearing fees | Futures | Operating Segments
Segment Reporting Information
Revenues	23	22.2	48.8	47.8
Transaction and clearing fees | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	40.6	33.3	90.7	68
Transaction and clearing fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	14.1	11.5	28.7	23.9
Transaction and clearing fees | Digital | Operating Segments
Segment Reporting Information
Revenues	0.1		0.1
Access and capacity fees
Segment Reporting Information
Revenues	81.8	67.1	159.7	133.5
Access and capacity fees | Options | Operating Segments
Segment Reporting Information
Revenues	38.3	29.6	74.1	59
Access and capacity fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	27.3	23.8	53.3	47.2
Access and capacity fees | Futures | Operating Segments
Segment Reporting Information
Revenues	5.2	4.3	9.7	8.7
Access and capacity fees | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	8.7	7.2	18	14.3
Access and capacity fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	2.3	2.2	4.6	4.3
Market data fees
Segment Reporting Information
Revenues	68.8	62.8	139.5	126.6
Market data fees | Options | Operating Segments
Segment Reporting Information
Revenues	27.1	21	53	41.5
Market data fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	31.2	34.8	65.4	72.3
Market data fees | Futures | Operating Segments
Segment Reporting Information
Revenues	2.1	1.7	4.1	3.3
Market data fees | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	8.1	5.1	16.4	9.1
Market data fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	0.3	0.2	0.6	0.4
Regulatory fees
Segment Reporting Information
Revenues	86.8	36.9	129.4	138.4
Regulatory fees | Options | Operating Segments
Segment Reporting Information
Revenues	17.9	10.7	28.6	29.8
Regulatory fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	68.7	26.1	100.6	108.5
Regulatory fees | Futures | Operating Segments
Segment Reporting Information
Revenues	0.2	0.1	0.2	0.1
Other revenue
Segment Reporting Information
Revenues	13.1	15.8	26.8	31.7
Other revenue | Corporate Items and Eliminations
Segment Reporting Information
Revenues				0.3
Other revenue | Options | Operating Segments
Segment Reporting Information
Revenues	1.9	5.5	3.8	10.2
Other revenue | North American Equities | Operating Segments
Segment Reporting Information
Revenues	1.1	0.8	1.9	1.7
Other revenue | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	10	9.5	20.9	19.5
Other revenue | Global FX | Operating Segments
Segment Reporting Information
Revenues	0.1		0.2
Cash and spot markets
Segment Reporting Information
Revenues	458.5	372.7	920.4	921.6
Cash and spot markets | Transaction and clearing fees
Segment Reporting Information
Revenues	359.2	312.7	754.7	741.6
Cash and spot markets | Market data fees
Segment Reporting Information
Revenues	19.3	23.9	42.2	50.8
Cash and spot markets | Regulatory fees
Segment Reporting Information
Revenues	68.7	26.1	100.6	108.5
Cash and spot markets | Other revenue
Segment Reporting Information
Revenues	11.3	10	22.9	20.7
Data and access solutions
Segment Reporting Information
Revenues	123.9	103	242.8	203.6
Data and access solutions | Access and capacity fees
Segment Reporting Information
Revenues	81.8	67.1	159.7	133.5
Data and access solutions | Market data fees
Segment Reporting Information
Revenues	41	30.9	80.6	60.6
Data and access solutions | Other revenue
Segment Reporting Information
Revenues	1.1	5	2.5	9.5
Derivatives markets
Segment Reporting Information
Revenues	403.4	325.1	797.1	686.4
Derivatives markets | Transaction and clearing fees
Segment Reporting Information
Revenues	376.1	305.5	750.2	639.8
Derivatives markets | Market data fees
Segment Reporting Information
Revenues	8.5	8	16.7	15.2
Derivatives markets | Regulatory fees
Segment Reporting Information
Revenues	18.1	10.8	28.8	29.9
Derivatives markets | Other revenue
Segment Reporting Information
Revenues	$ 0.7	$ 0.8	$ 1.4	$ 1.5

REVENUE RECOGNITION - Rollforwa

REVENUE RECOGNITION - Rollforward of contract liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	$ 15.3
Cash Additions	18.3
Revenue Recognized	(10.9)
Ending Balance	22.7
Liquidity provider sliding scale
Revenue recognized from contract liabilities and remaining balance
Cash Additions	7.2
Revenue Recognized	(3.6)
Ending Balance	3.6
Other, net
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	15.3
Cash Additions	11.1
Revenue Recognized	(7.3)
Ending Balance	$ 19.1

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Millions				3 Months Ended		6 Months Ended
	Jun. 01, 2022 USD ($)	May 02, 2022 USD ($)	Jul. 01, 2021 USD ($) item	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Acquisitions
Goodwill						$ 592.5
Contingent consideration liabilities				$ 102.1		102.1		$ 70.5
Acquisition-related costs				14.3	$ 1.8	16.3	$ 5.2
Professional fees				24.1	22.4	43.8	38
Impairment charge of goodwill				460.1		460.1
Cboe Asia Pacific
Acquisitions
Goodwill			$ 137
Intangible assets			73.8
Working capital			25.7
Contingent consideration liabilities			$ 53
Number of key capital markets | item			2
ErisX
Acquisitions
Goodwill		$ 460.1
Intangible assets		95
Working capital		9.2
Gain on change in fair value		$ 7.5
Impairment charge of goodwill						460.1
NEO
Acquisitions
Goodwill	$ 132.4
Intangible assets	130.1
Working capital	(6.9)
Contingent consideration liabilities	$ 54.3
Acquisitions
Acquisitions
Acquisition-related costs				$ 14.3	$ 1.8	$ 16.3	5.2
Professional fees							4.6
Impairment charge of goodwill							$ 0.6

ACQUISITIONS - Intangible asset

ACQUISITIONS - Intangible assets acquired (Details) - USD ($) $ in Millions	Jun. 01, 2022	May 02, 2022	Jul. 01, 2021
Cboe Asia Pacific
Acquisitions
Total identifiable intangible assets			$ 73.8
ErisX
Acquisitions
Total identifiable intangible assets		$ 95
NEO
Acquisitions
Total identifiable intangible assets	$ 130.1
Customer relationships | Cboe Asia Pacific
Acquisitions
Finite-lived intangible assets acquired			$ 60.1
Useful Life (Years)			30 years
Customer relationships | NEO
Acquisitions
Finite-lived intangible assets acquired	$ 92.9
Useful Life (Years)	15 years
Technology | Cboe Asia Pacific
Acquisitions
Finite-lived intangible assets acquired			$ 7.5
Useful Life (Years)			2 years
Technology | ErisX
Acquisitions
Finite-lived intangible assets acquired		$ 70
Useful Life (Years)		10 years
Technology | NEO
Acquisitions
Finite-lived intangible assets acquired	$ 11.6
Useful Life (Years)	7 years
Trademarks and tradenames | NEO
Acquisitions
Finite-lived intangible assets acquired	$ 2.3
Useful Life (Years)	2 years
Trading registrations and licenses | Cboe Asia Pacific
Acquisitions
Indefinite-lived intangible assets acquired			$ 6.2
Trading registrations and licenses | ErisX
Acquisitions
Indefinite-lived intangible assets acquired		$ 25
Trading registrations and licenses | NEO
Acquisitions
Indefinite-lived intangible assets acquired	$ 23.3

INVESTMENTS - Schedule of inves

INVESTMENTS - Schedule of investments (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Schedule of Cost and Equity Method Investments
Total equity method investments	$ 207.6	$ 207.6	$ 209.5
Total other equity investments	35.9	35.9	36.3
Total investments	243.5	243.5	245.8
Investment in 7Ridge Investments 3 LP
Schedule of Cost and Equity Method Investments
Total equity method investments	207.6	207.6	209.5
Investment in Eris Exchange Holdings, LLC
Schedule of Cost and Equity Method Investments
Total other equity investments	20	20	20
Investment in CSD Br
Schedule of Cost and Equity Method Investments
Total other equity investments	5.9	5.9
Investment in Coin Metrics Inc.
Schedule of Cost and Equity Method Investments
Total other equity investments	5	5
Investment in Cboe Vest Financial Group, Inc.
Schedule of Cost and Equity Method Investments
Total other equity investments	2.9	2.9	2.9
Investment in OCC
Schedule of Cost and Equity Method Investments
Total other equity investments	0.3	$ 0.3	0.3
Investment percentage		20%
Investment in American Financial Exchange, LLC
Schedule of Cost and Equity Method Investments
Total other equity investments			10.6
Impairment charge	10.6
Investment in Eris Digital Holdings, LLC
Schedule of Cost and Equity Method Investments
Total other equity investments			1.1
Other equity investments
Schedule of Cost and Equity Method Investments
Total other equity investments	$ 1.8	$ 1.8	$ 1.4

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property and Equipment, Net
Total property and equipment	$ 351.7		$ 351.7		$ 342.6
Less accumulated depreciation	(244.2)		(244.2)		(237.4)
Total property and equipment, net	107.5		107.5		105.2
Depreciation expense	8.6	$ 8.2	17.2	$ 15.6
Construction in progress
Property and Equipment, Net
Total property and equipment	2.5		2.5		17.3
Building
Property and Equipment, Net
Total property and equipment	68.8		68.8		68.8
Furniture and equipment
Property and Equipment, Net
Total property and equipment	$ 280.4		$ 280.4		$ 256.5

PROPERTY AND EQUIPMENT, NET - H

PROPERTY AND EQUIPMENT, NET - Headquarters location (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Property and Equipment, Net
Property held and used	$ 107.5	$ 105.2
Land	2.3	2.3
Property and equipment	107.5	$ 105.2
Chicago Headquarters Location
Property and Equipment, Net
Property held and used	10.7
Land	2.3
Property and equipment	$ 8.4

CREDIT LOSSES (Details)

CREDIT LOSSES (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Credit losses
Allowance balance at beginning of period	$ 31.1
Current period provision for expected credit losses	0.6
Recoveries collected	(0.3)
Allowance balance at end of period	31.4
Notes receivable
Credit losses
Allowance balance at beginning of period	30.1
Allowance balance at end of period	30.1
Accounts receivable
Credit losses
Allowance balance at beginning of period	1
Current period provision for expected credit losses	0.6
Recoveries collected	(0.3)
Allowance balance at end of period	$ 1.3

OTHER ASSETS, NET (Details)

OTHER ASSETS, NET (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Intangible Assets
Less accumulated depreciation and amortization	$ (74.6)		$ (74.6)		$ (70.9)
Data processing software, net	39.7		39.7		38.5
Other assets	100.7		100.7		87.3
Total other assets, net	140.4		140.4		125.8
Notes receivable, net	92		92		79.3
Amortization expense	29.8	$ 30.6	60.4	$ 63.5
Software development work in progress
Intangible Assets
Software	5.5		5.5		5.6
Data processing software
Intangible Assets
Software	108.8		108.8		$ 103.8
Amortization expense	$ 1.8	$ 1.8	$ 3.5	$ 3.5

GOODWILL, INTANGIBLE ASSETS, _3

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Goodwill by segment (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Goodwill
Balance at beginning of the period		$ 3,025.4
Adjustment		3.4
Additions		592.5
Impairment	$ (460.1)	(460.1)
Changes in foreign currency exchange rates		(29.2)
Balance at end of the period	3,132	3,132
Deferred tax benefit		142.3	$ (5.9)
Carrying value	243.5	243.5		$ 245.8
Options
Goodwill
Balance at beginning of the period		305.8
Balance at end of the period	305.8	305.8
North American Equities
Goodwill
Balance at beginning of the period		1,876.9
Additions		132.4
Changes in foreign currency exchange rates		(0.5)
Balance at end of the period	2,008.8	2,008.8
Europe and Asia Pacific
Goodwill
Balance at beginning of the period		575.5
Adjustment		3.4
Changes in foreign currency exchange rates		(28.7)
Balance at end of the period	550.2	550.2
Global FX
Goodwill
Balance at beginning of the period		267.2
Balance at end of the period	267.2	267.2
Digital
Goodwill
Additions		460.1
Impairment	460.1	(460.1)
Deferred tax benefit	116.2
Decrease in carrying value	343.9	343.9
Carrying value	220	220
Intangible asset impairment		0
Futures
Goodwill
Balance at end of the period	$ 0	$ 0

GOODWILL, INTANGIBLE ASSETS, _4

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Intangible assets by segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Intangible Assets
Balance at beginning of the period			$ 1,668.6
Additions			226
Amortization	$ (29.8)	$ (30.6)	(60.4)	$ (63.5)
Changes in foreign currency exchange rates			(41.4)
Balance at end of the period	1,792.8		1,792.8
Options
Intangible Assets
Balance at beginning of the period			159.1
Amortization			(6.6)
Balance at end of the period	152.5		152.5
North American Equities
Intangible Assets
Balance at beginning of the period			991.4
Additions			130.1
Amortization			(30.1)
Changes in foreign currency exchange rates			(0.5)
Balance at end of the period	1,090.9		1,090.9
Europe and Asia Pacific
Intangible Assets
Balance at beginning of the period			426.4
Amortization			(12.7)
Changes in foreign currency exchange rates			(40.9)
Balance at end of the period	372.8		372.8
Global FX
Intangible Assets
Balance at beginning of the period			91.7
Amortization			(9.7)
Balance at end of the period	82		82
Digital
Intangible Assets
Additions			95.9
Amortization			(1.3)
Balance at end of the period	$ 94.6		$ 94.6

GOODWILL, INTANGIBLE ASSETS, _5

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Estimated Future Amortization (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD
Amortization expense	$ 29.8	$ 30.6	$ 60.4	$ 63.5
Amortization expense
Future amortization expense, remainder of 2022	65.1		65.1
2023	119.5		119.5
2024	95.5		95.5
2025	84.5		84.5
2026	$ 77.3		$ 77.3

GOODWILL, INTANGIBLE ASSETS, _6

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Intangible assets by category (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Intangible Assets
Intangible assets, net	$ 1,792.8	$ 1,668.6
Customer relationships | Weighted Average
Intangible Assets
Amortization period (in years)	16 years	17 years
Market data customer relationships | Weighted Average
Intangible Assets
Amortization period (in years)	10 years	10 years
Technology | Weighted Average
Intangible Assets
Amortization period (in years)	8 years	5 years
Trademarks and tradenames | Weighted Average
Intangible Assets
Amortization period (in years)	6 years	8 years
Options
Intangible Assets
Accumulated amortization	$ (84.2)	$ (77.6)
Intangible assets, net	152.5	159.1
Options | Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	46.6	46.6
Options | Market data customer relationships
Intangible Assets
Finite-lived intangible assets, gross	53.6	53.6
Options | Technology
Intangible Assets
Finite-lived intangible assets, gross	28.1	28.1
Options | Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	12.9	12.9
Options | Trading registrations and licenses
Intangible Assets
Indefinite-lived intangible assets, gross	95.5	95.5
North American Equities
Intangible Assets
Accumulated amortization	(380.1)	(349.8)
Intangible assets, net	1,090.9	991.4
North American Equities | Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	471	378.3
North American Equities | Market data customer relationships
Intangible Assets
Finite-lived intangible assets, gross	322	322
North American Equities | Technology
Intangible Assets
Finite-lived intangible assets, gross	52.7	41.1
North American Equities | Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	10.1	7.8
North American Equities | Trading registrations and licenses
Intangible Assets
Indefinite-lived intangible assets, gross	615.2	592
Europe and Asia Pacific
Intangible Assets
Accumulated amortization	(129.8)	(130.3)
Intangible assets, net	372.8	426.4
Europe and Asia Pacific | Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	209.3	232.3
Europe and Asia Pacific | Market data customer relationships
Intangible Assets
Finite-lived intangible assets, gross	58.6	65.2
Europe and Asia Pacific | Technology
Intangible Assets
Finite-lived intangible assets, gross	32.8	35.6
Europe and Asia Pacific | Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	2.3	2.5
Europe and Asia Pacific | Trading registrations and licenses
Intangible Assets
Indefinite-lived intangible assets, gross	199.6	221.1
Global FX
Intangible Assets
Accumulated amortization	(146.1)	(136.4)
Intangible assets, net	82	91.7
Global FX | Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	140	140
Global FX | Market data customer relationships
Intangible Assets
Finite-lived intangible assets, gross	64.4	64.4
Global FX | Technology
Intangible Assets
Finite-lived intangible assets, gross	22.5	22.5
Global FX | Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	1.2	$ 1.2
Digital
Intangible Assets
Accumulated amortization	(1.3)
Intangible assets, net	94.6
Digital | Technology
Intangible Assets
Finite-lived intangible assets, gross	70
Digital | Trading registrations and licenses
Intangible Assets
Indefinite-lived intangible assets, gross	25
Digital | Digital assets held
Intangible Assets
Indefinite-lived intangible assets, gross	$ 0.9

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Compensation and benefit-related liabilities	$ 51.7	$ 68.6
Royalties	27.3	23
Current unrecognized tax benefits	92
Accrued liabilities	74.3	73.3
Rebates payable	111.2	95.3
Marketing fee payable	14.2	15.7
Accounts payable	35.2	19.5
Total accounts payable and accrued liabilities	$ 405.9	$ 295.4

DEBT - Schedule of long-term de

DEBT - Schedule of long-term debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 16, 2022	Dec. 31, 2021	Dec. 15, 2020	Mar. 22, 2018	Jan. 12, 2017
Debt Instrument
Total debt	$ 1,959.2		$ 1,299.3
Debt issuance costs	(9.4)
Balance drawn from revolving credit facility	0
Term Loan Agreement
Debt Instrument
Total debt	524.6		159.5
Debt instrument face amount					$ 300
3.000% Senior Notes due March 2032
Debt Instrument
Total debt	295.8
Debt instrument face amount	$ 300	$ 300
Interest rate (as a percent)	3%	3%
1.625% Senior Notes due December 2030
Debt Instrument
Total debt	$ 493.7		493.3
Debt instrument face amount	$ 500		$ 500	$ 500
Interest rate (as a percent)	1.625%	1.625%	1.625%	1.625%
3.650% Senior Notes due January 2027
Debt Instrument
Total debt	$ 646.9		$ 646.5
Debt instrument face amount	$ 650		$ 650			$ 650
Interest rate (as a percent)	3.65%	3.65%	3.65%			3.65%
Revolving Credit Agreement
Debt Instrument
Total debt	$ 0
Debt issuance costs	$ (1.8)

DEBT (Details)

DEBT (Details) € in Millions, $ in Millions								6 Months Ended
	Jun. 30, 2022 USD ($) subsidiary	May 31, 2022 USD ($)	Apr. 29, 2022 USD ($)	Mar. 29, 2022 USD ($)	Feb. 25, 2022 USD ($) subsidiary	Jun. 25, 2021 USD ($)	Jul. 01, 2020 USD ($)	Jun. 30, 2022 USD ($) subsidiary	Jun. 30, 2021 USD ($)	Jun. 30, 2022 EUR (€) subsidiary	Mar. 16, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 01, 2021 EUR (€)	Dec. 15, 2020 USD ($)	Jul. 01, 2020 EUR (€)	Mar. 22, 2018 USD ($)	Jan. 12, 2017 USD ($)
Debt Instrument
Repayments of outstanding indebtedness									$ 20
Proceeds from long-term debt								$ 663.6	$ 110
Borrowings outstanding	$ 1,959.2							$ 1,959.2				$ 1,299.3
Floor Rate
Debt Instrument
Interest rate margin (as a percent)								1%
Dollars SFOR
Debt Instrument
Interest rate margin (as a percent)								0.10%
Sterling SONIA
Debt Instrument
Interest rate margin (as a percent)								0.0326%
Euros EURIBOR
Debt Instrument
Interest rate margin (as a percent)								0%
Term Loan Agreement
Debt Instrument
Debt instrument face amount																$ 300
Minimum consolidated interest ratio								4
Maximum consolidated leverage ratio	3.50							3.50		3.50
Maximum consolidated leverage ratio, scenario one	4.25							4.25		4.25
Maximum consolidated leverage ratio, scenario two	4							4		4
Borrowings outstanding	$ 524.6							$ 524.6				159.5
Amended term loan agreement
Debt Instrument
Proceeds from long-term debt		$ 175	$ 190	$ 400		$ 110
Amended term loan agreement | Secured Overnight Financing Rate ("SOFR")
Debt Instrument
Interest rate margin (as a percent)				0.65%
Amended term loan agreement | Prime Rate
Debt Instrument
Interest rate margin (as a percent)				0.50%
Senior Notes
Debt Instrument
Redemption price								101%
3.000% Senior Notes due March 2032
Debt Instrument
Debt instrument face amount	$ 300							$ 300			$ 300
Interest rate (as a percent)	3%							3%		3%	3%
Borrowings outstanding	$ 295.8							$ 295.8
1.625% Senior Notes due December 2030
Debt Instrument
Debt instrument face amount	$ 500							$ 500				$ 500		$ 500
Interest rate (as a percent)	1.625%							1.625%		1.625%	1.625%	1.625%		1.625%
Borrowings outstanding	$ 493.7							$ 493.7				$ 493.3
3.650% Senior Notes due January 2027
Debt Instrument
Debt instrument face amount	$ 650							$ 650				$ 650					$ 650
Interest rate (as a percent)	3.65%							3.65%		3.65%	3.65%	3.65%					3.65%
Borrowings outstanding	$ 646.9							$ 646.9				$ 646.5
Revolving Credit Agreement
Debt Instrument
Minimum consolidated interest ratio								4
Minimum consolidated interest ratio, scenario one								4.25
Minimum consolidated interest ratio, scenario two								4
Maximum consolidated leverage ratio	3.50							3.50		3.50
Credit facility, maximum borrowing capacity					$ 400
Term of facility					3 years
Maximum borrowing capacity, increase limit					$ 200
Maximum borrowing capacity, total with increase					$ 600
Number of subsidiaries designated as additional borrowers | subsidiary	0							0		0
Borrowings outstanding	$ 0							$ 0
Borrowing capacity available	$ 400							$ 400
Revolving Credit Agreement | Minimum
Debt Instrument
Interest rate margin (as a percent)								0.75%
Number of subsidiaries that may be designated as additional borrowers | subsidiary					1
Revolving Credit Agreement | Maximum
Debt Instrument
Interest rate margin (as a percent)								1.25%
Revolving Credit Agreement | Prime Rate | Minimum
Debt Instrument
Interest rate margin (as a percent)								0%
Revolving Credit Agreement | Prime Rate | Maximum
Debt Instrument
Interest rate margin (as a percent)								0.25%
Revolving Credit Agreement | Swing Line Sub-Facility
Debt Instrument
Credit facility, maximum borrowing capacity					$ 25
EuroCCP | 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 | €										1,250
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 | €													€ 20		€ 24
EuroCCP | Credit Facility | Minimum
Debt Instrument
Credit facility, maximum borrowing capacity | €										1,250
Maximum borrowing capacity, total with increase | €										1,750
Debt instrument, amount to meet minimum liquidity regulations | €										20
EuroCCP | Credit Facility | Maximum
Debt Instrument
Credit facility, maximum borrowing capacity | €										1,500
Maximum borrowing capacity, total with increase | €										2,000
Debt instrument, amount to meet minimum liquidity regulations | €										€ 30
EuroCCP | Credit Facility | Base Rate
Debt Instrument
Interest rate margin (as a percent)							1.75%
EuroCCP | Credit Facility | Base Rate | Minimum
Debt Instrument
Interest rate margin (as a percent)	1.60%
EuroCCP | Credit Facility | Base Rate | Maximum
Debt Instrument
Interest rate margin (as a percent)	1.75%
EuroCCP | Credit Facility | Federal Funds Effective Rate
Debt Instrument
Interest rate margin (as a percent)							0.50%
ErisX | Amended term loan agreement
Debt Instrument
Proceeds from long-term debt			$ 190
NEO | Amended term loan agreement
Debt Instrument
Proceeds from long-term debt		$ 175

DEBT - Debt repayments (Details

DEBT - Debt repayments (Details) - USD ($) $ in Millions	May 01, 2020	Jun. 30, 2022	Dec. 31, 2021
Long-term Debt
2023		$ 525
Thereafter		1,450
Principal amounts repayable		1,975
Debt issuance costs		(9.4)
Unamortized discounts on notes		(6.4)
Total debt outstanding		$ 1,959.2	$ 1,299.3
ErisX | Paycheck Protection Program ("PPP")
Debt
Proceeds from loan subsequently forgiven	$ 1.3

DEBT - Interest Expense (Detail

DEBT - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt - components of interest expense
Contractual interest	$ 14.4	$ 11.7	$ 25.6	$ 23.4
Amortization of debt discount and issuance costs	0.7	0.7	1.2	1.4
Interest expense	15.1	12.4	26.8	24.8
Interest income	(0.5)	(0.1)	(1.4)	(0.2)
Interest expense, net	$ 14.6	$ 12.3	$ 25.4	$ 24.6

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022
AOCI Rollforward
Beginning balance	$ 3,567.3	$ 3,604.8	$ 3,404.2	$ 3,348.9	$ 3,604.8
Other comprehensive loss	(61)	(26.5)	6	4.8
Ending balance	3,261.9	3,567.3	3,442.5	3,404.2	3,261.9
Accumulated other comprehensive income (loss), net
AOCI Rollforward
Beginning balance	29.1	55.6	79.8	75	55.6
Other comprehensive loss	(61)	(26.5)	6	4.8	(87.5)
Ending balance	(31.9)	29.1	$ 85.8	$ 79.8	(31.9)
Foreign Currency Translation Adjustment
AOCI Rollforward
Beginning balance		55.4			55.4
Other comprehensive loss					(87.4)
Ending balance	(32)				(32)
Unrealized Investment Loss
AOCI Rollforward
Beginning balance		(0.1)			(0.1)
Other comprehensive loss					(0.1)
Ending balance	(0.2)				(0.2)
Post-Retirement Benefits
AOCI Rollforward
Beginning balance		$ 0.3			0.3
Ending balance	$ 0.3				$ 0.3

CLEARING OPERATIONS - Narrative

CLEARING OPERATIONS - Narrative (Details) - EuroCCP	1 Months Ended	6 Months Ended
	Sep. 30, 2021 item	Jun. 30, 2022 Counterparty item
Clearing Operations
Number of European markets | item	6	18
Number of central counterparties | Counterparty		2
Default and liquid waterfalls regulatory capital		25%

CLEARING OPERATIONS - Clearing

CLEARING OPERATIONS - Clearing participant (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Clearing Operations
Cash Contributions	$ 1,478.3	$ 1,169.2
Non-Cash Contributions	676.2	421.5
Total Contributions	2,154.5	1,590.7
Margin deposits
Clearing Operations
Cash Contributions	850.8	600
Non-Cash Contributions	517.8	287
Total Contributions	1,368.6	887
Clearing funds
Clearing Operations
Cash Contributions	112.7	145.9
Non-Cash Contributions	41.4	41.9
Total Contributions	154.1	187.8
Interoperability funds
Clearing Operations
Cash Contributions	514.8	423.3
Non-Cash Contributions	117	92.6
Total Contributions	$ 631.8	$ 515.9

CLEARING OPERATIONS - Eris Clea

CLEARING OPERATIONS - Eris Clearing (Details) $ in Millions	Jun. 30, 2022 USD ($) jurisdiction
Clearing Operations
Cash deposits	$ 23.7
Digital assets - safeguarded assets	22.4
Total	$ 46.1
Eris Clearing
Clearing Operations
Number Of U.S. Jurisdictions authorized | jurisdiction	51

CLEARING OPERATIONS - Valuation

CLEARING OPERATIONS - Valuation (Details) $ / shares in Units, $ in Millions	Jun. 30, 2022 USD ($) item $ / shares
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Fair Value	$ 22.4
Bitcoin
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units | item	674
Valuation | $ / shares	$ 18,720
Fair Value	$ 12.6
Ethereum
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units | item	7,232
Valuation | $ / shares	$ 1,010
Fair Value	$ 7.3
Litecoin
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units | item	11,869
Valuation | $ / shares	$ 51
Fair Value	$ 0.6
Bitcoin Cash
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units | item	3,459
Valuation | $ / shares	$ 99
Fair Value	$ 0.4
USD Coin
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units | item	1,507,706
Valuation | $ / shares	$ 1
Fair Value	$ 1.5

FAIR VALUE MEASUREMENT - Fair v

FAIR VALUE MEASUREMENT - Fair value hierarchy for assets and liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets:
Digital assets - safeguarded assets	$ 22.4
Total assets	91.8	$ 37.1
Liabilities:
Contingent consideration liabilities	102.1	70.5
Digital assets - safeguarded liabilities	22.4
Total liabilities	2,109.2	1,397.8
Level 1
Assets:
Digital assets - safeguarded assets	22.4
Total assets	91.8	37.1
Liabilities:
Digital assets - safeguarded liabilities	22.4
Total liabilities	47.9	28
Level 2
Liabilities:
Total liabilities	1,959.2	1,299.3
Level 3
Liabilities:
Contingent consideration liabilities	102.1	70.5
Total liabilities	102.1	70.5
Recurring
Assets:
Digital assets - safeguarded assets	22.4
Total assets	90.9	37.1
Liabilities:
Contingent consideration liabilities	102.1	70.5
Digital assets - safeguarded liabilities	22.4
Total liabilities	124.5	70.5
Recurring | U.S. Treasury securities
Assets:
Total assets	43	9.1
Recurring | Marketable securities | Mutual funds
Assets:
Total assets	16.1	18.4
Recurring | Marketable securities | Money market funds
Assets:
Total assets	9.4	9.6
Recurring | Level 1
Assets:
Digital assets - safeguarded assets	22.4
Total assets	90.9	37.1
Liabilities:
Digital assets - safeguarded liabilities	22.4
Total liabilities	22.4
Recurring | Level 1 | U.S. Treasury securities
Assets:
Total assets	43	9.1
Recurring | Level 1 | Marketable securities | Mutual funds
Assets:
Total assets	16.1	18.4
Recurring | Level 1 | Marketable securities | Money market funds
Assets:
Total assets	9.4	9.6
Recurring | Level 3
Liabilities:
Contingent consideration liabilities	102.1	70.5
Total liabilities	$ 102.1	$ 70.5

FAIR VALUE MEASUREMENT - Fair_2

FAIR VALUE MEASUREMENT - Fair value hierarchy of financial instruments held (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets:
U.S. Treasury securities	$ 43	$ 9.1
Deferred compensation plan assets	25.5	28
Digital assets - safeguarded assets	22.4
Digital assets held	0.9
Total assets	91.8	37.1
Liabilities:
Contingent consideration liabilities	102.1	70.5
Deferred compensation plan liabilities	25.5	28
Digital assets - safeguarded liabilities	22.4
Debt	1,959.2	1,299.3
Total liabilities	2,109.2	1,397.8
Level 1
Assets:
U.S. Treasury securities	43	9.1
Deferred compensation plan assets	25.5	28
Digital assets - safeguarded assets	22.4
Digital assets held	0.9
Total assets	91.8	37.1
Liabilities:
Deferred compensation plan liabilities	25.5	28
Digital assets - safeguarded liabilities	22.4
Total liabilities	47.9	28
Level 2
Liabilities:
Debt	1,959.2	1,299.3
Total liabilities	1,959.2	1,299.3
Level 3
Liabilities:
Contingent consideration liabilities	102.1	70.5
Total liabilities	$ 102.1	$ 70.5

FAIR VALUE MEASUREMENT - Narrat

FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting Information
Contingent consideration liabilities	$ 102.1		$ 70.5
Payment of contingent consideration liabilities	25.9	$ 6.5
Hanweck, FT Options, Trade Alert And Cboe Asia Pacific
Segment Reporting Information
Payment of contingent consideration liabilities	8.5
Recurring
Segment Reporting Information
Contingent consideration liabilities	$ 102.1		$ 70.5

FAIR VALUE MEASUREMENT - Fair_3

FAIR VALUE MEASUREMENT - Fair values of debt obligations (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 16, 2022	Dec. 31, 2021	Dec. 15, 2020	Jan. 12, 2017
Debt
Debt obligations	$ 1,959.2		$ 1,299.3
Level 2
Debt
Debt obligations	1,959.2		1,299.3
Term Loan Agreement | Level 2
Debt
Debt obligations	$ 507.7		$ 160.1
3.650% Senior Notes due January 2027
Debt
Interest rate (as a percent)	3.65%	3.65%	3.65%		3.65%
3.650% Senior Notes due January 2027 | Level 2
Debt
Debt obligations	$ 636.1		$ 702.6
1.625% Senior Notes due December 2030
Debt
Interest rate (as a percent)	1.625%	1.625%	1.625%	1.625%
1.625% Senior Notes due December 2030 | Level 2
Debt
Debt obligations	$ 410.1		$ 470.9
3.000% Senior Notes due March 2032
Debt
Interest rate (as a percent)	3%	3%
3.000% Senior Notes due March 2032 | Level 2
Debt
Debt obligations	$ 267.5

FAIR VALUE MEASUREMENT - Change

FAIR VALUE MEASUREMENT - Changes in fair value of Level 3 financial liabilities (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Changes in fair value of level 3 financial liabilities
Balance at Beginning of Period	$ 53.3	$ 70.5
Additions	57.7	57.7
Settlements	(8.5)	(25.9)
Foreign Currency Translation	(0.4)	(0.2)
Balance at End of Period	102.1	102.1
Contingent consideration liability
Changes in fair value of level 3 financial liabilities
Balance at Beginning of Period	53.3	70.5
Additions	57.7	57.7
Settlements	(8.5)	(25.9)
Foreign Currency Translation	(0.4)	(0.2)
Balance at End of Period	$ 102.1	$ 102.1

SEGMENT REPORTING - Summarized

SEGMENT REPORTING - Summarized financial information by reportable segment (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022 USD ($) segment	Mar. 31, 2022 segment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting Information
Number of reportable segments | segment	6	5		6
Revenues	$ 985.8		$ 800.8	$ 1,960.3	$ 1,811.6
Operating income (loss)	(237.4)		190	2.3	394.6
Operating Segments | Options
Segment Reporting Information
Revenues	438.2		350	860.8	732.4
Operating income (loss)	178.1		125.2	340.8	253.9
Operating Segments | North American Equities
Segment Reporting Information
Revenues	432.8		353.5	856.5	879.5
Operating income (loss)	32.6		37.4	71.2	82.5
Operating Segments | Europe and Asia Pacific
Segment Reporting Information
Revenues	67.4		55.1	146	110.9
Operating income (loss)	10.7		13.3	31.6	27.8
Operating Segments | Futures
Segment Reporting Information
Revenues	30.5		28.3	62.8	59.9
Operating income (loss)	15.3		15.3	32.3	32.8
Operating Segments | Global FX
Segment Reporting Information
Revenues	16.8		13.9	34.1	28.6
Operating income (loss)	2.7		0.4	5.1	1.6
Operating Segments | Digital
Segment Reporting Information
Revenues	0.1			0.1
Operating income (loss)	(473.6)			(473.6)
Corporate Items and Eliminations
Segment Reporting Information
Revenues					0.3
Operating income (loss)	$ (3.2)		$ (1.6)	$ (5.1)	$ (4)

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Outside of the U.S.
Defined Contribution Plan
Company contribution amount	$ 0.7	$ 0.3	$ 1.6	$ 0.9
SMART Plan
Defined Contribution Plan
Total assets in the trust			25.5		$ 28
Company contribution amount	$ 2.8	$ 2.8	$ 6.1	$ 5

REGULATORY CAPITAL (Details)

REGULATORY CAPITAL (Details) $ in Millions	Jun. 30, 2022 USD ($) Test
Cboe Trading
Regulatory Requirement
Capital	$ 16.4
Minimum Requirement	1.2
BIDS Trading
Regulatory Requirement
Capital	9.1
Minimum Requirement	0.2
Cboe Europe
Regulatory Requirement
Capital	37.3
Minimum Requirement	27.8
Cboe Chi-X Europe
Regulatory Requirement
Capital	0.3
Minimum Requirement	0.1
Capital resources requirement	0.1
Cboe NL
Regulatory Requirement
Capital	9.3
Minimum Requirement	5.5
EuroCCP
Regulatory Requirement
Capital	58.2
Minimum Requirement	38.6
MATCHNow
Regulatory Requirement
Capital	5.2
Minimum Requirement	0.2
CFE
Regulatory Requirement
Capital	85.3
Minimum Requirement	$ 68.6
Number of capital adequacy tests required to be met | Test	2
SEF
Regulatory Requirement
Capital	$ 2.4
Minimum Requirement	$ 0.9
Number of capital adequacy tests required to be met | Test	2
Eris Exchange
Regulatory Requirement
Capital	$ 9.3
Minimum Requirement	$ 4
Number of capital adequacy tests required to be met | Test	2
Eris Clearing
Regulatory Requirement
Capital	$ 11.6
Minimum Requirement	$ 3.8
Number of capital adequacy tests required to be met | Test	2
Cboe Australia
Regulatory Requirement
Capital	$ 4.2
Minimum Requirement	4.2
Cboe Japan
Regulatory Requirement
Capital	5.9
Minimum Requirement	$ 2.7
Minimum required regulatory capital ratio (as a percent)	120%
Cboe Trading and 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

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2022	Feb. 28, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense			$ 7	$ 5.5	$ 16.1	$ 17.2
Payments for the purchase of shares to satisfy the employee income tax withholdings					$ 8.6	$ 5.8
RSAs and RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares of common stock of which unit is convertible (in shares)			1		1
Vesting period					3 years
Qualified retirement eligibility age for grants awarded in and after 2017					55 years
Qualified retirement eligibility number of years of service for grants awarded in and after 2017					10 years
Shares purchased to satisfy the employee income tax withholdings (in shares)					66,954
Payments for the purchase of shares to satisfy the employee income tax withholdings					$ 8
Vested (in shares)					196,447
RSAs and RSUs | Director
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period					1 year
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares of common stock of which unit is convertible (in shares)			1		1
Vesting period					3 years
Shares purchased to satisfy the employee income tax withholdings (in shares)					5,245
Payments for the purchase of shares to satisfy the employee income tax withholdings					$ 0.6
Vested (in shares)					16,834
Risk-free interest rate	2.88%	1.75%
Volatility time period	3 years	3 years
Expected volatility	32.80%	32.20%
Correlation to S&P 500 Index time period	3 years	3 years
Correlation with S&P index	0.52	0.51
Unrecognized compensation expense			$ 47.3		$ 47.3
Unrecognized compensation expense, period for recognition					2 years
PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Units ultimately expected to be awarded					0%
PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Units ultimately expected to be awarded					200%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Vested (in shares)					178,563

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted stock activity (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2018	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Stock Purchase Plan
Compensation expense		$ 7,000,000	$ 5,500,000	$ 16,100,000	$ 17,200,000
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%
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		$ 100,000	$ 100,000	$ 200,000	$ 200,000
Shares were reserved for future issuance		637,225		637,225
ESPP | US.
Employee Stock Purchase Plan
Exercise price per share of common stock as a percent of fair market value	90%
ESPP | Outside of US
Employee Stock Purchase Plan
Exercise price per share of common stock as a percent of fair market value	85%
RSAs and RSUs
Number of shares
Beginning balance (in shares)				443,319
Granted (in shares)				300,266
Vested (in shares)				(196,447)
Forfeited (in shares)				(29,019)
Ending balance (in shares)		518,119		518,119
Weighted average grant date fair value
Beginning balance (in USD per share)				$ 99.22
Granted (in dollars per share)				118.65
Vested (in USD per share)				99.58
Forfeited (in USD per share)				101.93
Ending balance (in USD per share)		$ 110.19		$ 110.19
PSUs
Number of shares
Beginning balance (in shares)				152,410
Granted (in shares)				64,668
Vested (in shares)				(16,834)
Forfeited (in shares)				(33,542)
Ending balance (in shares)		166,702		166,702
Weighted average grant date fair value
Beginning balance (in USD per share)				$ 108.41
Granted (in dollars per share)				141.41
Vested (in USD per share)				96
Forfeited (in USD per share)				95.40
Ending balance (in USD per share)		$ 125.08		$ 125.08

EQUITY (Details)

EQUITY (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($) Vote / shares $ / shares shares	Mar. 31, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 $ / shares shares
Common Stock
Common stock, shares authorized (in shares)	325,000,000				325,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01				$ 0.01
Common stock, shares issued (in shares)	108,391,393				108,159,319
Common stock, shares outstanding (in shares)	106,062,246				106,646,498
Common stock, votes per share | Vote / shares	1
Common Stock in Treasury, at Cost
Common stock held in Treasury (in shares)	2,329,147				1,512,821
Purchase of Common Stock from Employees
Stock repurchased from employee stock plans (in shares)	1,525		1,441
Average price paid per share (in dollars per share) | $ / shares	$ 111.98		$ 111.70
Preferred stock
Preferred stock, shares authorized (in shares)	20,000,000				20,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01				$ 0.01
Preferred stock, shares issued (in shares)	0				0
Preferred stock, shares outstanding (in shares)	0				0
Dividends
Cash dividends declared (in dollars per share) | $ / shares	$ 0.48	$ 0.48	0.42	$ 0.42
Cash dividends paid (in dollars per share) | $ / shares	$ 0.48		$ 0.42
Aggregate payout | $	$ 51.2	$ 51.4	$ 45	$ 45.3

EQUITY - Share Repurchase Progr

EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				138 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2011
Share Repurchase Program
Authorized amount	$ 1,600				$ 1,600	$ 100
Number of shares of common stock repurchased	147,139		331,373		18,816,256
Average price paid per share	$ 106.12		$ 101.57		$ 69.98
Total purchase price	$ 15.6	$ 70	$ 33.7	$ 47.6	$ 1,300
Availability remaining under existing share repurchase authorizations	$ 233.3		$ 318.9		$ 233.3

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022 USD ($) case	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022 USD ($) case	Jun. 30, 2021	Nov. 29, 2018 case
GAAP effective tax rate	28.20%	41.10%		(134.80%)	34.80%
Goodwill impairment charge	$ 460.1			$ 460.1
UK Tax rate		25%	19%
Number of cases before the U.S. Tax Court | case	2			2		3
ErisX
Goodwill impairment charge				$ 460.1

(LOSS) EARNINGS PER SHARE (Deta

(LOSS) EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic (loss) and Diluted earnings per share numerator:
Net (loss) income	$ (184.5)	$ 105.5	$ (74.9)	$ 242.7
Net income allocated to participating securities		(0.3)		(0.7)
Net (loss) income allocated to common stockholders	$ (184.5)	$ 105.2	$ (74.9)	$ 242
Basic (loss) earnings per share denominator:
Weighted average shares outstanding (in shares)	106.3	106.8	106.5	107.1
Basic (loss) earnings per share (in dollars per share)	$ (1.74)	$ 0.99	$ (0.70)	$ 2.26
Diluted earnings per share denominator:
Weighted average shares outstanding (in shares)	106.3	106.8	106.5	107.1
Dilutive potential common shares outstanding (in shares)		0.1		0.2
Total dilutive weighted average shares (in shares)	106.3	106.9	106.5	107.3
Diluted (loss) earnings per share (in dollars per share)	$ (1.74)	$ 0.98	$ (0.70)	$ 2.26
Stock based compensation
Diluted earnings per share denominator:
Anti-dilutive shares excluded from the computation of diluted loss per share (in shares)	0.1	0	0.2	0

COMMITMENTS, CONTINGENCIES, A_2

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) $ in Millions	Sep. 28, 2018 claim	Jun. 30, 2022 USD ($)	Apr. 18, 2014 item
Loss Contingencies
2022		$ 14.5
2023		14.5
2024		14.5
2025		14.5
2026		$ 14.5
City of Providence | Pending Litigation
Loss Contingencies
The number of other securities exchanges a lawsuit has been filed against | item			14
VIX Litigation | Pending Litigation
Loss Contingencies
Number of Commodity Exchange Act claims | claim	3

LEASES (Details)

LEASES (Details) $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Oct. 31, 2021 USD ($) ft²	May 31, 2021 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Leases
Options to renew				true
Total lease liabilities			$ 159.3	$ 159.3	$ 144.8
Additional right of use assets				6.8
Additional operating lease liabilities				$ 6.8
Additional operating right of use assets related to acquisitions			1.3
Additional operating lease liabilities related to acquisitions			$ 1.3
Minimum
Leases
Renewal term			1 year	1 year
Maximum
Leases
Renewal term			5 years	5 years
Option to terminate period				1 year
Office space In London
Leases
Area of office space leased | ft²		21,000
Initial term		69 months
Renewal term		60 months
Total lease liabilities		$ 9.5
Office space in Amsterdam
Leases
Area of office space leased | ft²	29,500
Total lease liabilities	$ 9.2
Initial term of lease	120 months
Renewal Term	60 months

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
LEASES.
Operating lease right of use assets	$ 124.8	$ 110.1
Operating Lease, Right of Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent
Accrued liabilities	$ 19.9	15.6
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities, Current
Non-current operating lease liabilities	$ 139.4	129.2
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Non-current operating lease liabilities
Total lease liabilities	$ 159.3	$ 144.8

LEASES - Lease Costs and Other

LEASES - Lease Costs and Other Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
LEASES.
Operating lease costs	$ 7.8	$ 6.3	$ 15.2	$ 12.5
Weighted average remaining lease term (years)	10 years 3 months 18 days	11 years 6 months	10 years 3 months 18 days	11 years 6 months
Weighted average discount rate	3.10%	3.30%	3.10%	3.30%
Cash paid for amounts included in the measurement of lease liabilities	$ 5.5	$ 8.6	$ 10.8	$ 12.7
Right of use assets obtained in exchange for lease liabilities	$ 6.8	$ 9.7	$ 21.6	$ 10.7

LEASES - Maturities (Details)

LEASES - Maturities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Maturities of Lease Liabilities
Remainder of 2022	$ 10.5
2023	22.7
2024	17.3
2025	15.9
2026	17.2
After 2026	104.9
Total lease payments	188.5
Less: Interest	(29.2)
Present value of lease liabilities	159.3	$ 144.8
Minimum lease payments related to option to extend term	$ 20.4