Cboe Global Markets (CBOE) 10-Q5 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
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		105,574,464
Entity Central Index Key	0001374310
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 435.6	$ 432.7
Financial investments	80.2	91.7
Accounts receivable, net of $2.3 allowance for credit losses at March 31, 2023 and $2.2 at December 31, 2022	393.4	369.8
Margin deposits and clearing funds	1,452.8	543
Digital assets - safeguarded assets	42	22.9
Income taxes receivable	4.5	48.3
Other current assets	49.6	47.6
Total current assets	2,458.1	1,556
Investments	269.7	253.2
Land	2.3	2.3
Property and equipment, net	112.1	108.2
Operating lease right of use assets	110.1	111.7
Goodwill	3,128.4	3,122.8
Intangible assets, net	1,636.5	1,662.8
Other assets, net	186.3	181.9
Total assets	7,903.5	6,998.9
Current liabilities:
Accounts payable and accrued liabilities	368.2	420.2
Section 31 fees payable	75.4	147.1
Deferred revenue	21.7	11.7
Margin deposits and clearing funds	1,452.8	543
Digital assets - safeguarded liabilities	42	22.9
Income taxes payable	19.4	3.5
Current portion of long-term debt	304.8	304.7
Current portion of contingent consideration liabilities	19.2	24.1
Total current liabilities	2,303.5	1,477.2
Long-term debt	1,437.8	1,437.3
Non-current unrecognized tax benefits	210.5	196.1
Deferred income taxes	211.4	222.9
Non-current operating lease liabilities	126.9	129.3
Non-current portion of contingent consideration liabilities	15	15
Other non-current liabilities	59.7	55.8
Total liabilities	4,364.8	3,533.6
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at March 31, 2023 and December 31, 2022
Common stock, $0.01 par value: 325,000,000 shares authorized, 107,959,078 and 105,574,173 shares issued and outstanding, respectively at March 31, 2023 and 107,670,248 and 105,951,199 shares issued and outstanding, respectively at December 31, 2022	1.1	1.1
Common stock in treasury, at cost, 2,384,905 shares at March 31, 2023 and 1,719,049 shares at December 31, 2022	(213.7)	(131)
Additional paid-in capital	1,472.3	1,455.1
Retained earnings	2,291.2	2,171.1
Accumulated other comprehensive loss, net	(12.2)	(31)
Total stockholders' equity	3,538.7	3,465.3
Total liabilities and stockholders' equity	$ 7,903.5	$ 6,998.9

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets
Accounts Receivable, Allowance for credit losses	$ 2.3	$ 2.2
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)	107,959,078	107,670,248
Common stock, shares outstanding (in shares)	105,574,173	105,951,199
Common stock held in treasury (in shares)	2,384,905	1,719,049

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 988.2	$ 974.5
Cost of revenues:
Total cost of revenues	516.8	556.4
Revenues less cost of revenues	471.4	418.1
Operating expenses:
Compensation and benefits	110.4	81.2
Depreciation and amortization	41.4	40.9
Technology support services	22.2	19.2
Professional fees and outside services	23.9	19.7
Travel and promotional expenses	6.2	2.9
Facilities costs	7.6	6.5
Acquisition-related costs	6.4	2
Other expenses	5.4	6
Total operating expenses	223.5	178.4
Operating income	247.9	239.7
Non-operating income (expenses):
Interest expense, net	(15.1)	(10.8)
Other income (expense), net	15.4	(4)
Income before income tax provision	248.2	224.9
Income tax provision	74.8	115.3
Net income	173.4	109.6
Net income allocated to participating securities	(0.8)	(0.4)
Net income allocated to common stockholders	$ 172.6	$ 109.2
Basic earnings per share (in dollars per share)	$ 1.63	$ 1.02
Diluted earnings per share (in dollars per share)	$ 1.63	$ 1.02
Basic weighted average shares outstanding (in shares)	105.9	106.6
Diluted weighted average shares outstanding (in shares)	106.2	106.8
Cash and spot markets
Revenues:
Total revenues	$ 407	$ 461.9
Data and access solutions
Revenues:
Total revenues	129.4	118.9
Derivatives markets
Revenues:
Total revenues	451.8	393.7
Liquidity payments
Cost of revenues:
Total cost of revenues	371.8	467.5
Routing and clearing
Cost of revenues:
Total cost of revenues	24	22.3
Section 31 fees
Cost of revenues:
Total cost of revenues	74.9	35.7
Royalty fees and other cost of revenues
Cost of revenues:
Total cost of revenues	$ 46.1	$ 30.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 173.4	$ 109.6
Other comprehensive income (loss), net of income tax:
Foreign currency translation adjustments	19.8	(26.5)
Unrealized holding losses on financial investments	(0.9)
Post-retirement benefit obligations	(0.1)
Comprehensive income	192.2	83.1
Comprehensive income allocated to participating securities	(0.8)	(0.4)
Comprehensive income allocated to common stockholders, net of income tax	$ 191.4	$ 82.7

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' 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, 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 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, 2022	1.1	(131)	1,455.1	2,171.1	(31)	3,465.3
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock				(53.3)		(53.3)
Stock-based compensation			16.9			16.9
Repurchases of common stock from employee stock plans		(12.7)				(12.7)
Purchase of common stock		(70)				(70)
Shares issued under employee stock purchase plan			0.3			0.3
Net income				173.4		173.4
Other comprehensive income (loss)					18.8	18.8
Ending balance at Mar. 31, 2023	$ 1.1	$ (213.7)	$ 1,472.3	$ 2,291.2	$ (12.2)	$ 3,538.7

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Changes in Stockholders' Equity
Dividends (in dollars per share)	$ 0.50	$ 0.48

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 173.4	$ 109.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41.4	40.9
Amortization of debt issuance cost and debt discount	0.7	0.5
Realized gain on available-for-sale financial investments	(0.9)
Provision for accounts receivable credit losses	0.6	0.2
Benefit for deferred income taxes	(10.6)	(17.8)
Stock-based compensation expense	16.9	9.1
Loss on disposal of property and equipment		0.1
Equity (earnings) loss in investments	(14.4)	3.1
Changes in assets and liabilities:
Accounts receivable	(20.2)	(56.2)
Restricted cash and cash equivalents and customer bank deposits (included in margin deposits and clearing funds)	898.2	1,064.4
Income taxes receivable	43.8	42.7
Other current assets	(2.2)	0.3
Other assets	(8.4)	(15.7)
Accounts payable and accrued liabilities	(56)	2.8
Section 31 fees payable	(71.7)	(4.6)
Deferred revenue	9.9	11.2
Income taxes payable	15.7	24.5
Unrecognized tax benefits	14.3	56
Other liabilities	0.3	(11.3)
Net cash provided by operating activities	1,030.8	1,259.8
Cash flows from investing activities:
Purchases of available-for-sale financial investments	(48.8)	(20.8)
Proceeds from maturities of available-for-sale financial investments	64.4	8.6
Proceeds from sale of intangible assets	0.8
Contributions to investments	(2.1)	(1.9)
Purchases of property and equipment and leasehold improvements	(12.4)	(10.8)
Net cash provided by (used in) investing activities	1.9	(24.9)
Cash flows from financing activities:
Proceeds from long-term debt		298.6
Debt issuance costs		(4.8)
Cash dividends on common stock	(53.3)	(51.4)
Repurchases of common stock from employee stock plans	(12.7)	(8.4)
Payments of contingent consideration related to acquisitions	(4.9)	(17.4)
Shares issued under employee stock purchase plan	(0.3)	(0.1)
Purchase of common stock	(70)	(70)
Net cash (used in) provided by financing activities	(141.2)	146.5
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	21.1	0.7
Increase in cash, cash equivalents, and restricted cash and cash equivalents	912.6	1,382.1
Cash, cash equivalents, and restricted cash and cash equivalents: Beginning of period	979.9	1,092.2
Cash, cash equivalents, and restricted cash and cash equivalents: End of period	1,892.5	2,474.3
Supplemental disclosure of cash transactions:
Cash paid for income taxes, net of refunds	9.3	10.3
Cash paid for interest	$ 21.4	$ 8.8

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents:
Cash and cash equivalents	$ 435.6	$ 659.4
Total	1,892.5	2,474.3
Margin deposits and clearing funds
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents:
Restricted cash and cash equivalents (included in margin deposits and clearing funds)	1,428.4	1,810.3
Customer bank deposits (included in margin deposits and clearing funds)	24.4
Other current assets
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents:
Restricted cash and cash equivalents (included in other current assets)	$ 4.1	$ 4.6

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Mar. 31, 2023
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	1. ORGANIZATION AND BASIS OF PRESENTATION Cboe Global Markets, Inc. (“Cboe” or “the Company”), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe and Asia Pacific. Above all, Cboe is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. Cboe’s subsidiaries include the largest options exchange and the third largest stock exchange operator in the U.S. In addition, the Company operates one of the largest stock exchanges by value traded in Europe, and owns Cboe Clear Europe (rebranded from EuroCCP in November 2022), a leading pan-European equities and derivatives clearinghouse, BIDS Trading, a leading block-trading ATS by volume in the U.S., MATCHNow (operating as TriAct Canada Marketplace LP), 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, Cboe completed its acquisition of ErisX, subsequently rebranded to Cboe Digital, an operator of a U.S. based digital asset spot market, a regulated futures exchange and a regulated clearinghouse. On June 1, 2022, Cboe completed its acquisition of NEO, subsequently rebranded to Cboe Canada, which is a recognized 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, 2022. 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. Segment Information The Company previously operated five reportable business segments prior to the quarter ended June 30, 2022. As a result of the Cboe Digital acquisition, as of the quarter ended June 30, 2022, the Company operates 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 There have been no new or material changes to the significant accounting policies discussed for the Company for the three months ended March 31, 2023, that are of significance, or potential significance, to the Company. 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 March 31, 2023.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
REVENUE RECOGNITION	Mar. 31, 2023
REVENUE RECOGNITION
REVENUE RECOGNITION	2. REVENUE RECOGNITION Beginning in the first quarter of 2022, the Company updated the financial statement captions within its condensed consolidated statements of income 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. In prior periods, royalty fees and other cost of revenues were presented as distinct cost of revenues categories. 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 Cboe Clear Europe and Cboe Clear Digital, the derivatives clearing organization for Cboe Digital. 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. 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 March 31, 2023 Transaction and clearing fees $ 311.9 $ — $ 420.6 $ 732.5 Access and capacity fees — 84.2 — 84.2 Market data fees 17.9 44.5 8.5 70.9 Regulatory fees 62.6 — 21.9 84.5 Other revenue 14.6 0.7 0.8 16.1 $ 407.0 $ 129.4 $ 451.8 $ 988.2 Cash Data and and Spot Access Derivatives Markets Solutions Markets Total Three Months Ended March 31, 2022 Transaction and clearing fees $ 395.5 $ — $ 374.1 $ 769.6 Access and capacity fees — 77.9 — 77.9 Market data fees 22.9 39.6 8.2 70.7 Regulatory fees 31.9 — 10.7 42.6 Other revenue 11.6 1.4 0.7 13.7 $ 461.9 $ 118.9 $ 393.7 $ 974.5 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 March 31, 2023 Transaction and clearing fees $ 395.8 $ 255.0 $ 42.1 $ 24.8 $ 15.8 $ (1.0) $ — $ 732.5 Access and capacity fees 38.9 28.4 8.9 5.3 2.6 0.1 — 84.2 Market data fees 28.0 31.9 8.7 2.0 0.3 — — 70.9 Regulatory fees 21.9 62.6 — — — — — 84.5 Other revenue 1.5 1.9 12.6 — 0.1 — — 16.1 $ 486.1 $ 379.8 $ 72.3 $ 32.1 $ 18.8 $ (0.9) $ — $ 988.2 Timing of revenue recognition Services transferred at a point in time $ 419.2 $ 319.5 $ 54.7 $ 24.8 $ 15.9 $ (1.0) $ — $ 833.1 Services transferred over time 66.9 60.3 17.6 7.3 2.9 0.1 — 155.1 $ 486.1 $ 379.8 $ 72.3 $ 32.1 $ 18.8 $ (0.9) $ — $ 988.2 Three Months Ended March 31, 2022 Transaction and clearing fees $ 348.3 $ 330.8 $ 50.1 $ 25.8 $ 14.6 $ — $ — $ 769.6 Access and capacity fees 35.8 26.0 9.3 4.5 2.3 — — 77.9 Market data fees 25.9 34.2 8.3 2.0 0.3 — — 70.7 Regulatory fees 10.7 31.9 — — — — — 42.6 Other revenue 1.9 0.8 10.9 — 0.1 — — 13.7 $ 422.6 $ 423.7 $ 78.6 $ 32.3 $ 17.3 $ — $ — $ 974.5 Timing of revenue recognition Services transferred at a point in time $ 360.9 $ 363.5 $ 61.0 $ 25.8 $ 14.7 $ — $ — $ 825.9 Services transferred over time 61.7 60.2 17.6 6.5 2.6 — — 148.6 $ 422.6 $ 423.7 $ 78.6 $ 32.3 $ 17.3 $ — $ — $ 974.5 Contract liabilities as of March 31, 2023 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, 2022 Cash Additions Revenue Recognized Balance at March 31, 2023 Liquidity provider sliding scale (1) $ — $ 7.2 $ (1.8) $ 5.4 Other, net 11.7 11.1 (6.5) 16.3 Total deferred revenue $ 11.7 $ 18.3 $ (8.3) $ 21.7 (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	3 Months Ended
ACQUISITIONS	Mar. 31, 2023
ACQUISITIONS
ACQUISITIONS	3. ACQUISITIONS On May 2, 2022, the Company purchased ErisX, which was subsequently rebranded to Cboe Digital. Cboe Digital operates a U.S. based digital asset spot market, a regulated futures exchange and a regulated clearinghouse. Ownership of Cboe Digital 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 Innovations Holdings, LLC (formerly Eris Exchange Holdings, LLC) was not a part of this transaction and the Company retains its minority equity ownership interest in Eris Innovations Holdings, LLC. Of the acquisition’s purchase price, $460.9 million was allocated to goodwill, $95.0 million was allocated to intangible assets, and $8.4 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 income (expense), net in the condensed consolidated statement of income for the year ended December 31, 2022. See below for further discussion of intangible assets acquired. Additionally, the Company performed impairment testing during the year ended December 31, 2022, as there were market events that indicated it was more likely than not that these assets were impaired, resulting in the recognition of impairment charges to goodwill. See Note 8 (“Goodwill, Intangible Assets, net, and Digital Assets Held”) for more information on the impairments. On June 1, 2022, the Company purchased NEO, which was subsequently rebranded to Cboe Canada. Cboe Canada 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 Cboe Canada, 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. As of December 31, 2022, the allocation of purchase price includes adjustments within the measurement period resulting in a decrease to intangible assets, an increase in net working capital and a reduction in contingent consideration. See the table below for more information about the adjustments made to the Cboe Canada (formerly NEO) purchase price allocation. Additional adjustments to the provisional values may occur before the end of the measurement period, a period not to exceed twelve months from the acquisition date, which may include tax and other estimates which will be recorded in the reporting period that the adjustment amounts are determined. See below for further discussion of intangible assets acquired and Note 13 (“Fair Value Measurement”) for the impact of the allocation adjustments on the Company’s financial liabilities. The following table presents the details of the adjustments made to the initial purchase price allocation for the Cboe Canada (formerly NEO) acquisition during the year ended December 31, 2022 (in millions): Initial purchase Total Adjusted purchase price allocation adjustments price allocation Goodwill $ 132.4 $ 0.2 $ 132.6 Intangible assets 130.1 (61.0) 69.1 Net working capital (6.9) 16.6 9.7 Contingent consideration (54.3) 44.2 (10.1) The following table presents the details of intangible assets as of the acquisition date, inclusive of purchase price adjustments outlined above (in millions, except as stated). All acquired intangible assets with finite lives are amortized using the straight-line method. Cboe Digital Useful Life (Years) Cboe Canada Useful Life (Years) Trading registrations and licenses $ 25.0 Indefinite $ 15.1 Indefinite Customer relationships — 37.4 15 Technology 70.0 10 16.2 7 Trademarks and tradenames — 0.4 5 Total identifiable intangible assets $ 95.0 $ 69.1 Acquisition-related costs relate to acquisitions and other strategic opportunities. The Company expensed $6.4 million of acquisition-related costs during the three months ended March 31, 2023, all of which related to professional fees and other expenses. The Company expensed $2.0 million of acquisition-related costs during the three months ended March 31, 2022, 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.

INVESTMENTS

INVESTMENTS	3 Months Ended
INVESTMENTS	Mar. 31, 2023
INVESTMENTS
INVESTMENTS	4. INVESTMENTS As of March 31, 2023 and December 31, 2022, the Company’s investments were comprised of the following (in millions): March 31, December 31, 2023 2022 Equity method investments: Investment in 7Ridge Investments 3 LP $ 231.9 $ 215.4 Total equity method investments 231.9 215.4 Other equity investments: Investment in Eris Innovations Holdings, LLC 20.0 20.0 Investment in CSD Br 5.9 5.9 Investment in Coin Metrics Inc. 5.0 5.0 Investment in Cboe Vest Financial Group, Inc. 2.9 2.9 Investment in Effective Investing Limited 1.8 1.8 Investment in OCC 0.3 0.3 Other equity investments 1.9 1.9 Total other equity investments 37.8 37.8 Total investments $ 269.7 $ 253.2 Equity Method Investments The Company’s investment in the 7Ridge Investments 3 LP (“7Ridge Fund”), 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 March 31, 2023, or $231.9 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 March 31, 2023, other equity investments primarily consist of minority investments in Eris Innovations Holdings, LLC, CSD Br, Coin Metrics Inc., Cboe Vest Financial Group, Inc, Effective Investing Limited, and a 20% investment in OCC.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	3 Months Ended
PROPERTY AND EQUIPMENT, NET	Mar. 31, 2023
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	5. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Construction in progress $ 11.4 $ 7.7 Building 68.8 68.8 Furniture and equipment 299.8 291.3 Total property and equipment 380.0 367.8 Less accumulated depreciation (267.9) (259.6) Property and equipment, net $ 112.1 $ 108.2 Depreciation expense using the straight-line method was $8.5 million and $8.6 million for the three months ended March 31, 2023 and 2022, 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 signed a non-binding letter of intent with an entity interested in purchasing the property, though in the quarter ended September 30, 2022, negotiations with this entity were terminated. The Company has continued discussions with other potential buyers. At this time the Company has no indications that the property’s classification or carrying value needs to be updated as of March 31, 2023. The property is subject to depreciation as of March 31, 2023. The total value of the property classified as property held and used was $9.3 million, which includes $2.3 million of land and $7.0 million of property and equipment, net on the condensed consolidated balance sheet as of March 31, 2023.

CREDIT LOSSES

CREDIT LOSSES	3 Months Ended
CREDIT LOSSES	Mar. 31, 2023
CREDIT LOSSES
CREDIT LOSSES	6. CREDIT LOSSES Current expected credit losses are estimated for accounts receivable and certain notes receivable. 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 allowance for notes receivable credit losses is associated with notes receivable included within other assets, net on the condensed consolidated balance sheets and primarily relates 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 self-regulatory organizations (“SROs”), which includes the Exchanges, FINRA and broker-dealers (who are referred to as “Industry Members” and who collectively are referred to as “Plan Participants”); however, until a funding model is established, the funding to date has solely been provided by the Plan Participants in exchange for promissory notes. In addition, until the SEC approves a funding model that shares the cost of the CAT between the SROs and Industry Members, the SROs may continue to incur additional significant costs, or result in not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. A portion of the promissory notes is expected to be repaid by Consolidated Audit Trail, LLC once proposed plan amendments and fee filings associated with a funding model are effective and associated Industry Member fees are collected by the Consolidated Audit Trail, LLC pursuant to the CAT funding model. In addition to assessing these CAT fees to Industry Members to cover a portion of the CAT historical costs funded to date by the Plan Participant promissory notes, the proposed CAT funding model also provides a framework for ongoing costs to be funded by Consolidated Audit Trail, LLC assessing CAT fees to both Plan Participants and Industry Members. Once these ongoing CAT fees become effective through fee filings submitted by the Plan Participants, it is anticipated there will no longer be any promissory notes provided by the Plan Participants to Consolidated Audit Trail, LLC. Until the fees for historical CAT costs that are associated with the promissory notes are collected from Industry Members and remitted by Consolidated Audit Trail, LLC to the Plan Participants, the Plan Participants 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 methodology that is primarily based on various potential outcomes under the proposed funding model pending with the SEC. The following represents the changes in allowance for credit losses during the three months ended March 31, 2023 and 2022 (in millions): Balance at December 31, 2022 Current period provision for expected credit losses Write-offs charged against the allowance Recoveries collected Balance at March 31, 2023 Allowance for notes receivable credit losses $ 30.1 $ — $ — $ — $ 30.1 Allowance for accounts receivable credit losses 2.2 0.1 — — 2.3 Total allowance for credit losses $ 32.3 $ 0.1 $ — $ — $ 32.4

OTHER ASSETS, NET

OTHER ASSETS, NET	3 Months Ended
OTHER ASSETS, NET	Mar. 31, 2023
OTHER ASSETS, NET
OTHER ASSETS, NET	7. OTHER ASSETS, NET Other assets, net consisted of the following as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Software development work in progress $ 4.6 $ 8.9 Data processing software 129.2 124.2 Less accumulated depreciation and amortization (81.2) (78.8) Data processing software, net 52.6 54.3 Other assets (1) 133.7 127.6 Other assets, net $ 186.3 $ 181.9 (1) At March 31, 2023 and December 31, 2022, the majority of the balance included notes receivable, net of allowance, a contra-revenue asset, and long-term prepaid assets. As of March 31, 2023 and December 31, 2022, the notes receivable, net balance was Amortization expense related to data processing software was $2.0 million and $1.7 million for the three months ended March 31, 2023 and 2022, respectively.

GOODWILL, INTANGIBLE ASSETS, NE

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD	3 Months Ended
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD	Mar. 31, 2023
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, 2022 $ 305.8 $ 2,000.8 $ 549.0 $ 267.2 $ — $ 3,122.8 Changes in foreign currency exchange rates — 0.2 5.4 — — 5.6 Balance as of March 31, 2023 $ 305.8 $ 2,001.0 $ 554.4 $ 267.2 $ — $ 3,128.4 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 Cboe Digital, which closed on May 2, 2022, in the quarter ended June 30, 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 that started in late 2021 intensified, such as the decline in digital asset prices, overall market activity, and market capitalization. Additionally, following the acquisition of Cboe Digital, the efforts to syndicate minority ownership interests in Cboe Digital to potential investors during the quarter ended June 30, 2022 became more challenging, and the outlook for the Digital segment’s future market growth was negatively impacted. The Company considered these developments, in particular the syndication efforts during the quarter ended June 30, 2022, to be potential indications of impairment and performed an interim impairment test for the goodwill recognized in the Digital reporting unit during the quarter ended June 30, 2022. 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 during the quarter 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 Cboe Digital decreased by $343.9 million, to $220.0 million as of June 30, 2022. The Company also performed an impairment assessment over the intangible assets recognized as a result of the Cboe Digital acquisition during the quarter ended June 30, 2022, and based on the results of the assessments, determined there was no impairment required as the fair value approximated the carrying value. No other long lived assets were recognized as a result of the acquisition. As a result of the finalization of the net working capital calculation associated with the acquisition of Cboe Digital during the quarter ended September 30, 2022, the Company recorded additional goodwill of $0.8 million. Subsequently, the Company concluded that the indicators of impairment outlined in the previous paragraph continued to be relevant and recorded an additional goodwill impairment charge of $0.8 million in the condensed consolidated statements of income for the three months ended September 30, 2022. The Company determined there were no further impairment indicators for the three months ended March 31, 2023. The following table presents the details of the intangible assets by segment (in millions): North American Europe and Options Equities Asia Pacific Global FX Digital Total Balance as of December 31, 2022 $ 146.1 $ 992.8 $ 359.9 $ 72.8 $ 91.2 $ 1,662.8 Dispositions — — — — (0.8) (0.8) Amortization (3.1) (15.5) (6.1) (4.5) (1.7) (30.9) Changes in foreign currency exchange rates — 0.1 5.3 — — 5.4 Balance as of March 31, 2023 $ 143.0 $ 977.4 $ 359.1 $ 68.3 $ 88.7 $ 1,636.5 For the three months ended March 31, 2023 and 2022, amortization expense was $30.9 million and $30.6 million, respectively. The estimated future amortization expense is $85.3 million for the remainder of 2023, $92.9 million for 2024, $76.4 million for 2025, $69.2 million for 2026, and $62.5 million for 2027. The following tables present the categories of intangible assets by segment as of March 31, 2023 and December 31, 2022 (in millions, except as stated): March 31, 2023 Weighted North Europe Average American and Asia Amortization Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses $ 95.5 $ 605.3 $ 203.3 $ — $ 25.0 Indefinite Customer relationships 46.6 412.8 211.4 140.0 — 16 Market data customer relationships 53.6 322.0 59.6 64.4 — 9 Technology 28.1 56.6 33.3 22.5 70.0 7 Trademarks and tradenames 12.9 8.2 2.3 1.2 — 7 Digital assets held — — — — 0.1 Indefinite Accumulated amortization (93.7) (427.5) (150.8) (159.8) (6.4) $ 143.0 $ 977.4 $ 359.1 $ 68.3 $ 88.7 December 31, 2022 Weighted North Europe Average American and Asia Amortization Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses $ 95.5 $ 605.3 $ 199.5 $ — $ 25.0 Indefinite Customer relationships 46.6 412.8 208.9 140.0 — 16 Market data customer relationships 53.6 322.0 58.4 64.4 — 9 Technology 28.1 56.4 32.8 22.5 70.0 8 Trademarks and tradenames 12.9 8.2 2.3 1.2 — 7 Digital assets held — — — — 0.9 Indefinite Accumulated amortization (90.6) (411.9) (142.0) (155.3) (4.7) $ 146.1 $ 992.8 $ 359.9 $ 72.8 $ 91.2 Cboe Digital 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 Cboe Digital. Cboe Digital, together with its third-party custodian, is directly responsible for securing customers’ digital assets and protecting them from loss or theft. Customer digital assets are held in omnibus wallets for the benefit of customers of Cboe Digital and Cboe Digital 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 Cboe Digital is reflected within digital assets – safeguarded assets and digital assets – safeguarded liabilities in the condensed consolidated balance sheets. In addition, Cboe Digital maintains an immaterial amount of its own digital assets to facilitate customer trading.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	3 Months Ended
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Compensation and benefit-related liabilities $ 31.0 $ 90.2 Royalties 38.3 33.3 Accrued liabilities 60.2 69.4 Current operating lease liabilities 18.8 18.3 Rebates payable 95.2 75.2 Marketing fee payable 17.4 15.9 Tax reserves 92.2 90.4 Accounts payable 15.1 27.5 Total accounts payable and accrued liabilities $ 368.2 $ 420.2

DEBT

DEBT	3 Months Ended
DEBT	Mar. 31, 2023
DEBT
DEBT	10. DEBT The Company’s debt consisted of the following as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Term Loan Agreement due December 2023, floating rate $ 304.8 $ 304.7 $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% 647.5 647.3 $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% 494.2 494.0 $300 million fixed rate Senior Notes due March 2032, stated rate of 3.000% 296.1 296.0 Revolving Credit Agreement — — Cboe Clear Europe Credit Facility — — Total debt $ 1,742.6 $ 1,742.0 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 Cboe Asia Pacific (formerly Chi-X Asia Pacific Holdings Limited) and was increased on March 29, 2022 to allow for additional delayed draws of $190 million on April 29, 2022 to fund a portion of the Cboe Digital (formerly ErisX) acquisition, and $175 million on May 31, 2022 to fund a portion of the Cboe Canada (formerly NEO) acquisition. On each of August 25, 2022 and September 22, 2022, the Company repaid $50 million, respectively 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 March 31, 2023, 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 acquisition of Cboe Digital. 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 March 31, 2023, 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 March 31, 2023, 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 March 31, 2023, no borrowings were outstanding under the Revolving Credit Agreement. Accordingly, at March 31, 2023, $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 percent per annum to 0.25 percent per annum. “Relevant Rate” means with respect to any committed borrowing or swingline borrowing denominated in (a) Dollars, Term SOFR plus a spread adjustment of 0.10 percent per annum, (b) Sterling, SONIA plus a spread adjustment of 0.0326 percent per annum and (c) Euros, EURIBOR, as applicable, provided that each Relevant Rate is subject to a 0 percent floor. 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 March 31, 2023, the Company was in compliance with these covenants and did not exercise financial covenant step-up. Cboe Clear Europe Credit Facility On July 1, 2020, EuroCCP (subsequently rebranded to Cboe Clear Europe), as borrower, the Company, as guarantor, entered into a Facility Agreement (the “Facility” or “Cboe Clear Europe 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 Cboe Clear Europe (formerly EuroCCP) (as borrower) towards (a) financing unsettled amounts in connection with the settlement of transactions in securities and other items processed through Cboe Clear Europe’s clearing system and (b) financing any other liability or liquidity requirement that Cboe Clear Europe 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, Cboe Clear Europe 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 Cboe Clear Europe into secured accounts. In addition, Cboe Clear Europe 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 Cboe Clear Europe, is not less than €500 million. Initially, borrowings under the Facility’s revolving loans and non-U.S. dollar swingline loans bore 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 bore 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 was payable on the unused and uncalled amount of the Facility during the availability period. Subject to certain conditions stated in the Facility, Cboe Clear Europe 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 Cboe Clear Europe 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 Cboe Clear Europe and indemnification provisions in favor of the Lenders. In particular, the covenants include restrictions regarding the incurrence of liens by Cboe Clear Europe and its subsidiaries, and an event of default will be triggered if Cboe Clear Europe 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) Cboe Clear Europe initially to be the higher of €24 million and any such amount required for Cboe Clear Europe 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 Cboe Clear Europe; 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 March 31, 2023, no borrowings were outstanding under the Facility. Accordingly, at March 31, 2023, €1.25 billion of borrowing capacity was available for the purposes permitted by the Facility. At March 31, 2023, the Company and Cboe Clear Europe were in compliance with applicable covenants. Small Business Administration’s Paycheck Protection Program On May 1, 2020, prior to Cboe’s acquisition of Cboe Digital, Cboe Digital (formerly 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 March 31, 2023 are as follows (in millions): Remainder of 2023 $ 305.0 2024 — 2025 — 2026 — 2027 650.0 Thereafter 800.0 Principal amounts repayable 1,755.0 Debt issuance costs (6.7) Unamortized discounts on notes (5.7) Total debt outstanding $ 1,742.6 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 ended March 31, 2023 and 2022 is as follows (in millions): Three Months Ended March 31, 2023 2022 Components of interest expense: Contractual interest $ 16.4 $ 11.2 Amortization of debt discount and issuance costs 0.7 0.5 Interest expense $ 17.1 $ 11.7 Interest income (2.0) (0.9) Interest expense, net $ 15.1 $ 10.8

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS, NET	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET	Mar. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET	11. ACCUMULATED OTHER COMPREHENSIVE LOSS, NET The following represents the changes in accumulated other comprehensive loss, net by component (in millions): Foreign Total Accumulated Currency Unrealized Other Translation Investment Post-Retirement Comprehensive Adjustment Loss Benefits (Loss) Income, Net Balance at December 31, 2022 $ (30.2) $ (0.9) $ 0.1 $ (31.0) Other comprehensive income (loss) 19.8 (0.9) (0.1) 18.8 Balance at March 31, 2023 $ (10.4) $ (1.8) $ — $ (12.2)

CLEARING OPERATIONS

CLEARING OPERATIONS	3 Months Ended
CLEARING OPERATIONS	Mar. 31, 2023
CLEARING OPERATIONS
CLEARING OPERATIONS	12. CLEARING OPERATIONS Cboe Clear Europe Cboe Clear Europe 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. Cboe Clear Europe clears equities from eighteen European markets and the United States, as well as Depositary Receipts, ETFs, and exchange traded currencies (“ETCs”). In September 2021 Cboe Clear Europe began clearing equity index derivatives for ten European markets. Through a novation process, Cboe Clear Europe 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. Cboe Clear Europe only assumes the guarantor role if it has an equal and offsetting claim against a clearing participant. For the period ended March 31, 2023, there have been no events of default for which a liability is required to be recognized in accordance with GAAP. Clearing Participant Deposits Cboe Clear Europe generally requires all clearing participants to deposit collateral to help mitigate Cboe Clear Europe’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 Cboe Clear Europe to cover some or all of the credit risk of its failure to fulfill its obligations in the trade. Cboe Clear Europe 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 Cboe Clear Europe and are recorded in cash and spot markets on the condensed consolidated statements of income. In the event of a default, Cboe Clear Europe 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, Cboe Clear Europe is generally required to liquidate the defaulting clearing participant’s open positions. To the extent that the positions remain open, Cboe Clear Europe 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, Cboe Clear Europe 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 Cboe Clear Europe to the other interoperable CCPs, to cover margin calls Cboe Clear Europe received from other interoperable CCPs. For Cboe Clear Europe, the collateral pledged by the clearing participants is maintained in an interoperability fund designated account. Cboe Clear Europe 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 March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 Cash Contributions Non-Cash Contributions (1) Total Contributions Margin deposits $ 1,323.2 $ 547.1 $ 1,870.3 Clearing funds 105.2 39.8 145.0 Interoperability funds (1) 994.1 240.0 1,234.1 Total $ 2,422.5 $ 826.9 $ 3,249.4 December 31, 2022 Cash Contributions Non-Cash Contributions (1) Total Contributions Margin deposits $ 426.9 $ 338.2 $ 765.1 Clearing funds 103.4 38.6 142.0 Interoperability funds (1) 376.0 89.3 465.3 Total $ 906.3 $ 466.1 $ 1,372.4 (1) These amounts are not reflected in the condensed consolidated balance sheets, as Cboe Clear Europe 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: • Cboe Clear Europe dedicated own resources: The Cboe Clear Europe default waterfall first utilizes its own dedicated resources ahead of clearing fund contributions of non-defaulting clearing participants, up to 35% of Cboe Clear Europe capital requirements discussed in Note 16 (“Regulatory Capital”). • Clearing fund: Second, the Cboe Clear Europe default waterfall utilizes traditional CCP risk mutualization, in the event that default losses fully exhaust Cboe Clear Europe’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 Cboe Clear Europe 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 Cboe Clear Europe’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 Cboe Clear Europe’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 Cboe Clear Europe, FX swap arrangements, and reverse repurchase agreements, as well as the use of the Facility. Cboe Clear Digital Cboe Clear Digital is a digital asset and digital asset derivatives clearinghouse and central counterparty that provides clearing and settlement of digital asset trades. Cboe Clear Digital is registered as a Derivatives Clearing Organization (“DCO”) regulated by the U.S. Commodity Futures Trading Commission (“CFTC”) and is registered with the U.S. Treasury Financial Crimes Enforcement Network (“FinCEN”) as a money services business (“MSB”). Cboe Clear Digital has sought state licensure and/or exemptive determinations from each state in which MSB services are regulated. Cboe Clear Digital conducts MSB services in 51 U.S. jurisdictions authorized by license or not subject to licensing. Cboe Clear Digital performs a guarantee function whereby Cboe Clear Digital helps to ensure that the obligations of the transactions it clears are fulfilled. Cboe Clear Digital attempts to mitigate this risk by performing internal compliance and due diligence procedures as well as implementing internal risk controls. Cboe Clear Digital 's due diligence procedures include review of the personal and corporate information, financial position of the member participant, and monitoring of Cboe Clear Digital's risk exposure thresholds. As of March 31, 2023, Cboe Clear Digital does not expect a material loss concerning credit risk on any member participant. 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 March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 December 31, 2022 Customer bank deposits $ 24.4 $ 12.7 Digital assets - safeguarded assets 42.0 22.9 Total $ 66.4 $ 35.6 The following table depicts the Company’s valuation of digital assets – safeguarded assets and safeguarded liabilities as of March 31, 2023: Digital Asset Number of Units Valuation per Unit Fair Value (in millions) Bitcoin ("BTC") 842 $ 28,396 $ 23.9 Ethereum ("ETH") 7,750 1,818 14.1 Litecoin ("LTC") 24,324 90 2.2 Bitcoin Cash ("BCH") 12,615 124 1.5 USD Coin ("USDC") 298,282 1 0.3 Total $ 42.0

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
FAIR VALUE MEASUREMENT	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 49.5 $ 49.5 $ — $ — Marketable securities (1): Mutual funds 14.2 14.2 — — Money market funds 16.5 16.5 — — Digital assets - safeguarded assets 42.0 42.0 — — Total assets $ 122.2 $ 122.2 $ — $ — Liabilities: Contingent consideration liabilities $ 34.2 $ — $ — $ 34.2 Digital assets - safeguarded liabilities 42.0 42.0 — — Cboe Digital restricted common units liability (2) 15.6 — — 15.6 Cboe Digital warrant liability (2) 5.9 — — 5.9 Total liabilities $ 97.7 $ 42.0 $ — $ 55.7 December 31, 2022 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 64.2 $ 64.2 $ — $ — Marketable securities (1): Mutual funds 15.3 15.3 — — Money market funds 12.2 12.2 — — Digital assets - safeguarded assets 22.9 22.9 — — Total assets $ 114.6 $ 114.6 $ — $ — Liabilities: Contingent consideration liabilities $ 39.1 $ — $ — $ 39.1 Digital assets - safeguarded liabilities 22.9 22.9 — — Cboe Digital restricted common units liability (2) 15.5 — — 15.5 Cboe Digital warrant liability (2) 5.9 — — 5.9 Total liabilities $ 83.4 $ 22.9 $ — $ 60.5 (1) These amounts are reflected within financial investments in the condensed consolidated balance sheets. (2) These amounts are reflected within other non-current liabilities 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 March 31, 2023. See Note 15 (“Employee Benefit Plans”) for more information. Digital Assets – Safeguarded Assets and Liabilities LLC (“Cboe Digital Exchange”). The Company valued digital assets – safeguarded assets, and digital assets – safeguarded liabilities by using the closing prices at 4:00pm Central Standard Time on Cboe Digital Exchange’s spot market (“Cboe Digital spot market”) as of March 31, 2023. These inputs are categorized in the fair value hierarchy as Level 1 as the marketplace is considered active. See Note 12 (“Clearing Operations”) for additional details regarding digital assets held. Contingent Consideration Liabilities In connection with the acquisitions of Hanweck Associates, LLC (“Hanweck”), Cboe Asia Pacific, and Cboe Canada, as well as the acquisition of assets of FT Providers, LLC (“FT Options”), the Company entered into contingent consideration arrangements with the sellers. The total fair value of the liabilities at March 31, 2023 was $34.2 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. See Note 3 (“Acquisitions”) for more information on the adjustment to contingent consideration liabilities during the three months ended March 31, 2023. In connection with the contingent consideration arrangements, the Company paid a total of $4.9 million in contingent consideration to the sellers of Hanweck, FT Options, and Cboe Asia Pacific during the three months ended March 31, 2023. 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 March 31, 2023. Cboe Digital Syndication Liabilities On November 18, 2022, Cboe Digital Holdings Inc. (“Cboe Digital Holdings”) entered into minority interest purchase agreements with certain digital asset industry participants, pursuant to which Cboe Digital Holdings agreed to issue Restricted Common Units in Cboe Digital. Cboe Digital Holdings also entered into a Warrant Agreement to issue Common Units of Cboe Digital in the future. Certain Cboe Digital investor members paid for the Restricted Common Units through the issuance of promissory notes, which are nonrecourse in nature and are accounted for as in-substance stock options. Expense associated with the Restricted Common Units is recognized as contra-revenue ratably over a five-year period. The Company uses a Black Scholes option pricing model to estimate the fair value of the in-substance stock option created by the Restricted Common Units and promissory notes as well as the fair value of the Warrant. Contra-revenue will be recognized while the performance conditions of the Warrant remain probable in conformance with the requirements in ASC 606 – Revenue from Contracts with Customers. Further adjustments will be recognized in each reporting period until performance is complete relating to changes in the fair value of the option and Warrant liabilities in accordance with ASC 718 – Compensation – Stock Compensation. Based on the recorded balance of the liabilities, any measurement uncertainty related to this Level 3 measurement is immaterial as of March 31, 2023. See Note 17 (“Stock-Based Compensation”) for more information. 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 impairment testing during the quarter ended June 30, 2022, as there were market events that indicated it was more likely than not that Cboe Digital’s assets were impaired, resulting in the recognition of an impairment charge to goodwill related to Cboe Digital. Subsequently, the Company concluded that the indicators of impairment observed during the quarter ended June 30, 2022, continued to be relevant and recorded additional goodwill impairment in the condensed consolidated statements of income for the three months ended September 30, 2022. The Company determined there were no further impairment indicators for the period ended March 31, 2023. See Note 8 (“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. No observable transactions or impairments 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 as of March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 49.5 $ 49.5 $ — $ — Deferred compensation plan assets (1) 30.7 30.7 — — Digital assets - safeguarded assets 42.0 42.0 — — Digital assets held (2) 0.1 0.1 — — Total assets $ 122.3 $ 122.3 $ — $ — Liabilities: Contingent consideration liabilities $ 34.2 $ — $ — $ 34.2 Deferred compensation plan liabilities (3) 30.7 30.7 — — Digital assets - safeguarded liabilities 42.0 42.0 — — Cboe Digital restricted common units liability (3) 15.6 — — 15.6 Cboe Digital warrant liability (3) 5.9 — — 5.9 Debt 1,595.7 — 1,595.7 — Total liabilities $ 1,724.1 $ 72.7 $ 1,595.7 $ 55.7 December 31, 2022 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 64.2 $ 64.2 $ — $ — Deferred compensation plan assets (1) 27.5 27.5 — — Digital assets - safeguarded assets 22.9 22.9 — — Digital assets held (2) 0.9 0.9 — — Total assets $ 115.5 $ 115.5 $ — $ — Liabilities: Contingent consideration liabilities $ 39.1 $ — $ — $ 39.1 Deferred compensation plan liabilities (3) 27.5 27.5 — — Digital assets - safeguarded liabilities 22.9 22.9 — — Cboe Digital restricted common units liability (3) 15.5 — — 15.5 Cboe Digital warrant liability (3) 5.9 — — 5.9 Debt 1,573.9 — 1,573.9 — Total liabilities $ 1,684.8 $ 50.4 $ 1,573.9 $ 60.5 (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, and notes receivable 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 March 31, 2023 and December 31, 2022, the fair values of the Company’s debt obligations were as follows (in millions): Fair Value March 31, 2023 December 31, 2022 Term Loan Agreement $ 306.1 $ 306.3 3.650% Senior Notes 627.7 623.6 1.625% Senior Notes 401.8 390.7 3.000% Senior Notes 260.1 253.3 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 March 31, 2023. The Company will impair to the lowest observable value during the period for each digital asset type in accordance with Cboe Digital’s policy, which states that the Company values digital assets held by using the closing prices at 4:00pm Central Standard Time on Cboe Digital Exchange’s spot market, which the Company determined is the principal marketplace for digital assets. As part of Cboe Digital’s pricing policy, the closing price on Cboe Digital’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 months ended March 31, 2023 (in millions): Level 3 Financial Liabilities for the Three Months Ended March 31, 2023 Balance at Realized (Gains) Foreign Balances at Beginning of Losses during Currency End of Period Period Adjustments Additions Settlements Translation Period Liabilities Contingent consideration liabilities $ 39.1 $ — $ — $ — $ (4.9) $ — $ 34.2 Cboe Digital restricted common units liability 15.5 — 0.1 — — — 15.6 Cboe Digital warrant liability 5.9 — — — — — 5.9 Total liabilities $ 60.5 $ — $ 0.1 $ — $ (4.9) $ — $ 55.7

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
SEGMENT REPORTING	Mar. 31, 2023
SEGMENT REPORTING
SEGMENT REPORTING	14. SEGMENT REPORTING The Company previously operated five reportable business segments prior to the quarter ended June 30, 2022. As a result of the acquisition of Cboe Digital, as of June 30, 2022, the Company operates 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. The Company’s chief operating decision-maker does not use segment-level assets or income and expenses below operating income 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. 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 March 31, 2023 Revenues $ 486.1 $ 379.8 $ 72.3 $ 32.1 $ 18.8 $ (0.9) $ — $ 988.2 Operating income (loss) 201.0 28.4 11.3 20.9 4.7 (11.4) (7.0) 247.9 Three Months Ended March 31, 2022 Revenues $ 422.6 $ 423.7 $ 78.6 $ 32.3 $ 17.3 $ — $ — $ 974.5 Operating income (loss) 162.7 38.6 20.9 17.0 2.4 — (1.9) 239.7 Geographical Information United States Non-U.S. Total Revenues less cost of revenues: Three months ended March 31, 2023 $ 415.9 $ 55.5 $ 471.4 Three months ended March 31, 2022 $ 359.3 $ 58.8 $ 418.1

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
EMPLOYEE BENEFIT PLANS	Mar. 31, 2023
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	15. EMPLOYEE BENEFIT PLANS Eligible U.S. employees are eligible to participate in the Cboe Options SMART Plan (“SMART Plan”). The SMART Plan is a defined contribution plan, which is qualified under Internal Revenue Code Section 401(k). In addition, eligible employees may participate in the Supplemental Employee Retirement Plan, Executive Retirement Plan and Deferred Compensation Plan. Effective January 1, 2017, the Executive Retirement Plan is closed to new executive officers and employees. Each plan is a defined contribution plan that is non-qualified under the Internal Revenue Code. The Deferred Compensation Plan assets, held in a trust, are subject to the claims of general creditors of the Company and totaled $30.7 million and $27.5 million at March 31, 2023, and December 31, 2022, 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 the Deferred Compensation Plan has no impact on net income as the investment results are recorded in equal amounts to both other income (expense), net and compensation and benefits expense in the condensed consolidated statements of income. The Company contributed $3.6 million and $3.3 million to the defined contribution plans for the three months ended March 31, 2023, and 2022, respectively. Eligible employees outside of the U.S., which includes employees of Cboe Europe, Cboe NL, Cboe Clear Europe, MATCHNow, BIDS, Cboe Asia Pacific, and Cboe Canada, as of the respective acquisition dates, 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 $1.2 million and $0.9 million for the three months ended March 31, 2023 and 2022, respectively. This expense is included in compensation and benefits in the condensed consolidated statements of income. Effective January 1, 2023, Directors may contribute a percentage of their cash and equity compensation to cash and equity deferred compensation plans that are maintained by the Company and defer income taxes thereon.

REGULATORY CAPITAL

REGULATORY CAPITAL	3 Months Ended
REGULATORY CAPITAL	Mar. 31, 2023
REGULATORY CAPITAL
REGULATORY CAPITAL	16. REGULATORY CAPITAL As broker-dealers registered with the SEC, Cboe Trading, BIDS Trading, and Cboe Fixed Income 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, BIDS Trading, and Cboe Fixed Income compute the net capital requirements under the basic method provided for in Rule 15c3-1. As of March 31, 2023, 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 a broker dealer in its first 12 months of operations, Cboe Fixed Income was required to maintain net capital equal to the greater of 12.5% of aggregate indebtedness items, as defined, or $5.0 thousand. 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 March 31, 2023, 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, a 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. Cboe Clear Europe was granted authorization under European Market Infrastructure Regulation (“EMIR”) by the National Competent Authority, DNB. Cboe Clear Europe 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 self-regulatory organization formerly known as the IIROC and now known as the New SRO (the “Canadian SRO”) 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 the Canadian SRO 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, Cboe Digital 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, Cboe Clear Digital 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. Cboe Canada is regulated by the Ontario Securities Commission (“OSC”). Cboe Canada is required to maintain sufficient financial resources for the proper performance of its functions and to meet its responsibilities. Cboe Canada must calculate the following financial ratios monthly: (i) current ratio, (ii) a debt to cash flow ratio, and (iii) a financial leverage ratio. Cboe Canada 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 March 31, 2023 (in millions): Minimum Subsidiary Regulatory Authority Actual Requirement Cboe Trading FINRA/SEC $ 14.1 $ 0.8 BIDS Trading FINRA/SEC 5.7 0.5 Cboe Fixed Income FINRA/SEC 3.2 0.1 Cboe Europe FCA 50.2 28.3 Cboe Chi-X Europe FCA 0.3 0.1 Cboe NL Dutch Authority for Financial Markets 14.6 5.7 Cboe Clear Europe DNB 62.7 43.4 MATCHNow Canadian SRO 5.4 0.2 CFE CFTC 62.6 45.4 Cboe SEF CFTC 2.8 1.3 Cboe Digital Exchange CFTC 34.8 4.8 Cboe Clear Digital CFTC 26.0 5.5 Cboe Australia ASIC 10.4 4.1 Cboe Japan JFSA 7.0 3.7

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2023
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 $16.9 million and $9.1 million for the three months ended March 31, 2023 and 2022, respectively. Stock-based compensation expense relating to employee and director awards is included in compensation and benefits and acquisition-related costs in the condensed consolidated statements of income. Stock-based compensation expense relating to awards granted to investor members of Cboe Digital are recorded as contra-revenue. 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 three months ended March 31, 2023 was as follows: RSAs and RSUs The following table summarizes RSA and RSU activity during the three months ended March 31, 2023: Weighted Number of average grant Shares date fair value Nonvested stock at December 31, 2022 556,062 $ 112.07 Granted 304,433 124.89 Vested (201,977) 108.20 Forfeited (3,550) 115.89 Nonvested stock at March 31, 2023 654,968 $ 119.20 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 with the exception of certain jurisdictions where the RSUs are settled in cash, typically vest over a three year period, and vesting accelerates upon death, disability, or the occurrence of a qualified termination following a change in control. 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 three months ended March 31, 2023, to satisfy employees’ tax obligations upon the vesting of restricted stock, the Company purchased 77,324 shares of common stock totaling $10.0 million as the result of the vesting of 201,565 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 three months ended March 31, 2023: Weighted Number of average grant Shares date fair value Nonvested stock at December 31, 2022 166,702 $ 125.08 Granted 84,686 142.09 Vested (55,399) 130.05 Forfeited (3,911) 154.00 Nonvested stock at March 31, 2023 192,078 $ 130.56 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 2023: risk-free interest rate (4.10)%, three-year volatility (33.5)% and three-year correlation with S&P 500 Index (0.53). 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 upon death, disability, or the occurrence of a qualified termination following a change in control. 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 three months ended March 31, 2023, to satisfy employees’ tax obligations upon the vesting of performance stock, the Company purchased 21,459 shares of common stock totaling $2.7 million as the result of the vesting of 55,399 shares of performance stock. As of March 31, 2023, there were $68.9 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 2.2 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 85% (for eligible U.S. and 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 $0.3 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, 585,939 shares were reserved for future issuance under the ESPP. Cboe Digital Restricted Common Units Weighted Weighted Number of average exercise Aggregate average remaining Units price intrinsic value contractual term Nonvested units at December 31, 2022 185 $ 0.3 $ — 6 years Granted — — — Vested — — — Outstanding and exercisable March 31, 2023 185 $ 0.3 $ — 6 years Vesting of Restricted Common Units is based on certain conditions relating to the participation and performance of the Cboe Digital investor members on the Cboe Digital platforms, generally over a five-year period. Performance is generally measured based on participation on the Cboe Digital platforms and the investor members maintaining certain average daily volumes on the platforms. Due to the existence of an option for investor members to sell their shares immediately after vesting, the options are liability classified. The options expire upon the maturity of the promissory notes, which is either November 18, 2032 or November 18, 2037, unless the options are exercised. The cost associated with the options will be recognized as contra-revenue, net of actual forfeitures and based on the continued probability of the satisfaction of performance conditions ratably over the vesting period. At December 31, 2022, $14.0 million of contra-revenue related to the options grants was included in other assets, net within the condensed consolidated balance sheets. At March 31, 2023 the contra-revenue balance included in other assets, net within the condensed consolidated balance sheets included a $0.1 million adjustment to the Restricted Common Units contra-revenue asset as a result of the finalization of the initial grant date fair value calculation. For the three months ended March 31, 2023, $0.8 million of contra-revenue related to the options grants was recognized. As of March 31, 2023, $13.3 million of contra-revenue related to the options grants was included in other assets, net on the condensed consolidated balance sheets, and is expected to be recognized in net revenue in the condensed consolidated statements of income over the remaining contractual term. Changes in the fair value of the options, subsequent to the grant date, is recognized in other income (expense), net in the condensed consolidated statements of income in the period in which the fair value of the options changes. The Company uses a Black Scholes pricing model to estimate the fair value of the in-substance stock options which incorporated the following assumptions as of December 31, 2022: risk-free interest rate range (3.88 to 3.95)%, expected dividend rate (0)%, expected volatility (60)%, and expected term of five Cboe Digital Warrants On November 18, 2022, Cboe Digital Holdings entered into a Warrant Agreement with an investor member to acquire up to 80 Common Units of Cboe Digital, subject to certain vesting events. The investor member is a customer of Cboe Digital. The vesting of the Warrant is based upon the achievement of certain conditions relating to the service provided by the investor member over a two-year period, of which some conditions represent conditions that are not service, performance, or market conditions and, therefore, the Warrant is liability classified. As of March 31, 2023, no portion of the Warrant has vested. The cost associated with the Warrant will be recognized as contra-revenue ratably throughout the expected life of the Warrant before exercise. For the three months ended March 31, 2023, $0.3 million contra-revenue related to the Warrant was recognized. As of March 31, 2023, $5.6 million of contra-revenue related to the Warrant is included in other assets, net within the condensed consolidated balance sheets and is expected to be recognized in net revenue in the condensed consolidated statements of income over the remaining life of the Warrant. The following table summarizes the Warrant activity during the year ended March 31, 2023 (in millions, except number of units): Weighted Number of average exercise Units price Nonvested units at December 31, 2022 80 $ 0.2 Granted — — Vested — — Outstanding and exercisable March 31, 2023 80 $ 0.2 Changes in the fair value of the Warrant, subsequent to the grant date, is recognized in other income (expense), net in the condensed consolidated statements of income in the period in which the fair value of the Warrant changes. The Company uses a Black Scholes pricing model to estimate the fair value of the Warrant which incorporated the following assumptions as of December 31, 2022: risk-free interest rate (3.95)%, expected dividend rate (0)%, expected volatility (60)%, and expected term of five years. For the three months ended March 31, 2023, there was no change in the fair value of the Warrant since the grant date.

EQUITY

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2023
EQUITY
EQUITY	18. EQUITY Common Stock The Company’s common stock is listed on Cboe BZX under the trading symbol CBOE. As of March 31, 2023, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 107,959,078 and 105,574,173 shares were issued and outstanding, respectively. As of December 31, 2022, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 107,670,248 and 105,951,199 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 2,384,905 and 1,719,049 shares of common stock in treasury as of March 31, 2023 and December 31, 2022, 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. On August 16, 2022, President Biden signed into law H.R. 5376 (commonly known as the “Inflation Reduction Act of 2022” or simply the “IRA”). Tax measures contained in the IRA include, among other items, a new excise tax of 1% on repurchases of stock by domestic corporations with stock traded on established securities markets. The amount on which the tax is imposed is reduced by the value of any stock issued by such corporation during the tax year and the tax generally applies to stock buy-back transactions occurring after December 31, 2022. This new tax is not expected to result in a material impact to the Company. The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the period presented as follows: Three Months Ended March 31, 2023 2022 Number of shares of common stock repurchased 567,073 596,988 Average price paid per share $ 123.42 $ 117.25 Total purchase price (in millions) $ 70.0 $ 70.0 Since inception of the program through March 31, 2023, the Company has repurchased 19,515,440 shares of common stock at an average cost per share of $71.84, totaling $1.4 billion. As of March 31, 2023 and 2022, the Company had $147.9 million and $248.9 million of availability remaining under its existing share repurchase authorizations, respectively. Purchase of Common Stock from Employees The Company purchased 98,783 and 70,674 shares that were not part of the publicly announced share repurchase authorization from employees for an average price paid per share of $129.03 and $118.89 during the three months ended March 31, 2023, and 2022, respectively. These shares consisted of shares retained to cover payroll withholding taxes or option costs in connection with the vesting of restricted stock awards, restricted stock units, 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 March 31, 2023, and December 31, 2022, the Company had no shares of preferred stock issued or outstanding. Dividends During the three months ended March 31, 2023, 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	3 Months Ended
INCOME TAXES	Mar. 31, 2023
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 30.1% and 51.3% (29.9% excluding Section 199 related matters) for the three months ended March 31, 2023 and 2022. The lower effective tax rate for the three months ended March 31, 2023 compared to the same period in 2022 is primarily due to the derecognition of the Company’s Section 199 tax benefits for tax years 2008 through 2016 and related interest and penalties upon the filing of an unfavorable decision by the United States Tax Court in the matter of Bats Global Markets Holdings, Inc., and Subsidiaries v. Commissioner 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 deduction 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, the complaint resulted 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 “Section 199 Opinion”). On May 26, 2022, the U.S. Tax Court entered its decision, which gave effect to the Section 199 Opinion. On August 12, 2022, the Company filed a notice of appeal with the U.S. Court of Appeals for the 10th Circuit, and briefing concluded in February 2023. Oral argument is scheduled for May 18, 2023. Two cases remain pending in U.S. Tax Court, as does the case pending before the Court of Federal Claims. Trial dates in those cases have not been established. One of the two cases pending before the U.S. Tax Court involves certain subsidiaries (different from those that were involved in the first case that went to trial) related to trading for tax years 2011 through 2013. On August 26, 2022, the IRS filed a motion for partial summary judgment, and briefing has concluded. On February 2, 2023, the U.S. Tax Court issued an order denying the IRS’s motion for partial summary judgement. Discovery is ongoing in this case. A trial date has not been established for this case. As a result of the Section 199 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	20. EARNINGS PER SHARE The computation of basic net income per common share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders. The computation of diluted net income per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method. The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022 (in millions, except per share data): Three Months Ended March 31, 2023 2022 Basic earnings per share numerator: Net income $ 173.4 $ 109.6 Net income allocated to participating securities (0.8) (0.4) Net income allocated to common stockholders $ 172.6 $ 109.2 Basic earnings per share denominator: Weighted average shares outstanding 105.9 106.6 Basic earnings per share $ 1.63 $ 1.02 Diluted earnings per share numerator: Net income $ 173.4 $ 109.6 Net income allocated to participating securities (0.8) (0.4) Net income allocated to common stockholders $ 172.6 $ 109.2 Diluted earnings per share denominator: Weighted average shares outstanding 105.9 106.6 Dilutive common shares issued under stock program 0.3 0.2 Total dilutive weighted average shares 106.2 106.8 Diluted earnings per share $ 1.63 $ 1.02 For the periods presented, the Company did not have shares of stock-based compensation that would have an anti-dilutive effect on the computation of diluted earnings per share.

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND GUARANTEES	3 Months Ended
COMMITMENTS, CONTINGENCIES, AND GUARANTEES	Mar. 31, 2023
COMMITMENTS, CONTINGENCIES, AND GUARANTEES
COMMITMENTS, CONTINGENCIES, AND GUARANTEES	21. COMMITMENTS, CONTINGENCIES, AND GUARANTEES Legal Proceedings As of March 31, 2023, the Company was subject to various 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 March 31, 2023, 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. 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 Cboe Digital Exchange are subject to routine rule enforcement reviews and examinations by the CFTC. As a derivatives clearing organization under the jurisdiction of the CFTC, Cboe Clear Digital 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, BIDS Trading and Cboe Fixed Income are subject to reviews and inspections by FINRA. The Company has from time to time received inquiries and investigative requests from the SEC’s Division of 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, Cboe Clear Europe, Cboe NL, Cboe Australia, Cboe Japan, MATCHNow, and Cboe Canada 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 Cboe Clear Europe 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 Cboe Canada are domiciled in Canada, it is likely that any action would be taken in the Canadian courts in relation to litigation or by the Canadian SRO in relation to any regulatory enforcement action. Cboe Digital has committed to securely store all digital assets it holds on behalf of users. As such, Cboe Digital may be liable to its users for losses arising from theft or loss of user private keys. Cboe Digital 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 digital 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 March 31, 2023. As such, the Company had not recorded a liability at March 31, 2023. 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 between $15.0 and $16.0 million each year for the next five years See Note 12 (“Clearing Operations”) for information on the clearinghouse exposure guarantees for Cboe Clear Europe and Cboe Clear Digital. See Note 22 (“Leases”) for information on lease obligations.

LEASES

LEASES	3 Months Ended
LEASES	Mar. 31, 2023
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 March 31, 2023 one 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 March 31, 2023 and December 31, 2022, respectively (in millions): March 31, December 31, 2023 2022 Operating lease right of use assets $ 110.1 $ 111.7 Total leased assets $ 110.1 $ 111.7 Current operating lease liabilities (1) $ 18.8 $ 18.3 Non-current operating lease liabilities 126.9 129.3 Total leased liabilities $ 145.7 $ 147.6 (1) These amounts are reflected within accounts payable and accrued liabilities in the condensed consolidated balance sheets. The following table presents operating lease costs and other information as of and for the three months ended March 31, 2023 and 2022, respectively (in millions, except as stated): Three Months Ended March 31, 2023 2022 Operating lease costs (1) $ 8.6 $ 7.4 Lease term and discount rate information: Weighted average remaining lease term (years) 10.0 10.7 Weighted average discount rate 3.1 % 3.1 % Supplemental cash flow information and non-cash activity: Cash paid for amounts included in the measurement of lease liabilities $ 6.4 $ 5.3 Right of use assets obtained in exchange for lease liabilities 3.3 14.8 (1) Includes short-term lease and variable lease costs, which are immaterial. The maturities of the lease liabilities are as follows as of March 31, 2023 (in millions): March 31, 2023 Remainder of 2023 $ 17.2 2024 18.1 2025 16.9 2026 17.6 2027 14.4 After 2027 90.6 Total lease payments (1) $ 174.8 Less: Interest (29.1) Present value of lease liabilities $ 145.7 (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	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2023
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 three months ended March 31, 2023.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Mar. 31, 2023
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, 2022. 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.
Segment information	Segment Information The Company previously operated five reportable business segments prior to the quarter ended June 30, 2022. As a result of the Cboe Digital acquisition, as of the quarter ended June 30, 2022, the Company operates 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 There have been no new or material changes to the significant accounting policies discussed for the Company for the three months ended March 31, 2023, that are of significance, or potential significance, to the Company.
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 March 31, 2023.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
REVENUE RECOGNITION (Tables)	Mar. 31, 2023
REVENUE RECOGNITION
Schedule of disaggregated revenue contract types	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 March 31, 2023 Transaction and clearing fees $ 311.9 $ — $ 420.6 $ 732.5 Access and capacity fees — 84.2 — 84.2 Market data fees 17.9 44.5 8.5 70.9 Regulatory fees 62.6 — 21.9 84.5 Other revenue 14.6 0.7 0.8 16.1 $ 407.0 $ 129.4 $ 451.8 $ 988.2 Cash Data and and Spot Access Derivatives Markets Solutions Markets Total Three Months Ended March 31, 2022 Transaction and clearing fees $ 395.5 $ — $ 374.1 $ 769.6 Access and capacity fees — 77.9 — 77.9 Market data fees 22.9 39.6 8.2 70.7 Regulatory fees 31.9 — 10.7 42.6 Other revenue 11.6 1.4 0.7 13.7 $ 461.9 $ 118.9 $ 393.7 $ 974.5
Schedule of disaggregation of revenue according to segment	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 March 31, 2023 Transaction and clearing fees $ 395.8 $ 255.0 $ 42.1 $ 24.8 $ 15.8 $ (1.0) $ — $ 732.5 Access and capacity fees 38.9 28.4 8.9 5.3 2.6 0.1 — 84.2 Market data fees 28.0 31.9 8.7 2.0 0.3 — — 70.9 Regulatory fees 21.9 62.6 — — — — — 84.5 Other revenue 1.5 1.9 12.6 — 0.1 — — 16.1 $ 486.1 $ 379.8 $ 72.3 $ 32.1 $ 18.8 $ (0.9) $ — $ 988.2 Timing of revenue recognition Services transferred at a point in time $ 419.2 $ 319.5 $ 54.7 $ 24.8 $ 15.9 $ (1.0) $ — $ 833.1 Services transferred over time 66.9 60.3 17.6 7.3 2.9 0.1 — 155.1 $ 486.1 $ 379.8 $ 72.3 $ 32.1 $ 18.8 $ (0.9) $ — $ 988.2 Three Months Ended March 31, 2022 Transaction and clearing fees $ 348.3 $ 330.8 $ 50.1 $ 25.8 $ 14.6 $ — $ — $ 769.6 Access and capacity fees 35.8 26.0 9.3 4.5 2.3 — — 77.9 Market data fees 25.9 34.2 8.3 2.0 0.3 — — 70.7 Regulatory fees 10.7 31.9 — — — — — 42.6 Other revenue 1.9 0.8 10.9 — 0.1 — — 13.7 $ 422.6 $ 423.7 $ 78.6 $ 32.3 $ 17.3 $ — $ — $ 974.5 Timing of revenue recognition Services transferred at a point in time $ 360.9 $ 363.5 $ 61.0 $ 25.8 $ 14.7 $ — $ — $ 825.9 Services transferred over time 61.7 60.2 17.6 6.5 2.6 — — 148.6 $ 422.6 $ 423.7 $ 78.6 $ 32.3 $ 17.3 $ — $ — $ 974.5
Schedule of revenue recognized from contract liabilities and the remaining balance	The revenue recognized from contract liabilities and the remaining balance is shown below (in millions): Balance at December 31, 2022 Cash Additions Revenue Recognized Balance at March 31, 2023 Liquidity provider sliding scale (1) $ — $ 7.2 $ (1.8) $ 5.4 Other, net 11.7 11.1 (6.5) 16.3 Total deferred revenue $ 11.7 $ 18.3 $ (8.3) $ 21.7 (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)	3 Months Ended
ACQUISITIONS (Tables)	Mar. 31, 2023
Acquisitions
Schedule of finite-lived and indefinite-lived intangible assets acquired	The following table presents the details of intangible assets as of the acquisition date, inclusive of purchase price adjustments outlined above (in millions, except as stated). All acquired intangible assets with finite lives are amortized using the straight-line method. Cboe Digital Useful Life (Years) Cboe Canada Useful Life (Years) Trading registrations and licenses $ 25.0 Indefinite $ 15.1 Indefinite Customer relationships — 37.4 15 Technology 70.0 10 16.2 7 Trademarks and tradenames — 0.4 5 Total identifiable intangible assets $ 95.0 $ 69.1
Cboe Canada
Acquisitions
Schedule of Purchase Price Allocation	The following table presents the details of the adjustments made to the initial purchase price allocation for the Cboe Canada (formerly NEO) acquisition during the year ended December 31, 2022 (in millions): Initial purchase Total Adjusted purchase price allocation adjustments price allocation Goodwill $ 132.4 $ 0.2 $ 132.6 Intangible assets 130.1 (61.0) 69.1 Net working capital (6.9) 16.6 9.7 Contingent consideration (54.3) 44.2 (10.1)

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
INVESTMENTS (Tables)	Mar. 31, 2023
INVESTMENTS
Schedule of investments	As of March 31, 2023 and December 31, 2022, the Company’s investments were comprised of the following (in millions): March 31, December 31, 2023 2022 Equity method investments: Investment in 7Ridge Investments 3 LP $ 231.9 $ 215.4 Total equity method investments 231.9 215.4 Other equity investments: Investment in Eris Innovations Holdings, LLC 20.0 20.0 Investment in CSD Br 5.9 5.9 Investment in Coin Metrics Inc. 5.0 5.0 Investment in Cboe Vest Financial Group, Inc. 2.9 2.9 Investment in Effective Investing Limited 1.8 1.8 Investment in OCC 0.3 0.3 Other equity investments 1.9 1.9 Total other equity investments 37.8 37.8 Total investments $ 269.7 $ 253.2

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	3 Months Ended
PROPERTY AND EQUIPMENT, NET (Tables)	Mar. 31, 2023
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment, net	Property and equipment, net consisted of the following as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Construction in progress $ 11.4 $ 7.7 Building 68.8 68.8 Furniture and equipment 299.8 291.3 Total property and equipment 380.0 367.8 Less accumulated depreciation (267.9) (259.6) Property and equipment, net $ 112.1 $ 108.2

CREDIT LOSSES (Tables)

CREDIT LOSSES (Tables)	3 Months Ended
CREDIT LOSSES (Tables)	Mar. 31, 2023
CREDIT LOSSES
Schedule of changes in allowance for credit losses	The following represents the changes in allowance for credit losses during the three months ended March 31, 2023 and 2022 (in millions): Balance at December 31, 2022 Current period provision for expected credit losses Write-offs charged against the allowance Recoveries collected Balance at March 31, 2023 Allowance for notes receivable credit losses $ 30.1 $ — $ — $ — $ 30.1 Allowance for accounts receivable credit losses 2.2 0.1 — — 2.3 Total allowance for credit losses $ 32.3 $ 0.1 $ — $ — $ 32.4

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	3 Months Ended
OTHER ASSETS, NET (Tables)	Mar. 31, 2023
OTHER ASSETS, NET
Schedule of other assets, net	Other assets, net consisted of the following as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Software development work in progress $ 4.6 $ 8.9 Data processing software 129.2 124.2 Less accumulated depreciation and amortization (81.2) (78.8) Data processing software, net 52.6 54.3 Other assets (1) 133.7 127.6 Other assets, net $ 186.3 $ 181.9 (1) At March 31, 2023 and December 31, 2022, the majority of the balance included notes receivable, net of allowance, a contra-revenue asset, and long-term prepaid assets. As of March 31, 2023 and December 31, 2022, the notes receivable, net balance was

GOODWILL, INTANGIBLE ASSETS, _2

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 $ 305.8 $ 2,000.8 $ 549.0 $ 267.2 $ — $ 3,122.8 Changes in foreign currency exchange rates — 0.2 5.4 — — 5.6 Balance as of March 31, 2023 $ 305.8 $ 2,001.0 $ 554.4 $ 267.2 $ — $ 3,128.4
Schedule of details of intangible assets by segment	The following table presents the details of the intangible assets by segment (in millions): North American Europe and Options Equities Asia Pacific Global FX Digital Total Balance as of December 31, 2022 $ 146.1 $ 992.8 $ 359.9 $ 72.8 $ 91.2 $ 1,662.8 Dispositions — — — — (0.8) (0.8) Amortization (3.1) (15.5) (6.1) (4.5) (1.7) (30.9) Changes in foreign currency exchange rates — 0.1 5.3 — — 5.4 Balance as of March 31, 2023 $ 143.0 $ 977.4 $ 359.1 $ 68.3 $ 88.7 $ 1,636.5
Schedule of categories of intangible assets by segment	The following tables present the categories of intangible assets by segment as of March 31, 2023 and December 31, 2022 (in millions, except as stated): March 31, 2023 Weighted North Europe Average American and Asia Amortization Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses $ 95.5 $ 605.3 $ 203.3 $ — $ 25.0 Indefinite Customer relationships 46.6 412.8 211.4 140.0 — 16 Market data customer relationships 53.6 322.0 59.6 64.4 — 9 Technology 28.1 56.6 33.3 22.5 70.0 7 Trademarks and tradenames 12.9 8.2 2.3 1.2 — 7 Digital assets held — — — — 0.1 Indefinite Accumulated amortization (93.7) (427.5) (150.8) (159.8) (6.4) $ 143.0 $ 977.4 $ 359.1 $ 68.3 $ 88.7 December 31, 2022 Weighted North Europe Average American and Asia Amortization Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses $ 95.5 $ 605.3 $ 199.5 $ — $ 25.0 Indefinite Customer relationships 46.6 412.8 208.9 140.0 — 16 Market data customer relationships 53.6 322.0 58.4 64.4 — 9 Technology 28.1 56.4 32.8 22.5 70.0 8 Trademarks and tradenames 12.9 8.2 2.3 1.2 — 7 Digital assets held — — — — 0.9 Indefinite Accumulated amortization (90.6) (411.9) (142.0) (155.3) (4.7) $ 146.1 $ 992.8 $ 359.9 $ 72.8 $ 91.2

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	3 Months Ended
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	Mar. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Compensation and benefit-related liabilities $ 31.0 $ 90.2 Royalties 38.3 33.3 Accrued liabilities 60.2 69.4 Current operating lease liabilities 18.8 18.3 Rebates payable 95.2 75.2 Marketing fee payable 17.4 15.9 Tax reserves 92.2 90.4 Accounts payable 15.1 27.5 Total accounts payable and accrued liabilities $ 368.2 $ 420.2

DEBT (Tables)

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Mar. 31, 2023
DEBT
Schedule of debt	The Company’s debt consisted of the following as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Term Loan Agreement due December 2023, floating rate $ 304.8 $ 304.7 $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% 647.5 647.3 $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% 494.2 494.0 $300 million fixed rate Senior Notes due March 2032, stated rate of 3.000% 296.1 296.0 Revolving Credit Agreement — — Cboe Clear Europe Credit Facility — — Total debt $ 1,742.6 $ 1,742.0
Schedule of maturities of long-term debt	The future expected loan repayments related to the Term Loan Agreement and the Senior Notes as of March 31, 2023 are as follows (in millions): Remainder of 2023 $ 305.0 2024 — 2025 — 2026 — 2027 650.0 Thereafter 800.0 Principal amounts repayable 1,755.0 Debt issuance costs (6.7) Unamortized discounts on notes (5.7) Total debt outstanding $ 1,742.6
Schedule of interest expense	Interest expense, net recognized in the condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 is as follows (in millions) Three Months Ended March 31, 2023 2022 Components of interest expense: Contractual interest $ 16.4 $ 11.2 Amortization of debt discount and issuance costs 0.7 0.5 Interest expense $ 17.1 $ 11.7 Interest income (2.0) (0.9) Interest expense, net $ 15.1 $ 10.8

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS, NET (Tables)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET (Tables)	Mar. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET
Schedule of Accumulated Other Comprehensive Loss, Net	The following represents the changes in accumulated other comprehensive loss, net by component (in millions): Foreign Total Accumulated Currency Unrealized Other Translation Investment Post-Retirement Comprehensive Adjustment Loss Benefits (Loss) Income, Net Balance at December 31, 2022 $ (30.2) $ (0.9) $ 0.1 $ (31.0) Other comprehensive income (loss) 19.8 (0.9) (0.1) 18.8 Balance at March 31, 2023 $ (10.4) $ (1.8) $ — $ (12.2)

CLEARING OPERATION (Tables)

CLEARING OPERATION (Tables)	3 Months Ended
CLEARING OPERATION (Tables)	Mar. 31, 2023
Clearing Operations
Schedule of total clearing participant deposits	The following tables present the Company’s total clearing participant deposits as of March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 Cash Contributions Non-Cash Contributions (1) Total Contributions Margin deposits $ 1,323.2 $ 547.1 $ 1,870.3 Clearing funds 105.2 39.8 145.0 Interoperability funds (1) 994.1 240.0 1,234.1 Total $ 2,422.5 $ 826.9 $ 3,249.4 December 31, 2022 Cash Contributions Non-Cash Contributions (1) Total Contributions Margin deposits $ 426.9 $ 338.2 $ 765.1 Clearing funds 103.4 38.6 142.0 Interoperability funds (1) 376.0 89.3 465.3 Total $ 906.3 $ 466.1 $ 1,372.4 (1) These amounts are not reflected in the condensed consolidated balance sheets, as Cboe Clear Europe does not take economic ownership of these balances.
Cboe Clear Digital
Clearing Operations
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 March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 December 31, 2022 Customer bank deposits $ 24.4 $ 12.7 Digital assets - safeguarded assets 42.0 22.9 Total $ 66.4 $ 35.6
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 March 31, 2023: Digital Asset Number of Units Valuation per Unit Fair Value (in millions) Bitcoin ("BTC") 842 $ 28,396 $ 23.9 Ethereum ("ETH") 7,750 1,818 14.1 Litecoin ("LTC") 24,324 90 2.2 Bitcoin Cash ("BCH") 12,615 124 1.5 USD Coin ("USDC") 298,282 1 0.3 Total $ 42.0

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
FAIR VALUE MEASUREMENT (Tables)	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 49.5 $ 49.5 $ — $ — Marketable securities (1): Mutual funds 14.2 14.2 — — Money market funds 16.5 16.5 — — Digital assets - safeguarded assets 42.0 42.0 — — Total assets $ 122.2 $ 122.2 $ — $ — Liabilities: Contingent consideration liabilities $ 34.2 $ — $ — $ 34.2 Digital assets - safeguarded liabilities 42.0 42.0 — — Cboe Digital restricted common units liability (2) 15.6 — — 15.6 Cboe Digital warrant liability (2) 5.9 — — 5.9 Total liabilities $ 97.7 $ 42.0 $ — $ 55.7 December 31, 2022 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 64.2 $ 64.2 $ — $ — Marketable securities (1): Mutual funds 15.3 15.3 — — Money market funds 12.2 12.2 — — Digital assets - safeguarded assets 22.9 22.9 — — Total assets $ 114.6 $ 114.6 $ — $ — Liabilities: Contingent consideration liabilities $ 39.1 $ — $ — $ 39.1 Digital assets - safeguarded liabilities 22.9 22.9 — — Cboe Digital restricted common units liability (2) 15.5 — — 15.5 Cboe Digital warrant liability (2) 5.9 — — 5.9 Total liabilities $ 83.4 $ 22.9 $ — $ 60.5 (1) These amounts are reflected within financial investments in the condensed consolidated balance sheets. (2) These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets.
Schedule of fair value hierarchy for assets and liabilities measured on a nonrecurring basis	The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 49.5 $ 49.5 $ — $ — Deferred compensation plan assets (1) 30.7 30.7 — — Digital assets - safeguarded assets 42.0 42.0 — — Digital assets held (2) 0.1 0.1 — — Total assets $ 122.3 $ 122.3 $ — $ — Liabilities: Contingent consideration liabilities $ 34.2 $ — $ — $ 34.2 Deferred compensation plan liabilities (3) 30.7 30.7 — — Digital assets - safeguarded liabilities 42.0 42.0 — — Cboe Digital restricted common units liability (3) 15.6 — — 15.6 Cboe Digital warrant liability (3) 5.9 — — 5.9 Debt 1,595.7 — 1,595.7 — Total liabilities $ 1,724.1 $ 72.7 $ 1,595.7 $ 55.7 December 31, 2022 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 64.2 $ 64.2 $ — $ — Deferred compensation plan assets (1) 27.5 27.5 — — Digital assets - safeguarded assets 22.9 22.9 — — Digital assets held (2) 0.9 0.9 — — Total assets $ 115.5 $ 115.5 $ — $ — Liabilities: Contingent consideration liabilities $ 39.1 $ — $ — $ 39.1 Deferred compensation plan liabilities (3) 27.5 27.5 — — Digital assets - safeguarded liabilities 22.9 22.9 — — Cboe Digital restricted common units liability (3) 15.5 — — 15.5 Cboe Digital warrant liability (3) 5.9 — — 5.9 Debt 1,573.9 — 1,573.9 — Total liabilities $ 1,684.8 $ 50.4 $ 1,573.9 $ 60.5 (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 March 31, 2023 and December 31, 2022, the fair values of the Company’s debt obligations were as follows (in millions): Fair Value March 31, 2023 December 31, 2022 Term Loan Agreement $ 306.1 $ 306.3 3.650% Senior Notes 627.7 623.6 1.625% Senior Notes 401.8 390.7 3.000% Senior Notes 260.1 253.3
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 months ended March 31, 2023 (in millions): Level 3 Financial Liabilities for the Three Months Ended March 31, 2023 Balance at Realized (Gains) Foreign Balances at Beginning of Losses during Currency End of Period Period Adjustments Additions Settlements Translation Period Liabilities Contingent consideration liabilities $ 39.1 $ — $ — $ — $ (4.9) $ — $ 34.2 Cboe Digital restricted common units liability 15.5 — 0.1 — — — 15.6 Cboe Digital warrant liability 5.9 — — — — — 5.9 Total liabilities $ 60.5 $ — $ 0.1 $ — $ (4.9) $ — $ 55.7

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
SEGMENT REPORTING (Tables)	Mar. 31, 2023
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 March 31, 2023 Revenues $ 486.1 $ 379.8 $ 72.3 $ 32.1 $ 18.8 $ (0.9) $ — $ 988.2 Operating income (loss) 201.0 28.4 11.3 20.9 4.7 (11.4) (7.0) 247.9 Three Months Ended March 31, 2022 Revenues $ 422.6 $ 423.7 $ 78.6 $ 32.3 $ 17.3 $ — $ — $ 974.5 Operating income (loss) 162.7 38.6 20.9 17.0 2.4 — (1.9) 239.7
Schedule of revenue by geographic location	United States Non-U.S. Total Revenues less cost of revenues: Three months ended March 31, 2023 $ 415.9 $ 55.5 $ 471.4 Three months ended March 31, 2022 $ 359.3 $ 58.8 $ 418.1

REGULATORY CAPITAL (Tables)

REGULATORY CAPITAL (Tables)	3 Months Ended
REGULATORY CAPITAL (Tables)	Mar. 31, 2023
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 March 31, 2023 (in millions): Minimum Subsidiary Regulatory Authority Actual Requirement Cboe Trading FINRA/SEC $ 14.1 $ 0.8 BIDS Trading FINRA/SEC 5.7 0.5 Cboe Fixed Income FINRA/SEC 3.2 0.1 Cboe Europe FCA 50.2 28.3 Cboe Chi-X Europe FCA 0.3 0.1 Cboe NL Dutch Authority for Financial Markets 14.6 5.7 Cboe Clear Europe DNB 62.7 43.4 MATCHNow Canadian SRO 5.4 0.2 CFE CFTC 62.6 45.4 Cboe SEF CFTC 2.8 1.3 Cboe Digital Exchange CFTC 34.8 4.8 Cboe Clear Digital CFTC 26.0 5.5 Cboe Australia ASIC 10.4 4.1 Cboe Japan JFSA 7.0 3.7

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2023
Stock-based Compensation
Summary of restricted stock activity	Weighted Number of average grant Shares date fair value Nonvested stock at December 31, 2022 556,062 $ 112.07 Granted 304,433 124.89 Vested (201,977) 108.20 Forfeited (3,550) 115.89 Nonvested stock at March 31, 2023 654,968 $ 119.20
Summary of performance-based restricted stock units	Weighted Number of average grant Shares date fair value Nonvested stock at December 31, 2022 166,702 $ 125.08 Granted 84,686 142.09 Vested (55,399) 130.05 Forfeited (3,911) 154.00 Nonvested stock at March 31, 2023 192,078 $ 130.56
Cboe Digital Restricted Common Units
Stock-based Compensation
Summary of stock option/warrant activity	Weighted Weighted Number of average exercise Aggregate average remaining Units price intrinsic value contractual term Nonvested units at December 31, 2022 185 $ 0.3 $ — 6 years Granted — — — Vested — — — Outstanding and exercisable March 31, 2023 185 $ 0.3 $ — 6 years
Cboe Digital Warrants
Stock-based Compensation
Summary of stock option/warrant activity	The following table summarizes the Warrant activity during the year ended March 31, 2023 (in millions, except number of units): Weighted Number of average exercise Units price Nonvested units at December 31, 2022 80 $ 0.2 Granted — — Vested — — Outstanding and exercisable March 31, 2023 80 $ 0.2

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
EQUITY (Tables)	Mar. 31, 2023
EQUITY
Summary of repurchased shares of the company's common stock under the share repurchase program	Three Months Ended March 31, 2023 2022 Number of shares of common stock repurchased 567,073 596,988 Average price paid per share $ 123.42 $ 117.25 Total purchase price (in millions) $ 70.0 $ 70.0

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2023
EARNINGS PER SHARE
Reconciliation of basic and diluted net income per common share	The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022 (in millions, except per share data): Three Months Ended March 31, 2023 2022 Basic earnings per share numerator: Net income $ 173.4 $ 109.6 Net income allocated to participating securities (0.8) (0.4) Net income allocated to common stockholders $ 172.6 $ 109.2 Basic earnings per share denominator: Weighted average shares outstanding 105.9 106.6 Basic earnings per share $ 1.63 $ 1.02 Diluted earnings per share numerator: Net income $ 173.4 $ 109.6 Net income allocated to participating securities (0.8) (0.4) Net income allocated to common stockholders $ 172.6 $ 109.2 Diluted earnings per share denominator: Weighted average shares outstanding 105.9 106.6 Dilutive common shares issued under stock program 0.3 0.2 Total dilutive weighted average shares 106.2 106.8 Diluted earnings per share $ 1.63 $ 1.02

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Mar. 31, 2023
LEASES.
Schedule of supplemental balance sheet information related to leases	The following table presents the supplemental balance sheet information related to leases as of March 31, 2023 and December 31, 2022, respectively (in millions): March 31, December 31, 2023 2022 Operating lease right of use assets $ 110.1 $ 111.7 Total leased assets $ 110.1 $ 111.7 Current operating lease liabilities (1) $ 18.8 $ 18.3 Non-current operating lease liabilities 126.9 129.3 Total leased liabilities $ 145.7 $ 147.6 (1) These amounts are reflected within accounts payable and accrued liabilities in the condensed consolidated balance sheets.
Schedule of lease cost and other information	The following table presents operating lease costs and other information as of and for the three months ended March 31, 2023 and 2022, respectively (in millions, except as stated): Three Months Ended March 31, 2023 2022 Operating lease costs (1) $ 8.6 $ 7.4 Lease term and discount rate information: Weighted average remaining lease term (years) 10.0 10.7 Weighted average discount rate 3.1 % 3.1 % Supplemental cash flow information and non-cash activity: Cash paid for amounts included in the measurement of lease liabilities $ 6.4 $ 5.3 Right of use assets obtained in exchange for lease liabilities 3.3 14.8 (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 March 31, 2023 (in millions): March 31, 2023 Remainder of 2023 $ 17.2 2024 18.1 2025 16.9 2026 17.6 2027 14.4 After 2027 90.6 Total lease payments (1) $ 174.8 Less: Interest (29.1) Present value of lease liabilities $ 145.7 (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
	Mar. 31, 2023 USD ($) segment	Jun. 30, 2022 USD ($) segment	Mar. 31, 2022 segment	Dec. 31, 2022 USD ($)
ORGANIZATION AND BASIS OF PRESENTATION
Number of reportable segments \| segment	6	6	5
Digital assets - safeguarded assets	$ 42	$ 22.4		$ 22.9
Digital assets - safeguarded liabilities	$ 42	$ 22.4		$ 22.9

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by product line and Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment item	Jun. 30, 2022 segment	Mar. 31, 2022 USD ($) segment
Segment Reporting Information
Number of types of regulatory fees the Company recognizes \| item	2
Revenues	$ 988.2		$ 974.5
Number of reportable segments \| segment	6	6	5
Services transferred at a point in time
Segment Reporting Information
Revenues	$ 833.1		$ 825.9
Services transferred over time
Segment Reporting Information
Revenues	155.1		148.6
Options \| Operating Segments
Segment Reporting Information
Revenues	486.1		422.6
Options \| Operating Segments \| Services transferred at a point in time
Segment Reporting Information
Revenues	419.2		360.9
Options \| Operating Segments \| Services transferred over time
Segment Reporting Information
Revenues	66.9		61.7
North American Equities \| Operating Segments
Segment Reporting Information
Revenues	379.8		423.7
North American Equities \| Operating Segments \| Services transferred at a point in time
Segment Reporting Information
Revenues	319.5		363.5
North American Equities \| Operating Segments \| Services transferred over time
Segment Reporting Information
Revenues	60.3		60.2
Europe and Asia Pacific \| Operating Segments
Segment Reporting Information
Revenues	72.3		78.6
Europe and Asia Pacific \| Operating Segments \| Services transferred at a point in time
Segment Reporting Information
Revenues	54.7		61
Europe and Asia Pacific \| Operating Segments \| Services transferred over time
Segment Reporting Information
Revenues	17.6		17.6
Futures \| Operating Segments
Segment Reporting Information
Revenues	32.1		32.3
Futures \| Operating Segments \| Services transferred at a point in time
Segment Reporting Information
Revenues	24.8		25.8
Futures \| Operating Segments \| Services transferred over time
Segment Reporting Information
Revenues	7.3		6.5
Global FX \| Operating Segments
Segment Reporting Information
Revenues	18.8		17.3
Global FX \| Operating Segments \| Services transferred at a point in time
Segment Reporting Information
Revenues	15.9		14.7
Global FX \| Operating Segments \| Services transferred over time
Segment Reporting Information
Revenues	2.9		2.6
Digital \| Operating Segments
Segment Reporting Information
Revenues	(0.9)
Digital \| Operating Segments \| Services transferred at a point in time
Segment Reporting Information
Revenues	(1)
Digital \| Operating Segments \| Services transferred over time
Segment Reporting Information
Revenues	0.1
Transaction and clearing fees
Segment Reporting Information
Revenues	732.5		769.6
Transaction and clearing fees \| Options \| Operating Segments
Segment Reporting Information
Revenues	395.8		348.3
Transaction and clearing fees \| North American Equities \| Operating Segments
Segment Reporting Information
Revenues	255		330.8
Transaction and clearing fees \| Europe and Asia Pacific \| Operating Segments
Segment Reporting Information
Revenues	42.1		50.1
Transaction and clearing fees \| Futures \| Operating Segments
Segment Reporting Information
Revenues	24.8		25.8
Transaction and clearing fees \| Global FX \| Operating Segments
Segment Reporting Information
Revenues	15.8		14.6
Transaction and clearing fees \| Digital \| Operating Segments
Segment Reporting Information
Revenues	(1)
Access and capacity fees
Segment Reporting Information
Revenues	84.2		77.9
Access and capacity fees \| Options \| Operating Segments
Segment Reporting Information
Revenues	38.9		35.8
Access and capacity fees \| North American Equities \| Operating Segments
Segment Reporting Information
Revenues	28.4		26
Access and capacity fees \| Europe and Asia Pacific \| Operating Segments
Segment Reporting Information
Revenues	8.9		9.3
Access and capacity fees \| Futures \| Operating Segments
Segment Reporting Information
Revenues	5.3		4.5
Access and capacity fees \| Global FX \| Operating Segments
Segment Reporting Information
Revenues	2.6		2.3
Access and capacity fees \| Digital \| Operating Segments
Segment Reporting Information
Revenues	0.1
Market data fees
Segment Reporting Information
Revenues	70.9		70.7
Market data fees \| Options \| Operating Segments
Segment Reporting Information
Revenues	28		25.9
Market data fees \| North American Equities \| Operating Segments
Segment Reporting Information
Revenues	31.9		34.2
Market data fees \| Europe and Asia Pacific \| Operating Segments
Segment Reporting Information
Revenues	8.7		8.3
Market data fees \| Futures \| Operating Segments
Segment Reporting Information
Revenues	2		2
Market data fees \| Global FX \| Operating Segments
Segment Reporting Information
Revenues	0.3		0.3
Regulatory fees
Segment Reporting Information
Revenues	84.5		42.6
Regulatory fees \| Options \| Operating Segments
Segment Reporting Information
Revenues	21.9		10.7
Regulatory fees \| North American Equities \| Operating Segments
Segment Reporting Information
Revenues	62.6		31.9
Other revenue
Segment Reporting Information
Revenues	16.1		13.7
Other revenue \| Options \| Operating Segments
Segment Reporting Information
Revenues	1.5		1.9
Other revenue \| North American Equities \| Operating Segments
Segment Reporting Information
Revenues	1.9		0.8
Other revenue \| Europe and Asia Pacific \| Operating Segments
Segment Reporting Information
Revenues	12.6		10.9
Other revenue \| Global FX \| Operating Segments
Segment Reporting Information
Revenues	0.1		0.1
Cash and spot markets
Segment Reporting Information
Revenues	407		461.9
Cash and spot markets \| Transaction and clearing fees
Segment Reporting Information
Revenues	311.9		395.5
Cash and spot markets \| Market data fees
Segment Reporting Information
Revenues	17.9		22.9
Cash and spot markets \| Regulatory fees
Segment Reporting Information
Revenues	62.6		31.9
Cash and spot markets \| Other revenue
Segment Reporting Information
Revenues	14.6		11.6
Data and access solutions
Segment Reporting Information
Revenues	129.4		118.9
Data and access solutions \| Access and capacity fees
Segment Reporting Information
Revenues	84.2		77.9
Data and access solutions \| Market data fees
Segment Reporting Information
Revenues	44.5		39.6
Data and access solutions \| Other revenue
Segment Reporting Information
Revenues	0.7		1.4
Derivatives markets
Segment Reporting Information
Revenues	451.8		393.7
Derivatives markets \| Transaction and clearing fees
Segment Reporting Information
Revenues	420.6		374.1
Derivatives markets \| Market data fees
Segment Reporting Information
Revenues	8.5		8.2
Derivatives markets \| Regulatory fees
Segment Reporting Information
Revenues	21.9		10.7
Derivatives markets \| Other revenue
Segment Reporting Information
Revenues	$ 0.8		$ 0.7

REVENUE RECOGNITION - Rollforwa

REVENUE RECOGNITION - Rollforward of deferred revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	$ 11.7
Cash Additions	18.3
Revenue Recognized	(8.3)
Ending Balance	21.7
Liquidity provider sliding scale
Revenue recognized from contract liabilities and remaining balance
Cash Additions	7.2
Revenue Recognized	(1.8)
Ending Balance	5.4
Other, net
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	11.7
Cash Additions	11.1
Revenue Recognized	(6.5)
Ending Balance	$ 16.3

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Millions		3 Months Ended
ACQUISITIONS (Details) - USD ($) $ in Millions	May 02, 2022	Mar. 31, 2023	Mar. 31, 2022
Acquisitions
Acquisition-related costs		$ 6.4	$ 2
Cboe Digital
Acquisitions
Goodwill	$ 460.9
Intangible assets	95
Working capital	8.4
Gain on change in fair value	$ 7.5

ACQUISITIONS - Cboe Canada (Det

ACQUISITIONS - Cboe Canada (Details) - USD ($) $ in Millions		7 Months Ended	12 Months Ended
	Jun. 01, 2022	Dec. 31, 2022	Dec. 31, 2022	Mar. 31, 2023
Acquisitions
Contingent consideration		$ (39.1)	$ (39.1)	$ (34.2)
Cboe Canada
Acquisitions
Goodwill	$ 132.4		132.6
Intangible assets	130.1	69.1	69.1
Net working capital	(6.9)	9.7	9.7
Contingent consideration	$ (54.3)	(10.1)	$ (10.1)
Goodwill, Total adjustments		0.2
Intangible assets, Total Adjustments		(61)
Net working capital, Total adjustments		16.6
Contingent consideration, Total adjustments		$ 44.2

ACQUISITIONS - Intangible asset

ACQUISITIONS - Intangible assets acquired (Details) - USD ($) $ in Millions	Jun. 01, 2022	May 02, 2022
Cboe Digital
Acquisitions
Total identifiable intangible assets		$ 95
Cboe Canada
Acquisitions
Total identifiable intangible assets	$ 69.1
Customer relationships \| Cboe Canada
Acquisitions
Finite-lived intangible assets acquired	$ 37.4
Useful Life (Years)	15 years
Technology \| Cboe Digital
Acquisitions
Finite-lived intangible assets acquired		$ 70
Useful Life (Years)		10 years
Technology \| Cboe Canada
Acquisitions
Finite-lived intangible assets acquired	$ 16.2
Useful Life (Years)	7 years
Trademarks and tradenames \| Cboe Canada
Acquisitions
Finite-lived intangible assets acquired	$ 0.4
Useful Life (Years)	5 years
Licensing Agreements \| Cboe Digital
Acquisitions
Indefinite-lived intangible assets acquired		$ 25
Licensing Agreements \| Cboe Canada
Acquisitions
Indefinite-lived intangible assets acquired	$ 15.1

INVESTMENTS - Schedule of inves

INVESTMENTS - Schedule of investments and Other Equity Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule of Cost and Equity Method Investments
Total equity method investments	$ 231.9	$ 215.4
Total other equity investments	37.8	37.8
Total investments	269.7	253.2
7Ridge Fund
Schedule of Cost and Equity Method Investments
Total equity method investments	231.9	215.4
Investment in Eris Exchange Holdings, LLC
Schedule of Cost and Equity Method Investments
Total other equity investments	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
Investment in Effective Investing Limited
Schedule of Cost and Equity Method Investments
Total other equity investments	1.8	1.8
Investment in OCC
Schedule of Cost and Equity Method Investments
Total other equity investments	$ 0.3	0.3
Investment percentage	20%
Other equity investments
Schedule of Cost and Equity Method Investments
Total other equity investments	$ 1.9	$ 1.9

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property and Equipment, Net
Total property and equipment	$ 380		$ 367.8
Less accumulated depreciation	(267.9)		(259.6)
Property and equipment, net	112.1		108.2
Depreciation expense	8.5	$ 8.6
Construction in progress
Property and Equipment, Net
Total property and equipment	11.4		7.7
Building
Property and Equipment, Net
Total property and equipment	68.8		68.8
Furniture and equipment
Property and Equipment, Net
Total property and equipment	$ 299.8		$ 291.3

PROPERTY AND EQUIPMENT, NET - F

PROPERTY AND EQUIPMENT, NET - Former headquarters location (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property and Equipment, Net
Property held and used	$ 112.1	$ 108.2
Land	2.3	2.3
Property and equipment	112.1	$ 108.2
Former Chicago Headquarters Location
Property and Equipment, Net
Property held and used	9.3
Land	2.3
Property and equipment	$ 7

CREDIT LOSSES (Details)

CREDIT LOSSES (Details) $ in Millions	3 Months Ended
CREDIT LOSSES (Details) $ in Millions	Mar. 31, 2023 USD ($)
Credit losses
Allowance balance at beginning of period	$ 32.3
Current period provision for expected credit losses	0.1
Allowance balance at end of period	32.4
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	2.2
Current period provision for expected credit losses	0.1
Allowance balance at end of period	$ 2.3

OTHER ASSETS, NET (Details)

OTHER ASSETS, NET (Details) - USD ($) $ in Millions	3 Months Ended
OTHER ASSETS, NET (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Intangible Assets
Less accumulated depreciation and amortization	$ (81.2)		$ (78.8)
Data processing software, net	52.6		54.3
Other assets	133.7		127.6
Total other assets, net	186.3		181.9
Notes receivable, net	112.4		102.9
Amortization expense	30.9	$ 30.6
Contra-revenue assets	18.9		19.9
Software development work in progress
Intangible Assets
Software	4.6		8.9
Data processing software
Intangible Assets
Software	129.2		$ 124.2
Amortization expense	$ 2	$ 1.7

GOODWILL, INTANGIBLE ASSETS, _3

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Goodwill by segment (Details) - USD ($) $ in Millions	3 Months Ended				7 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Goodwill
Balance at beginning of the period	$ 3,122.8
Changes in foreign currency exchange rates	5.6
Balance at end of the period	3,128.4				$ 3,122.8
Deferred tax benefit	10.6			$ 17.8
Carrying value of investments	269.7				253.2
Cboe Digital
Goodwill
Adjustment		$ 0.8
Impairment		$ (0.8)
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	2,000.8
Changes in foreign currency exchange rates	0.2
Balance at end of the period	2,001				2,000.8
Europe and Asia Pacific
Goodwill
Balance at beginning of the period	549
Changes in foreign currency exchange rates	5.4
Balance at end of the period	554.4				549
Global FX
Goodwill
Balance at beginning of the period	267.2
Balance at end of the period	267.2				$ 267.2
Digital
Goodwill
Impairment			$ 460.1
Deferred tax benefit			116.2
Decrease in carrying value			343.9
Carrying value of investments			220
Intangible asset impairment			$ 0
Futures
Goodwill
Balance at end of the period	$ 0

GOODWILL, INTANGIBLE ASSETS, _4

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Intangible assets by segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Intangible Assets
Balance at beginning of the period	$ 1,662.8
Dispositions	(0.8)
Amortization	(30.9)	$ (30.6)
Changes in foreign currency exchange rates	5.4
Balance at end of the period	1,636.5
Options
Intangible Assets
Balance at beginning of the period	146.1
Amortization	(3.1)
Balance at end of the period	143
North American Equities
Intangible Assets
Balance at beginning of the period	992.8
Amortization	(15.5)
Changes in foreign currency exchange rates	0.1
Balance at end of the period	977.4
Europe and Asia Pacific
Intangible Assets
Balance at beginning of the period	359.9
Amortization	(6.1)
Changes in foreign currency exchange rates	5.3
Balance at end of the period	359.1
Global FX
Intangible Assets
Balance at beginning of the period	72.8
Amortization	(4.5)
Balance at end of the period	68.3
Digital
Intangible Assets
Balance at beginning of the period	91.2
Dispositions	(0.8)
Amortization	(1.7)
Balance at end of the period	$ 88.7

GOODWILL, INTANGIBLE ASSETS, _5

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Estimated Future Amortization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD
Amortization expense	$ 30.9	$ 30.6
Amortization expense
Future amortization expense, remainder of 2023	85.3
2024	92.9
2025	76.4
2026	69.2
2027	$ 62.5

GOODWILL, INTANGIBLE ASSETS, _6

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Intangible assets by category (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Intangible Assets
Intangible assets, net	$ 1,636.5	$ 1,662.8
Customer relationships \| Weighted Average
Intangible Assets
Amortization period (in years)	16 years	16 years
Market data customer relationships \| Weighted Average
Intangible Assets
Amortization period (in years)	9 years	9 years
Technology \| Weighted Average
Intangible Assets
Amortization period (in years)	7 years	8 years
Trademarks and tradenames \| Weighted Average
Intangible Assets
Amortization period (in years)	7 years	7 years
Options
Intangible Assets
Accumulated amortization	$ (93.7)	$ (90.6)
Intangible assets, net	143	146.1
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 \| Licensing Agreements
Intangible Assets
Indefinite-lived intangible assets, gross	95.5	95.5
North American Equities
Intangible Assets
Accumulated amortization	(427.5)	(411.9)
Intangible assets, net	977.4	992.8
North American Equities \| Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	412.8	412.8
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	56.6	56.4
North American Equities \| Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	8.2	8.2
North American Equities \| Licensing Agreements
Intangible Assets
Indefinite-lived intangible assets, gross	605.3	605.3
Europe and Asia Pacific
Intangible Assets
Accumulated amortization	(150.8)	(142)
Intangible assets, net	359.1	359.9
Europe and Asia Pacific \| Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	211.4	208.9
Europe and Asia Pacific \| Market data customer relationships
Intangible Assets
Finite-lived intangible assets, gross	59.6	58.4
Europe and Asia Pacific \| Technology
Intangible Assets
Finite-lived intangible assets, gross	33.3	32.8
Europe and Asia Pacific \| Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	2.3	2.3
Europe and Asia Pacific \| Licensing Agreements
Intangible Assets
Indefinite-lived intangible assets, gross	203.3	199.5
Global FX
Intangible Assets
Accumulated amortization	(159.8)	(155.3)
Intangible assets, net	68.3	72.8
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	(6.4)	(4.7)
Intangible assets, net	88.7	91.2
Digital \| Technology
Intangible Assets
Finite-lived intangible assets, gross	70	70
Digital \| Licensing Agreements
Intangible Assets
Indefinite-lived intangible assets, gross	25	25
Digital \| Digital assets held
Intangible Assets
Indefinite-lived intangible assets, gross	$ 0.1	$ 0.9

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Compensation and benefit-related liabilities	$ 31	$ 90.2
Royalties	38.3	33.3
Accrued liabilities	60.2	69.4
Current operating lease liabilities	18.8	18.3
Rebates payable	95.2	75.2
Marketing fee payable	17.4	15.9
Tax reserves	92.2	90.4
Accounts payable	15.1	27.5
Total accounts payable and accrued liabilities	$ 368.2	$ 420.2

DEBT - Schedule of long-term de

DEBT - Schedule of long-term debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 16, 2022	Dec. 15, 2020	Mar. 22, 2018	Jan. 12, 2017
Debt Instrument
Total debt	$ 1,742.6	$ 1,742
Debt issuance costs	(6.7)
Term Loan Agreement
Debt Instrument
Total debt	304.8	304.7
Debt instrument face amount					$ 300
3.650% Senior Notes due January 2027
Debt Instrument
Total debt	647.5	647.3
Debt instrument face amount	$ 650	$ 650				$ 650
Interest rate (as a percent)	3.65%	3.65%				3.65%
1.625% Senior Notes due December 2030
Debt Instrument
Total debt	$ 494.2	$ 494
Debt instrument face amount	$ 500	$ 500		$ 500
Interest rate (as a percent)	1.625%	1.625%		1.625%
3.000% Senior Notes due March 2032
Debt Instrument
Total debt	$ 296.1	$ 296
Debt instrument face amount	$ 300	$ 300	$ 300
Interest rate (as a percent)	3%	3%	3%
Revolving Credit Agreement
Debt Instrument
Total debt	$ 0

DEBT (Details)

DEBT (Details) € in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 27, 2022 USD ($)

Dec. 01, 2022 USD ($)

Nov. 01, 2022 USD ($)

Sep. 22, 2022 USD ($)

Aug. 25, 2022 USD ($)

Jun. 30, 2022 EUR (€)

May 31, 2022 USD ($)

Apr. 29, 2022 USD ($)

Feb. 25, 2022 USD ($) subsidiary

Jun. 25, 2021 USD ($)

Jul. 01, 2020 USD ($)

Mar. 31, 2023 USD ($) subsidiary

Mar. 31, 2022 USD ($)

Dec. 31, 2022 USD ($)

Mar. 31, 2023 EUR (€) subsidiary

Jun. 29, 2022 EUR (€)

Mar. 16, 2022 USD ($)

Jul. 01, 2021 EUR (€)

Jun. 30, 2021 EUR (€)

Dec. 15, 2020 USD ($)

Jul. 01, 2020 EUR (€)

Mar. 22, 2018 USD ($)

Jan. 12, 2017 USD ($)

Debt Instrument

Proceeds from long-term debt

$ 298.6

Borrowings outstanding

$ 1,742.6

$ 1,742

Amended term loan agreement

Debt Instrument

Proceeds from long-term debt

$ 110

Amended term loan agreement | Prime Rate

Debt Instrument

Interest rate margin (as a percent)

0.50%

Amended term loan agreement | Secured Overnight Financing Rate ("SOFR")

Debt Instrument

Interest rate margin (as a percent)

0.65%

Term Loan Agreement

Debt Instrument

Debt instrument face amount

$ 300

Minimum consolidated interest ratio

Maximum consolidated leverage ratio

3.50

Maximum consolidated leverage ratio, scenario one

4.25

Maximum consolidated leverage ratio, scenario two

Borrowings outstanding

$ 304.8

304.7

3.650% Senior Notes due January 2027

Debt Instrument

Debt instrument face amount

$ 650

Interest rate (as a percent)

3.65%

Borrowings outstanding

$ 647.5

$ 647.3

1.625% Senior Notes due December 2030

Debt Instrument

Debt instrument face amount

$ 500

Interest rate (as a percent)

1.625%

Borrowings outstanding

$ 494.2

$ 494

3.000% Senior Notes due March 2032

Debt Instrument

Debt instrument face amount

$ 300

Interest rate (as a percent)

Borrowings outstanding

$ 296.1

$ 296

Senior Notes

Debt Instrument

Redemption price

101%

Revolving Credit Agreement

Debt Instrument

Minimum consolidated interest ratio

Maximum consolidated leverage ratio

3.50

Minimum consolidated interest ratio, scenario one

4.25

Minimum consolidated interest ratio, scenario two

Credit agreement, maximum borrowing capacity

$ 400

Term of agreement

3 years

Maximum borrowing capacity, increase limit

$ 200

Maximum borrowing capacity, total with increase

$ 600

Number of subsidiaries designated as additional borrowers | subsidiary

Borrowings outstanding

$ 0

Borrowing capacity available

$ 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

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)

Revolving Credit Agreement | Prime Rate | Maximum

Debt Instrument

Interest rate margin (as a percent)

0.25%

Revolving Credit Agreement | Floor Rate

Debt Instrument

Interest rate margin (as a percent)

Revolving Credit Agreement | Dollars SFOR

Debt Instrument

Interest rate margin (as a percent)

0.10%

Revolving Credit Agreement | Sterling SONIA

Debt Instrument

Interest rate margin (as a percent)

0.0326%

Revolving Credit Agreement | Euros EURIBOR

Debt Instrument

Interest rate margin (as a percent)

Revolving Credit Agreement | Swing Line Sub-Facility

Debt Instrument

Credit agreement, maximum borrowing capacity

$ 25

Cboe Clear Europe 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 | €

€ 30

€ 20

€ 24

Cboe Clear Europe Credit Facility | Minimum

Debt Instrument

Credit agreement, maximum borrowing capacity | €

1,250

Maximum borrowing capacity, total with increase | €

1,750

Cboe Clear Europe Credit Facility | Maximum

Debt Instrument

Credit agreement, maximum borrowing capacity | €

1,500

Maximum borrowing capacity, total with increase | €

€ 2,000

Cboe Clear Europe Credit Facility | Base Rate

Debt Instrument

Interest rate margin (as a percent)

1.75%

Cboe Clear Europe Credit Facility | Base Rate | Minimum

Debt Instrument

Interest rate margin (as a percent)

1.60%

Cboe Clear Europe Credit Facility | Base Rate | Maximum

Debt Instrument

Interest rate margin (as a percent)

1.75%

Cboe Clear Europe Credit Facility | Federal Funds Effective Rate

Debt Instrument

Interest rate margin (as a percent)

0.50%

Cboe Digital | Amended term loan agreement

Debt Instrument

Proceeds from long-term debt

$ 190

Repayments of outstanding indebtedness

$ 30

$ 50

$ 40

$ 50

$ 220

Cboe Canada | 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	Mar. 31, 2023	Dec. 31, 2022
Long-term Debt
Remainder of 2023		$ 305
2027		650
Thereafter		800
Principal amounts repayable		1,755
Debt issuance costs		(6.7)
Unamortized discounts on notes		(5.7)
Total debt outstanding		$ 1,742.6	$ 1,742
Cboe Digital \| 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
DEBT - Interest Expense (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Debt - components of interest expense
Contractual interest	$ 16.4	$ 11.2
Amortization of debt discount and issuance costs	0.7	0.5
Interest expense	17.1	11.7
Interest income	(2)	(0.9)
Interest expense, net	$ 15.1	$ 10.8

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS, NET (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Rollforward
Beginning balance	$ 3,465.3	$ 3,604.8
Other comprehensive income (loss)	18.8	(26.5)
Ending balance	3,538.7	3,567.3
Accumulated Other Comprehensive (Loss) Income, Net
AOCI Rollforward
Beginning balance	(31)	55.6
Other comprehensive income (loss)	18.8	(26.5)
Ending balance	(12.2)	$ 29.1
Foreign Currency Translation Adjustment
AOCI Rollforward
Beginning balance	(30.2)
Other comprehensive income (loss)	19.8
Ending balance	(10.4)
Unrealized Investment Loss
AOCI Rollforward
Beginning balance	(0.9)
Other comprehensive income (loss)	(0.9)
Ending balance	(1.8)
Post-Retirement Benefits
AOCI Rollforward
Beginning balance	0.1
Other comprehensive income (loss)	$ (0.1)

CLEARING OPERATIONS - Narrative

CLEARING OPERATIONS - Narrative (Details) - Cboe Clear Europe Credit Facility	1 Months Ended	3 Months Ended
	Sep. 30, 2021 item	Mar. 31, 2023 Counterparty item
Clearing Operations
Number of European markets \| item	10	18
Number of central counterparties with whom interoperable agreements are held \| Counterparty		2
Default and liquid waterfalls regulatory capital		35%

CLEARING OPERATIONS - Clearing

CLEARING OPERATIONS - Clearing participant (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Clearing Operations
Cash Contributions	$ 2,422.5	$ 906.3
Non-Cash Contributions	826.9	466.1
Total Contributions	3,249.4	1,372.4
Margin deposits
Clearing Operations
Cash Contributions	1,323.2	426.9
Non-Cash Contributions	547.1	338.2
Total Contributions	1,870.3	765.1
Clearing funds
Clearing Operations
Cash Contributions	105.2	103.4
Non-Cash Contributions	39.8	38.6
Total Contributions	145	142
Interoperability funds
Clearing Operations
Cash Contributions	994.1	376
Non-Cash Contributions	240	89.3
Total Contributions	$ 1,234.1	$ 465.3

CLEARING OPERATIONS - Cboe Clea

CLEARING OPERATIONS - Cboe Clear Digital (Details) $ in Millions	Mar. 31, 2023 USD ($) jurisdiction	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Clearing Operations
Customer bank deposits	$ 24.4	$ 12.7
Digital assets - safeguarded assets	42	22.9	$ 22.4
Total	$ 66.4	$ 35.6
Cboe Clear Digital
Clearing Operations
Number Of U.S. Jurisdictions authorized \| jurisdiction	51

CLEARING OPERATIONS - Valuation

CLEARING OPERATIONS - Valuation (Details) $ / shares in Units, $ in Millions	Mar. 31, 2023 USD ($) item $ / shares	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Fair Value	$ 42	$ 22.9	$ 22.4
Bitcoin
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units \| item	842
Valuation per Unit \| $ / shares	$ 28,396
Fair Value	$ 23.9
Ethereum
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units \| item	7,750
Valuation per Unit \| $ / shares	$ 1,818
Fair Value	$ 14.1
Litecoin
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units \| item	24,324
Valuation per Unit \| $ / shares	$ 90
Fair Value	$ 2.2
Bitcoin Cash
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units \| item	12,615
Valuation per Unit \| $ / shares	$ 124
Fair Value	$ 1.5
USD Coin
Fair Value - Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units \| item	298,282
Valuation per Unit \| $ / shares	$ 1
Fair Value	$ 0.3

FAIR VALUE MEASUREMENT - Fair v

FAIR VALUE MEASUREMENT - Fair value hierarchy for assets and liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Assets:
Total assets	$ 122.3	$ 115.5
Digital assets - safeguarded assets	42	22.9	$ 22.4
Liabilities:
Contingent consideration liabilities	34.2	39.1
Digital assets - safeguarded liabilities	42	22.9	$ 22.4
Cboe Digital restricted common units liability	15.6	15.5
Cboe Digital warrant liability	5.9	5.9
Total liabilities	1,724.1	1,684.8
Level 1
Assets:
Total assets	122.3	115.5
Digital assets - safeguarded assets	42	22.9
Liabilities:
Digital assets - safeguarded liabilities	42	22.9
Total liabilities	72.7	50.4
Level 2
Liabilities:
Total liabilities	1,595.7	1,573.9
Level 3
Liabilities:
Contingent consideration liabilities	34.2	39.1
Cboe Digital restricted common units liability	15.6	15.5
Cboe Digital warrant liability	5.9	5.9
Total liabilities	55.7	60.5
Recurring
Assets:
Total assets	122.2	114.6
Digital assets - safeguarded assets	42	22.9
Liabilities:
Contingent consideration liabilities	34.2	39.1
Digital assets - safeguarded liabilities	42	22.9
Cboe Digital restricted common units liability	15.6	15.5
Cboe Digital warrant liability	5.9	5.9
Total liabilities	97.7	83.4
Recurring \| U.S. Treasury securities
Assets:
Total assets	49.5	64.2
Recurring \| Marketable securities \| Mutual funds
Assets:
Total assets	14.2	15.3
Recurring \| Marketable securities \| Money market funds
Assets:
Total assets	16.5	12.2
Recurring \| Level 1
Assets:
Total assets	122.2	114.6
Digital assets - safeguarded assets	42	22.9
Liabilities:
Digital assets - safeguarded liabilities	42	22.9
Total liabilities	42	22.9
Recurring \| Level 1 \| U.S. Treasury securities
Assets:
Total assets	49.5	64.2
Recurring \| Level 1 \| Marketable securities \| Mutual funds
Assets:
Total assets	14.2	15.3
Recurring \| Level 1 \| Marketable securities \| Money market funds
Assets:
Total assets	16.5	12.2
Recurring \| Level 3
Liabilities:
Contingent consideration liabilities	34.2	39.1
Cboe Digital restricted common units liability	15.6	15.5
Cboe Digital warrant liability	5.9	5.9
Total liabilities	$ 55.7	$ 60.5

FAIR VALUE MEASUREMENT - Fair_2

FAIR VALUE MEASUREMENT - Fair value hierarchy of financial instruments held (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Assets:
U.S. Treasury securities	$ 49.5	$ 64.2
Deferred compensation plan assets	30.7	27.5
Digital assets - safeguarded assets	42	22.9	$ 22.4
Digital assets held	0.1	0.9
Total assets	122.3	115.5
Liabilities:
Contingent consideration liabilities	34.2	39.1
Deferred compensation plan liabilities	30.7	27.5
Digital assets - safeguarded liabilities	42	22.9	$ 22.4
Cboe Digital restricted common units liability	15.6	15.5
Cboe Digital warrant liability	5.9	5.9
Debt	1,595.7	1,573.9
Total liabilities	1,724.1	1,684.8
Level 1
Assets:
U.S. Treasury securities	49.5	64.2
Deferred compensation plan assets	30.7	27.5
Digital assets - safeguarded assets	42	22.9
Digital assets held	0.1	0.9
Total assets	122.3	115.5
Liabilities:
Deferred compensation plan liabilities	30.7	27.5
Digital assets - safeguarded liabilities	42	22.9
Total liabilities	72.7	50.4
Level 2
Liabilities:
Debt	1,595.7	1,573.9
Total liabilities	1,595.7	1,573.9
Level 3
Liabilities:
Contingent consideration liabilities	34.2	39.1
Cboe Digital restricted common units liability	15.6	15.5
Cboe Digital warrant liability	5.9	5.9
Total liabilities	$ 55.7	$ 60.5

FAIR VALUE MEASUREMENT - Narrat

FAIR VALUE MEASUREMENT - Narrative (Details) $ in Millions	3 Months Ended
FAIR VALUE MEASUREMENT - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information
Contingent consideration liabilities	$ 34.2		$ 39.1
Payment of contingent consideration liabilities	$ 4.9	$ 17.4
Number of other digital asset exchanges used to assess Cboe Digital asset pricing reasonableness \| item	3
Hanweck, FT Options, and Cboe Asia Pacific
Segment Reporting Information
Payment of contingent consideration liabilities	$ 4.9
Recurring
Segment Reporting Information
Contingent consideration liabilities	$ 34.2		$ 39.1

FAIR VALUE MEASUREMENT - Fair_3

FAIR VALUE MEASUREMENT - Fair values of debt obligations (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 16, 2022	Dec. 15, 2020	Jan. 12, 2017
Debt
Debt obligations	$ 1,595.7	$ 1,573.9
Level 2
Debt
Debt obligations	1,595.7	1,573.9
Term Loan Agreement \| Level 2
Debt
Debt obligations	$ 306.1	$ 306.3
3.650% Senior Notes due January 2027
Debt
Interest rate (as a percent)	3.65%	3.65%			3.65%
3.650% Senior Notes due January 2027 \| Level 2
Debt
Debt obligations	$ 627.7	$ 623.6
1.625% Senior Notes due December 2030
Debt
Interest rate (as a percent)	1.625%	1.625%		1.625%
1.625% Senior Notes due December 2030 \| Level 2
Debt
Debt obligations	$ 401.8	$ 390.7
3.000% Senior Notes due March 2032
Debt
Interest rate (as a percent)	3%	3%	3%
3.000% Senior Notes due March 2032 \| Level 2
Debt
Debt obligations	$ 260.1	$ 253.3

FAIR VALUE MEASUREMENT - Change

FAIR VALUE MEASUREMENT - Changes in fair value of Level 3 financial liabilities (Details) - Level 3 $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Changes in fair value of level 3 financial liabilities
Balance at Beginning of Period	$ 60.5
Adjustments	0.1
Settlements	(4.9)
Balance at End of Period	55.7
Contingent consideration liability
Changes in fair value of level 3 financial liabilities
Balance at Beginning of Period	39.1
Settlements	(4.9)
Balance at End of Period	34.2
Cboe Digital restricted common units liability
Changes in fair value of level 3 financial liabilities
Balance at Beginning of Period	15.5
Adjustments	0.1
Balance at End of Period	15.6
Cboe Digital warrant liability
Changes in fair value of level 3 financial liabilities
Balance at Beginning of Period	5.9
Balance at End of Period	$ 5.9

SEGMENT REPORTING - Summarized

SEGMENT REPORTING - Summarized financial information by reportable segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Jun. 30, 2022 segment	Mar. 31, 2022 USD ($) segment
Segment Reporting Information
Number of reportable segments \| segment	6	6	5
Revenues	$ 988.2		$ 974.5
Operating income (loss)	247.9		239.7
Operating Segments \| Options
Segment Reporting Information
Revenues	486.1		422.6
Operating income (loss)	201		162.7
Operating Segments \| North American Equities
Segment Reporting Information
Revenues	379.8		423.7
Operating income (loss)	28.4		38.6
Operating Segments \| Europe and Asia Pacific
Segment Reporting Information
Revenues	72.3		78.6
Operating income (loss)	11.3		20.9
Operating Segments \| Futures
Segment Reporting Information
Revenues	32.1		32.3
Operating income (loss)	20.9		17
Operating Segments \| Global FX
Segment Reporting Information
Revenues	18.8		17.3
Operating income (loss)	4.7		2.4
Operating Segments \| Digital
Segment Reporting Information
Revenues	(0.9)
Operating income (loss)	(11.4)
Corporate Items and Eliminations
Segment Reporting Information
Operating income (loss)	$ (7)		$ (1.9)

SEGMENT REPORTING - Geographica

SEGMENT REPORTING - Geographical Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information
Revenues less cost of revenues	$ 471.4	$ 418.1
United States
Segment Reporting Information
Revenues less cost of revenues	415.9	359.3
Non-U.S.
Segment Reporting Information
Revenues less cost of revenues	$ 55.5	$ 58.8

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Outside of the U.S.
Defined Contribution Plan
Company contribution amount	$ 1.2	$ 0.9
SMART Plan
Defined Contribution Plan
Total assets in the trust	30.7		$ 27.5
Company contribution amount	$ 3.6	$ 3.3

REGULATORY CAPITAL (Details)

REGULATORY CAPITAL (Details)	Mar. 31, 2023 USD ($) Test
Cboe Trading
Regulatory Requirement
Capital	$ 14,100,000
Minimum Requirement	800,000
BIDS Trading
Regulatory Requirement
Capital	5,700,000
Minimum Requirement	$ 500,000
Cboe Fixed Income Markets
Regulatory Requirement
Minimum net capital required to be maintained, option 1 - percentage of aggregate indebtedness items	12.50%
Minimum net capital required to be maintained, option 2 - amount	$ 5,000
Capital	3,200,000
Minimum Requirement	100,000
Cboe Europe
Regulatory Requirement
Capital	50,200,000
Minimum Requirement	28,300,000
Cboe Chi-X Europe
Regulatory Requirement
Capital	300,000
Minimum Requirement	100,000
Capital resources requirement	100,000
Cboe NL
Regulatory Requirement
Capital	14,600,000
Minimum Requirement	5,700,000
Cboe Clear Europe
Regulatory Requirement
Capital	62,700,000
Minimum Requirement	43,400,000
MATCHNow
Regulatory Requirement
Capital	5,400,000
Minimum Requirement	200,000
CFE
Regulatory Requirement
Capital	62,600,000
Minimum Requirement	$ 45,400,000
Number of capital adequacy tests required to be met \| Test	2
Cboe SEF
Regulatory Requirement
Capital	$ 2,800,000
Minimum Requirement	$ 1,300,000
Number of capital adequacy tests required to be met \| Test	2
Cboe Digital Exchange
Regulatory Requirement
Capital	$ 34,800,000
Minimum Requirement	$ 4,800,000
Number of capital adequacy tests required to be met \| Test	2
Cboe Clear Digital
Regulatory Requirement
Capital	$ 26,000,000
Minimum Requirement	$ 5,500,000
Number of capital adequacy tests required to be met \| Test	2
Cboe Australia
Regulatory Requirement
Capital	$ 10,400,000
Minimum Requirement	4,100,000
Cboe Japan
Regulatory Requirement
Capital	7,000,000
Minimum Requirement	$ 3,700,000
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	$ 100,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022
Stock-based Compensation
Stock-based compensation expense		$ 16.9	$ 9.1
Payments for the purchase of shares to satisfy the employee income tax withholdings		$ 12.7	$ 8.4
Restricted Stock Units
Stock-based Compensation
Number of shares of common stock of which unit is convertible (in shares)		1
Vesting period		3 years
Qualified retirement eligibility age for grants awarded in and after 2017		55 years
Qualified retirement eligibility number of years of service for grants awarded in and after 2017		10 years
PSUs
Stock-based Compensation
Number of shares of common stock of which unit is convertible (in shares)		1
Vesting period		3 years
Shares purchased to satisfy the employee income tax withholdings (in shares)		21,459
Payments for the purchase of shares to satisfy the employee income tax withholdings		$ 2.7
Vested (in shares)		55,399
Risk-free interest rate	4.10%
Volatility time period	3 years
Expected volatility	33.50%
Correlation to S&P 500 Index time period	3 years
Correlation with S&P index	0.53
Unrecognized compensation expense		$ 68.9
Unrecognized compensation expense, period for recognition		2 years 2 months 12 days
PSUs \| Minimum
Stock-based Compensation
Units ultimately expected to be awarded		0%
PSUs \| Maximum
Stock-based Compensation
Units ultimately expected to be awarded		200%
Restricted Stock
Stock-based Compensation
Shares purchased to satisfy the employee income tax withholdings (in shares)		77,324
Payments for the purchase of shares to satisfy the employee income tax withholdings		$ 10
Vested (in shares)		201,565
Restricted Stock \| Director
Stock-based Compensation
Vesting period		1 year

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted stock activity (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2018	Mar. 31, 2023	Mar. 31, 2022
Employee Stock Purchase Plan
Compensation expense		$ 16,900,000	$ 9,100,000
ESPP
Employee Stock Purchase Plan
Number of shares of common stock made available for purchase to employees	750,000
Maximum percentage of annual salary that an employee is permitted to utilize to purchase stock	10%
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
Exercise price per share of common stock as a percent of fair market value	85%
Compensation expense		$ 300,000	$ 100,000
Shares were reserved for future issuance		585,939
RSAs and RSUs
Number of shares
Beginning balance (in shares)		556,062
Granted (in shares)		304,433
Vested (in shares)		(201,977)
Forfeited (in shares)		(3,550)
Ending balance of Outstanding and exercisable (in shares)		654,968
Weighted average grant date fair value
Beginning balance (in USD per share)		$ 112.07
Granted (in dollars per share)		124.89
Vested (in USD per share)		108.20
Forfeited (in USD per share)		115.89
Ending balance of Outstanding and exercisable (in USD per share)		$ 119.20
PSUs
Number of shares
Beginning balance (in shares)		166,702
Granted (in shares)		84,686
Vested (in shares)		(55,399)
Forfeited (in shares)		(3,911)
Ending balance of Outstanding and exercisable (in shares)		192,078
Weighted average grant date fair value
Beginning balance (in USD per share)		$ 125.08
Granted (in dollars per share)		142.09
Vested (in USD per share)		130.05
Forfeited (in USD per share)		154
Ending balance of Outstanding and exercisable (in USD per share)		$ 130.56

STOCK-BASED COMPENSATION - Cboe

STOCK-BASED COMPENSATION - Cboe Digital Restricted Common Units And Cboe Digital Warrants (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	12 Months Ended
	Mar. 31, 2023	Nov. 18, 2022	Mar. 31, 2023	Dec. 31, 2022
Cboe Digital Restricted Common Units
Stock-based Compensation
Interest rate (as a percent)		5%
Adjustment to contra-revenue balance	$0.1
Contra-revenue recognized			$0.8
Contra-revenue is expected to be recognized	$ 13.3		$ 13.3	$ 14
Change in fair value of option			$ 0
Vesting period		5 years
Risk-free interest rate, minimum				3.88%
Risk-free interest rate, Maximum				3.95%
Expected dividend rate				0%
Expected volatility				60%
Number of shares
Beginning balance (in shares)			185
Granted (in shares)		185
Ending balance of Outstanding and exercisable (in shares)	185		185	185
Weighted average grant date fair value
Beginning balance (in USD per share)			$ 0.3
Ending balance of Outstanding and exercisable (in USD per share)	$ 0.3		$ 0.3	$ 0.3
Weighted average remaining contractual term of Outstanding and exercisable (in years)			6 years	6 years
Cboe Digital Restricted Common Units \| Minimum
Stock-based Compensation
Expected term (in years)				5 years
Cboe Digital Restricted Common Units \| Maximum
Stock-based Compensation
Expected term (in years)				7 years
Cboe Digital Warrants
Stock-based Compensation
Contra-revenue recognized			$0.3
Contra-revenue is expected to be recognized	$ 5.6		$ 5.6
Number of units called by warrants		80
Warrants vested (in shares)		0
Change in fair value of warrants			$ 0
Vesting period		2 years
Risk-free interest rate				3.95%
Expected dividend rate				0%
Expected volatility				60%
Expected term (in years)				5 years
Number of shares
Beginning balance (in shares)			80
Ending balance of Outstanding and exercisable (in shares)	80		80	80
Weighted average grant date fair value
Beginning balance (in USD per share)			$ 0.2
Ending balance of Outstanding and exercisable (in USD per share)	$ 0.2		$ 0.2	$ 0.2

EQUITY (Details)

EQUITY (Details) $ / shares in Units, $ in Millions	3 Months Ended
EQUITY (Details) $ / shares in Units, $ in Millions	Mar. 31, 2023 USD ($) Vote / shares $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 $ / 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)	107,959,078		107,670,248
Common stock, shares outstanding (in shares)	105,574,173		105,951,199
Common stock, votes per share \| Vote / shares	1
Common Stock in Treasury, at Cost
Common stock held in treasury (in shares)	2,384,905		1,719,049
Purchase of Common Stock from Employees
Stock repurchased from employee stock plans (in shares)	98,783	70,674
Average price paid per share (in dollars per share) \| $ / shares	$ 129.03	$ 118.89
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	$ 0.50	0.48
Cash dividends paid (in dollars per share) \| $ / shares	$ 0.50	$ 0.48
Aggregate payout \| $	$ 53.3	$ 51.4

EQUITY - Share Repurchase Progr

EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		147 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2011
Share Repurchase Program
Authorized amount	$ 1,600		$ 1,600	$ 100
Number of shares of common stock repurchased	567,073	596,988	19,515,440
Average price paid per share	$ 123.42	$ 117.25	$ 71.84
Total purchase price	$ 70	$ 70	$ 1,400
Availability remaining under existing share repurchase authorizations	$ 147.9	$ 248.9	$ 147.9

INCOME TAXES (Details)

INCOME TAXES (Details) - case	3 Months Ended
INCOME TAXES (Details) - case	Mar. 31, 2023	Mar. 31, 2022	Nov. 29, 2018
INCOME TAXES
Effective income tax rate	30.10%	51.30%
Tax effect of Section 199 related matters		29.90%
Number of cases before the U.S. Tax Court	2		3

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic and Diluted earnings per share numerator:
Net income	$ 173.4	$ 109.6
Net income allocated to participating securities	(0.8)	(0.4)
Net income allocated to common stockholders	$ 172.6	$ 109.2
Basic earnings per share denominator:
Weighted average shares outstanding (in shares)	105.9	106.6
Basic earnings per share (in dollars per share)	$ 1.63	$ 1.02
Diluted earnings per share denominator:
Weighted average shares outstanding (in shares)	105.9	106.6
Dilutive common shares issued under stock program (in shares)	0.3	0.2
Total dilutive weighted average shares (in shares)	106.2	106.8
Diluted earnings per share (in dollars per share)	$ 1.63	$ 1.02

COMMITMENTS, CONTINGENCIES, A_2

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Software Development Activities \| Cboe Canada
Commitments, Contingencies and Guarantees
Contractual obligations	$ 1.7
Contractual obligation term	3 years
Minimum \| Licensing Agreements
Commitments, Contingencies and Guarantees
Year 1	$ 15
Year 2	15
Year 3	15
Year 4	15
Year 5	15
Maximum \| Licensing Agreements
Commitments, Contingencies and Guarantees
Year 1	16
Year 2	16
Year 3	16
Year 4	16
Year 5	$ 16

LEASES (Details)

LEASES (Details) $ in Millions	1 Months Ended	3 Months Ended
LEASES (Details) $ in Millions	Oct. 31, 2021 USD ($) ft²	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Leases
Options to renew		true
Total lease liabilities		$ 145.7	$ 147.6
Additional right of use assets		$ 3.3
Minimum
Leases
Renewal term		1 year
Maximum
Leases
Renewal term		5 years
Option to terminate period		1 year
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	Mar. 31, 2023	Dec. 31, 2022
LEASES.
Operating lease right of use assets	$ 110.1	$ 111.7
Current operating lease liabilities	$ 18.8	$ 18.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Non-current operating lease liabilities	$ 126.9	$ 129.3
Total leased liabilities	$ 145.7	$ 147.6

LEASES - Lease Costs and Other

LEASES - Lease Costs and Other Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
LEASES.
Operating lease costs	$ 8.6	$ 7.4
Weighted average remaining lease term (years)	10 years	10 years 8 months 12 days
Weighted average discount rate	3.10%	3.10%
Cash paid for amounts included in the measurement of lease liabilities	$ 6.4	$ 5.3
Right of use assets obtained in exchange for lease liabilities	$ 3.3	$ 14.8

LEASES - Maturities (Details)

LEASES - Maturities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Maturities of Lease Liabilities
Remainder of 2023	$ 17.2
2024	18.1
2025	16.9
2026	17.6
2027	14.4
After 2027	90.6
Total lease payments	174.8
Less: Interest	(29.1)
Present value of lease liabilities	145.7	$ 147.6
Minimum lease payments related to option to extend term	$ 20.4