Cboe Global Markets (CBOE) 10-K 21 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 17.8
Entity Common Stock, Shares Outstanding		104,701,695
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Kansas City, Missouri
Entity Central Index Key	0001374310
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Cover

Cover	12 Months Ended
	Dec. 31, 2024
Cover [Abstract]
Documents Incorporated by Reference	Portions of Cboe Global Market’s Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders, which will be filed no later than 120 days after December 31, 2024, are incorporated by reference in Part III.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 920.3	$ 543.2
Financial investments	110.3	57.5
Accounts receivable, net of $6.6 allowance for credit losses at December 31, 2024 and $4.5 at December 31, 2023	444.6	337.3
Margin deposits, clearing funds, and interoperability funds	845.5	848.8
Digital assets - safeguarded assets	0	51.3
Income taxes receivable	73.8	74.5
Other current assets	84.6	66.7
Total current assets	2,479.1	1,979.3
Investments	383.7	345.3
Property and equipment, net	118	109.2
Property held for sale	0	8.7
Operating lease right of use assets	124.5	136.6
Goodwill	3,124.2	3,140.6
Intangible assets, net	1,376.9	1,561.5
Other assets, net	182.7	206.3
Total assets	7,789.1	7,487.5
Current liabilities:
Accounts payable and accrued liabilities	359.7	412.7
Section 31 fees payable	182	51.9
Deferred revenue	6.4	5.9
Margin deposits, clearing funds, and interoperability funds	845.5	848.8
Digital assets - safeguarded liabilities	0	51.3
Income taxes payable	1.6	1
Current portion of contingent consideration liabilities	0	11.8
Total current liabilities	1,395.2	1,383.4
Long-term debt	1,441	1,439.2
Non-current unrecognized tax benefits	305	243.8
Deferred income taxes	186.8	217.8
Non-current operating lease liabilities	138.4	150.8
Other non-current liabilities	43.1	67.5
Total liabilities	3,509.5	3,502.5
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at December 31, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value: 325,000,000 shares authorized, 104,693,373 and 104,686,478 shares issued and outstanding, respectively at December 31, 2024 and 105,556,817 and 105,527,815 shares issued and outstanding, respectively at December 31, 2023	1	1.1
Common stock in treasury, at cost, 6,895 shares at December 31, 2024 and 29,002 shares at December 31, 2023	(1.4)	(10.5)
Additional paid-in capital	1,512.5	1,478.6
Retained earnings	2,815.9	2,525.2
Accumulated other comprehensive loss, net	(48.4)	(9.4)
Total stockholders’ equity	4,279.6	3,985
Total liabilities and stockholders' equity	$ 7,789.1	$ 7,487.5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 6.6	$ 4.5
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)	104,693,373	105,556,817
Common stock, shares outstanding (in shares)	104,686,478	105,527,815
Common stock held in treasury (in shares)	6,895	29,002

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 4,094.5	$ 3,773.5	$ 3,958.5
Cost of revenues:
Total cost of revenues	2,022.1	1,855.5	2,216.8
Revenues less cost of revenues	2,072.4	1,918	1,741.7
Operating expenses:
Compensation and benefits	462.4	425.8	363
Depreciation and amortization	133	158	166.8
Technology support services	102.8	99.7	77.7
Professional fees and outside services	94.8	92	89
Travel and promotional expenses	45.8	37.6	23.7
Facilities costs	24.6	25.7	25.1
Acquisition-related costs	1.3	7.4	19.9
Impairment of goodwill	0	0	460.9
Impairment of intangible assets	81	0	0
Other expenses	28.3	13.9	26
Total operating expenses	974	860.1	1,252.1
Operating income	1,098.4	1,057.9	489.6
Non-operating (expenses) income:
Interest expense	(51.5)	(62.4)	(60)
Interest income	27.3	12	3.6
Earnings on investments	29	39.5	7.2
Other (expense) income, net	(19.4)	0.6	(7.5)
Income before income tax provision	1,083.8	1,047.6	432.9
Income tax provision	318.9	286.2	197.9
Net income	764.9	761.4	235
Net income allocated to participating securities	(3.9)	(3.9)	(0.9)
Net income allocated to common stockholders	761	757.5	234.1
Net income allocated to common stockholders	$ 761	$ 757.5	$ 234.1
Basic earnings per share (in dollars per share)	$ 7.24	$ 7.16	$ 2.20
Diluted earnings per share (in dollars per share)	$ 7.21	$ 7.13	$ 2.19
Basic weighted average shares outstanding (in shares)	105.1	105.8	106.3
Diluted weighted average shares outstanding (in shares)	105.5	106.2	106.7
Cash and spot markets
Revenues:
Total revenues	$ 1,670	$ 1,445.1	$ 1,777.6
Data Vantage
Revenues:
Total revenues	576.6	539.2	497
Derivatives markets
Revenues:
Total revenues	1,847.9	1,789.2	1,683.9
Liquidity payments
Cost of revenues:
Total cost of revenues	1,329.1	1,385.8	1,670.2
Routing and clearing
Cost of revenues:
Total cost of revenues	68.3	79.1	83.2
Section 31 fees
Cost of revenues:
Total cost of revenues	391.4	185.7	329.8
Royalty fees and other cost of revenues
Cost of revenues:
Total cost of revenues	$ 233.3	$ 204.9	$ 133.6

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 764.9	$ 761.4	$ 235
Other comprehensive income (loss), net of income tax:
Foreign currency translation adjustments	(43)	24.6	(85.6)
Unrealized holding gains (losses) on financial investments	5	(2.8)	(0.8)
Post-retirement benefit obligations	0.3	(0.2)	(0.2)
Realized gains on available-for-sale financial investments	(1.3)	0	0
Comprehensive income	725.9	783	148.4
Comprehensive income allocated to participating securities	(3.9)	(3.9)	(0.9)
Comprehensive income allocated to common stockholders, net of income tax	$ 722	$ 779.1	$ 147.5

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss), net
Beginning balance at Dec. 31, 2021	$ 3,604.8	$ 1.1	$ (106.8)	$ 1,509.4	$ 2,145.5	$ 55.6
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock	(209.4)				(209.4)
Stock-based compensation	30.7	0		30.7
Repurchases of common stock from employee stock plans	(8.9)		(8.9)
Purchase of common stock	(100.9)		(100.9)
Retirement of treasury stock	0	0	85.6	(85.6)
Shares issued under employee stock purchase plan	0.6			0.6
Net income	235				235
Other comprehensive income (loss)	(86.6)					(86.6)
Ending balance at Dec. 31, 2022	3,465.3	1.1	(131)	1,455.1	2,171.1	(31)
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock	(223.5)				(223.5)
Stock-based compensation	41.3			41.3
Repurchases of common stock from employee stock plans	(13.9)		(13.9)
Purchase of common stock	(83.9)		(83.9)
Retirement of treasury stock	0		218.3	(34.5)	(183.8)
Shares issued under employee stock purchase plan	16.7			16.7
Net income	761.4				761.4
Other comprehensive income (loss)	21.6					21.6
Ending balance at Dec. 31, 2023	3,985	1.1	(10.5)	1,478.6	2,525.2	(9.4)
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock	(249.4)				(249.4)
Stock-based compensation	41.8			41.8
Repurchases of common stock from employee stock plans	(29.5)		(29.5)
Purchase of common stock	(205.6)		(205.6)
Retirement of treasury stock	0	(0.1)	244.2	(19.3)	(224.8)
Shares issued under employee stock purchase plan	11.4			11.4
Net income	764.9				764.9
Other comprehensive income (loss)	(39)					(39)
Ending balance at Dec. 31, 2024	$ 4,279.6	$ 1	$ (1.4)	$ 1,512.5	$ 2,815.9	$ (48.4)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 2.36	$ 2.10	$ 1.96

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 764.9	$ 761.4	$ 235
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	133	158	166.8
Impairment of intangible assets or goodwill	81	0	460.9
Stock-based compensation expense	41.8	41.3	30.7
Impairment of investments	31.6	1.8	10.6
Provision for accounts receivable credit losses	3.1	4	1.1
Amortization of debt issuance cost and debt discount	2.3	2.6	2.4
Change in contingent consideration	2	(14.4)	(5.2)
Equity earnings on investments	(26.5)	(36.9)	(4.2)
Benefit for deferred income taxes	(23.6)	(15.2)	(155.7)
Gain on investment	0	0	(7.5)
Gain on Cboe Digital non-recourse notes and warrants wind down	(2.4)	0	0
Other	(3.7)	(2.6)	0.3
Changes in assets and liabilities:
Accounts receivable	(124.3)	39.4	(49.8)
Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds)	76	282.6	(217.5)
Income taxes receivable	0.5	(26.3)	(5.4)
Other current assets	(26)	(17.4)	(4)
Other assets	17.3	(26.7)	(20.8)
Accounts payable and accrued liabilities	(36.4)	(19.1)	38.8
Section 31 fees payable	130.1	(95.2)	106.3
Deferred revenue	0.5	(5.8)	(4.1)
Income taxes payable	0.8	(2.8)	(3.8)
Unrecognized tax benefits	61.2	47.7	89.1
Other liabilities	(2.6)	(0.8)	(12.9)
Net cash provided by operating activities	1,100.6	1,075.6	651.1
Cash flows from investing activities:
Acquisitions, net of cash acquired	0	0	(708.3)
Contributions to investments	(40.2)	(57.1)	(14.6)
Purchases of available-for-sale financial investments	(115.6)	(89.8)	(104.7)
Proceeds from maturities of available-for-sale financial investments	67.9	135.7	51.2
Proceeds from sale of intangible assets	0.1	0.8	0
Proceeds from sale of property held for sale	3.3	0	0
Proceeds from sale property and equipment	0.7	0	0
Payments on notes receivable	2.8	0	0
Proceeds from investments	0	0	1.1
Proceeds from insurance	0.1	0.3	0
Purchases of property and equipment and leasehold improvements	(60.9)	(45)	(59.8)
Net cash used in investing activities	(141.8)	(55.1)	(835.1)
Cash flows from financing activities:
Proceeds from long-term debt	0	0	663.6
Principal payments of current portion of long-term debt	0	(305)	(220)
Debt issuance costs	0	0	(4.9)
Cash dividends on common stock	(249.4)	(223.5)	(209.4)
Repurchases of common stock from employee stock plans	(29.5)	(13.9)	(8.9)
Shares issued under employee stock purchase plan	8.6	(16.7)	(0.6)
Payments of contingent consideration related to acquisitions	(13.9)	(13.1)	(38.7)
(Payments)/Proceeds related to Cboe Digital syndication	(6)	0	1.5
Purchase of common stock	(204.8)	(83.9)	(100.9)
Net cash (used in) provided by financing activities	(495)	(656.1)	81.7
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	(95.1)	52.8	(10)
Increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	368.7	417.2	(112.3)
Beginning of period	1,397.1	979.9	1,092.2
End of period	1,765.8	1,397.1	979.9
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents:
Cash and cash equivalents	915.3	543.2	432.7
Restricted cash and cash equivalents (included in margin deposits, clearing funds, and interoperability funds)	841.4	834.8	530.3
Restricted cash and cash equivalents (included in cash and cash equivalents)	5	0	0
Restricted cash and cash equivalents (included in other current assets)	0	5.1	4.2
Customer bank deposits (included in margin deposits, clearing funds, and interoperability funds)	4.1	14	12.7
Total	1,765.8	1,397.1	979.9
Supplemental disclosure of cash transactions:
Cash paid for income taxes, net of refunds	362.4	286.4	271.1
Cash paid for interest	100.1	56.7	51
Supplemental disclosure of noncash investing activities:
Accounts receivable acquired	0	0	4.4
Financial investments acquired	0	0	1.5
Other current assets acquired	0	0	1.6
Goodwill acquired	0	0	593.5
Intangible assets earned or acquired	1.2	0	164.1
Property and equipment, net acquired	0	0	1.6
Data processing software and other assets acquired	0	0	2
Operating lease right of use asset acquired	0	0	1.2
Accounts payable and accrued liabilities assumed	0	0	(6.1)
Deferred revenue acquired	0	0	(0.6)
Operating lease liability - non-current acquired	0	0	(1.2)
Contingent consideration related to acquisitions	0	0	(10.1)
Note receivable from property held for sale	6.4	0	0
Deferred income taxes acquired	0	0	(22.6)
Other non-current liabilities acquired	0	0	(0.4)
Supplemental disclosure of noncash financing activities:
Paycheck Protection Program loan forgiveness	0	0	1.3
Excise tax on purchases of common stock	1.3	0	0
Cboe Digital investor member revenue asset	16.2	(3.2)	(19.9)
Cboe Digital non-recourse notes and warrants	$ (16.2)	$ 3.2	$ 21.4

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, the Company is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. Cboe’s subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe, one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities and derivatives clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe, Canada, Australia, and Japan, Cboe Australia, an operator of trading venues in Australia, Cboe Japan, an operator of trading venues in Japan, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada Inc., a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products (“ETPs”) listings and trading. On April 25, 2024, the Company announced plans to refocus the digital asset business to leverage its core strengths in derivatives, technology, and product innovation. On May 31, 2024, the Company halted trading on the Cboe Digital spot market (“Cboe Digital spot market”). The Cboe Digital spot market is closed for all participant and trading purposes. In addition, the Company plans to transition the cash-settled margin Bitcoin and Ether futures contracts, currently available for trading on Cboe Digital Exchange, LLC's Digital Exchange ("Cboe Digital Exchange"), to CFE in the first half of 2025, pending regulatory review. The Company has brought Cboe Clear U.S. (formerly, Cboe Clear Digital) under unified leadership with the Global Head of Clearing, and expects to continue to facilitate the clearing of cash-settled margin Bitcoin and Ether futures contracts. 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Principles of Accounting These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) as established by FASB. ( b) Basis of Presentation The accompanying financial statements are presented on a consolidated basis to include the accounts and transactions of Cboe Global Markets, Inc. and its majority owned subsidiaries and all significant intercompany accounts and transactions have been eliminated. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions. 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 operates six reportable business 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 ("CODM") reviews and operates the business. See Note 16 ("Segment Reporting") for more information. (c) Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of the amounts of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the valuation of goodwill, indefinite-lived intangible assets, and unrecognized tax benefits. (d) Cash and Cash Equivalents The Company’s cash and cash equivalents are exposed to concentrations of credit risk. The Company maintains cash at various regulated financial institutions and brokerage firms which, at times, may be in excess of the depository insurance limits. The Company’s management regularly monitors these institutions and believes that the potential for future loss is remote. The Company considers liquid investments, including short-term repurchase agreements, with original or acquired maturities of three months or less to be cash equivalents. (e) Financial Investments Financial investments are classified as trading or available-for-sale. Trading financial investments represent financial investments held by Cboe Trading that retain the industry-specific accounting classification required for broker-dealers, and marketable securities held in a rabbi trust for the Company’s non-qualified retirement and benefit plans. The investments held by the broker-dealer subsidiary are recorded at fair value with changes in unrealized gains and losses reflected within interest income or interest expense in the consolidated statements of income. The investments held in a trust are recorded at fair value with changes in unrealized gains or losses recorded within other (expense) income, net and the equal and offsetting charges in the related liability are recorded in compensation and benefits expense in the consolidated statements of income as it relates to employee compensation plans and recorded in professional fees and outside services expense in the consolidated statements of income as it relates to non-employee director compensation plans. Available-for-sale financial investments are comprised of the financial investments not held by Cboe Trading, including highly liquid U.S. Treasury securities. Interest on financial investments, including amortization of premiums and accretion of discounts, is recognized as income when earned. Realized gains and losses on financial investments are calculated using the specific identification method and are included in interest income and interest expense in the accompanying consolidated statements of income. (f) Accounts Receivable, Net Accounts receivable are concentrated with the Company’s member firms and market data distributors and are carried at amortized cost. The Company nets transaction fees and liquidity payments for each member firm on a monthly basis and recognizes the total owed from a member firm as accounts receivable, net and the total owed to a member firm as accounts payable and accrued liabilities in the consolidated balance sheets. On a periodic basis, management evaluates the Company’s accounts receivable and records an allowance for expected credit losses using an aging schedule. The aging schedule applies loss rates based on historical loss information and, as deemed necessary, is adjusted for differences in the nature of the receivables that exist at the reporting date from the historical period. Due to the short-term nature of the accounts receivable, changes in future economic conditions are not expected to have a significant impact on the expected credit losses. The accounts receivable are presented net of allowance for credit losses on the consolidated balance sheets and the associated losses are presented in other operating expenses on the consolidated statements of income. (g) Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated lives of the assets, generally ranging from three Long-lived assets to be held and used are reviewed to determine whether any events or changes in circumstances indicate that the carrying values of the assets may not be recoverable. The Company bases this evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present that would indicate that the carrying value of any asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. In the event of impairment, the Company recognizes a loss for the difference between the carrying value and the estimated value of the asset as measured using quoted market prices or, in the absence of quoted market prices, a discounted cash flow analysis. The Company expenses software development costs as incurred during the preliminary project stage, while capitalizing costs incurred during the application development stage, which includes design, coding, installation and testing activities. (h) Goodwill and Intangible Assets, Net Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. Goodwill is allocated to the Company’s reporting units based on the assignment of the fair values of each reporting unit of the acquired company. The Company tests goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying value may be impaired. Interim impairment testing was performed during the quarter ended June 30, 2022 due to the acquisition of Cboe Digital, resulting in an impairment charge to goodwill. During the quarter ended September 30, 2022 the Company concluded that the factors indicative of impairment were still relevant, resulting in the write-down of the remaining carrying value of goodwill to zero. See Note 10 ("Goodwill, Intangible Assets, Net and Digital Assets Held") for additional information. The annual impairment test is performed during the fourth quarter using October 1 carrying values, and if the fair value of the reporting unit is found to be less than the carrying value, an impairment loss is recorded. The Company performed its 2024 annual goodwill impairment test and determined that no additional impairment existed. Intangible assets, net, primarily include acquired trademarks and trade names, customer relationships, strategic alliance agreements, licenses and registrations, and non-compete agreements. Intangible assets with finite lives are amortized based on the discounted cash flow method applied over the estimated useful lives of the intangible assets and are tested for impairment if certain events occur indicating that the carrying value may be impaired. Following the April 2024 announcement of the Cboe Digital spot market wind down and unwinding of the minority ownership structure in the holding company parent of the Cboe Digital entities, the Company performed an interim impairment test for the intangible assets recognized in the Digital reporting unit as the announcement was considered a potential indication of impairment, and recorded an impairment charge in the consolidated statements of income during the three months ended June 30, 2024. See Note 10 ("Goodwill, Intangible Assets, Net and Digital Assets Held") for additional information. Intangible assets deemed to have indefinite useful lives are not amortized, but instead are tested for impairment at least annually, usually concurrently with goodwill. Impairment exists if the fair value of the asset is less than the carrying value, and in that case, an impairment loss is recorded. The Company performed its 2024 annual intangible assets impairment test using October 1 carrying values and determined that no additional impairment existed. (i) Treasury Stock The Company accounts for the purchase of treasury stock under the cost method with the shares of stock repurchased, plus any direct costs and excise taxes, reflected as a reduction to Cboe stockholders’ equity and included in common stock in treasury, at cost in the consolidated balance sheets. Shares repurchased under the Company’s share repurchase program are either available to be redistributed or they are retired. The Company accounts for the retirement of treasury stock by deducting its par value from common stock and reflecting any excess of cost over par value as a deduction from additional paid-in-capital or retained earnings on the consolidated balance sheets. (j) Foreign Currency The financial statements of foreign subsidiaries where the functional currency is not the U.S. dollar are translated into U.S. dollars using the exchange rate in effect as of each balance sheet date. Statements of income and cash flow amounts are translated using the average exchange rate during the period. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at the applicable exchange rates are included in accumulated other comprehensive loss, net in the accompanying consolidated balance sheets. Foreign currency gains and losses are recorded as other (expense) income, net in the consolidated statements of income. The Company’s operations in the United Kingdom, Amsterdam, Canada, Australia, Japan, Singapore, Philippines, and Hong Kong are recorded in Pounds sterling, Euros, Canadian dollars, Australian dollars, Japanese Yen, Singapore dollars, Philippine pesos, and Hong Kong dollars, respectively. (k) Income Taxes Deferred taxes are recorded on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by valuation allowances when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company recognizes the tax benefit from an unrecognized tax benefit only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the consolidated financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense is recognized on the full amount of deferred benefits for unrecognized tax benefits. The Company’s policy is to include interest and penalties related to unrecognized tax benefits in the income tax provision within the consolidated statements of income. The Company elected to account for global intangible low-taxed income (“GILTI”) in the period in which it is incurred, and therefore, has not provided any deferred tax impacts of GILTI in the consolidated financial statements. (l) Revenue Recognition For further discussion related to revenue recognition of fees, such as transaction and clearing fees and liquidity payments, access and capacity fees, market data fees, and regulation transaction and Section 31 fees, see Note 4 ("Revenue Recognition"). Concentrations of Revenue For each of the years ended December 31, 2024, 2023, and 2022, one customer accounted for approximately 10% of the Company’s total revenue. The revenues associated with this customer are included in the Options, North American Equities, Europe and Asia Pacific, Global FX and Futures segments and totaled $403.1 million, $389.4 million, and $415.3 million for the years ended December 31, 2024, 2023, and 2022, respectively. No customer is contractually or otherwise obligated to continue to use the Company’s services. The loss of, or a significant reduction of, participation by these customers may have a material adverse effect on the Company’s business, financial position, results of operations and cash flows. The two largest clearing members clear the majority of the market-maker sides of transactions at all of the Company’s U.S. options exchanges. If either of these clearing members were to withdraw from the business of market-maker clearing and market-makers were unable to transfer to another clearing member, this could create significant disruption to the U.S. options markets, including Cboe’s. (m) Earnings Per Share The computation of basic earnings per share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders. The computation of diluted earnings per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method. (n) Stock-Based Compensation The Company grants stock-based compensation to its employees and directors through restricted stock units. The Company records stock-based compensation expense for all stock-based compensation granted based on the grant-date fair value. The Company recognizes stock-based compensation expense related to stock-based compensation awards with graded vesting that have a service condition on a straight-line basis over the requisite service period of the entire award. The amount of stock-based compensation expense related to restricted stock units is based on the fair value of Cboe Global Markets, Inc. common stock at the date of grant. The fair value is based on a current market-based transaction of the Company’s common stock. 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 were non-recourse in nature. The issuances of Restricted Common Units were accounted for as in-substance stock options. A certain Cboe Digital investor member paid for the Restricted Common Units in exchange for cash. Expense associated with the Restricted Common Units was recognized as contra-revenue ratably over a five-year period. The Company used a Black Scholes 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 Units. Contra-revenue was recognized while the performance conditions of the Warrant Units remained probable in conformance with the requirements in ASC 606 – Revenue from Contracts with Customers. Further adjustments were recognized in each reporting period until performance was complete relating to changes in the fair value of the option and Warrant liabilities in accordance with ASC 718 – Compensation – Stock Compensation. In connection with winding down the spot digital asset trading market, this former investor member agreed to settle their outstanding Warrant Units for a one-time cash payment as a part of their Unit Repurchase Agreement. See Note 19 ("Stock-Based Compensation") for additional information. Certain Cboe Digital investor members could have earned additional Restricted Common Units if they met certain performance-based metrics outlined in an equity incentive program (“Incentive Program Units”). The Incentive Program Units were subject to the same terms and conditions as the other Restricted Common Units and were similarly liability-classified awards. Cboe Digital authorized a maximum of 20 Common Units to be distributed over the two-year life of the incentive program. The cost associated with the Incentive Program Units was recognized as contra-revenue ratably over the remaining service period associated with the Incentive Program Units. Further adjustments were recognized in each reporting period until performance was complete relating to changes in the fair value of the incentive program 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 December 31, 2024. In connection with winding down the Cboe Digital spot market, on June 12, 2024, the Company entered into Unit Repurchase Agreements with holders of Cboe Digital Restricted Common Units to repurchase its outstanding Restricted Common Units in exchange for forgiveness of the related promissory note. The wind down of the Cboe Digital spot market resulted in a forfeiture of all earned Incentive Program Units and a reversal of contra-revenue previously recorded. Cash payments to former investor members attributable to the Incentive Program Units were recorded as contra-revenue. All amounts previously recorded within other assets, net and other (expense) income, net for changes in the fair value relating to the Restricted Common Units were reversed. See Note 19 ("Stock-Based Compensation") for more information. (o) Business Combinations The Company records identifiable assets, liabilities and goodwill acquired in a business combination at fair value at the acquisition date. Additionally, transaction-related costs are expensed in the period incurred. (p) Debt Issuance Costs All costs incurred to issue debt are capitalized as a contra-liability and amortized over the life of the debt using the interest method. (q) Investments The Company generally accounts for investments using the measurement alternative when it owns less than 20% of the outstanding voting stock of a company, there is an absence of readily determinable fair value for the respective investment, and the Company has an inability to exercise significant influence over the investment based upon the respective ownership interests held. The Company recognizes dividend income when declared. In general, the equity method of accounting is used when the Company owns 20% to 50% of the outstanding voting stock of a company and when it is able to exercise significant influence over the operating and financial policies of a company. For equity method investments, the Company records the pro-rata share of earnings or losses each period and records any dividends received as a reduction in the investment balance. The equity method investment is inclusive of other-than-temporary declines in value, recognized by the investee, who considers a variety of factors such as the earnings capacity of the investment and the fair value of the investment compared to its carrying value. If the estimated fair value of the investment is less than the carrying value and the decline in value is considered to be other than temporary, the excess of the carrying value over the estimated fair value is recognized in the financial statements as an impairment. The Company’s investment in 7Ridge Investments 3 LP ("7Ridge Fund") represents a nonconsolidated variable interest entity (“VIE”) and is accounted for under the equity method of accounting. 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). (r) Leases The Company determines if an arrangement contains a lease at inception. For arrangements where the Company is the lessee, operating leases are included in operating lease right of use (“ROU”) assets, accrued liabilities, and non-current operating lease liabilities on the balance sheet as of December 31, 2024. The Company does not have any finance leases as of December 31, 2024. ROU assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the lease liabilities, as the rate implicit in the Company’s leases are generally not reasonably determinable. Lease terms may include options to extend or terminate when the Company is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company also has lease arrangements with lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s leases. The Company elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for short-term leases. For short-term operating leases, lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets and the Company recognizes lease expense in facilities costs within the consolidated statements of income for these leases on a straight-line basis over the lease term. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one (s) Margin Deposits, Clearing Funds, and Interoperability Funds Margin deposits, clearing funds, and interoperability funds in the form of cash contributions by Cboe Clear Europe’s clearing participants where title has transferred to Cboe Clear Europe are included as current assets with equal and offsetting current liabilities in the consolidated balance sheets. As a result of an update in its rules, effective August 14, 2023, Cboe Clear Europe may invest interoperability fund deposits provided by clearing participants subsequent to the effective date of the rules change. In accordance with the updated policy, Cboe Clear Europe has the option to maintain cash deposits provided by clearing participants at Clearstream Banking S.A., in the same manner done previously, or invest the cash in certain investments within the parameters of its investment policy. As such, the interoperability fund deposits are reflected in the consolidated balance sheets as of the effective date of the rules change. Changes in margin deposits, clearing funds, and interoperability funds, are presented net in the “restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds)” line in the operating section of the consolidated statement of cash flows. Similarly, cash flows associated with related investment agreements as well as interest income earned on such investments will be classified as cash flows from operating activities in the consolidated statement of cash flows. Both activities are part of Cboe Clear Europe’s principal operating activities and are presented within the operating section of the consolidated statement of cash flows. When investments are made in accordance with its investment policy, Cboe Clear Europe receives the amount of investment earnings and pays clearing participants those earnings minus a set basis point cost of collateral. Related interest income and interest expense are presented gross in the consolidated statement of income in other revenue and other cost of revenue, respectively, as it relates to a core operating activity of Cboe Clear Europe. Cboe Clear U.S. holds cash on behalf of its customers for the purposes of supporting clearing transactions. Customer cash may be invested in approved investments and any interest or gain received, or loss incurred on invested funds is recorded in the consolidated statements of income. The Company includes customer cash related to the clearing activity on the consolidated balance sheets in margin deposits, clearing funds, and interoperability funds, with a corresponding liability. See Note 14 ("Clearing Operations") for more information. (t) Digital Assets Held The Company determined that digital assets held should be accounted for under ASC 350 – Intangibles – Goodwill and Other, and included on the consolidated balance sheets within intangibles, net. As there is no inherent limit imposed on the useful life of the digital assets, they are classified as indefinite lived intangible assets and are not subject to amortization. Instead, they are tested for impairment annually or more frequently if events or circumstances change that indicate it is more likely than not that the asset is impaired (i.e., if an impairment indicator exists). Therefore, the value of digital assets is determined at the date of acquisition and only remeasured if in the event the Company concludes impairment exists. The Company will not record any increases in value during the period the digital assets are held; the only gains that are recorded are upon disposition (if the proceeds exceed the carrying value at the time of the disposition). (u) Digital Assets – Safeguarded Assets and Liabilities In accordance with the SEC issued Staff Accounting Bulletin 121 (“SAB 121”), the Company had recorded a liability with respect to its obligation to safeguard customers' digital assets (Digital assets - safeguarded liabilities) along with a corresponding asset (Digital assets - safeguarded assets). The safeguarded assets and liabilities were measured at the fair value of the digital assets that the Company was safeguarding on behalf of its customers. In the event that the Company or its vendors failed to safeguard the customers’ digital assets, any resulting loss would have reduced the safeguarded asset with a corresponding loss recorded in other expenses in the consolidated statement of income. On July 1, 2024, the Company liquidated all digital assets held by Cboe Digital for customers. As a result, subsequent to July 1, 2024, the Company no longer held any digital assets – safeguarded assets or liabilities on the consolidated balance sheets. See Note 3 ("Recent Accounting Pronouncements") for more information regarding SAB 121.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements – Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The update, effective for annual periods beginning after December 15, 2023, was adopted by the Company for its consolidated financial statement disclosures as of and for the year ended December 31, 2024. The ASU revises reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The required disclosures, as applicable, are included in Note 16 ("Segment Reporting"), and reflect the extent of the impact of the adoption of ASU 2023-07 on the consolidated financial statement disclosures. Recent Accounting Pronouncements – Issued, not yet Adopted In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This ASU addresses the accounting and disclosure requirements for certain crypto assets and requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in earnings in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2024. The Company expects to adopt the update for the consolidated financial statements issued in the first quarter of 2025 and does not anticipate a material impact to the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. For public entities, the update is effective for fiscal years beginning after December 15, 2024. The Company expects to adopt the update for the consolidated financial statements issued for the year ending December 31, 2025 and does not anticipate a material impact to the consolidated financial statements. In November 2024 the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires disaggregated disclosure of income statement expenses for public entities. For public entities, the update is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2027, and is currently reviewing the impact that the adoption of ASU 2024-03 may have on the consolidated financial statements disclosures. On March 6, 2024, the SEC adopted new climate disclosure rules, which requires companies to publish information that describes the climate-related risks that are reasonably likely to have a material impact on a company’s business or consolidated financial statements. The final rules would require companies to disclose material climate-related risks, activities to mitigate or adapt to such risks, information about the companies’ board of directors’ oversight of climate-related risks and management’s role in managing climate-related risks, and information on any climate-related targets or goals that are material to the companies’ business, results of operations or financial condition. On March 15, 2024, the U.S. Court of Appeals for the Fifth Circuit granted an administrative stay of the SEC’s final Climate Disclosure Rules, in response to legal challenges unaffiliated with the Company. The Company expects to review any updates regarding the Court stay and update the financial statements and disclosures accordingly based on the outcome of the ongoing legal proceedings related to these rules. On January 23, 2025, the SEC issued Staff Accounting Bulletin 122 ("SAB 122"), which rescinds the interpretive guidance included in the Staff Accounting Bulletin 121 ("SAB 121"). SAB 121, issued March 31, 2022, provided interpretive guidance from the SEC regarding the accounting for obligations to safeguard digital assets that an entity holds on behalf of customers. For public entities, SAB 122 is effective on a fully retrospective basis in annual periods beginning after December 15, 2024. The Company expects to adopt the guidance for the consolidated financial statements issued for the year ending December 31, 2025 and does not anticipate a material impact to the consolidated financial statements given the liquidation of all digital assets held on behalf of customers on July 1, 2024. See Note 1 ("Nature of Operations") and Note 14 ("Clearing Operations") for additional information.

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company presents three financial statement revenue captions within its consolidated statements of income that reflect the Company’s diversified products, expansive geographical reach, and overall business strategy. Below is a summary of the Company’s financial statement revenue captions: 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 Vantage – 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. The Company’s main types of revenue contracts consist of the following, which are disaggregated from the 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 U.S. 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 investments (including from investments of interoperability fund deposits) 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 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 consolidated statements of income (in millions): Cash and Spot Data Vantage Derivatives Total Year Ended December 31, 2024 Transaction and clearing fees $ 1,196.3 $ — $ 1,708.3 $ 2,904.6 Access and capacity fees — 369.8 — 369.8 Market data fees 60.4 203.9 30.5 294.8 Regulatory fees 320.2 — 106.1 426.3 Other revenue 93.1 2.9 3.0 99.0 $ 1,670.0 $ 576.6 $ 1,847.9 $ 4,094.5 Cash and Spot Data Vantage Derivatives Total Year Ended December 31, 2023 Transaction and clearing fees $ 1,149.7 $ — $ 1,681.6 $ 2,831.3 Access and capacity fees — 347.5 — 347.5 Market data fees 71.3 188.7 33.7 293.7 Regulatory fees 153.8 — 69.9 223.7 Other revenue 70.3 3.0 4.0 77.3 $ 1,445.1 $ 539.2 $ 1,789.2 $ 3,773.5 Cash and Spot Data Vantage Derivatives Total Year Ended December 31, 2022 Transaction and clearing fees $ 1,375.5 $ — $ 1,563.3 $ 2,938.8 Access and capacity fees — 324.2 — 324.2 Market data fees 80.3 168.7 33.2 282.2 Regulatory fees 280.2 — 84.5 364.7 Other revenue 41.6 4.1 2.9 48.6 $ 1,777.6 $ 497.0 $ 1,683.9 $ 3,958.5 The following table depicts the disaggregation of revenue according to segment (in millions): Options North Europe and Futures Global FX Digital Total Year Ended December 31, 2024 Transaction and clearing fees $ 1,599.0 $ 970.5 $ 159.6 $ 109.2 $ 66.6 $ (0.3) $ 2,904.6 Access and capacity fees 168.4 127.7 40.3 22.4 11.0 — 369.8 Market data fees 123.8 120.8 39.4 9.3 1.5 — 294.8 Regulatory fees 105.9 320.2 — 0.2 — — 426.3 Other revenue 5.5 7.6 84.9 — 0.8 0.2 99.0 $ 2,002.6 $ 1,546.8 $ 324.2 $ 141.1 $ 79.9 $ (0.1) $ 4,094.5 Timing of revenue recognition Services transferred at a point in time $ 1,710.4 $ 1,298.3 $ 244.5 $ 109.4 $ 67.4 $ (0.1) $ 3,429.9 Services transferred over time 292.2 248.5 79.7 31.7 12.5 — 664.6 $ 2,002.6 $ 1,546.8 $ 324.2 $ 141.1 $ 79.9 $ (0.1) $ 4,094.5 Year Ended December 31, 2023 Transaction and clearing fees $ 1,583.7 $ 946.3 $ 145.6 $ 98.0 $ 62.2 $ (4.5) $ 2,831.3 Access and capacity fees 161.0 117.1 36.3 22.0 10.7 0.4 347.5 Market data fees 118.8 128.3 36.7 8.5 1.4 — 293.7 Regulatory fees 69.6 153.8 — 0.3 — — 223.7 Other revenue 6.4 7.5 62.6 0.2 0.6 — 77.3 $ 1,939.5 $ 1,353.0 $ 281.2 $ 129.0 $ 74.9 $ (4.1) $ 3,773.5 Timing of revenue recognition Services transferred at a point in time $ 1,659.7 $ 1,107.6 $ 208.2 $ 98.5 $ 62.8 $ (4.5) $ 3,132.3 Services transferred over time 279.8 245.4 73.0 30.5 12.1 0.4 641.2 $ 1,939.5 $ 1,353.0 $ 281.2 $ 129.0 $ 74.9 $ (4.1) $ 3,773.5 Year Ended December 31, 2022 Transaction and clearing fees $ 1,471.7 $ 1,155.3 $ 161.9 $ 91.6 $ 58.0 $ 0.3 $ 2,938.8 Access and capacity fees 151.7 109.3 34.0 19.9 9.3 — 324.2 Market data fees 108.7 131.2 33.1 8.0 1.2 — 282.2 Regulatory fees 84.2 280.2 — 0.3 — — 364.7 Other revenue 6.9 5.7 35.6 — 0.4 — 48.6 $ 1,823.2 $ 1,681.7 $ 264.6 $ 119.8 $ 68.9 $ 0.3 $ 3,958.5 Timing of revenue recognition Services transferred at a point in time $ 1,562.8 $ 1,441.2 $ 197.5 $ 91.9 $ 58.4 $ 0.3 $ 3,352.1 Services transferred over time 260.4 240.5 67.1 27.9 10.5 — 606.4 $ 1,823.2 $ 1,681.7 $ 264.6 $ 119.8 $ 68.9 $ 0.3 $ 3,958.5 Contract liabilities as of December 31, 2024 primarily represent prepayments of transaction fees and certain access and capacity and market data fees to the Exchanges. The revenue recognized from contract liabilities and the remaining balance is shown below (in millions): Balance at Cash Revenue Balance at Liquidity provider sliding scale (1) $ — $ 9.6 $ (7.2) $ 2.4 Other, net (2) 6.1 15.1 (17.0) 4.2 Total deferred revenue $ 6.1 $ 24.7 $ (24.2) $ 6.6 ________________________________________________________ (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 . (2) Other, net deferred revenue represents cash received for unsatisfied performance obligations of liability classified contract liabilities that have yet to be recognized as revenue in the consolidated statements of income, which include but are not limited to: licensing fees, listing fees, adjustments related to ORF, membership fees, and data subscription fees.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS Acquisition-related costs relate to acquisitions and other strategic opportunities. The Company expensed $1.3 million of acquisition-related costs during the year ended December 31, 2024, all of which related to compensation, professional fees, and other expenses. These acquisition-related expenses are included in acquisition-related costs in the consolidated statements of income. The Company expensed $7.4 million of acquisition-related costs during the year ended December 31, 2023, all of which related to professional fees and other expenses. These acquisition-related expenses are included in acquisition-related costs in the consolidated statements of income. The Company expensed $19.9 million of acquisition-related costs during the year ended December 31, 2022, all of which related to professional fees and other expenses. These acquisition-related expenses are included in acquisition-related costs in the consolidated statements of income.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS As of December 31, 2024 and 2023, the Company's investments were comprised of the following (in millions) : December 31, December 31, Equity method investments: Investment in 7Ridge Investments 3 LP $ 321.3 $ 292.0 Total equity method investments 321.3 292.0 Other equity investments: Investment in Japannext Co., Ltd. 36.5 — Investment in Eris Innovations Holdings, LLC 9.5 20.0 Investment in Globacap Technology Limited — 16.0 Investment in CSD Br 5.9 5.9 Investment in Coin Metrics Inc. 4.4 5.0 Investment in Vest Group Inc. 2.9 2.9 Investment in OCC 0.3 0.3 Other equity investments 2.9 3.2 Total other equity investments 62.4 53.3 Total investments $ 383.7 $ 345.3 Equity Method Investments The Company’s investment in 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 December 31, 2024, or $321.3 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, which are included in the carrying value of the investment balance. The carrying value of the investment is included in investments within the 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. The Company holds an exit option to acquire Trading Technologies International Inc. (“Trading Technologies”), which is wholly-owned by the 7Ridge Fund, that becomes exercisable on the earlier of (i) December 21, 2026 or (ii) the satisfaction by the general partner of the 7Ridge Fund of certain performance goals set forth in the investment agreements. The exit option can be exercised individually or jointly by the limited partners of 7Ridge Fund. If the exit option is not exercised by the limited partners, the general partner of the 7Ridge Fund may market Trading Technologies for sale to a third party. If Trading Technologies is sold to a third party, the general partner of the 7Ridge Fund would be entitled to receive a variable portion of the sales proceeds determined based upon the satisfaction of certain contractual performance goals. The estimated value of the exit option, which includes certain assumptions related to the estimated value of Trading Technologies and the probability and timing of the option exercise, is included in the carrying value of the investment balance. As of December 31, 2024, the exit option was not exercisable. See Note 25 ("Subsequent Events") for more information. Other Equity Investments In the second quarter of 2023, the Company invested $16.0 million in Globacap Technology Limited, a white label service provider to capital market participants, which focuses on three core areas: private placement, securities administration, and secondary liquidity. In the second quarter of 2024, the Company wrote off their minority investment in Globacap Technology Limited based on management’s assessment of the fair value of the investment. The loss related to the write-off was recorded in other (expense) income, net in the consolidated statements of income. In the fourth quarter of 2023, the Company invested $1.3 million in Osaka Digital Exchange, an equity proprietary trading system in the Japanese equity markets focused on launching the first secondary trading market for security tokens in Japan. In the fourth quarter of 2023, the Company wrote off their minority investment in Effective Investing Limited. The loss related to the write-off was recorded within other (expense) income, net in the consolidated statements of income. In the third quarter of 2024, the Company recorded an impairment charge of $1.2 million on its minority investment in StratiFi Technologies Inc. based on management’s assessment of the fair value of the investment. The loss was recorded in other (expense) income, net in the consolidated statements of income. In the fourth quarter of 2024, the Company invested $36.5 million in Japannext Co., Ltd., a Japanese Proprietary Trading System and alternative trading venue. Additionally, in the fourth quarter of 2024, the Company recorded an impairment charge of $11.1 million on its minority investments in Eris Innovations Holdings, LLC and Coin Metrics Inc., based on management's assessment of the fair value of the investments. The loss was recorded in other (expense) income, net in the consolidated statements of income. The carrying value of other equity investments is included in investments in the consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following as of December 31, 2024 and 2023 (in millions): December 31, December 31, Construction in progress $ 3.3 $ 1.5 Furniture, equipment, and leasehold improvements 306.3 322.9 Total property and equipment 309.6 324.4 Less accumulated depreciation (191.6) (215.2) Property and equipment, net $ 118.0 $ 109.2 Depreciation expense using the straight-line method was $34.0 million, $33.0 million and $35.3 million for the years ended December 31, 2024, 2023, and 2022, respectively. The sale of the Company’s former headquarters, including the associated land, building, and certain furniture and equipment of the former headquarters location (the "Property”), was completed on June 28, 2024. In connection with the sale, the Company provided seller financing to the purchaser of the Property (the "Purchaser”) in the form of a secured promissory note for a portion of the purchase price of the Property. The total purchase price of the Property was $12.0 million and was comprised of $5.0 million cash and $7.0 million of seller financing. On June 30, 2024, the Company recognized a gain on the sale of property held for sale of $1.0 million representing the difference between the property held for sale balance and the net present value of the consideration on the date of disposal of the Property, less expenses incurred. The $7.0 million in seller financing is in the form of a secured promissory note receivable to be repaid with an interest rate of 4.0% per annum, payable quarterly in arrears. The loan principal shall be repaid to the Company upon the earlier of the following: (a) the second anniversary of the closing date of the sale of the Property or (b) the closing of a sale of the Property by the Purchaser to a third party who is not related to the Purchaser. The Company accrues interest income monthly based on the agreed upon principal amount and interest rate.

CREDIT LOSSES

CREDIT LOSSES	12 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
CREDIT LOSSES	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 consolidated balance sheets and relates to promissory notes to fund the implementation and operation of the Consolidated Audit Trail (“CAT”), a portion of which notes are expected to be repaid by Consolidated Audit Trail, LLC (“CATLLC”). CAT involves the creation of an audit trail that is required by Rule 613 under the Securities Exchange Act of 1934 (“Rule 613”), and it strives to enhance regulators’ ability to monitor trading activity in the U.S. national securities markets through a phased implementation. CATLLC is a national market system plan that was created by self-regulatory organizations that include the Cboe U.S. national securities exchanges, the other U.S. national securities exchanges and FINRA (who collectively are referred to as the “SROs” or “Plan Participants”) to implement and operate the CAT. On September 6, 2023, the SEC issued an order approving an amendment to the CAT national market system plan to implement a revised funding model (“CAT Funding Model”) for CATLLC to fund the CAT. The approved CAT Funding Model contemplates two categories of CAT fees calculated based on the “executed equivalent shares” of transactions in eligible securities: (i) CAT fees assessed by CATLLC to Industry Members who are CAT Executing Brokers (the brokers responsible for executing each side of the transaction) to recover a portion of historical CAT costs previously paid to CATLLC by the Plan Participants; and (ii) CAT fees assessed by CATLLC to CAT Executing Brokers and Plan Participants to fund a portion of prospective CAT costs. Prior to September 3, 2024, the funding of the CAT was solely provided to CATLLC by the Plan Participants in exchange for promissory notes. However, pursuant to the CAT Funding Model, the Plan Participants submitted fee filings on behalf of CATLLC to recover a portion of historical CAT costs incurred prior to 2022, and those filings became effective as of October 1, 2024. CATLLC began remitting funds collected from CAT Executing Brokers of Buyers and Sellers to the Plan Participants in December 2024 to begin paying back a portion of the promissory notes issued by the Plan Participants to fund the CAT prior to January 1, 2022. Additional CAT fees related to a portion of other historical CAT costs incurred between January 1, 2022 and July 15, 2024 are planned to be introduced at a later time through separate fee filings submitted by the Plan Participants. Portions of promissory notes related to the funding of the implementation and operation of the CAT may not be collectible, including if the SEC finds that the Plan Participants did not satisfy any of the financial accountability milestones. Pursuant to fee filings submitted by Plan Participants, as of September 3, 2024, CATLLC began assessing transaction-based fees to CAT Executing Brokers of Buyers and Sellers to cover a portion of prospective CAT costs. At the same time, CATLLC also began assessing a transaction-based fee to the respective Plan Participants for the same amount. To continue to fund CATLLC as it transitioned to collecting fees from Industry Members and Plan Participants to cover ongoing CAT costs in accordance with the CAT Funding Model, Plan Participants temporarily issued short-term notes to CATLLC to cover CAT costs that were payable by CATLLC until CATLLC collected sufficient proceeds from the fees to cover those costs. As of January 2025, CATLLC has fully repaid these short-term notes through funds collected form the fees assessed to CAT Executing Brokers and Plan Participants. CATLLC has also used the funds collected to pay CATLLC expenses and has retained excess funds as a reserve per the CAT Funding Model and budget. Moving forward, CATLLC plans for the Plan Participants to submit prospective fee filings on CATLLC’s behalf every six months to update the transaction fee rates as necessary to cover prospective CAT costs. The last such filings were submitted in December 2024 and effected a rate change beginning January 2, 2025. The Company expects Plan Participants will no longer issue additional short-term notes notes to CATLLC to fund CAT given that CATLLC has begun imposing and collecting fees to cover CAT costs. The allowance for notes receivable credit losses associated with the CAT is calculated using a methodology that is primarily based on the structure of the notes and various potential outcomes under the CAT Funding Model. See Note 23 ("Commitments, Contingencies, and Guarantees") for more information. The following represents the changes in allowance for credit losses during the years ended December 31, 2024 and 2023 (in millions): Allowance for notes receivable credit losses Allowance for accounts receivable credit losses Total allowance for credit losses Balance at December 31, 2022 $ 30.1 $ 2.2 $ 32.3 Current period provision for expected credit losses — 4.0 4.0 Write-offs charged against the allowance — (1.6) (1.6) Recoveries collected — (0.1) (0.1) Balance at December 31, 2023 $ 30.1 $ 4.5 $ 34.6 Current period provision for expected credit losses — 3.1 3.1 Write-offs charged against the allowance — (0.7) (0.7) Recoveries collected — (0.3) (0.3) Balance at December 31, 2024 $ 30.1 $ 6.6 $ 36.7

OTHER ASSETS, NET

OTHER ASSETS, NET	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS, NET	OTHER ASSETS, NET Other assets, net consisted of the following as of December 31, 2024 and 2023 (in millions): December 31, December 31, Software development work in progress $ 18.7 $ 3.5 Data processing software 126.4 128.1 Less accumulated depreciation and amortization (98.3) (88.3) Data processing software, net 46.8 43.3 Other assets (1) 135.9 163.0 Other assets, net $ 182.7 $ 206.3 ________________________________________________________ (1) At December 31, 2024 the majority of the balance included notes receivable, net of allowance, and long-term prepaid assets. At December 31, 2023, the majority of the balance included notes receivable, net of allowance, a contra-revenue asset, and long-term prepaid assets. As of December 31, 2024 and 2023, the notes receivable, net balance was $124.2 million and $136.9 million, respectively. See Note 7 ("Property and Equipment, Net") and Note 8 ("Credit Losses") for more information on the notes receivable included within other assets, net on the consolidated balance sheets. See Note 19 ("Stock-Based Compensation") for more information on the contra-revenue asset related to the issuance of Cboe Digital Restricted Common Units and Warrant Units included within other assets, net on the consolidated balance sheets at December 31, 2023. As of December 31, 2024 and 2023, the contra-revenue asset balance was zero and $18.1 million, respectively. Amortization expense related to data processing software was $10.3 million, $8.4 million, and $7.2 million for the years ended December 31, 2024, 2023, and 2022, respectively .

GOODWILL, INTANGIBLE ASSETS, NE

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD	GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD The following table presents the details of goodwill by segment (in millions) : Options North American Europe and Global FX 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 — 3.6 14.2 — 17.8 Balance as of December 31, 2023 $ 305.8 $ 2,004.4 $ 563.2 $ 267.2 $ 3,140.6 Adjustments 0.2 (0.8) 0.4 0.2 — Changes in foreign currency exchange rates — (12.8) (3.6) — (16.4) Balance as of December 31, 2024 $ 306.0 $ 1,990.8 $ 560.0 $ 267.4 $ 3,124.2 Goodwill has been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, and Global FX. Goodwill impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired. The following table presents the details of the intangible assets by segment (in millions): Options North American Europe and 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 (12.0) (59.5) (21.5) (16.6) (7.0) (116.6) Changes in foreign currency exchange rates — 2.0 14.1 — — 16.1 Balance as of December 31, 2023 $ 134.1 $ 935.3 $ 352.5 $ 56.2 $ 83.4 $ 1,561.5 Additions — 1.2 — — — 1.2 Sales — — — — (0.1) (0.1) Amortization (7.7) (50.6) (16.1) (12.0) (2.3) (88.7) Changes in foreign currency exchange rates — (6.3) (9.7) — — (16.0) Impairment — — — — (81.0) (81.0) Balance as of December 31, 2024 $ 126.4 $ 879.6 $ 326.7 $ 44.2 $ — $ 1,376.9 Following the April 2024 announcement of the Cboe Digital spot market wind down and unwinding of the minority ownership structure in the holding company parent of the Cboe Digital entities, the Company performed an interim impairment test for the intangible assets recognized in the Digital reporting unit as the announcement was considered a potential indication of impairment. The Company concluded that the carrying value of the trading registrations and licenses and technology exceeded their estimated fair value, as their projected future cash flows, subsequent to the decision to wind down the business, did not support their valuation, and recorded an impairment charge of $81.0 million in the consolidated statements of income during the three months ended June 30, 2024. For the years ended December 31, 2024, 2023, and 2022, amortization expense was $88.7 million, $116.6 million and $124.3 million, respectively. The estimated future amortization expense is $69.6 million for 2025, $62.4 million for 2026, $55.6 million for 2027, $50.1 million for 2028, and $45.5 million for 2029. The following tables present the categories of intangible assets by segment as of December 31, 2024 and 2023 (in millions, except as stated): December 31, 2024 Weighted Options North American Europe and Global FX Digital Trading registrations and licenses $ 95.5 $ 603.4 $ 205.2 $ — $ — Indefinite Customer relationships 46.6 409.7 209.2 140.0 — 14 Market data customer relationships 53.6 322.0 60.8 64.4 — 7 Technology 28.1 55.5 33.6 22.5 — 7 Trademarks and tradenames 12.9 8.1 2.3 1.2 — 5 Digital assets held — 1.2 — — — Indefinite Accumulated amortization (110.3) (520.3) (184.4) (183.9) — $ 126.4 $ 879.6 $ 326.7 $ 44.2 $ — December 31, 2023 Weighted Options North American Europe and Global FX Digital Trading registrations and licenses $ 95.5 $ 606.0 $ 209.6 $ — $ 25.0 Indefinite Customer relationships 46.6 413.9 216.1 140.0 — 15 Market data customer relationships 53.6 322.0 61.6 64.4 — 8 Technology 28.1 56.9 34.2 22.5 70.0 7 Trademarks and tradenames 12.9 8.2 2.4 1.2 — 6 Digital assets held — — — — 0.1 Indefinite Accumulated amortization (102.6) (471.7) (171.4) (171.9) (11.7) $ 134.1 $ 935.3 $ 352.5 $ 56.2 $ 83.4 In October 2022, the Company, through its wholly-owned subsidiary Cboe Netherlands Services Company B.V., entered into a Data Provider Agreement with Pyth Data Association (“Pyth”) to create a data feed and begin publishing limited derived equities market data for certain symbols from one of its four U.S. equities exchanges on the Pyth Network, a decentralized financial market data distribution platform for aggregated data. In exchange, Pyth granted Cboe Netherlands Services Company B.V. 16,666,666 restricted PYTH tokens which unlock annually over a four-year period in equal tranches; the first 25% tranche of PYTH tokens unlocked in May 2024. The PYTH tokens, which are included within intangible assets, net in the consolidated balance sheets, are carried at their historical value of $0.06 per token and are reviewed each reporting period for potential impairment. In May 2024, the Company recorded $1.0 million in market data fees revenue on the consolidated statements of income, which represents the historical value of the grant of 16,666,666 restricted PYTH tokens earned for satisfying the performance obligations outlined in the Data Provider Agreement. The Company has earned additional PYTH tokens by continuing to provide data to the Pyth Network through various Pyth Reward Programs that have run since May 2023. Through December 31, 2024, the Company earned an additional 725,000 PYTH tokens via the Pyth Reward Programs. The Company recorded additional intangible assets and revenue based on the token fair value when earned.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consisted of the following as of December 31, 2024 and 2023 (in millions): December 31, 2024 December 31, 2023 Compensation and benefit-related liabilities $ 89.8 $ 77.1 Royalties 44.4 44.9 Accrued liabilities 74.4 70.3 Current operating lease liabilities 19.9 20.8 Rebates payable 93.5 75.1 Marketing fee payable 19.7 17.5 Current unrecognized tax benefits 0.1 82.3 Accounts payable 17.9 24.7 Total accounts payable and accrued liabilities $ 359.7 $ 412.7

DEBT

DEBT	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The Company’s debt consisted of the following as of December 31, 2024 and 2023 (in millions): December 31, 2024 December 31, 2023 $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% $ 648.6 $ 647.9 $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% 495.5 494.8 $300 million fixed rate Senior Notes due March 2032, stated rate of 3.000% 296.9 296.5 Revolving Credit Agreement — — Cboe Clear Europe Credit Facility — — Total debt $ 1,441.0 $ 1,439.2 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 December 31, 2024, 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 five-year revolving credit facility (the “Revolving Credit Facility”) that includes a $25 million swing line sub-facility. The Company may also, subject to the agreement of the applicable lenders, increase the commitments under the Revolving Credit Facility by up to $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 December 31, 2024, no subsidiaries were designated as additional borrowers. Funds borrowed under the Revolving Credit Agreement may be used to fund working capital and for other general corporate purposes, including the making of any acquisitions the Company may pursue in the ordinary course of its business. As of December 31, 2024, no borrowings were outstanding under the Revolving Credit Agreement. Accordingly, at December 31, 2024, $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 December 31, 2024, 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, Cboe Clear Europe, as borrower, the Company, as guarantor, entered into a Facility Agreement (as subsequently amended and restated, 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 amended and restated, on July 1, 2021, June 30, 2022, June 29, 2023, and June 28, 2024, as described below. The Facility provides for a €1.20 billion committed syndicated multicurrency revolving and swingline credit facility (i) that is available to be drawn by Cboe Clear Europe 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 is able to increase the commitments under the Facility by up to €500 million, to a total of €1.7 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. Borrowings under the Facility’s revolving loans and non-U.S. dollar swingline loans bear interest at the relevant floating base rate plus a margin of 1.60 percent per annum and (subject to certain conditions) borrowings under the Facility’s U.S. dollar swingline loans bear interest at 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 0.300 percent per annum is payable on the unused and uncalled amount of the Facility during the availability period. Subject to certain conditions stated in the Facility, 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 June 27, 2025, 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 to be the higher of €30 million and any such amount required for Cboe Clear Europe to meet minimum liquidity regulations under applicable regulation at all times. As of December 31, 2024, no borrowings were outstanding under the Facility. Accordingly, at December 31, 2024, €1.20 billion of borrowing capacity was available for the purposes permitted by the Facility. At December 31, 2024, the Company and Cboe Clear Europe were in compliance with applicable covenants. Notes Payments and Contractual Interest The future expected repayments related to the Senior Notes as of December 31, 2024 are as follows (in millions): 2025 $ — 2026 — 2027 650.0 2028 — Thereafter 800.0 Principal amounts repayable 1,450.0 Debt issuance costs (5.0) Unamortized discounts on notes (4.0) Total debt outstanding $ 1,441.0 Interest, commitment, and other relevant fees, subject to the specific terms of the debt obligation, are recognized as incurred in interest expense in the consolidated statements of income. Components of interest expense, net recognized in the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022 are as follows (in millions): Year Ended Year Ended Year Ended Components of interest expense: Contractual interest $ 49.2 $ 59.8 $ 57.6 Amortization of debt discount and issuance costs 2.3 2.6 2.4 Interest expense $ 51.5 $ 62.4 $ 60.0 Interest income (27.3) (12.0) (3.6) Interest expense, net $ 24.2 $ 50.4 $ 56.4

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, NET	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, NET	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, NET The following represents the changes in accumulated other comprehensive (loss) income, net by component (in millions): Foreign Currency Available-for-sale Post-Retirement Total Accumulated Balance at December 31, 2022 $ (30.2) $ (0.9) $ 0.1 $ (31.0) Other comprehensive income (loss) 24.6 (2.8) (0.2) 21.6 Balance at December 31, 2023 $ (5.6) $ (3.7) $ (0.1) $ (9.4) Other comprehensive (loss) income (43.0) 3.7 0.3 (39.0) Balance at December 31, 2024 $ (48.6) $ — $ 0.2 $ (48.4)

CLEARING OPERATIONS

CLEARING OPERATIONS	12 Months Ended
	Dec. 31, 2024
Broker-Dealer [Abstract]
CLEARING OPERATIONS	CLEARING OPERATIONS Cboe operates two clearing houses, Cboe Clear Europe and Cboe Clear U.S., each of which acts as a central counterparty that provides clearing and settlement services. 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 derivatives exchange. Cboe Clear Europe clears equities from eighteen European markets and the United States, as well as Depositary Receipts, ETFs, and equity-like instruments. In September 2021, Cboe Clear Europe began clearing equity derivatives for ten European markets, initially index futures and options and as of November 2023, single stock options. In November 2024, Cboe Clear Europe received approval to offer access to its market participants to engage in SFT. Cboe Clear Europe introduced a service for European SFT transactions in cash equities and ETFs, which includes central clearing, settlement and post-trade lifecycle management. This service aims to enhance the current bilateral SFT process between securities lenders and borrowers into a centrally cleared model, with Cboe Clear Europe acting as the counterparty to both sides of each transaction. As of December 31, 2024, no SFT trades had yet occurred on the Cboe Clear Europe platform. Cboe Clear Europe only assumes the guarantor role if it has an equal and offsetting claim against a clearing participant. Cboe Clear Europe, with respect to SFT services, utilizes The Bank of New York Mellon Corporation and J.P. Morgan as Tri-Party Collateral Agents. For the period ended December 31, 2024, there have been no events of default for which a liability is required to be recognized in accordance with GAAP. Cboe Clear Europe 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 predominantly 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 cash and cash equivalents margin deposit ownership, including net interest income, belong to Cboe Clear Europe and are recorded in cash and spot markets on the 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 pledged to and from interoperable CCPs. The interoperability fund consists of collateral provided by clearing participants that is pledged by Cboe Clear Europe to the other interoperable CCPs, to cover margin calls Cboe Clear Europe receives from such interoperable CCPs. Effective August 14, 2023, Cboe Clear Europe enacted changes to its rules, and is able to invest the cash collateral received in the form of interoperability fund deposits from clearing participants in certain investments, typically securities issued by pre-approved sovereign issuers and reverse repurchase agreements with overnight maturities. When investments are made in accordance with Cboe Clear Europe’s investment policy, Cboe Clear Europe receives the amount of investment earnings and pays clearing participants those earnings minus a set basis point cost of collateral. As Cboe Clear Europe is able to direct the investment of the cash interoperability fund deposits received from the clearing participants within the program parameters and receives an economic benefit from those investments, these amounts are included in the margin deposits, clearing funds, and interoperability funds captions in the consolidated balance sheets and the related interest income and expense is recorded in other revenue and other cost of revenue, respectively, on the consolidated statements of income. Cboe Clear Europe 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's dedicated own resources: The Cboe Clear Europe default waterfall first utilizes its dedicated own resources in two forms and totaling 35% of Cboe Clear Europe capital requirements; the ‘first skin in the game’, equal to 25% of Cboe Clear Europe capital requirements before the use of clearing fund contributions described below and the ‘second skin in the game’, an amount between 10-25% of capital requirements as discussed in Note 18 ("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 U.S. Cboe Clear U.S. (formerly, Cboe Clear Digital) is a digital asset derivatives clearinghouse and central counterparty that provides clearing and settlement of digital asset trades. Cboe Clear U.S. is registered as a Derivatives Clearing Organization (“DCO”) regulated by the U.S. Commodity Futures Trading Commission (“CFTC”). Cboe Clear U.S. is in the process of surrendering money transmitter licenses, and giving up its registration with the U.S. Treasury Financial Crimes Enforcement Network (“FinCEN”) as a money services business (“MSB”), that were necessary for engagement with the Cboe Digital spot market. Before the surrendering process was initiated, Cboe Clear U.S. was authorized by license or not subject to licensing, to conduct MSB services in 50 U.S. jurisdictions. Cboe Clear U.S. performs a guarantee function whereby Cboe Clear U.S. helps to ensure that the obligations of the transactions it clears are fulfilled. Cboe Clear U.S. attempts to mitigate this risk by performing internal compliance and due diligence procedures as well as implementing internal risk controls. Cboe Clear U.S.'s due diligence procedures include, among other things, review of the corporate information, financial position of the member participant, and risk management reviews including monitoring of Cboe Clear U.S.'s risk exposure thresholds. A clearing member is required to deposit collateral, which is in the form of cash for futures products to cover some or all of the credit risk of its failure to fulfill its obligations. As of May 31, 2024, trading is no longer offered on the Cboe Digital spot market and, therefore, Cboe Clear U.S. no longer accepts any collateral for spot products. As of December 31, 2024, Cboe Clear U.S. does not expect a material loss concerning credit risk on any member participant. Cboe Clear U.S. Clearing Participant Deposits Customer Bank Deposits Cboe Clear U.S. holds cash on behalf of its customers for the purposes of supporting clearing transactions. Customer cash may be invested in approved investments and any interest or gain received, or loss incurred on invested funds is recorded in the consolidated statements of income. There was no interest, gains or losses on invested funds for the year ended December 31, 2024 and 2023, respectively. The Company includes customer cash related to the clearing activity on the consolidated balance sheets in margin deposits, clearing funds, and interoperability funds, with a corresponding liability. Digital Assets - Safeguarded Assets The Company held digital assets on behalf of its customers. In accordance with the SEC issued Staff Accounting Bulletin 121 (“SAB 121”), the Company included customer digital assets on the consolidated balance sheets in digital assets - safeguarded assets, with a corresponding offset in digital assets - safeguarded liabilities. On July 1, 2024, the Company liquidated all digital assets held by Cboe Digital for customers. As a result, subsequent to July 1, 2024, the Company no longer held any digital assets – safeguarded assets or liabilities on the consolidated balance sheets. Digital assets – safeguarded assets totaled zero and $51.3 million at December 31, 2024, and 2023, respectively. The following depicts the Company’s valuation of digital assets – safeguarded assets and safeguarded liabilities as of December 31, 2023: December 31, 2023 Digital Asset Number of Units Valuation per Unit Fair value (in millions) Bitcoin ("BTC") 821 $ 42,492 $ 34.9 Ethereum ("ETH") 6,270 2,282 14.3 Litecoin ("LTC") 16,329 74 1.2 Bitcoin Cash ("BCH") 1,374 261 0.4 USD Coin ("USDC") 506,652 1 0.5 $ 51.3 Margin Deposits, Clearing Funds, and Interoperability Funds The details of margin deposits, clearing funds, and interoperability funds as of December 31, 2024 and December 31, 2023, are as follows (in millions) : December 31, 2024 Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe central bank account $ 378.4 $ 173.7 $ 289.3 $ 841.4 Cboe Clear Europe reverse repurchase and other — — — — Cboe Clear U.S. customer bank deposits 4.1 — — 4.1 Total cash margin deposits, clearing funds, and interoperability funds $ 382.5 $ 173.7 $ 289.3 $ 845.5 December 31, 2024 Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe non-cash contributions (1) $ 691.4 $ 80.1 $ 225.9 $ 997.4 December 31, 2023 Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe central bank account $ 361.3 $ 140.1 $ 271.0 $ 772.4 Cboe Clear Europe reverse repurchase and other 2.7 4.1 55.6 62.4 Cboe Clear U.S. customer bank deposits 14.0 — — 14.0 Total cash margin deposits, clearing funds, and interoperability funds $ 378.0 $ 144.2 $ 326.6 $ 848.8 December 31, 2023 Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe non-cash contributions (1) $ 637.0 $ 65.6 $ 228.0 $ 930.6 ________________________________________________________ (1) These amounts are not reflected in the consolidated balance sheets, as Cboe Clear Europe does not have the ability to sell or repledge the amounts absent a clearing participant default.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	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, which provides guidance for using fair value to measure assets and liabilities by defining fair value and establishing the framework for measuring fair value. ASC 820 applies to financial and nonfinancial instruments that are measured and reported on a fair value basis. The three-level hierarchy of fair value measurements is based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The fair value hierarchy requires the use of observable market data when available and consists of the following levels: • Level 1—Unadjusted inputs based on quoted markets for identical assets or liabilities. • Level 2—Observable inputs, either direct or indirect, not including Level 1 measurements, corroborated by market data or based upon quoted prices in non-active markets. • Level 3—Unobservable inputs that reflect management’s best assumptions of what market participants would use in valuing the asset or liability. The Company has included a tabular disclosure for financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets as of December 31, 2024 and 2023, respectively. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023 (in millions): December 31, 2024 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 70.0 $ 70.0 $ — $ — Marketable securities (1): Mutual funds 23.8 23.8 — — Money market funds 16.5 16.5 — — Note receivable - building sale (2) 6.2 — — 6.2 Total assets $ 116.5 $ 110.3 $ — $ 6.2 December 31, 2023 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 20.8 $ 20.8 $ — $ — Marketable securities (1): Mutual funds 17.1 17.1 — — Money market funds 19.6 19.6 — — Digital assets - safeguarded assets 51.3 — 51.3 — Total assets $ 108.8 $ 57.5 $ 51.3 $ — Liabilities: Contingent consideration liabilities $ 11.8 $ — $ — $ 11.8 Digital assets - safeguarded liabilities 51.3 — 51.3 — Cboe Digital restricted common units liability (3) 18.7 — — 18.7 Cboe Digital warrant liability (3) 5.9 — — 5.9 Total liabilities $ 87.7 $ — $ 51.3 $ 36.4 ________________________________________________________ (1) These amounts are reflected within financial investments in the consolidated balance sheets. (2) This amount is reflected within other assets, net in the consolidated balance sheets. (3) These amounts are reflected within other non-current liabilities in the 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 December 31, 2024. See Note 17 ("Employee Benefit Plans") for more information. Digital Assets – Safeguarded Assets and Liabilities Digital assets – safeguarded assets and liabilities represented the Company’s former holdings of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and USD Coin on behalf of the Company’s customers. The Company valued digital assets – safeguarded assets and digital assets – safeguarded liabilities by using the closing prices at 4:00pm Central Time on the CoinDesk Indices Price Index at the time the underlying digital assets were formerly held on behalf of the Company’s customers. On July 1, 2024, the Company liquidated all digital assets held by Cboe Digital for customers. As a result, subsequent to July 1, 2024, the Company no longer held any digital assets – safeguarded assets or liabilities on the consolidated balance sheets. See Note 14 ("Clearing Operations") for additional details regarding digital assets formerly held on behalf of customers. Contingent Consideration Liabilities In connection with the acquisitions of Cboe Asia Pacific, and Cboe Canada Inc., the Company entered into contingent consideration arrangements with the sellers. The total fair value of the liabilities at December 31, 2024 was zero. In connection with the contingent consideration arrangements, the Company paid a total of $13.9 million in contingent consideration to the sellers of Cboe Asia Pacific and Cboe Canada Inc. during the year ended December 31, 2024. In May 2024, Cboe Japan achieved milestones resulting in the payment of $5.7 million of contingent consideration, resulting in a reversal of a previously recorded gain. Additionally, Cboe Asia Pacific's contingent consideration expired in June 2024 and the remaining balance was not achieved, resulting in an equivalent gain of $2.7 million. In August 2024, the remaining liability related to the acquisition of Cboe Canada was not used, resulting in an equivalent gain of $1.0 million. The aforementioned updates resulted in a total $2.0 million loss on Cboe Asia Pacific and Cboe Canada contingent consideration liabilities during the year ended December 31, 2024. In December 2023, as a result of updated projections which exhibited a decrease in the likelihood of Cboe Japan and Cboe Canada Inc. achieving their contingency payment milestones as part of their purchase agreements, unmet milestones were written off and resulted in a reduction of the contingent consideration liability of $14.4 million for the Company, which is reflected within other expenses in the consolidated statements of income. Because the fair value measurements relating to the contingent consideration liabilities are subject to management judgment, measurement uncertainty is inherent in the valuation of the contingent consideration liabilities as of the reporting date. Based on the recorded balance of the liabilities, any measurement uncertainty related to this Level 3 measurement is immaterial as of December 31, 2024. Note Receivable - Building Sale The Company provided seller financing in the form of a secured promissory note for a portion of the purchase price of the Property sale completed on June 28, 2024. See Note 7 ("Property and Equipment, Net") for more information. The Company has elected the fair value option available under ASC 825 for this note and subsequent changes in fair value are reported in other (expense) income, net on the consolidated statements of income. The fair value was calculated using the initial projected amortization schedule, credit risk assumptions, and implied interest rates for similar instruments. These inputs are considered Level 3 in the fair value hierarchy. The note is within other assets, net on the consolidated balance sheets as of December 31, 2024. The fair value option was not elected for other notes receivable described in Note 9 ("Other Assets, Net") due to uncertain payment terms and credit and legal risks as described in Note 8 ("Credit Losses"). The note receivable related to the building sale was not 90 days or more past due or in non-accrual status as of December 31, 2024. 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. For equity method investments and intangible assets, other than digital assets held, the process also involves using a discounted cash flow method to determine the fair value of each 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. Equity investments without readily determinable fair values that are valued using the measurement alternative are measured at fair value on a non-recurring basis. Other than the impairment charges recorded on the Company’s minority investments in Globacap Technology Limited, StratiFi Technologies Inc., Eris Innovations Holdings, LLC, and Coin Metrics Inc., no observable transactions or impairments impacted the measurements of the investments accounted for as other equity investments. See Note 6 ("Investments") for more information. These measurements are considered Level 3 and these assets are recognized at fair value if they are deemed to be impaired. 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 December 31, 2024 and 2023 (in millions): December 31, 2024 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 70.0 $ 70.0 $ — $ — Deferred compensation plan assets (1) 40.3 40.3 — — Note receivable - building sale (2) 6.2 — — 6.2 Total assets $ 116.5 $ 110.3 $ — $ 6.2 Liabilities: Deferred compensation plan liabilities (4) $ 40.3 $ 40.3 $ — $ — Debt (5) 1,317.0 — 1,317.0 — Total liabilities $ 1,357.3 $ 40.3 $ 1,317.0 $ — December 31, 2023 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 20.8 $ 20.8 $ — $ — Deferred compensation plan assets (1) 36.7 36.7 — — Digital assets - safeguarded assets 51.3 — 51.3 — Digital assets held (3,5) 0.1 0.1 — — Total assets $ 108.9 $ 57.6 $ 51.3 $ — Liabilities: Contingent consideration liabilities $ 11.8 $ — $ — $ 11.8 Deferred compensation plan liabilities (4) 36.7 36.7 — — Digital assets - safeguarded liabilities 51.3 — 51.3 — Cboe Digital restricted common units liability (4) 18.7 — — 18.7 Cboe Digital warrant liability (4) 5.9 — — 5.9 Debt (5) 1,305.7 — 1,305.7 — Total liabilities $ 1,430.1 $ 36.7 $ 1,357.0 $ 36.4 ________________________________________________________ (1) These amounts are reflected within financial investments in the consolidated balance sheets. (2) This amount is reflected within other assets, net in the consolidated balance sheets. (3) These amounts are reflected within intangible assets, net in the consolidated balance sheets. (4) These amounts are reflected within other non-current liabilities in the consolidated balance sheets. (5) These balances are presented at fair value in this table, but are carried at their historical value within the 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. The fair values of the Senior Notes are classified as Level 2 under the fair value hierarchy and are estimated using prevailing market quotes. At December 31, 2024 and 2023, the fair values of the Company’s debt obligations were as follows (in millions): Fair Value December 31, 2024 December 31, 2023 3.650% Senior Notes $ 638.4 $ 628.5 1.625% Senior Notes 416.2 412.7 3.000% Senior Notes 262.4 264.5 Information on Level 3 Financial Assets and Liabilities The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities during the year ended December 31, 2024 and 2023 (in millions): Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2024 Balance at (Losses) Gains Adjustments Additions Settlements Foreign Balance at Assets: Note receivable - building sale $ — $ (0.8) $ — $ 7.0 $ — $ — $ 6.2 Total assets $ — $ (0.8) $ — $ 7.0 $ — $ — $ 6.2 Balance at Losses (Gains) Adjustments Additions Settlements Foreign Balance at Liabilities: Contingent consideration liabilities $ 11.8 $ 2.0 $ — $ — $ (13.9) $ 0.1 $ — Cboe Digital restricted common units liability 18.7 (1.0) (12.1) — (5.6) — — Cboe Digital warrant liability 5.9 (1.4) (4.1) — (0.4) — — Total liabilities $ 36.4 $ (0.4) $ (16.2) $ — $ (19.9) $ 0.1 $ — Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2023 Balance at (Gains) Losses Adjustments Additions Settlements Foreign Balance at Liabilities: Contingent consideration liabilities $ 39.1 $ (14.4) $ — $ — $ (13.1) $ 0.2 $ 11.8 Cboe Digital restricted common units liability 15.5 — 0.1 3.1 — — 18.7 Cboe Digital warrant liability 5.9 — — — — — 5.9 Total liabilities $ 60.5 $ (14.4) $ 0.1 $ 3.1 $ (13.1) $ 0.2 $ 36.4

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company operates six reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital which are further described below and is reflective of how the Company's CODM reviews and operates the business, as discussed in Note 1 ("Nature of Operations"). The Company's reportable business segments represent strategic business units that offer different products and services across different geographic areas. The Company's CODM is the chief executive officer. The CODM function is supported by business segment management and leadership personnel who lead the day-to-day operations of each reportable business segment. The accounting policies of the reportable business segments are the same as those described in Note 2 ("Summary of Significant Accounting Policies"). Segment performance is primarily evaluated on operating income (loss). The CODM uses segment operating income (loss) to allocate resources (which includes but is not limited to employees, financial or capital resources). The Company's CODM does not assess assets or income and expenses below operating income (loss) at the segment-level as key performance metrics. 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. The Company's CODM primarily reviews operating expenses at the consolidated level for purposes of evaluating actual results versus budgets. The tables below represent the primary measure of segment performance evaluated by the CODM, as well as additional measures that are regularly provided to the CODM on a segment-level. Options. The Options segment includes options on market indices (“index options”), as well as on the stocks of individual corporations (“equity options”) and on ETPs such as exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”), which are “multi-listed” options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national security exchanges. Cboe Options is the Company’s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services. North American Equities. The North American Equities segment includes U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform in the U.S. and Canada, and Canadian equities and other transaction services that occur on or through Cboe Canada Inc.’s order books. The North American Equities segment also includes corporate listing services on Cboe Canada Inc., ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services. Europe and Asia Pacific. The Europe and Asia Pacific segment includes the pan-European listed equities and derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depository receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and Cboe Europe Derivatives (“CEDX”). It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities transaction services of Cboe Australia and Cboe Japan, operators of trading venues in Australia and Japan, respectively, along with equities transactions that occur on the BIDS Trading platform in Australia and Japan. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and two BIDS orderbooks; a Large-in-Scale (“LIS”) trading negotiation facility and - predominantly for UK and Swiss symbols - a volume-weighted average price (“VWAP”) trajectory crossing facility. Cboe NL, based in Amsterdam, operates similar business functionality to that offered by Cboe Europe (with exception of Trajectory Crossing), and provides for trading only in European Economic Area (“EEA”) symbols. Cboe Europe Derivatives, a pan-European derivatives platform, offers futures and options based on Cboe Europe equity indices, and single stock options. Cboe Clear Europe offers the clearing of equity and equity-like instruments for Cboe-operated and other regulated trading venues, the clearing of derivative transactions executed on CEDX, and has recently introduced a service to clear Securities Financing Transactions. This segment also includes Cboe Europe, Cboe NL, CEDX, Cboe Australia and Cboe Japan revenue generated from the licensing of proprietary market data and from access and capacity services. Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. On April 25, 2024, the Company announced plans to transition the cash-settled margin Bitcoin and Ether futures contracts, currently available for trading on the Cboe Digital Exchange, to CFE in the first half of 2025, pending regulatory review. Global FX. The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions (“NDFs”) offered for execution on Cboe SEF, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The segment includes transaction services for U.S. government securities executed on the Cboe Fixed Income fully electronic trading platform. Digital. The Digital segment includes a regulated futures exchange (Cboe Digital Exchange) and a regulated clearinghouse (Cboe Clear U.S.), as well as revenue generated from the licensing of proprietary market data and from access and capacity services. Prior to May 31, 2024, the Digital segment also included a U.S.-based spot digital asset trading market (“Cboe Digital spot market”). As of May 31, 2024, the Cboe Digital spot market is closed for all participant and trading purposes. In addition, the Company plans to transition the cash-settled margin Bitcoin and Ether futures contracts, currently available for trading on the Cboe Digital Exchange, to CFE in the first half of 2025, pending regulatory review. The Company expects that Digital will cease to be a distinct reportable business segment in the first quarter of 2025. Summarized financial data of reportable segments was as follows (in millions): Year Ended December 31, 2024 Options North American Equities Europe and Asia Pacific Futures Global FX Digital Corporate Items and Eliminations Total Revenues $ 2,002.6 $ 1,546.8 $ 324.2 $ 141.1 $ 79.9 $ (0.1) $ — $ 4,094.5 Cost of revenues 743.3 1,163.0 104.0 7.6 2.3 1.9 — 2,022.1 Revenues less cost of revenues (a) 1,259.3 383.8 220.2 133.5 77.6 (2.0) — 2,072.4 Depreciation and amortization (b) 27.0 58.2 29.3 2.3 13.5 2.8 (0.1) 133.0 Other segment operating expenses (c) 353.9 157.0 149.2 32.3 30.9 107.6 10.1 841.0 Operating income (loss) $ 878.4 $ 168.6 $ 41.7 $ 98.9 $ 33.2 $ (112.4) $ (10.0) $ 1,098.4 Non-operating (expenses) income: Interest expense (d) $ 0.1 $ — $ (7.8) $ — $ — $ — $ (43.8) $ (51.5) Interest income (d) 0.5 2.4 4.1 — 0.1 3.7 16.5 27.3 Earnings on investments (d) — — — — — — 29.0 29.0 Other (expense) income, net (d) 0.8 0.7 (0.1) — — 1.5 (22.3) (19.4) Income before income tax provision 879.8 171.7 37.9 98.9 33.3 (107.2) (30.6) 1,083.8 Income tax provision (benefit) (e) 299.1 23.1 13.3 28.4 0.1 (28.6) (16.5) 318.9 Net income (loss) (f) $ 580.7 $ 148.6 $ 24.6 $ 70.5 $ 33.2 $ (78.6) $ (14.1) $ 764.9 Year Ended December 31, 2023 Options North American Equities Europe and Asia Pacific Futures Global FX Digital Corporate Items and Eliminations Total Revenues $ 1,939.5 $ 1,353.0 $ 281.2 $ 129.0 $ 74.9 $ (4.1) $ — $ 3,773.5 Cost of revenues 770.3 987.7 91.0 3.9 1.4 1.2 — 1,855.5 Revenues less cost of revenues (a) 1,169.2 365.3 190.2 125.1 73.5 (5.3) — 1,918.0 Depreciation and amortization (b) 30.1 69.4 30.7 2.0 18.4 7.4 — 158.0 Other segment operating expenses (c) 287.8 177.9 126.8 37.0 30.4 34.0 8.2 702.1 Operating income (loss) $ 851.3 $ 118.0 $ 32.7 $ 86.1 $ 24.7 $ (46.7) $ (8.2) $ 1,057.9 Non-operating (expenses) income: Interest expense (d) $ 0.2 $ — $ (7.8) $ — $ — $ — $ (54.8) $ (62.4) Interest income (d) (0.1) 1.4 3.0 — — 2.0 5.7 12.0 Earnings on investments (d) — — — — — — 39.5 39.5 Other (expense) income, net (d) (0.1) — (0.6) — (0.2) — 1.5 0.6 Income before income tax provision 851.3 119.4 27.3 86.1 24.5 (44.7) (16.3) 1,047.6 Income tax provision (benefit) (e) 275.7 14.8 6.8 33.4 0.5 (10.4) (34.6) 286.2 Net income (loss) (f) $ 575.6 $ 104.6 $ 20.5 $ 52.7 $ 24.0 $ (34.3) $ 18.3 $ 761.4 Summarized financial data of reportable segments was as follows (in millions) (continued from previous page): Year Ended December 31, 2022 Options North American Equities Europe and Asia Pacific Futures Global FX Digital Corporate Items and Eliminations Total Revenues $ 1,823.2 $ 1,681.7 $ 264.6 $ 119.8 $ 68.9 $ 0.3 $ — $ 3,958.5 Cost of revenues 840.0 1,302.8 68.5 3.8 1.0 0.7 — 2,216.8 Revenues less cost of revenues (a) 983.2 378.9 196.1 116.0 67.9 (0.4) — 1,741.7 Depreciation and amortization (b) 26.5 74.1 37.0 2.6 21.9 4.7 — 166.8 Other segment operating expenses (c) 216.2 158.2 121.0 58.2 37.2 486.3 8.2 1,085.3 Operating income (loss) $ 740.5 $ 146.6 $ 38.1 $ 55.2 $ 8.8 $ (491.4) $ (8.2) $ 489.6 Non-operating (expenses) income: Interest expense (d) $ — $ — $ (8.8) $ — $ 0.3 $ — $ (51.5) $ (60.0) Interest income (d) — 0.4 0.8 — 0.1 — 2.3 3.6 Earnings on investments (d) — — — — — — 7.2 7.2 Other (expense) income, net (d) 0.1 (0.1) (0.4) — — 1.3 (8.4) (7.5) Income before income tax provision 740.6 146.9 29.7 55.2 9.2 (490.1) (58.6) 432.9 Income tax provision (benefit) (e) 260.7 20.5 6.8 42.4 0.1 (119.0) (13.6) 197.9 Net income (loss) (f) $ 479.9 $ 126.4 $ 22.9 $ 12.8 $ 9.1 $ (371.1) $ (45.0) $ 235.0 __________________________________________________________ (a) Revenues less cost of revenues by segment is a measure that is regularly provided to the CODM, as well as a component of operating income (loss). (b) Depreciation and amortization at the segment-level is not regularly provided to the CODM, however depreciation and amortization is a component of operating income (loss) and identified as a "specific profit or loss" item in accordance with guidance, and therefore has been disclosed separately. (c) Other segment operating expenses includes compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, impairment of intangible assets, impairment of goodwill, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level. (d) Non-operating (expenses) income at the segment-level is not regularly provided to the CODM, however non-operating (expenses) income is a component of a measure that is regularly provided to the CODM and the components of non-operating (expenses) income included above are identified as "specific profit or loss" items in accordance with guidance, and therefore have been disclosed separately. (e) Income tax provision (benefit) at the segment-level is not regularly provided to the CODM, however income tax provision (benefit) is a component of a measure that is regularly provided to the CODM and identified as a "specific profit or loss" item in accordance with guidance, and therefore has been disclosed separately. (f) Net income (loss) at the segment-level is not regularly provided to the CODM, however net income (loss) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately. Geographical Information The following summarizes revenues less cost of revenues based on primary jurisdiction (in millions): United States Non-U.S. Total Revenues less cost of revenues: Year ended December 31, 2024 $ 1,817.6 $ 254.8 $ 2,072.4 Year ended December 31, 2023 $ 1,681.8 $ 236.2 $ 1,918.0 Year ended December 31, 2022 $ 1,531.3 $ 210.4 $ 1,741.7

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	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 Executive Retirement Plan and the Deferred Compensation Plan, which are defined contribution plans that are non-qualified under the Internal Revenue Code. The non-qualified plans' assets, held in a trust, are subject to the claims of general creditors of the Company and totaled $40.3 million at December 31, 2024. Although the value of the plans are recorded in financial investments on the consolidated balance sheets, there is an equal and offsetting liability in other non-current liabilities. The investment results of the non-qualified plans have no impact on net income as the investment results are recorded in equal amounts to both other (expense) income, net and compensation and benefits expense in the consolidated statements of income. The Company matches a portion of employee contributions made to the SMART Plan and Supplemental Executive Retirement Plan. The Company contributed $15.9 million, $15.0 million, and $14.4 million to the defined contribution plans for the years ended December 31, 2024, 2023, and 2022, respectively. Eligible employees outside of the U.S., which includes employees of Cboe Europe, Cboe NL, Cboe Clear Europe, BIDS, Cboe Asia Pacific, and Cboe Canada Inc. 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 $4.8 million, $4.3 million, and $3.0 million for the years ended December 31, 2024, 2023, and 2022, respectively. This expense is included in compensation and benefits in the 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	12 Months Ended
	Dec. 31, 2024
Broker-Dealer [Abstract]
REGULATORY CAPITAL	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 December 31, 2024, 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. Cboe Fixed Income was required to maintain net capital equal to the greater of 6.67% 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 as of December 31, 2024, 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. 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 U.S. 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 Inc. is regulated by the Ontario Securities Commission ("OSC"). Cboe Canada Inc. is required to maintain sufficient financial resources for the proper performance of its functions and to meet its responsibilities, but it has no prescribed minimum capital requirement. Cboe Canada Inc. 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 Inc. 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 December 31, 2024 (in millions): Subsidiary Regulatory Authority Actual Minimum Cboe Trading FINRA/SEC $ 11.0 $ 1.1 BIDS Trading FINRA/SEC 8.0 0.2 Cboe Fixed Income FINRA/SEC 4.4 0.1 Cboe Europe FCA 65.1 32.7 Cboe Chi-X Europe FCA 0.1 0.1 Cboe NL Dutch Authority for Financial Markets 12.5 8.4 Cboe Clear Europe DNB 89.2 57.9 CFE CFTC 60.4 41.4 Cboe SEF CFTC 2.9 2.0 Cboe Digital Exchange CFTC 35.1 2.9 Cboe Clear U.S. CFTC 31.6 10.5 Cboe Australia ASIC 13.5 5.0 Cboe Japan JFSA 10.0 4.4

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	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 of certain awards 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. Stock-based compensation expense relating to employee awards is included in compensation and benefits and acquisition-related costs in the consolidated statements of income. The Company recognized stock-based compensation expense related to employee awards of $40.2 million, $33.9 million, and $30.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. Stock-based compensation expense relating to non-employee director awards is included in professional fees and outside services in the consolidated statements of income. The Company recognized stock-based compensation expense related to non-employee director awards of $1.8 million, $1.9 million, and $1.9 million for the years ended December 31, 2024, 2023, and 2022, respectively. Stock-based compensation expense relating to Restricted Common Units and Warrant Units granted to investor members of Cboe Digital was recorded as contra-revenue in the consolidated statements of income. In connection with winding down the Cboe Digital spot market, on June 12, 2024 all of the remaining Cboe Digital Restricted Common Units and Warrant Units were forfeited and no Cboe Digital Restricted Common Units or Warrant Units were outstanding as of the year ended December 31, 2024. See below for additional information. 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”), was as follows: RSAs and RSUs The following table summarizes RSA and RSU activity during the years ended December 31, 2024, 2023, and 2022: Number of Weighted Nonvested stock at January 1, 2022 443,319 $ 99.22 Granted 369,037 119.97 Vested (201,457) 99.87 Forfeited (54,837) 106.07 Nonvested stock at December 31, 2022 556,062 $ 112.07 Granted 401,685 132.58 Vested (237,315) 108.25 Forfeited (82,251) 121.02 Nonvested stock at December 31, 2023 638,181 $ 125.25 Granted 226,061 183.27 Vested (298,023) 117.28 Forfeited (43,484) 145.53 Nonvested stock at December 31, 2024 522,735 $ 153.20 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. Starting in 2024, the award agreements provide that in the event of a participant’s retirement, all unvested outstanding RSUs and a pro-rata portion of unvested outstanding PSUs will continue to vest and be distributed in accordance with the award’s original vesting and settlement schedule, even after the applicable retirement date. Retirement eligibility will require, in addition to attaining 55 years of age and 10 years of continuous service, submission of 6 months of advanced written notice of a retirement and submission, approval, and satisfactory completion of a transition plan. Unvested RSUs will be forfeited if the officer, or employee leaves the Company prior to the applicable vesting date, except in limited circumstances. RSUs 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 RSUs will be forfeited if the director leaves the Board of Directors prior to the applicable vesting date. The RSUs have no voting rights but entitle the holder to receive dividend equivalents. There were no remaining nonvested RSAs as of December 31, 2024 and 2023. In the year ended December 31, 2024, to satisfy employees’ tax obligations upon the vesting of restricted stock units, the Company purchased 110,361 shares of common stock totaling $20.8 million as the result of the vesting of 297,669 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 years ended December 31, 2024, 2023, and 2022: Number of Weighted Nonvested stock at January 1, 2022 152,410 $ 108.41 Granted 64,668 141.41 Vested (16,834) 96.00 Forfeited (33,542) 95.40 Nonvested stock at December 31, 2022 166,702 $ 125.08 Granted 87,146 144.35 Vested (55,399) 130.05 Forfeited (63,965) 141.49 Nonvested stock at December 31, 2023 134,484 $ 127.72 Granted 86,996 145.21 Vested (110,376) 100.50 Forfeited — — Nonvested stock at December 31, 2024 111,104 $ 168.45 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 2024: risk-free interest rate (4.41)%, 2.86-year 2.86-year In the year ended December 31, 2024, to satisfy employees’ tax obligations upon the vesting of performance stock, the Company purchased 46,867 shares of common stock totaling $8.6 million as the result of the vesting of 110,376 shares of performance stock. As of December 31, 2024, there were $51.9 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 1.8 years. Forfeited PSUs include certain awards forfeited by Edward T. Tilly, former Chief Executive Officer of the Company, who resigned and voluntarily terminated his employment with the Company on September 18, 2023. 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 (“IRS”) 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 $2.8 million, $2.7 million, and $0.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, 491,793 shares were reserved for future issuance under the ESPP . Cboe Digital Restricted Common Units On November 18, 2022, Cboe Digital Holdings entered into minority interest purchase agreements with certain digital asset industry participants, pursuant to which Cboe Digital Holdings agreed to issue 185 Restricted Common Units in Cboe Digital. In addition, certain former investor members and their affiliates are our customers, including trading permit holders, trading privilege holders, participants, and members. Certain former Cboe Digital investor members paid for the Restricted Common Units through the issuance of promissory notes, which were non-recourse in nature. The issuances of Restricted Common Units for non-recourse promissory notes were accounted for as in-substance stock options. The promissory notes generally bore interest at a rate of 5% per annum and matured upon the earlier of the sale of vested Restricted Common Units, or either November 18, 2032 or November 18, 2037. One former Cboe Digital investor member paid for the Restricted Common Units in exchange for cash. As of March 31, 2024, 185 Restricted Common Units (all unvested) were outstanding, with a weighted average exercise price of $0.3 million and a weighted average remaining contractual term of 5 years. On April 25, 2024, the Company announced plans to wind down the spot digital asset trading market currently offered by Cboe Digital and to dissolve its minority ownership structure. In connection with winding down the Cboe Digital spot market, on June 12, 2024, the Company entered into Unit Repurchase Agreements with holders of Cboe Digital Restricted Common Units to repurchase its outstanding Restricted Common Units in exchange for forgiveness of the related promissory note. Certain former investor members also received a cash payment in addition to the forgiveness of their promissory note. The former Cboe Digital investor who paid for their Restricted Common Units in cash also received an additional payment equal to the amount they paid for their Restricted Common Units. As a result, all Cboe Digital Restricted Common Units were forfeited as of June 30, 2024. The Company paid $3.3 million in total to settle the Restricted Common Units. No Cboe Digital Restricted Common Units were outstanding during the year ended December 31, 2024. The following table summarizes the option activity during the years ended December 31, 2024 and 2023 (in millions, except number of shares and contractual term): Number of Weighted Aggregate Weighted average Outstanding at January 1, 2023 185 $ 0.3 $ — 6 years Granted — — — — Vested — — — — Outstanding at December 31, 2023 185 $ 0.3 $ — 5 years Granted — — — — Vested — — — — Forfeited (185) $ 0.3 $ — — Outstanding at December 31, 2024 — $ — $ — — Vesting of Restricted Common Units was based on certain conditions relating to the participation and performance of the former Cboe Digital investor members on the Cboe Digital platforms, generally over a five The cost associated with the options was 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. The wind down of the Cboe Digital spot market resulted in a forfeiture of all Cboe Digital Restricted Common Units and a reversal of contra-revenue previously recorded. Cash payments to former investor members attributable to the Restricted Common Units (other than payments to the former investor member to refund their cash payment for the Restricted Common Units) were recorded as contra-revenue. As a result, $2.4 million of contra-revenue was reversed in the three months ended June 30, 2024. All amounts previously recorded within other assets, net relating to the Restricted Common Units were reversed. Any impact to other (expense) income, net for changes in the fair value of the Cboe Digital Restricted Common Units was reversed. Changes in the fair value of the options, subsequent to the grant date, were recognized in other (expense) income, net in the consolidated statements of income in the period in which the fair value of the options changed. The Company used 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, 2023: risk-free interest rate range (3.81 to 3.90)%, expected dividend rate (0)%, expected volatility (60 to 65)%, and expected term of 3.9 to 5.9 years. For the three months ended June 30, 2024, there was $(0.3) million recognized in other (expense) income, net in the consolidated statements of income related to a reversal of previously recognized fair value adjustments of the options. Prior to the execution of Unit Repurchase Agreements, certain former Cboe Digital investor members were able to earn additional Incentive Program Units. The Incentive Program Units were subject to the same terms and conditions as the other Restricted Common Units and were similarly liability-classified awards. Cboe Digital authorized a maximum of 20 Common Units to be distributed over the two-year life of the incentive program. The wind down of the Cboe Digital spot market resulted in a forfeiture of all earned Incentive Program Units and a reversal of contra-revenue previously recorded. Cash payments to former investor members attributable to the Incentive Program Units were recorded as contra-revenue. The Company paid $2.3 million in total to settle the Incentive Program Units. As a result, $1.4 million of contra-revenue was recorded in the three months ended June 30, 2024, due to the cash payments exceeding the amount of contra-revenue previously recorded for Incentive Program Units. All amounts previously recorded within other assets, net and other (expense) income, net for changes in the fair value relating to the Restricted Common Units were reversed. Cboe Digital Warrant Units 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 former investor member is a customer of Cboe Digital. The vesting of the Warrant Units was based upon the achievement of certain conditions relating to the service provided by the former investor member over a two-year period, of which some conditions represented conditions that are not service, performance, or market conditions and, therefore, the Warrant Units were liability classified. As of March 31, 2024, 40 Warrant Units (with a weighted average exercise price of $0.2 million) had vested, but no Warrant Units were exercised. In connection with winding down the spot digital asset trading market, this former investor member agreed to settle their outstanding Warrant Units for a one-time cash payment as a part of their Unit Repurchase Agreement. Unvested Warrant Units were forfeited. The Company paid $0.4 million in total to settle the Warrant Units. No Cboe Digital Warrant Units were outstanding as of December 31, 2024. The cost associated with the Warrant Units was recognized as contra-revenue ratably throughout the expected life of the Warrant before exercise. Changes in the fair value of the Warrant Units, subsequent to the grant date, were recognized in other (expense) income, net in the consolidated statements of income in the period in which the fair value of the Warrant Units changed. The Company used a Black Scholes pricing model to estimate the fair value of the Warrant Units which incorporated the following assumptions as of December 31, 2023: risk-free interest rate (3.89)%, expected dividend rate (0)%, expected volatility (65)%, and expected term of 4.0 years. Given the cash payment to the Warrant Units holder relates to a settlement of a vested instrument, the difference between the liability previously recorded for the vested Warrant Units and the amount of the Unit Repurchase Agreement was recorded as $1.3 million recognized in other (expense) income, net in the consolidated statements of income in the three months ended June 30, 2024. The following table summarizes the Warrant Unit activity during the years ended December 31, 2024 and 2023 (in millions, except number of shares): Number of Weighted Outstanding at January 1, 2023 80 $ 0.2 Granted — — Vested, but not exercised (40) 0.2 Outstanding and exercisable at December 31, 2023 40 0.2 Outstanding at December 31, 2023 80 $ 0.2 Granted — — Vested, but not exercised — — Forfeited (80) 0.2 Outstanding and exercisable at December 31, 2024 — — Outstanding at December 31, 2024 — $ —

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Common Stock The Company’s common stock is listed on Cboe BZX under the trading symbol CBOE. As of December 31, 2024, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 104,693,373 and 104,686,478 shares were issued and outstanding, respectively. The holders of common stock are entitled to one vote per share. Common Stock in Treasury, at Cost The Company accounts for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Cboe stockholders’ equity and included in common stock in treasury, at cost in the consolidated balance sheets. Shares repurchased under the Company’s share repurchase program are 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 6,895 and 29,002 shares of common stock in treasury as of December 31, 2024 and December 31, 2023, respectively. On December 19, 2024, the Board of Directors approved the retirement of 1,332,430 shares of treasury stock. These shares represent shares that were repurchased as part of the Company's share repurchase program since October 2022, and shares purchased from employees to cover payroll withholding taxes in connection with the vesting of restricted stock. The retirement was recorded as a decrease to treasury stock, common stock, retained earnings, and additional paid-in capital on the consolidated balance sheets. 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 $2.3 billion as of December 31, 2024. The Company expects to fund repurchases primarily through the use of existing cash balances. The program permits the Company to purchase shares through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation. Under the program, for the year ended December 31, 2024, the Company has repurchased 1,148,295 shares of common stock at an average cost per share of $177.86, totaling $204.3 million. Since inception of the program through December 31, 2024, the Company has repurchased 20,758,383 shares of common stock at an average cost per share of $78.05, totaling $1.6 billion. As a result of these repurchases, certain direct costs and excise taxes are incurred but do not impact our cost per share or availability. See Note 2 ("Summary of Significant Accounting Policies") for more information. As of December 31, 2024, the Company had $679.8 million of availability remaining under its existing share repurchase authorizations. The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the periods presented as follows: Shares Repurchased Average Repurchase Amount of Repurchases 2024 Fourth quarter — $ — $ — Third quarter 144,370 170.45 24.6 Second quarter 514,239 175.76 90.4 First quarter 489,686 182.26 89.3 Total open market common stock repurchases 1,148,295 $ 204.3 2023 Fourth quarter 33,507 $ 173.59 $ 5.8 Third quarter — — — Second quarter 61,141 132.45 8.1 First quarter 567,073 123.42 70.0 Total open market common stock repurchases 661,721 $ 83.9 2022 Fourth quarter 132,111 $ 116.07 $ 15.3 Third quarter — — — Second quarter 147,139 106.12 15.6 First quarter 596,988 117.25 70.0 Total open market common stock repurchases 876,238 $ 100.9 Purchase of Common Stock from Employees The Company purchased 157,228 and 106,460 shares that were not part of the publicly announced share repurchase authorization from employees for an average price paid per share of $187.07 and $130.35 during the years ended December 31, 2024 and 2023, respectively. These shares consisted of shares retained to cover payroll withholding taxes in connection with the vesting of 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. For the years ended December 31, 2024, and 2023, the Company had no shares of preferred stock issued or outstanding. Dividends During the year ended December 31, 2024, the Company declared and paid cash dividends per share of $2.36, for an aggregate payout of $249.4 million. During the year ended December 31, 2023, the Company declared and paid cash dividends per share of $2.10, for an aggregate payout of $223.5 million. Each share of common stock, including RSUs and PSUs, is entitled to receive dividend and dividend equivalents, respectively, if, as, and when declared by the Board of Directors of the Company. The Company’s expectation is to continue to pay dividends. The decision to pay a dividend, however, remains within the discretion of the Company’s Board of Directors and may be affected by various factors, including earnings, financial condition, capital requirements, level of indebtedness and other considerations the Board of Directors deems relevant. Future debt obligations and statutory provisions, among other things, may limit or, in some cases, prohibit the Company’s ability to pay dividends. As a holding company, the Company’s ability to declare and continue to pay dividends in the future with respect to its common stock will also be dependent upon the ability of its subsidiaries to pay dividends to it under applicable corporate law

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Net deferred tax assets and liabilities consist of the following as of December 31, 2024 and 2023 (in millions): As of December 31, 2024 2023 Deferred tax assets: Accrued compensation and benefits $ 20.2 $ 19.3 Property, equipment and technology, net 14.6 12.7 Investments — 83.7 Operating leases 40.4 42.6 Other 88.7 84.2 Subtotal 163.9 242.5 Valuation allowances (17.0) (11.8) Total deferred tax assets 146.9 230.7 Deferred tax liabilities: Intangibles (240.2) (384.7) Property, equipment and technology, net (19.0) (17.4) Investments (33.8) — Prepaid expenses or assets (4.5) (4.4) Operating leases (31.9) (33.9) Total deferred tax liabilities (329.4) (440.4) Net deferred tax liabilities $ (182.5) $ (209.7) The Company provides valuation allowances against deferred tax assets if, based on management’s assessment of historical and projected future operating results and other available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Valuation allowances of $17.0 million and $11.8 million were recorded against gross deferred tax assets for certain investments, net operating and capital losses as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company has capital loss carryforwards of $1.8 million, which, if unused, will expire in 2025 and 2029. The Company also has net operating loss carryforwards of $14.4 million, most of which have an indefinite carryforward period. The Company considers its non-U.S. earnings to be indefinitely reinvested outside of the U.S. to the extent these earnings are not subject to U.S. income tax under an anti-deferral tax regime. As of December 31, 2024, the cumulative amount of undistributed earnings in these subsidiaries is $150.7 million. Given our intent to reinvest these earnings for an indefinite period of time, the Company has not accrued a deferred tax liability on these earnings. A determination of an unrecognized deferred tax liability related to these earnings is not practicable. The provision for income taxes for the years ended December 31, 2024, 2023, and 2022 consists of the following (in millions): Year Ended December 31, 2024 2023 2022 Current tax expense: Federal $ 208.8 $ 188.1 $ 210.4 State 117.7 97.8 130.2 Foreign 16.0 15.5 13.0 Total current tax expense 342.5 301.4 353.6 Deferred income tax (benefit) expense: Federal (19.5) (3.4) (126.2) State (2.4) 1.5 (22.7) Foreign (1.7) (13.3) (6.8) Total deferred income tax benefit (23.6) (15.2) (155.7) Total $ 318.9 $ 286.2 $ 197.9 For the years ended December 31, 2024, 2023, and 2022, income before taxes consists of the following (in millions): Year Ended December 31, 2024 2023 2022 U.S. operations $ 1,060.2 $ 1,010.5 $ 401.3 Foreign operations 23.6 37.1 31.6 Total $ 1,083.8 $ 1,047.6 $ 432.9 A reconciliation of the statutory federal income tax rate to the effective income tax rate for the years ended December 31, 2024, 2023, and 2022 is as follows: Year Ended December 31, 2024 2023 2022 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Impact of federal, state and local tax law & rate changes, net 0.1 % — % (0.5) % State taxes, net of federal benefit 4.5 % 4.3 % 4.5 % Uncertain tax positions 3.9 % 2.9 % 20.6 % Deduction for Foreign Derived Intangible Income (0.4) % (0.4) % (1.0) % Valuation allowances 0.4 % (0.5) % 0.6 % Other, net (0.1) % — % 0.5 % Effective income tax rate 29.4 % 27.3 % 45.7 % A reconciliation of the beginning and ending unrecognized tax benefits, excluding interest and penalties, is as follows (in millions): 2024 2023 2022 Balance as of January 1 $ 237.5 $ 212.1 $ 162.1 Gross increases related to prior year tax positions 0.2 — 21.8 Gross decreases related to prior year tax positions (3.1) (1.5) — Gross increases related to current year tax positions 34.4 31.1 32.9 Settlements (49.9) (2.5) (3.7) Lapse of statute of limitations — (1.7) (1.0) Balance as of December 31 $ 219.1 $ 237.5 $ 212.1 As of December 31, 2024, 2023, and 2022, the Company had $173.1 million, $196.6 million, and $177.1 million, respectively, of unrecognized tax benefits, net of federal benefit, which, if recognized in the future, would affect the effective income tax rate. No reductions to unrecognized tax benefits from the lapse of the applicable statutes of limitations and potential audit settlements are expected during the next twelve months. Estimated interest (income) costs and (benefits) penalties are classified as part of the provision for income taxes in the Company's consolidated statements of income and were $(2.5) million, $14.3 million, and $39.1 million, for the periods ended December 31, 2024, 2023, and 2022, respectively. Accrued interest and penalties were $86.0 million, $88.5 million and $74.4 million as of December 31, 2024, 2023, and 2022, respectively. The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the most significant jurisdictions in which Cboe operates: U.S. Federal 2021-2024 California 2015-2024 Illinois 2021-2024 New York 2015-2024 New York City 2015-2024 United Kingdom 2021-2024 Netherlands 2018-2024

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	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 years ended December 31, 2024, 2023, and 2022 (in millions, except per share data): Year Ended December 31, 2024 2023 2022 Basic earnings per share numerator: Net income $ 764.9 $ 761.4 $ 235.0 Net income allocated to participating securities (3.9) (3.9) (0.9) Net income allocated to common stockholders $ 761.0 $ 757.5 $ 234.1 Basic earnings per share denominator: Weighted average shares outstanding 105.1 105.8 106.3 Basic earnings per share $ 7.24 $ 7.16 $ 2.20 Diluted earnings per share numerator: Net income $ 764.9 $ 761.4 $ 235.0 Net income allocated to participating securities (3.9) (3.9) (0.9) Net income allocated to common stockholders $ 761.0 $ 757.5 $ 234.1 Diluted earnings per share denominator: Weighted average shares outstanding 105.1 105.8 106.3 Dilutive common shares issued under stock program 0.4 0.4 0.4 Total dilutive weighted average shares 105.5 106.2 106.7 Diluted earnings per share $ 7.21 $ 7.13 $ 2.19 For the periods presented, the Company did not have shares of stock-based compensation that would have an anti-dilutive effect on the computation of diluted earnings per share .

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND GUARANTEES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES, AND GUARANTEES	COMMITMENTS, CONTINGENCIES, AND GUARANTEES Legal Proceedings As of December 31, 2024, the Company was subject to the various legal proceedings and claims discussed below, as well as certain other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. The Company reviews its legal proceedings and claims, regulatory reviews and inspections and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for the consolidated financial statements to not be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. The Company’s assessment of whether a loss is remote, reasonably possible, or probable is based on its assessment of the ultimate outcome of the matter following all appeals. As of December 31, 2024, 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. CAT Funding Model Order Litigation On September 6, 2023, the SEC issued an order approving an amendment to the CAT Plan to implement a revised funding model (“CAT Funding Model”) for CATLLC to fund the CAT. The approved CAT Funding Model contemplates two categories of CAT fees calculated based on the “executed equivalent shares” of transactions in eligible securities: (i) CAT fees assessed by CATLLC to Industry Members who are CAT Executing Brokers (the brokers responsible for executing each side of the transaction) to recover a portion of historical CAT costs previously funded by monies loaned to CATLLC by the Plan Participants; and (ii) CAT fees assessed by CATLLC to CAT Executing Brokers and Plan Participants to fund prospective CAT costs. On October 17, 2023, the American Securities Association (“ASA”) and Citadel Securities, LLC (“Citadel”) filed a Petition for Review of the CAT Funding Model Order in the U.S. Court of Appeals for the 11th Circuit (“11th Circuit”). On November 16, 2023, the Cboe U.S. national securities exchanges, the NYSE U.S. national securities exchanges, the Nasdaq U.S. national securities exchanges and CATLLC ("Intervenors") filed motions to intervene on behalf of the SEC. On January 17, 2024, the 11th Circuit granted each of the motions to intervene on behalf of the SEC and established a briefing schedule and merits briefing concluded in the second quarter of 2024. On September 13, 2024, Citadel filed a motion to stay the CAT Funding Model Order and to enjoin the collection of certain CAT fees during the pendency of this litigation, which the 11th Circuit denied on November 27, 2024. Oral argument on the merits was held on February 3, 2025. This challenge or any other challenge to the CAT Funding Model Order and/or Plan Participant(s) fee filings on behalf of CATLLC may significantly delay efforts by CATLLC to continue collecting the CAT fees. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. The Company believes the challenge is without merit and intends to vigorously litigate the matter. CAT Putative Class Action A putative class action was filed on April 16, 2024 captioned Erik A. Davidson, John Restivo and National Center for Public Policy Research vs. Gary Gensler, SEC and CATLLC . Cboe and the Plan Participants are not parties to this litigation. The complaint alleges, among other things, that the SEC engaged in unlawful agency action and violated multiple provisions of the U.S. Constitution when it promulgated Rule 613 in 2012 mandating the creation and funding of the CAT. Plaintiffs’ motion for a preliminary injunction and stay was denied. On January 13, 2025, plaintiffs' motion for leave to file an amended complaint was granted. This challenge or any other challenge to the constitutionality of the CAT may delay CATLLC’s assessment of CAT fees to recover a portion of CAT costs. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. Citadel Petition for Review of SEC Temporary Conditional Exemptive Order On July 17, 2024, Citadel filed a Petition for Review (“PFR”) of the SEC’s May 20, 2024 Order Granting A Temporary Conditional Exemption Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 608(e) of Regulation NMS Under the Exchange Act, Relating to the Reporting of Responses to Requests for Quotes and Other Solicitation Responses Provided in a Standard Electronic Format, as Required by Section 6.4(d) of the NMS Plan Governing the CAT (“CAT RFQ Exemptive Order”) in the 11th Circuit. The PFR does not identify any requested relief. On August 1, 2024, the 11th Circuit granted Citadel's July 19, 2024 unopposed motion to stay the PFR until a decision is issued in the CAT Funding Model Order Litigation (described above), which is also before the 11th Circuit. On September 11, 2024, the 11th Circuit granted motions filed by the Cboe U.S. national securities exchanges, the Nasdaq U.S. national securities exchanges and CATLLC to intervene on behalf of the SEC. This challenge or any other challenge to SEC Orders concerning the CAT may delay the CATLLC’s implementation of CAT fees to recover a portion of CAT costs. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. 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 designated contract markets 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 U.S. 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, Cboe Europe, Cboe Chi-X Europe, Cboe Clear Europe, Cboe NL, Cboe Australia, Cboe Japan, and Cboe Canada Inc. may be subject to routine reviews, audits, examinations, investigations, or inspections, as applicable, by their respective regulators, and while they have not been the subject of any litigation or regulatory investigation in the past that resulted in a material impact on the Company’s financial position, results of operations, liquidity or capital resources, 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 Cboe Canada Inc. is domiciled in Canada, it is likely that any action would be taken in the Canadian courts in relation to litigation or by the OSC and/or CIRO in relation to any regulatory enforcement action. As the Company previously held digital assets for customers, Cboe Digital committed to securely storing all digital assets it formerly held on behalf of users. As such, Cboe Digital was potentially 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 formerly within its control, (iii) it has established security around custodial private keys to minimize the risk of theft or loss, and (iv) Cboe Digital no longer holds digital assets for customers. There were no loss events impacting safeguarded assets caused by the theft or loss of digital asset user private keys as of December 31, 2024. The Company is also currently a party to various other legal and regulatory 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 8 ("Credit Losses") for information on promissory notes related to the CAT. 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 $18.1 million each year for the next five years. On January 29, 2024, the Company entered into an addendum to the corporate agreement with a cloud services provider, which contains annual minimum fee requirements that total between $5.3 million and $6.9 million each year for the next five years. See Note 14 ("Clearing Operations") for information on the clearinghouse exposure guarantees for Cboe Clear Europe and Cboe Clear U.S. See Note 24 ("Leases") for information on lease obligations.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
LEASES	LEASES The Company currently leases office space, data centers, remote network operations centers, and equipment under non-cancelable operating leases with third parties as of December 31, 2024. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one In May 2024, the Company entered into an agreement to amend its lease agreement for its Lenexa, Kansas office space. As part of the agreement, the lease term was reduced and now ends on September 30, 2025. In consideration for the reduction in lease term, the Company agreed to pay a reduction fee totaling $1.3 million to be paid in two equal installments in May 2024 and September 2025. The amended lease agreement was treated as a full termination without an embedded option to terminate included in the original agreement. Upon the termination, the Company considered the present value of future lease payments and adjusted its right of use assets and lease liabilities balances accordingly based on the percentage reduction in the remaining lease term; the right of use assets decreased $10.3 million and the lease liabilities decreased $11.0 million, with the $0.7 million difference recorded as a gain on lease termination in other (expense) income, net in the consolidated statements of income during the three months ended June 30, 2024. The $1.3 million lease reduction payments are included in the present value of the lease liability balance along with normal rent payments and will be recognized through straight-line lease expense over the remaining term of the lease. Additionally, in September 2024, the Company signed a new lease to secure approximately 60,000 square feet of office space in Overland Park, Kansas. The initial term of the lease is 129 months from the accounting commencement date, September 1, 2024. The Company has the option to renew the lease for two additional terms of 60 months each. The total legally binding minimum lease payments for the lease are approximately $12.0 million, net of allowance incentives. The following table presents the supplemental balance sheet information related to leases as of December 31, 2024 and 2023 (in millions): December 31, December 31, Operating lease right of use assets $ 124.5 $ 136.6 Total leased assets $ 124.5 $ 136.6 Current operating lease liabilities (1) $ 19.9 $ 20.8 Non-current operating lease liabilities 138.4 150.8 Total leased liabilities $ 158.3 $ 171.6 ________________________________________________________ (1) These amounts are reflected within accounts payable and accrued liabilities in the consolidated balance sheets. The following table presents operating lease costs and other information as of and for the years ended December 31, 2024 and 2023 (in millions, except as stated): Year Ended December 31, Year Ended December 31, Operating lease costs (1) $ 37.1 $ 34.5 Lease term and discount rate information: Weighted average remaining lease term (years) 7.6 8.6 Weighted average discount rate 3.6 % 3.4 % Supplemental cash flow information and non-cash activity: Cash paid for amounts included in the measurement of lease liabilities $ 27.2 $ 24.9 Right of use assets obtained in exchange for lease liabilities 26.7 44.5 Reduction in lease liability due to remeasurement (18.5) — ________________________________________________________ (1) Includes short-term lease and variable lease costs, which are immaterial. The total rent expense related to lease obligations, reflected in technology support services and facilities costs line items on the consolidated statements of income, for the years ended December 31, 2024, 2023, and 2022 were $37.1 million, $34.5 million, and $30.0 million, respectively. The maturities of the lease liabilities are as follows as of December 31, 2024 (in millions): December 31, 2025 $ 25.5 2026 28.4 2027 25.0 2028 23.0 2029 14.4 After 2029 67.1 Total lease payments $ 183.4 Less: Interest (25.1) Present value of lease liabilities $ 158.3

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In January 2025, the Company received notification from the 7Ridge Fund that certain performance goals were met and the exit option to acquire Trading Technologies became exercisable. As of February 21, 2025, the exit option has not been exercised. On February 10 and 11, 2025, the Company’s Board of Directors and Compensation Committee, as applicable, approved granting $47.8 million of RSUs and $6.0 million of PSUs, with an effective date of February 19, 2025, to certain officers and employees at a fair value, based on the closing price of the Company’s stock on the pricing date of February 19, 2025. The shares will have a three year vesting period based on achievement of certain service, performance and/or market conditions and vesting accelerates upon the occurrence of a termination of employment following a change in control of the Company or in the event of earlier death, or disability. On February 11, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.63 per share. The dividend is payable on March 14, 2025 to stockholders of record at the close of business on February 28, 2025. Subsequent to the year ended December 31, 2024, from January 1, 2025 through February 19, 2025, the Company repurchased 77,108 shares of its common stock under its share repurchase program at an average cost per share of $206.47, for a total value of $15.9 million. As of February 19, 2025, the Company had $663.9 million of availability remaining under its existing share repurchase authorizations. There have been no additional subsequent events that would require disclosure in, or adjustment to, the consolidated financial statements as of and for the year ended December 31, 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain policies, procedures and controls designed to safeguard against cybersecurity incidents by protecting the confidentiality, integrity, availability and reliability of our systems, networks and information. These policies, procedures and controls are subject to monitoring, auditing, and evaluation practices, pursuant to our Enterprise Risk Management program, which is supported by a three-line defense strategy that includes, the business lines, the Enterprise Risk Management Committee, the Risk Management and Information Security Department, the Compliance Department and the Internal Audit Department. Further, we have developed and conduct at least annually cybersecurity and data privacy training programs for our employees and our third-party consultants who have access to our systems. At least annually, we also conduct simulations, tabletop exercises, independent third-party cybersecurity penetration assessments, and response readiness tests. In addition, the information technology systems of our self-regulatory organizations are subject to periodic reviews, audits, and inspections by regulatory authorities. We also conduct diligence on cybersecurity practices in connection with our overall risk assessment when evaluating expansion into new regions, strategic opportunities, and new products. We engage assessors, consultants, auditors and other third parties in connection with developing and evaluating our overall risk management framework. Additionally, our internal audit team periodically engages third parties to co-source internal audits of our information security processes. We strive to utilize best practices in our information security management and follow applicable industry standards. In support of our risk management framework, we maintain a vendor management policy and program to manage third-party risk. Embedded in our vendor management policy is a defined process to assess the risks related to new vendors. Vendors deemed to be high risk are re-assessed annually. These assessments include security questionnaires and reviews of Service Organization Controls (SOC) Reports, where applicable. Cboe uses a third-party service to help monitor the security posture of our vendors that process and/or store confidential Cboe information. We have committees, response and management teams, and dedicated positions for managing and assessing cybersecurity risk, including a Chief Information Security Officer, a Chief Risk Officer, an Enterprise Risk Management Committee, Computer Security Incident Response Team, Cyber Crisis Management Team, and a dedicated internal information security team. Our Chief Information Security Officer and Chief Risk Officer have extensive experience in the industry. Our Chief Information Security Officer has over a dozen years of experience leading information security programs including, experience in cybersecurity consulting, leading strategy and the implementation of cyber defenses for several of the top online retailers in the United States, as well as serving as Chief Information Security Officer for Cboe Digital Exchange and Cboe Clear U.S. Our Chief Information Security Officer is currently responsible for developing and executing the Company’s global security strategy and roadmap along with its long-range plan to meet industry and regional regulatory compliance requirements. We have an information security department with associates who are located around the globe. Our Chief Risk Officer’s tenure with Cboe spans 24 years, during which time he has held senior positions in information security and risk management. He is currently responsible for oversight of the Company’s risk function including the enterprise risk management, information security, privacy, vendor management, and IT asset management programs. Our incident response team is responsible for identifying potential cybersecurity incidents and communicating information regarding the nature and severity of the incident to senior management and others as required by the Company’s written Incident Response Plan. Cybersecurity incidents are tracked pursuant to our incident monitoring processes defined within the Incident Response Plan. Potential cybersecurity incidents may also be reported to our Disclosure Committee to determine if further action and/or public disclosure is required. We have also put in place a vulnerability management program through which our systems are routinely scanned to help identify vulnerabilities and track remediation activities. The Board recognizes that our business depends on the confidentiality, integrity, availability, performance, security, and reliability of our data and technology systems and devotes time and attention to the oversight of cybersecurity and information security risk. In particular, the Board’s Risk Committee receives recurring updates and reports on information security-related topics from senior management, including from the Company’s Chief Compliance Officer, Chief Risk Officer, and Chief Information Security Officer. More specifically, the Risk Committee receives recurring presentations from senior management on cybersecurity, including architecture and resiliency, incident management, business continuity and disaster recovery, significant information technology changes, data privacy, insider threats, physical security, information related to third-party cyber assessments and risks associated with the use of third party service providers. The Risk Committee also reviews and approves any changes to the related information security and privacy program charter. Further, summaries of the proceedings from prior Risk Committee meetings are provided to the Board on a routine basis. Additionally, in 2024, the Board, along with senior management and third-party advisors, participated in a cybersecurity ransomware tabletop exercise. We have experienced in the past, and we expect to continue to experience, cybersecurity threats and events of varying degrees. However, we are not aware of any of these threats or events having a material impact on our business or our business strategy, results of operations or financial condition results to date. We cannot assure you that we will not experience future threats or events that may be material. Please also refer to the risk factors above for additional information.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain policies, procedures and controls designed to safeguard against cybersecurity incidents by protecting the confidentiality, integrity, availability and reliability of our systems, networks and information. These policies, procedures and controls are subject to monitoring, auditing, and evaluation practices, pursuant to our Enterprise Risk Management program, which is supported by a three-line defense strategy that includes, the business lines, the Enterprise Risk Management Committee, the Risk Management and Information Security Department, the Compliance Department and the Internal Audit Department. Further, we have developed and conduct at least annually cybersecurity and data privacy training programs for our employees and our third-party consultants who have access to our systems. At least annually, we also conduct simulations, tabletop exercises, independent third-party cybersecurity penetration assessments, and response readiness tests. In addition, the information technology systems of our self-regulatory organizations are subject to periodic reviews, audits, and inspections by regulatory authorities. We also conduct diligence on cybersecurity practices in connection with our overall risk assessment when evaluating expansion into new regions, strategic opportunities, and new products.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board recognizes that our business depends on the confidentiality, integrity, availability, performance, security, and reliability of our data and technology systems and devotes time and attention to the oversight of cybersecurity and information security risk. In particular, the Board’s Risk Committee receives recurring updates and reports on information security-related topics from senior management, including from the Company’s Chief Compliance Officer, Chief Risk Officer, and Chief Information Security Officer. More specifically, the Risk Committee receives recurring presentations from senior management on cybersecurity, including architecture and resiliency, incident management, business continuity and disaster recovery, significant information technology changes, data privacy, insider threats, physical security, information related to third-party cyber assessments and risks associated with the use of third party service providers. The Risk Committee also reviews and approves any changes to the related information security and privacy program charter. Further, summaries of the proceedings from prior Risk Committee meetings are provided to the Board on a routine basis. Additionally, in 2024, the Board, along with senior management and third-party advisors, participated in a cybersecurity ransomware tabletop exercise.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our incident response team is responsible for identifying potential cybersecurity incidents and communicating information regarding the nature and severity of the incident to senior management and others as required by the Company’s written Incident Response Plan. Cybersecurity incidents are tracked pursuant to our incident monitoring processes defined within the Incident Response Plan. Potential cybersecurity incidents may also be reported to our Disclosure Committee to determine if further action and/or public disclosure is required. We have also put in place a vulnerability management program through which our systems are routinely scanned to help identify vulnerabilities and track remediation activities.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	We have committees, response and management teams, and dedicated positions for managing and assessing cybersecurity risk, including a Chief Information Security Officer, a Chief Risk Officer, an Enterprise Risk Management Committee, Computer Security Incident Response Team, Cyber Crisis Management Team, and a dedicated internal information security team. Our Chief Information Security Officer and Chief Risk Officer have extensive experience in the industry. Our Chief Information Security Officer has over a dozen years of experience leading information security programs including, experience in cybersecurity consulting, leading strategy and the implementation of cyber defenses for several of the top online retailers in the United States, as well as serving as Chief Information Security Officer for Cboe Digital Exchange and Cboe Clear U.S. Our Chief Information Security Officer is currently responsible for developing and executing the Company’s global security strategy and roadmap along with its long-range plan to meet industry and regional regulatory compliance requirements. We have an information security department with associates who are located around the globe. Our Chief Risk Officer’s tenure with Cboe spans 24 years, during which time he has held senior positions in information security and risk management. He is currently responsible for oversight of the Company’s risk function including the enterprise risk management, information security, privacy, vendor management, and IT asset management programs. Our incident response team is responsible for identifying potential cybersecurity incidents and communicating information regarding the nature and severity of the incident to senior management and others as required by the Company’s written Incident Response Plan. Cybersecurity incidents are tracked pursuant to our incident monitoring processes defined within the Incident Response Plan. Potential cybersecurity incidents may also be reported to our Disclosure Committee to determine if further action and/or public disclosure is required. We have also put in place a vulnerability management program through which our systems are routinely scanned to help identify vulnerabilities and track remediation activities.
Cybersecurity Risk Role of Management [Text Block]	We engage assessors, consultants, auditors and other third parties in connection with developing and evaluating our overall risk management framework. Additionally, our internal audit team periodically engages third parties to co-source internal audits of our information security processes. We strive to utilize best practices in our information security management and follow applicable industry standards. In support of our risk management framework, we maintain a vendor management policy and program to manage third-party risk. Embedded in our vendor management policy is a defined process to assess the risks related to new vendors. Vendors deemed to be high risk are re-assessed annually. These assessments include security questionnaires and reviews of Service Organization Controls (SOC) Reports, where applicable. Cboe uses a third-party service to help monitor the security posture of our vendors that process and/or store confidential Cboe information. We have committees, response and management teams, and dedicated positions for managing and assessing cybersecurity risk, including a Chief Information Security Officer, a Chief Risk Officer, an Enterprise Risk Management Committee, Computer Security Incident Response Team, Cyber Crisis Management Team, and a dedicated internal information security team. Our Chief Information Security Officer and Chief Risk Officer have extensive experience in the industry. Our Chief Information Security Officer has over a dozen years of experience leading information security programs including, experience in cybersecurity consulting, leading strategy and the implementation of cyber defenses for several of the top online retailers in the United States, as well as serving as Chief Information Security Officer for Cboe Digital Exchange and Cboe Clear U.S. Our Chief Information Security Officer is currently responsible for developing and executing the Company’s global security strategy and roadmap along with its long-range plan to meet industry and regional regulatory compliance requirements. We have an information security department with associates who are located around the globe. Our Chief Risk Officer’s tenure with Cboe spans 24 years, during which time he has held senior positions in information security and risk management. He is currently responsible for oversight of the Company’s risk function including the enterprise risk management, information security, privacy, vendor management, and IT asset management programs. Our incident response team is responsible for identifying potential cybersecurity incidents and communicating information regarding the nature and severity of the incident to senior management and others as required by the Company’s written Incident Response Plan. Cybersecurity incidents are tracked pursuant to our incident monitoring processes defined within the Incident Response Plan. Potential cybersecurity incidents may also be reported to our Disclosure Committee to determine if further action and/or public disclosure is required. We have also put in place a vulnerability management program through which our systems are routinely scanned to help identify vulnerabilities and track remediation activities. The Board recognizes that our business depends on the confidentiality, integrity, availability, performance, security, and reliability of our data and technology systems and devotes time and attention to the oversight of cybersecurity and information security risk. In particular, the Board’s Risk Committee receives recurring updates and reports on information security-related topics from senior management, including from the Company’s Chief Compliance Officer, Chief Risk Officer, and Chief Information Security Officer. More specifically, the Risk Committee receives recurring presentations from senior management on cybersecurity, including architecture and resiliency, incident management, business continuity and disaster recovery, significant information technology changes, data privacy, insider threats, physical security, information related to third-party cyber assessments and risks associated with the use of third party service providers. The Risk Committee also reviews and approves any changes to the related information security and privacy program charter. Further, summaries of the proceedings from prior Risk Committee meetings are provided to the Board on a routine basis. Additionally, in 2024, the Board, along with senior management and third-party advisors, participated in a cybersecurity ransomware tabletop exercise.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	We have committees, response and management teams, and dedicated positions for managing and assessing cybersecurity risk, including a Chief Information Security Officer, a Chief Risk Officer, an Enterprise Risk Management Committee, Computer Security Incident Response Team, Cyber Crisis Management Team, and a dedicated internal information security team. Our Chief Information Security Officer and Chief Risk Officer have extensive experience in the industry. Our Chief Information Security Officer has over a dozen years of experience leading information security programs including, experience in cybersecurity consulting, leading strategy and the implementation of cyber defenses for several of the top online retailers in the United States, as well as serving as Chief Information Security Officer for Cboe Digital Exchange and Cboe Clear U.S. Our Chief Information Security Officer is currently responsible for developing and executing the Company’s global security strategy and roadmap along with its long-range plan to meet industry and regional regulatory compliance requirements. We have an information security department with associates who are located around the globe. Our Chief Risk Officer’s tenure with Cboe spans 24 years, during which time he has held senior positions in information security and risk management. He is currently responsible for oversight of the Company’s risk function including the enterprise risk management, information security, privacy, vendor management, and IT asset management programs.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Security Officer and Chief Risk Officer have extensive experience in the industry. Our Chief Information Security Officer has over a dozen years of experience leading information security programs including, experience in cybersecurity consulting, leading strategy and the implementation of cyber defenses for several of the top online retailers in the United States, as well as serving as Chief Information Security Officer for Cboe Digital Exchange and Cboe Clear U.S. Our Chief Information Security Officer is currently responsible for developing and executing the Company’s global security strategy and roadmap along with its long-range plan to meet industry and regional regulatory compliance requirements. We have an information security department with associates who are located around the globe. Our Chief Risk Officer’s tenure with Cboe spans 24 years, during which time he has held senior positions in information security and risk management. He is currently responsible for oversight of the Company’s risk function including the enterprise risk management, information security, privacy, vendor management, and IT asset management programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We have committees, response and management teams, and dedicated positions for managing and assessing cybersecurity risk, including a Chief Information Security Officer, a Chief Risk Officer, an Enterprise Risk Management Committee, Computer Security Incident Response Team, Cyber Crisis Management Team, and a dedicated internal information security team. Our Chief Information Security Officer and Chief Risk Officer have extensive experience in the industry. Our Chief Information Security Officer has over a dozen years of experience leading information security programs including, experience in cybersecurity consulting, leading strategy and the implementation of cyber defenses for several of the top online retailers in the United States, as well as serving as Chief Information Security Officer for Cboe Digital Exchange and Cboe Clear U.S. Our Chief Information Security Officer is currently responsible for developing and executing the Company’s global security strategy and roadmap along with its long-range plan to meet industry and regional regulatory compliance requirements. We have an information security department with associates who are located around the globe. Our Chief Risk Officer’s tenure with Cboe spans 24 years, during which time he has held senior positions in information security and risk management. He is currently responsible for oversight of the Company’s risk function including the enterprise risk management, information security, privacy, vendor management, and IT asset management programs.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Accounting and Basis of Presentation	(a) Principles of Accounting These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) as established by FASB. ( b) Basis of Presentation The accompanying financial statements are presented on a consolidated basis to include the accounts and transactions of Cboe Global Markets, Inc. and its majority owned subsidiaries and all significant intercompany accounts and transactions have been eliminated. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions. 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
Use of Estimates	(c) Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of the amounts of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the valuation of goodwill, indefinite-lived intangible assets, and unrecognized tax benefits.
Cash and Cash Equivalents	(d) Cash and Cash Equivalents The Company’s cash and cash equivalents are exposed to concentrations of credit risk. The Company maintains cash at various regulated financial institutions and brokerage firms which, at times, may be in excess of the depository insurance limits. The Company’s management regularly monitors these institutions and believes that the potential for future loss is remote. The Company considers liquid investments, including short-term repurchase agreements, with original or acquired maturities of three months or less to be cash equivalents.
Financial Investments	(e) Financial Investments Financial investments are classified as trading or available-for-sale. Trading financial investments represent financial investments held by Cboe Trading that retain the industry-specific accounting classification required for broker-dealers, and marketable securities held in a rabbi trust for the Company’s non-qualified retirement and benefit plans. The investments held by the broker-dealer subsidiary are recorded at fair value with changes in unrealized gains and losses reflected within interest income or interest expense in the consolidated statements of income. The investments held in a trust are recorded at fair value with changes in unrealized gains or losses recorded within other (expense) income, net and the equal and offsetting charges in the related liability are recorded in compensation and benefits expense in the consolidated statements of income as it relates to employee compensation plans and recorded in professional fees and outside services expense in the consolidated statements of income as it relates to non-employee director compensation plans. Available-for-sale financial investments are comprised of the financial investments not held by Cboe Trading, including highly liquid U.S. Treasury securities. Interest on financial investments, including amortization of premiums and accretion of discounts, is recognized as income when earned. Realized gains and losses on financial investments are calculated using the specific identification method and are included in interest income and interest expense in the accompanying consolidated statements of income.
Accounts Receivable, Net	(f) Accounts Receivable, Net Accounts receivable are concentrated with the Company’s member firms and market data distributors and are carried at amortized cost. The Company nets transaction fees and liquidity payments for each member firm on a monthly basis and recognizes the total owed from a member firm as accounts receivable, net and the total owed to a member firm as accounts payable and accrued liabilities in the consolidated balance sheets. On a periodic basis, management evaluates the Company’s accounts receivable and records an allowance for expected credit losses using an aging schedule. The aging schedule applies loss rates based on historical loss information and, as deemed necessary, is adjusted for differences in the nature of the receivables that exist at the reporting date from the historical period. Due to the short-term nature of the accounts receivable, changes in future economic conditions are not expected to have a significant impact on the expected credit losses. The accounts receivable are presented net of allowance for credit losses on the consolidated balance sheets and the associated losses are presented in other operating expenses on the consolidated statements of income.
Property and Equipment, Net	(g) Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated lives of the assets, generally ranging from three Long-lived assets to be held and used are reviewed to determine whether any events or changes in circumstances indicate that the carrying values of the assets may not be recoverable. The Company bases this evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present that would indicate that the carrying value of any asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. In the event of impairment, the Company recognizes a loss for the difference between the carrying value and the estimated value of the asset as measured using quoted market prices or, in the absence of quoted market prices, a discounted cash flow analysis. The Company expenses software development costs as incurred during the preliminary project stage, while capitalizing costs incurred during the application development stage, which includes design, coding, installation and testing activities.
Goodwill and Intangible Assets, Net	(h) Goodwill and Intangible Assets, Net Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. Goodwill is allocated to the Company’s reporting units based on the assignment of the fair values of each reporting unit of the acquired company. The Company tests goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying value may be impaired. Interim impairment testing was performed during the quarter ended June 30, 2022 due to the acquisition of Cboe Digital, resulting in an impairment charge to goodwill. During the quarter ended September 30, 2022 the Company concluded that the factors indicative of impairment were still relevant, resulting in the write-down of the remaining carrying value of goodwill to zero. See Note 10 ("Goodwill, Intangible Assets, Net and Digital Assets Held") for additional information. The annual impairment test is performed during the fourth quarter using October 1 carrying values, and if the fair value of the reporting unit is found to be less than the carrying value, an impairment loss is recorded. The Company performed its 2024 annual goodwill impairment test and determined that no additional impairment existed. Intangible assets, net, primarily include acquired trademarks and trade names, customer relationships, strategic alliance agreements, licenses and registrations, and non-compete agreements. Intangible assets with finite lives are amortized based on the discounted cash flow method applied over the estimated useful lives of the intangible assets and are tested for impairment if certain events occur indicating that the carrying value may be impaired. Following the April 2024 announcement of the Cboe Digital spot market wind down and unwinding of the minority ownership structure in the holding company parent of the Cboe Digital entities, the Company performed an interim impairment test for the intangible assets recognized in the Digital reporting unit as the announcement was considered a potential indication of impairment, and recorded an impairment charge in the consolidated statements of income during the three months ended June 30, 2024. See Note 10 ("Goodwill, Intangible Assets, Net and Digital Assets Held") for additional information. Intangible assets deemed to have indefinite useful lives are not amortized, but instead are tested for impairment at least annually, usually concurrently with goodwill. Impairment exists if the fair value of the asset is less than the carrying value, and in that case, an impairment loss is recorded. The Company performed its 2024 annual intangible assets impairment test using October 1 carrying values and determined that no additional impairment existed.
Treasury Stock	(i) Treasury Stock The Company accounts for the purchase of treasury stock under the cost method with the shares of stock repurchased, plus any direct costs and excise taxes, reflected as a reduction to Cboe stockholders’ equity and included in common stock in treasury, at cost in the consolidated balance sheets. Shares repurchased under the Company’s share repurchase program are either available to be redistributed or they are retired. The Company accounts for the retirement of treasury stock by deducting its par value from common stock and reflecting any excess of cost over par value as a deduction from additional paid-in-capital or retained earnings on the consolidated balance sheets.
Foreign Currency	(j) Foreign Currency The financial statements of foreign subsidiaries where the functional currency is not the U.S. dollar are translated into U.S. dollars using the exchange rate in effect as of each balance sheet date. Statements of income and cash flow amounts are translated using the average exchange rate during the period. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at the applicable exchange rates are included in accumulated other comprehensive loss, net in the accompanying consolidated balance sheets. Foreign currency gains and losses are recorded as other (expense) income, net in the consolidated statements of income. The Company’s operations in the United Kingdom, Amsterdam, Canada, Australia, Japan, Singapore, Philippines, and Hong Kong are recorded in Pounds sterling, Euros, Canadian dollars, Australian dollars, Japanese Yen, Singapore dollars, Philippine pesos, and Hong Kong dollars, respectively.
Income Taxes	(k) Income Taxes Deferred taxes are recorded on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by valuation allowances when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company recognizes the tax benefit from an unrecognized tax benefit only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the consolidated financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense is recognized on the full amount of deferred benefits for unrecognized tax benefits. The Company’s policy is to include interest and penalties related to unrecognized tax benefits in the income tax provision within the consolidated statements of income. The Company elected to account for global intangible low-taxed income (“GILTI”) in the period in which it is incurred, and therefore, has not provided any deferred tax impacts of GILTI in the consolidated financial statements.
Revenue Recognition	(l) Revenue Recognition For further discussion related to revenue recognition of fees, such as transaction and clearing fees and liquidity payments, access and capacity fees, market data fees, and regulation transaction and Section 31 fees, see Note 4 ("Revenue Recognition").
Concentrations of Revenue	Concentrations of Revenue For each of the years ended December 31, 2024, 2023, and 2022, one customer accounted for approximately 10% of the Company’s total revenue. The revenues associated with this customer are included in the Options, North American Equities, Europe and Asia Pacific, Global FX and Futures segments and totaled $403.1 million, $389.4 million, and $415.3 million for the years ended December 31, 2024, 2023, and 2022, respectively. No customer is contractually or otherwise obligated to continue to use the Company’s services. The loss of, or a significant reduction of, participation by these customers may have a material adverse effect on the Company’s business, financial position, results of operations and cash flows. The two largest clearing members clear the majority of the market-maker sides of transactions at all of the Company’s U.S. options exchanges. If either of these clearing members were to withdraw from the business of market-maker clearing and market-makers were unable to transfer to another clearing member, this could create significant disruption to the U.S. options markets, including Cboe’s.
Earnings Per Share	(m) Earnings Per Share The computation of basic earnings per share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders. The computation of diluted earnings per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method.
Stock-Based Compensation	(n) Stock-Based Compensation The Company grants stock-based compensation to its employees and directors through restricted stock units. The Company records stock-based compensation expense for all stock-based compensation granted based on the grant-date fair value. The Company recognizes stock-based compensation expense related to stock-based compensation awards with graded vesting that have a service condition on a straight-line basis over the requisite service period of the entire award. The amount of stock-based compensation expense related to restricted stock units is based on the fair value of Cboe Global Markets, Inc. common stock at the date of grant. The fair value is based on a current market-based transaction of the Company’s common stock. 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 were non-recourse in nature. The issuances of Restricted Common Units were accounted for as in-substance stock options. A certain Cboe Digital investor member paid for the Restricted Common Units in exchange for cash. Expense associated with the Restricted Common Units was recognized as contra-revenue ratably over a five-year period. The Company used a Black Scholes 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 Units. Contra-revenue was recognized while the performance conditions of the Warrant Units remained probable in conformance with the requirements in ASC 606 – Revenue from Contracts with Customers. Further adjustments were recognized in each reporting period until performance was complete relating to changes in the fair value of the option and Warrant liabilities in accordance with ASC 718 – Compensation – Stock Compensation. In connection with winding down the spot digital asset trading market, this former investor member agreed to settle their outstanding Warrant Units for a one-time cash payment as a part of their Unit Repurchase Agreement. See Note 19 ("Stock-Based Compensation") for additional information.
Business Combinations	(o) Business Combinations The Company records identifiable assets, liabilities and goodwill acquired in a business combination at fair value at the acquisition date. Additionally, transaction-related costs are expensed in the period incurred.
Debt Issuance Costs	(p) Debt Issuance Costs All costs incurred to issue debt are capitalized as a contra-liability and amortized over the life of the debt using the interest method.
Investments	(q) Investments The Company generally accounts for investments using the measurement alternative when it owns less than 20% of the outstanding voting stock of a company, there is an absence of readily determinable fair value for the respective investment, and the Company has an inability to exercise significant influence over the investment based upon the respective ownership interests held. The Company recognizes dividend income when declared. In general, the equity method of accounting is used when the Company owns 20% to 50% of the outstanding voting stock of a company and when it is able to exercise significant influence over the operating and financial policies of a company. For equity method investments, the Company records the pro-rata share of earnings or losses each period and records any dividends received as a reduction in the investment balance. The equity method investment is inclusive of other-than-temporary declines in value, recognized by the investee, who considers a variety of factors such as the earnings capacity of the investment and the fair value of the investment compared to its carrying value. If the estimated fair value of the investment is less than the carrying value and the decline in value is considered to be other than temporary, the excess of the carrying value over the estimated fair value is recognized in the financial statements as an impairment.
Leases	(r) Leases The Company determines if an arrangement contains a lease at inception. For arrangements where the Company is the lessee, operating leases are included in operating lease right of use (“ROU”) assets, accrued liabilities, and non-current operating lease liabilities on the balance sheet as of December 31, 2024. The Company does not have any finance leases as of December 31, 2024. ROU assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the lease liabilities, as the rate implicit in the Company’s leases are generally not reasonably determinable. Lease terms may include options to extend or terminate when the Company is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company also has lease arrangements with lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s leases. The Company elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for short-term leases. For short-term operating leases, lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets and the Company recognizes lease expense in facilities costs within the consolidated statements of income for these leases on a straight-line basis over the lease term. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one
Margin Deposits, Clearing Funds, and Interoperability Funds	(s) Margin Deposits, Clearing Funds, and Interoperability Funds Margin deposits, clearing funds, and interoperability funds in the form of cash contributions by Cboe Clear Europe’s clearing participants where title has transferred to Cboe Clear Europe are included as current assets with equal and offsetting current liabilities in the consolidated balance sheets. As a result of an update in its rules, effective August 14, 2023, Cboe Clear Europe may invest interoperability fund deposits provided by clearing participants subsequent to the effective date of the rules change. In accordance with the updated policy, Cboe Clear Europe has the option to maintain cash deposits provided by clearing participants at Clearstream Banking S.A., in the same manner done previously, or invest the cash in certain investments within the parameters of its investment policy. As such, the interoperability fund deposits are reflected in the consolidated balance sheets as of the effective date of the rules change. Changes in margin deposits, clearing funds, and interoperability funds, are presented net in the “restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds)” line in the operating section of the consolidated statement of cash flows. Similarly, cash flows associated with related investment agreements as well as interest income earned on such investments will be classified as cash flows from operating activities in the consolidated statement of cash flows. Both activities are part of Cboe Clear Europe’s principal operating activities and are presented within the operating section of the consolidated statement of cash flows. When investments are made in accordance with its investment policy, Cboe Clear Europe receives the amount of investment earnings and pays clearing participants those earnings minus a set basis point cost of collateral. Related interest income and interest expense are presented gross in the consolidated statement of income in other revenue and other cost of revenue, respectively, as it relates to a core operating activity of Cboe Clear Europe. Cboe Clear U.S. holds cash on behalf of its customers
Digital Assets Held	(t) Digital Assets Held The Company determined that digital assets held should be accounted for under ASC 350 – Intangibles – Goodwill and Other, and included on the consolidated balance sheets within intangibles, net. As there is no inherent limit imposed on the useful life of the digital assets, they are classified as indefinite lived intangible assets and are not subject to amortization. Instead, they are tested for impairment annually or more frequently if events or circumstances change that indicate it is more likely than not that the asset is impaired (i.e., if an impairment indicator exists). Therefore, the value of digital assets is determined at the date of acquisition and only remeasured if in the event the Company concludes impairment exists. The Company will not record any increases in value during the period the digital assets are held; the only gains that are recorded are upon disposition (if the proceeds exceed the carrying value at the time of the disposition).
Digital Assets – Safeguarded Assets and Liabilities	(u) Digital Assets – Safeguarded Assets and Liabilities In accordance with the SEC issued Staff Accounting Bulletin 121 (“SAB 121”), the Company had recorded a liability with respect to its obligation to safeguard customers' digital assets (Digital assets - safeguarded liabilities) along with a corresponding asset (Digital assets - safeguarded assets). The safeguarded assets and liabilities were measured at the fair value of the digital assets that the Company was safeguarding on behalf of its customers. In the event that the Company or its vendors failed to safeguard the customers’ digital assets, any resulting loss would have reduced the safeguarded asset with a corresponding loss recorded in other expenses in the consolidated statement of income. On July 1, 2024, the

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements - Adopted and Issued, not yet Adopted	Recent Accounting Pronouncements – Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The update, effective for annual periods beginning after December 15, 2023, was adopted by the Company for its consolidated financial statement disclosures as of and for the year ended December 31, 2024. The ASU revises reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The required disclosures, as applicable, are included in Note 16 ("Segment Reporting"), and reflect the extent of the impact of the adoption of ASU 2023-07 on the consolidated financial statement disclosures. Recent Accounting Pronouncements – Issued, not yet Adopted In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This ASU addresses the accounting and disclosure requirements for certain crypto assets and requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in earnings in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2024. The Company expects to adopt the update for the consolidated financial statements issued in the first quarter of 2025 and does not anticipate a material impact to the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. For public entities, the update is effective for fiscal years beginning after December 15, 2024. The Company expects to adopt the update for the consolidated financial statements issued for the year ending December 31, 2025 and does not anticipate a material impact to the consolidated financial statements. In November 2024 the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires disaggregated disclosure of income statement expenses for public entities. For public entities, the update is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2027, and is currently reviewing the impact that the adoption of ASU 2024-03 may have on the consolidated financial statements disclosures. On March 6, 2024, the SEC adopted new climate disclosure rules, which requires companies to publish information that describes the climate-related risks that are reasonably likely to have a material impact on a company’s business or consolidated financial statements. The final rules would require companies to disclose material climate-related risks, activities to mitigate or adapt to such risks, information about the companies’ board of directors’ oversight of climate-related risks and management’s role in managing climate-related risks, and information on any climate-related targets or goals that are material to the companies’ business, results of operations or financial condition. On March 15, 2024, the U.S. Court of Appeals for the Fifth Circuit granted an administrative stay of the SEC’s final Climate Disclosure Rules, in response to legal challenges unaffiliated with the Company. The Company expects to review any updates regarding the Court stay and update the financial statements and disclosures accordingly based on the outcome of the ongoing legal proceedings related to these rules. On January 23, 2025, the SEC issued Staff Accounting Bulletin 122 ("SAB 122"), which rescinds the interpretive guidance included in the Staff Accounting Bulletin 121 ("SAB 121"). SAB 121, issued March 31, 2022, provided interpretive guidance from the SEC regarding the accounting for obligations to safeguard digital assets that an entity holds on behalf of customers. For public entities, SAB 122 is effective on a fully retrospective basis in annual periods beginning after December 15, 2024. The Company expects to adopt the guidance for the consolidated financial statements issued for the year ending December 31, 2025 and does not anticipate a material impact to the consolidated financial statements given the liquidation of all digital assets held on behalf of customers on July 1, 2024. See Note 1 ("Nature of Operations") and Note 14 ("Clearing Operations") for additional information.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
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 consolidated statements of income (in millions): Cash and Spot Data Vantage Derivatives Total Year Ended December 31, 2024 Transaction and clearing fees $ 1,196.3 $ — $ 1,708.3 $ 2,904.6 Access and capacity fees — 369.8 — 369.8 Market data fees 60.4 203.9 30.5 294.8 Regulatory fees 320.2 — 106.1 426.3 Other revenue 93.1 2.9 3.0 99.0 $ 1,670.0 $ 576.6 $ 1,847.9 $ 4,094.5 Cash and Spot Data Vantage Derivatives Total Year Ended December 31, 2023 Transaction and clearing fees $ 1,149.7 $ — $ 1,681.6 $ 2,831.3 Access and capacity fees — 347.5 — 347.5 Market data fees 71.3 188.7 33.7 293.7 Regulatory fees 153.8 — 69.9 223.7 Other revenue 70.3 3.0 4.0 77.3 $ 1,445.1 $ 539.2 $ 1,789.2 $ 3,773.5 Cash and Spot Data Vantage Derivatives Total Year Ended December 31, 2022 Transaction and clearing fees $ 1,375.5 $ — $ 1,563.3 $ 2,938.8 Access and capacity fees — 324.2 — 324.2 Market data fees 80.3 168.7 33.2 282.2 Regulatory fees 280.2 — 84.5 364.7 Other revenue 41.6 4.1 2.9 48.6 $ 1,777.6 $ 497.0 $ 1,683.9 $ 3,958.5
Schedule of disaggregation of revenue according to segment	The following table depicts the disaggregation of revenue according to segment (in millions): Options North Europe and Futures Global FX Digital Total Year Ended December 31, 2024 Transaction and clearing fees $ 1,599.0 $ 970.5 $ 159.6 $ 109.2 $ 66.6 $ (0.3) $ 2,904.6 Access and capacity fees 168.4 127.7 40.3 22.4 11.0 — 369.8 Market data fees 123.8 120.8 39.4 9.3 1.5 — 294.8 Regulatory fees 105.9 320.2 — 0.2 — — 426.3 Other revenue 5.5 7.6 84.9 — 0.8 0.2 99.0 $ 2,002.6 $ 1,546.8 $ 324.2 $ 141.1 $ 79.9 $ (0.1) $ 4,094.5 Timing of revenue recognition Services transferred at a point in time $ 1,710.4 $ 1,298.3 $ 244.5 $ 109.4 $ 67.4 $ (0.1) $ 3,429.9 Services transferred over time 292.2 248.5 79.7 31.7 12.5 — 664.6 $ 2,002.6 $ 1,546.8 $ 324.2 $ 141.1 $ 79.9 $ (0.1) $ 4,094.5 Year Ended December 31, 2023 Transaction and clearing fees $ 1,583.7 $ 946.3 $ 145.6 $ 98.0 $ 62.2 $ (4.5) $ 2,831.3 Access and capacity fees 161.0 117.1 36.3 22.0 10.7 0.4 347.5 Market data fees 118.8 128.3 36.7 8.5 1.4 — 293.7 Regulatory fees 69.6 153.8 — 0.3 — — 223.7 Other revenue 6.4 7.5 62.6 0.2 0.6 — 77.3 $ 1,939.5 $ 1,353.0 $ 281.2 $ 129.0 $ 74.9 $ (4.1) $ 3,773.5 Timing of revenue recognition Services transferred at a point in time $ 1,659.7 $ 1,107.6 $ 208.2 $ 98.5 $ 62.8 $ (4.5) $ 3,132.3 Services transferred over time 279.8 245.4 73.0 30.5 12.1 0.4 641.2 $ 1,939.5 $ 1,353.0 $ 281.2 $ 129.0 $ 74.9 $ (4.1) $ 3,773.5 Year Ended December 31, 2022 Transaction and clearing fees $ 1,471.7 $ 1,155.3 $ 161.9 $ 91.6 $ 58.0 $ 0.3 $ 2,938.8 Access and capacity fees 151.7 109.3 34.0 19.9 9.3 — 324.2 Market data fees 108.7 131.2 33.1 8.0 1.2 — 282.2 Regulatory fees 84.2 280.2 — 0.3 — — 364.7 Other revenue 6.9 5.7 35.6 — 0.4 — 48.6 $ 1,823.2 $ 1,681.7 $ 264.6 $ 119.8 $ 68.9 $ 0.3 $ 3,958.5 Timing of revenue recognition Services transferred at a point in time $ 1,562.8 $ 1,441.2 $ 197.5 $ 91.9 $ 58.4 $ 0.3 $ 3,352.1 Services transferred over time 260.4 240.5 67.1 27.9 10.5 — 606.4 $ 1,823.2 $ 1,681.7 $ 264.6 $ 119.8 $ 68.9 $ 0.3 $ 3,958.5
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 Cash Revenue Balance at Liquidity provider sliding scale (1) $ — $ 9.6 $ (7.2) $ 2.4 Other, net (2) 6.1 15.1 (17.0) 4.2 Total deferred revenue $ 6.1 $ 24.7 $ (24.2) $ 6.6 ________________________________________________________ (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 . (2) Other, net deferred revenue represents cash received for unsatisfied performance obligations of liability classified contract liabilities that have yet to be recognized as revenue in the consolidated statements of income, which include but are not limited to: licensing fees, listing fees, adjustments related to ORF, membership fees, and data subscription fees.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of investments	As of December 31, 2024 and 2023, the Company's investments were comprised of the following (in millions) : December 31, December 31, Equity method investments: Investment in 7Ridge Investments 3 LP $ 321.3 $ 292.0 Total equity method investments 321.3 292.0 Other equity investments: Investment in Japannext Co., Ltd. 36.5 — Investment in Eris Innovations Holdings, LLC 9.5 20.0 Investment in Globacap Technology Limited — 16.0 Investment in CSD Br 5.9 5.9 Investment in Coin Metrics Inc. 4.4 5.0 Investment in Vest Group Inc. 2.9 2.9 Investment in OCC 0.3 0.3 Other equity investments 2.9 3.2 Total other equity investments 62.4 53.3 Total investments $ 383.7 $ 345.3 Equity Method Investments The Company’s investment in 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 December 31, 2024, or $321.3 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, which are included in the carrying value of the investment balance. The carrying value of the investment is included in investments within the 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. The Company holds an exit option to acquire Trading Technologies International Inc. (“Trading Technologies”), which is wholly-owned by the 7Ridge Fund, that becomes exercisable on the earlier of (i) December 21, 2026 or (ii) the satisfaction by the general partner of the 7Ridge Fund of certain performance goals set forth in the investment agreements. The exit option can be exercised individually or jointly by the limited partners of 7Ridge Fund. If the exit option is not exercised by the limited partners, the general partner of the 7Ridge Fund may market Trading Technologies for sale to a third party. If Trading Technologies is sold to a third party, the general partner of the 7Ridge Fund would be entitled to receive a variable portion of the sales proceeds determined based upon the satisfaction of certain contractual performance goals. The estimated value of the exit option, which includes certain assumptions related to the estimated value of Trading Technologies and the probability and timing of the option exercise, is included in the carrying value of the investment balance. As of December 31, 2024, the exit option was not exercisable. See Note 25 ("Subsequent Events") for more information. Other Equity Investments In the second quarter of 2023, the Company invested $16.0 million in Globacap Technology Limited, a white label service provider to capital market participants, which focuses on three core areas: private placement, securities administration, and secondary liquidity. In the second quarter of 2024, the Company wrote off their minority investment in Globacap Technology Limited based on management’s assessment of the fair value of the investment. The loss related to the write-off was recorded in other (expense) income, net in the consolidated statements of income. In the fourth quarter of 2023, the Company invested $1.3 million in Osaka Digital Exchange, an equity proprietary trading system in the Japanese equity markets focused on launching the first secondary trading market for security tokens in Japan. In the fourth quarter of 2023, the Company wrote off their minority investment in Effective Investing Limited. The loss related to the write-off was recorded within other (expense) income, net in the consolidated statements of income. In the third quarter of 2024, the Company recorded an impairment charge of $1.2 million on its minority investment in StratiFi Technologies Inc. based on management’s assessment of the fair value of the investment. The loss was recorded in other (expense) income, net in the consolidated statements of income. In the fourth quarter of 2024, the Company invested $36.5 million in Japannext Co., Ltd., a Japanese Proprietary Trading System and alternative trading venue. Additionally, in the fourth quarter of 2024, the Company recorded an impairment charge of $11.1 million on its minority investments in Eris Innovations Holdings, LLC and Coin Metrics Inc., based on management's assessment of the fair value of the investments. The loss was recorded in other (expense) income, net in the consolidated statements of income. The carrying value of other equity investments is included in investments in the consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held.

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of property and equipment, net	Property and equipment, net consisted of the following as of December 31, 2024 and 2023 (in millions): December 31, December 31, Construction in progress $ 3.3 $ 1.5 Furniture, equipment, and leasehold improvements 306.3 322.9 Total property and equipment 309.6 324.4 Less accumulated depreciation (191.6) (215.2) Property and equipment, net $ 118.0 $ 109.2

CREDIT LOSSES (Tables)

CREDIT LOSSES (Tables)	12 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
Schedule of changes in allowance for credit losses	The following represents the changes in allowance for credit losses during the years ended December 31, 2024 and 2023 (in millions): Allowance for notes receivable credit losses Allowance for accounts receivable credit losses Total allowance for credit losses Balance at December 31, 2022 $ 30.1 $ 2.2 $ 32.3 Current period provision for expected credit losses — 4.0 4.0 Write-offs charged against the allowance — (1.6) (1.6) Recoveries collected — (0.1) (0.1) Balance at December 31, 2023 $ 30.1 $ 4.5 $ 34.6 Current period provision for expected credit losses — 3.1 3.1 Write-offs charged against the allowance — (0.7) (0.7) Recoveries collected — (0.3) (0.3) Balance at December 31, 2024 $ 30.1 $ 6.6 $ 36.7

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets, net	Other assets, net consisted of the following as of December 31, 2024 and 2023 (in millions): December 31, December 31, Software development work in progress $ 18.7 $ 3.5 Data processing software 126.4 128.1 Less accumulated depreciation and amortization (98.3) (88.3) Data processing software, net 46.8 43.3 Other assets (1) 135.9 163.0 Other assets, net $ 182.7 $ 206.3 ________________________________________________________ (1) At December 31, 2024 the majority of the balance included notes receivable, net of allowance, and long-term prepaid assets. At December 31, 2023, the majority of the balance included notes receivable, net of allowance, a contra-revenue asset, and long-term prepaid assets. As of December 31, 2024 and 2023, the notes receivable, net balance was $124.2 million and $136.9 million, respectively. See Note 7 ("Property and Equipment, Net") and Note 8 ("Credit Losses") for more information on the notes receivable included within other assets, net on the consolidated balance sheets. See Note 19 ("Stock-Based Compensation") for more information on the contra-revenue asset related to the issuance of Cboe Digital Restricted Common Units and Warrant Units included within other assets, net on the consolidated balance sheets at December 31, 2023. As of December 31, 2024 and 2023, the contra-revenue asset balance was zero and $18.1 million, respectively.

GOODWILL, INTANGIBLE ASSETS, _2

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill details by segment	The following table presents the details of goodwill by segment (in millions) : Options North American Europe and Global FX 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 — 3.6 14.2 — 17.8 Balance as of December 31, 2023 $ 305.8 $ 2,004.4 $ 563.2 $ 267.2 $ 3,140.6 Adjustments 0.2 (0.8) 0.4 0.2 — Changes in foreign currency exchange rates — (12.8) (3.6) — (16.4) Balance as of December 31, 2024 $ 306.0 $ 1,990.8 $ 560.0 $ 267.4 $ 3,124.2
Schedule of details of intangible assets by segment	The following table presents the details of the intangible assets by segment (in millions): Options North American Europe and 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 (12.0) (59.5) (21.5) (16.6) (7.0) (116.6) Changes in foreign currency exchange rates — 2.0 14.1 — — 16.1 Balance as of December 31, 2023 $ 134.1 $ 935.3 $ 352.5 $ 56.2 $ 83.4 $ 1,561.5 Additions — 1.2 — — — 1.2 Sales — — — — (0.1) (0.1) Amortization (7.7) (50.6) (16.1) (12.0) (2.3) (88.7) Changes in foreign currency exchange rates — (6.3) (9.7) — — (16.0) Impairment — — — — (81.0) (81.0) Balance as of December 31, 2024 $ 126.4 $ 879.6 $ 326.7 $ 44.2 $ — $ 1,376.9
Schedule of categories of intangible assets by segment	The following tables present the categories of intangible assets by segment as of December 31, 2024 and 2023 (in millions, except as stated): December 31, 2024 Weighted Options North American Europe and Global FX Digital Trading registrations and licenses $ 95.5 $ 603.4 $ 205.2 $ — $ — Indefinite Customer relationships 46.6 409.7 209.2 140.0 — 14 Market data customer relationships 53.6 322.0 60.8 64.4 — 7 Technology 28.1 55.5 33.6 22.5 — 7 Trademarks and tradenames 12.9 8.1 2.3 1.2 — 5 Digital assets held — 1.2 — — — Indefinite Accumulated amortization (110.3) (520.3) (184.4) (183.9) — $ 126.4 $ 879.6 $ 326.7 $ 44.2 $ — December 31, 2023 Weighted Options North American Europe and Global FX Digital Trading registrations and licenses $ 95.5 $ 606.0 $ 209.6 $ — $ 25.0 Indefinite Customer relationships 46.6 413.9 216.1 140.0 — 15 Market data customer relationships 53.6 322.0 61.6 64.4 — 8 Technology 28.1 56.9 34.2 22.5 70.0 7 Trademarks and tradenames 12.9 8.2 2.4 1.2 — 6 Digital assets held — — — — 0.1 Indefinite Accumulated amortization (102.6) (471.7) (171.4) (171.9) (11.7) $ 134.1 $ 935.3 $ 352.5 $ 56.2 $ 83.4

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following as of December 31, 2024 and 2023 (in millions): December 31, 2024 December 31, 2023 Compensation and benefit-related liabilities $ 89.8 $ 77.1 Royalties 44.4 44.9 Accrued liabilities 74.4 70.3 Current operating lease liabilities 19.9 20.8 Rebates payable 93.5 75.1 Marketing fee payable 19.7 17.5 Current unrecognized tax benefits 0.1 82.3 Accounts payable 17.9 24.7 Total accounts payable and accrued liabilities $ 359.7 $ 412.7

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of debt	The Company’s debt consisted of the following as of December 31, 2024 and 2023 (in millions): December 31, 2024 December 31, 2023 $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% $ 648.6 $ 647.9 $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% 495.5 494.8 $300 million fixed rate Senior Notes due March 2032, stated rate of 3.000% 296.9 296.5 Revolving Credit Agreement — — Cboe Clear Europe Credit Facility — — Total debt $ 1,441.0 $ 1,439.2
Schedule of future expected repayments related to Senior Notes	The future expected repayments related to the Senior Notes as of December 31, 2024 are as follows (in millions): 2025 $ — 2026 — 2027 650.0 2028 — Thereafter 800.0 Principal amounts repayable 1,450.0 Debt issuance costs (5.0) Unamortized discounts on notes (4.0) Total debt outstanding $ 1,441.0
Schedule of interest expense, net	Components of interest expense, net recognized in the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022 are as follows (in millions): Year Ended Year Ended Year Ended Components of interest expense: Contractual interest $ 49.2 $ 59.8 $ 57.6 Amortization of debt discount and issuance costs 2.3 2.6 2.4 Interest expense $ 51.5 $ 62.4 $ 60.0 Interest income (27.3) (12.0) (3.6) Interest expense, net $ 24.2 $ 50.4 $ 56.4

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, NET (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of accumulated other comprehensive (loss) income, net	The following represents the changes in accumulated other comprehensive (loss) income, net by component (in millions): Foreign Currency Available-for-sale Post-Retirement Total Accumulated Balance at December 31, 2022 $ (30.2) $ (0.9) $ 0.1 $ (31.0) Other comprehensive income (loss) 24.6 (2.8) (0.2) 21.6 Balance at December 31, 2023 $ (5.6) $ (3.7) $ (0.1) $ (9.4) Other comprehensive (loss) income (43.0) 3.7 0.3 (39.0) Balance at December 31, 2024 $ (48.6) $ — $ 0.2 $ (48.4)

CLEARING OPERATION (Tables)

CLEARING OPERATION (Tables)	12 Months Ended
	Dec. 31, 2024
Broker-Dealer [Abstract]
Valuation of digital assets - safeguarded assets and safeguarded liabilities	The following depicts the Company’s valuation of digital assets – safeguarded assets and safeguarded liabilities as of December 31, 2023: December 31, 2023 Digital Asset Number of Units Valuation per Unit Fair value (in millions) Bitcoin ("BTC") 821 $ 42,492 $ 34.9 Ethereum ("ETH") 6,270 2,282 14.3 Litecoin ("LTC") 16,329 74 1.2 Bitcoin Cash ("BCH") 1,374 261 0.4 USD Coin ("USDC") 506,652 1 0.5 $ 51.3
Schedule of total margin deposits, clearing funds, and interoperability fund deposits	The details of margin deposits, clearing funds, and interoperability funds as of December 31, 2024 and December 31, 2023, are as follows (in millions) : December 31, 2024 Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe central bank account $ 378.4 $ 173.7 $ 289.3 $ 841.4 Cboe Clear Europe reverse repurchase and other — — — — Cboe Clear U.S. customer bank deposits 4.1 — — 4.1 Total cash margin deposits, clearing funds, and interoperability funds $ 382.5 $ 173.7 $ 289.3 $ 845.5 December 31, 2024 Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe non-cash contributions (1) $ 691.4 $ 80.1 $ 225.9 $ 997.4 December 31, 2023 Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe central bank account $ 361.3 $ 140.1 $ 271.0 $ 772.4 Cboe Clear Europe reverse repurchase and other 2.7 4.1 55.6 62.4 Cboe Clear U.S. customer bank deposits 14.0 — — 14.0 Total cash margin deposits, clearing funds, and interoperability funds $ 378.0 $ 144.2 $ 326.6 $ 848.8 December 31, 2023 Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe non-cash contributions (1) $ 637.0 $ 65.6 $ 228.0 $ 930.6 ________________________________________________________ (1) These amounts are not reflected in the consolidated balance sheets, as Cboe Clear Europe does not have the ability to sell or repledge the amounts absent a clearing participant default.

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
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 December 31, 2024 and 2023 (in millions): December 31, 2024 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 70.0 $ 70.0 $ — $ — Marketable securities (1): Mutual funds 23.8 23.8 — — Money market funds 16.5 16.5 — — Note receivable - building sale (2) 6.2 — — 6.2 Total assets $ 116.5 $ 110.3 $ — $ 6.2 December 31, 2023 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 20.8 $ 20.8 $ — $ — Marketable securities (1): Mutual funds 17.1 17.1 — — Money market funds 19.6 19.6 — — Digital assets - safeguarded assets 51.3 — 51.3 — Total assets $ 108.8 $ 57.5 $ 51.3 $ — Liabilities: Contingent consideration liabilities $ 11.8 $ — $ — $ 11.8 Digital assets - safeguarded liabilities 51.3 — 51.3 — Cboe Digital restricted common units liability (3) 18.7 — — 18.7 Cboe Digital warrant liability (3) 5.9 — — 5.9 Total liabilities $ 87.7 $ — $ 51.3 $ 36.4 ________________________________________________________ (1) These amounts are reflected within financial investments in the consolidated balance sheets. (2) This amount is reflected within other assets, net in the consolidated balance sheets. (3) These amounts are reflected within other non-current liabilities in the 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 December 31, 2024 and 2023 (in millions): December 31, 2024 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 70.0 $ 70.0 $ — $ — Deferred compensation plan assets (1) 40.3 40.3 — — Note receivable - building sale (2) 6.2 — — 6.2 Total assets $ 116.5 $ 110.3 $ — $ 6.2 Liabilities: Deferred compensation plan liabilities (4) $ 40.3 $ 40.3 $ — $ — Debt (5) 1,317.0 — 1,317.0 — Total liabilities $ 1,357.3 $ 40.3 $ 1,317.0 $ — December 31, 2023 Total Level 1 Level 2 Level 3 Assets: U.S. Treasury securities (1) $ 20.8 $ 20.8 $ — $ — Deferred compensation plan assets (1) 36.7 36.7 — — Digital assets - safeguarded assets 51.3 — 51.3 — Digital assets held (3,5) 0.1 0.1 — — Total assets $ 108.9 $ 57.6 $ 51.3 $ — Liabilities: Contingent consideration liabilities $ 11.8 $ — $ — $ 11.8 Deferred compensation plan liabilities (4) 36.7 36.7 — — Digital assets - safeguarded liabilities 51.3 — 51.3 — Cboe Digital restricted common units liability (4) 18.7 — — 18.7 Cboe Digital warrant liability (4) 5.9 — — 5.9 Debt (5) 1,305.7 — 1,305.7 — Total liabilities $ 1,430.1 $ 36.7 $ 1,357.0 $ 36.4 ________________________________________________________ (1) These amounts are reflected within financial investments in the consolidated balance sheets. (2) This amount is reflected within other assets, net in the consolidated balance sheets. (3) These amounts are reflected within intangible assets, net in the consolidated balance sheets. (4) These amounts are reflected within other non-current liabilities in the consolidated balance sheets. (5) These balances are presented at fair value in this table, but are carried at their historical value within the consolidated balance sheets.
Schedule of fair value of debt obligation	At December 31, 2024 and 2023, the fair values of the Company’s debt obligations were as follows (in millions): Fair Value December 31, 2024 December 31, 2023 3.650% Senior Notes $ 638.4 $ 628.5 1.625% Senior Notes 416.2 412.7 3.000% Senior Notes 262.4 264.5
Summary of changes in the fair value of Level 3 financial liabilities	The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities during the year ended December 31, 2024 and 2023 (in millions): Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2024 Balance at (Losses) Gains Adjustments Additions Settlements Foreign Balance at Assets: Note receivable - building sale $ — $ (0.8) $ — $ 7.0 $ — $ — $ 6.2 Total assets $ — $ (0.8) $ — $ 7.0 $ — $ — $ 6.2 Balance at Losses (Gains) Adjustments Additions Settlements Foreign Balance at Liabilities: Contingent consideration liabilities $ 11.8 $ 2.0 $ — $ — $ (13.9) $ 0.1 $ — Cboe Digital restricted common units liability 18.7 (1.0) (12.1) — (5.6) — — Cboe Digital warrant liability 5.9 (1.4) (4.1) — (0.4) — — Total liabilities $ 36.4 $ (0.4) $ (16.2) $ — $ (19.9) $ 0.1 $ — Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2023 Balance at (Gains) Losses Adjustments Additions Settlements Foreign Balance at Liabilities: Contingent consideration liabilities $ 39.1 $ (14.4) $ — $ — $ (13.1) $ 0.2 $ 11.8 Cboe Digital restricted common units liability 15.5 — 0.1 3.1 — — 18.7 Cboe Digital warrant liability 5.9 — — — — — 5.9 Total liabilities $ 60.5 $ (14.4) $ 0.1 $ 3.1 $ (13.1) $ 0.2 $ 36.4

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Summarized financial data of reportable segments	Summarized financial data of reportable segments was as follows (in millions): Year Ended December 31, 2024 Options North American Equities Europe and Asia Pacific Futures Global FX Digital Corporate Items and Eliminations Total Revenues $ 2,002.6 $ 1,546.8 $ 324.2 $ 141.1 $ 79.9 $ (0.1) $ — $ 4,094.5 Cost of revenues 743.3 1,163.0 104.0 7.6 2.3 1.9 — 2,022.1 Revenues less cost of revenues (a) 1,259.3 383.8 220.2 133.5 77.6 (2.0) — 2,072.4 Depreciation and amortization (b) 27.0 58.2 29.3 2.3 13.5 2.8 (0.1) 133.0 Other segment operating expenses (c) 353.9 157.0 149.2 32.3 30.9 107.6 10.1 841.0 Operating income (loss) $ 878.4 $ 168.6 $ 41.7 $ 98.9 $ 33.2 $ (112.4) $ (10.0) $ 1,098.4 Non-operating (expenses) income: Interest expense (d) $ 0.1 $ — $ (7.8) $ — $ — $ — $ (43.8) $ (51.5) Interest income (d) 0.5 2.4 4.1 — 0.1 3.7 16.5 27.3 Earnings on investments (d) — — — — — — 29.0 29.0 Other (expense) income, net (d) 0.8 0.7 (0.1) — — 1.5 (22.3) (19.4) Income before income tax provision 879.8 171.7 37.9 98.9 33.3 (107.2) (30.6) 1,083.8 Income tax provision (benefit) (e) 299.1 23.1 13.3 28.4 0.1 (28.6) (16.5) 318.9 Net income (loss) (f) $ 580.7 $ 148.6 $ 24.6 $ 70.5 $ 33.2 $ (78.6) $ (14.1) $ 764.9 Year Ended December 31, 2023 Options North American Equities Europe and Asia Pacific Futures Global FX Digital Corporate Items and Eliminations Total Revenues $ 1,939.5 $ 1,353.0 $ 281.2 $ 129.0 $ 74.9 $ (4.1) $ — $ 3,773.5 Cost of revenues 770.3 987.7 91.0 3.9 1.4 1.2 — 1,855.5 Revenues less cost of revenues (a) 1,169.2 365.3 190.2 125.1 73.5 (5.3) — 1,918.0 Depreciation and amortization (b) 30.1 69.4 30.7 2.0 18.4 7.4 — 158.0 Other segment operating expenses (c) 287.8 177.9 126.8 37.0 30.4 34.0 8.2 702.1 Operating income (loss) $ 851.3 $ 118.0 $ 32.7 $ 86.1 $ 24.7 $ (46.7) $ (8.2) $ 1,057.9 Non-operating (expenses) income: Interest expense (d) $ 0.2 $ — $ (7.8) $ — $ — $ — $ (54.8) $ (62.4) Interest income (d) (0.1) 1.4 3.0 — — 2.0 5.7 12.0 Earnings on investments (d) — — — — — — 39.5 39.5 Other (expense) income, net (d) (0.1) — (0.6) — (0.2) — 1.5 0.6 Income before income tax provision 851.3 119.4 27.3 86.1 24.5 (44.7) (16.3) 1,047.6 Income tax provision (benefit) (e) 275.7 14.8 6.8 33.4 0.5 (10.4) (34.6) 286.2 Net income (loss) (f) $ 575.6 $ 104.6 $ 20.5 $ 52.7 $ 24.0 $ (34.3) $ 18.3 $ 761.4 Summarized financial data of reportable segments was as follows (in millions) (continued from previous page): Year Ended December 31, 2022 Options North American Equities Europe and Asia Pacific Futures Global FX Digital Corporate Items and Eliminations Total Revenues $ 1,823.2 $ 1,681.7 $ 264.6 $ 119.8 $ 68.9 $ 0.3 $ — $ 3,958.5 Cost of revenues 840.0 1,302.8 68.5 3.8 1.0 0.7 — 2,216.8 Revenues less cost of revenues (a) 983.2 378.9 196.1 116.0 67.9 (0.4) — 1,741.7 Depreciation and amortization (b) 26.5 74.1 37.0 2.6 21.9 4.7 — 166.8 Other segment operating expenses (c) 216.2 158.2 121.0 58.2 37.2 486.3 8.2 1,085.3 Operating income (loss) $ 740.5 $ 146.6 $ 38.1 $ 55.2 $ 8.8 $ (491.4) $ (8.2) $ 489.6 Non-operating (expenses) income: Interest expense (d) $ — $ — $ (8.8) $ — $ 0.3 $ — $ (51.5) $ (60.0) Interest income (d) — 0.4 0.8 — 0.1 — 2.3 3.6 Earnings on investments (d) — — — — — — 7.2 7.2 Other (expense) income, net (d) 0.1 (0.1) (0.4) — — 1.3 (8.4) (7.5) Income before income tax provision 740.6 146.9 29.7 55.2 9.2 (490.1) (58.6) 432.9 Income tax provision (benefit) (e) 260.7 20.5 6.8 42.4 0.1 (119.0) (13.6) 197.9 Net income (loss) (f) $ 479.9 $ 126.4 $ 22.9 $ 12.8 $ 9.1 $ (371.1) $ (45.0) $ 235.0 __________________________________________________________ (a) Revenues less cost of revenues by segment is a measure that is regularly provided to the CODM, as well as a component of operating income (loss). (b) Depreciation and amortization at the segment-level is not regularly provided to the CODM, however depreciation and amortization is a component of operating income (loss) and identified as a "specific profit or loss" item in accordance with guidance, and therefore has been disclosed separately. (c) Other segment operating expenses includes compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, impairment of intangible assets, impairment of goodwill, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level. (d) Non-operating (expenses) income at the segment-level is not regularly provided to the CODM, however non-operating (expenses) income is a component of a measure that is regularly provided to the CODM and the components of non-operating (expenses) income included above are identified as "specific profit or loss" items in accordance with guidance, and therefore have been disclosed separately. (e) Income tax provision (benefit) at the segment-level is not regularly provided to the CODM, however income tax provision (benefit) is a component of a measure that is regularly provided to the CODM and identified as a "specific profit or loss" item in accordance with guidance, and therefore has been disclosed separately. (f) Net income (loss) at the segment-level is not regularly provided to the CODM, however net income (loss) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
Schedule of revenues less cost of revenues by primary jurisdiction	The following summarizes revenues less cost of revenues based on primary jurisdiction (in millions): United States Non-U.S. Total Revenues less cost of revenues: Year ended December 31, 2024 $ 1,817.6 $ 254.8 $ 2,072.4 Year ended December 31, 2023 $ 1,681.8 $ 236.2 $ 1,918.0 Year ended December 31, 2022 $ 1,531.3 $ 210.4 $ 1,741.7

REGULATORY CAPITAL (Tables)

REGULATORY CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2024
Broker-Dealer [Abstract]
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 December 31, 2024 (in millions): Subsidiary Regulatory Authority Actual Minimum Cboe Trading FINRA/SEC $ 11.0 $ 1.1 BIDS Trading FINRA/SEC 8.0 0.2 Cboe Fixed Income FINRA/SEC 4.4 0.1 Cboe Europe FCA 65.1 32.7 Cboe Chi-X Europe FCA 0.1 0.1 Cboe NL Dutch Authority for Financial Markets 12.5 8.4 Cboe Clear Europe DNB 89.2 57.9 CFE CFTC 60.4 41.4 Cboe SEF CFTC 2.9 2.0 Cboe Digital Exchange CFTC 35.1 2.9 Cboe Clear U.S. CFTC 31.6 10.5 Cboe Australia ASIC 13.5 5.0 Cboe Japan JFSA 10.0 4.4

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of restricted stock activity	The following table summarizes RSA and RSU activity during the years ended December 31, 2024, 2023, and 2022: Number of Weighted Nonvested stock at January 1, 2022 443,319 $ 99.22 Granted 369,037 119.97 Vested (201,457) 99.87 Forfeited (54,837) 106.07 Nonvested stock at December 31, 2022 556,062 $ 112.07 Granted 401,685 132.58 Vested (237,315) 108.25 Forfeited (82,251) 121.02 Nonvested stock at December 31, 2023 638,181 $ 125.25 Granted 226,061 183.27 Vested (298,023) 117.28 Forfeited (43,484) 145.53 Nonvested stock at December 31, 2024 522,735 $ 153.20
Summary of performance-based restricted stock units activity	The following table summarizes restricted stock units contingent upon achievement of performance conditions, also known as PSUs, activity during the years ended December 31, 2024, 2023, and 2022: Number of Weighted Nonvested stock at January 1, 2022 152,410 $ 108.41 Granted 64,668 141.41 Vested (16,834) 96.00 Forfeited (33,542) 95.40 Nonvested stock at December 31, 2022 166,702 $ 125.08 Granted 87,146 144.35 Vested (55,399) 130.05 Forfeited (63,965) 141.49 Nonvested stock at December 31, 2023 134,484 $ 127.72 Granted 86,996 145.21 Vested (110,376) 100.50 Forfeited — — Nonvested stock at December 31, 2024 111,104 $ 168.45
Summary of stock option/warrant activity	The following table summarizes the option activity during the years ended December 31, 2024 and 2023 (in millions, except number of shares and contractual term): Number of Weighted Aggregate Weighted average Outstanding at January 1, 2023 185 $ 0.3 $ — 6 years Granted — — — — Vested — — — — Outstanding at December 31, 2023 185 $ 0.3 $ — 5 years Granted — — — — Vested — — — — Forfeited (185) $ 0.3 $ — — Outstanding at December 31, 2024 — $ — $ — — The following table summarizes the Warrant Unit activity during the years ended December 31, 2024 and 2023 (in millions, except number of shares): Number of Weighted Outstanding at January 1, 2023 80 $ 0.2 Granted — — Vested, but not exercised (40) 0.2 Outstanding and exercisable at December 31, 2023 40 0.2 Outstanding at December 31, 2023 80 $ 0.2 Granted — — Vested, but not exercised — — Forfeited (80) 0.2 Outstanding and exercisable at December 31, 2024 — — Outstanding at December 31, 2024 — $ —

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Summary of repurchased shares of the company's common stock under the share repurchase program	The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the periods presented as follows: Shares Repurchased Average Repurchase Amount of Repurchases 2024 Fourth quarter — $ — $ — Third quarter 144,370 170.45 24.6 Second quarter 514,239 175.76 90.4 First quarter 489,686 182.26 89.3 Total open market common stock repurchases 1,148,295 $ 204.3 2023 Fourth quarter 33,507 $ 173.59 $ 5.8 Third quarter — — — Second quarter 61,141 132.45 8.1 First quarter 567,073 123.42 70.0 Total open market common stock repurchases 661,721 $ 83.9 2022 Fourth quarter 132,111 $ 116.07 $ 15.3 Third quarter — — — Second quarter 147,139 106.12 15.6 First quarter 596,988 117.25 70.0 Total open market common stock repurchases 876,238 $ 100.9

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of net deferred tax liabilities	Net deferred tax assets and liabilities consist of the following as of December 31, 2024 and 2023 (in millions): As of December 31, 2024 2023 Deferred tax assets: Accrued compensation and benefits $ 20.2 $ 19.3 Property, equipment and technology, net 14.6 12.7 Investments — 83.7 Operating leases 40.4 42.6 Other 88.7 84.2 Subtotal 163.9 242.5 Valuation allowances (17.0) (11.8) Total deferred tax assets 146.9 230.7 Deferred tax liabilities: Intangibles (240.2) (384.7) Property, equipment and technology, net (19.0) (17.4) Investments (33.8) — Prepaid expenses or assets (4.5) (4.4) Operating leases (31.9) (33.9) Total deferred tax liabilities (329.4) (440.4) Net deferred tax liabilities $ (182.5) $ (209.7)
Schedule of provision for income taxes	The provision for income taxes for the years ended December 31, 2024, 2023, and 2022 consists of the following (in millions): Year Ended December 31, 2024 2023 2022 Current tax expense: Federal $ 208.8 $ 188.1 $ 210.4 State 117.7 97.8 130.2 Foreign 16.0 15.5 13.0 Total current tax expense 342.5 301.4 353.6 Deferred income tax (benefit) expense: Federal (19.5) (3.4) (126.2) State (2.4) 1.5 (22.7) Foreign (1.7) (13.3) (6.8) Total deferred income tax benefit (23.6) (15.2) (155.7) Total $ 318.9 $ 286.2 $ 197.9
Schedule of income from continuing operations before taxes	For the years ended December 31, 2024, 2023, and 2022, income before taxes consists of the following (in millions): Year Ended December 31, 2024 2023 2022 U.S. operations $ 1,060.2 $ 1,010.5 $ 401.3 Foreign operations 23.6 37.1 31.6 Total $ 1,083.8 $ 1,047.6 $ 432.9
Schedule of reconciliation of the statutory federal income tax rate to the effective income tax rate	A reconciliation of the statutory federal income tax rate to the effective income tax rate for the years ended December 31, 2024, 2023, and 2022 is as follows: Year Ended December 31, 2024 2023 2022 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Impact of federal, state and local tax law & rate changes, net 0.1 % — % (0.5) % State taxes, net of federal benefit 4.5 % 4.3 % 4.5 % Uncertain tax positions 3.9 % 2.9 % 20.6 % Deduction for Foreign Derived Intangible Income (0.4) % (0.4) % (1.0) % Valuation allowances 0.4 % (0.5) % 0.6 % Other, net (0.1) % — % 0.5 % Effective income tax rate 29.4 % 27.3 % 45.7 %
Schedule of reconciliation of beginning and ending unrecognized tax benefits	A reconciliation of the beginning and ending unrecognized tax benefits, excluding interest and penalties, is as follows (in millions): 2024 2023 2022 Balance as of January 1 $ 237.5 $ 212.1 $ 162.1 Gross increases related to prior year tax positions 0.2 — 21.8 Gross decreases related to prior year tax positions (3.1) (1.5) — Gross increases related to current year tax positions 34.4 31.1 32.9 Settlements (49.9) (2.5) (3.7) Lapse of statute of limitations — (1.7) (1.0) Balance as of December 31 $ 219.1 $ 237.5 $ 212.1
Schedule of tax years currently under audit or remain open and subject to examination by the tax authorities	The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the most significant jurisdictions in which Cboe operates: U.S. Federal 2021-2024 California 2015-2024 Illinois 2021-2024 New York 2015-2024 New York City 2015-2024 United Kingdom 2021-2024 Netherlands 2018-2024

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
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 years ended December 31, 2024, 2023, and 2022 (in millions, except per share data): Year Ended December 31, 2024 2023 2022 Basic earnings per share numerator: Net income $ 764.9 $ 761.4 $ 235.0 Net income allocated to participating securities (3.9) (3.9) (0.9) Net income allocated to common stockholders $ 761.0 $ 757.5 $ 234.1 Basic earnings per share denominator: Weighted average shares outstanding 105.1 105.8 106.3 Basic earnings per share $ 7.24 $ 7.16 $ 2.20 Diluted earnings per share numerator: Net income $ 764.9 $ 761.4 $ 235.0 Net income allocated to participating securities (3.9) (3.9) (0.9) Net income allocated to common stockholders $ 761.0 $ 757.5 $ 234.1 Diluted earnings per share denominator: Weighted average shares outstanding 105.1 105.8 106.3 Dilutive common shares issued under stock program 0.4 0.4 0.4 Total dilutive weighted average shares 105.5 106.2 106.7 Diluted earnings per share $ 7.21 $ 7.13 $ 2.19

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of supplemental balance sheet information related to leases	The following table presents the supplemental balance sheet information related to leases as of December 31, 2024 and 2023 (in millions): December 31, December 31, Operating lease right of use assets $ 124.5 $ 136.6 Total leased assets $ 124.5 $ 136.6 Current operating lease liabilities (1) $ 19.9 $ 20.8 Non-current operating lease liabilities 138.4 150.8 Total leased liabilities $ 158.3 $ 171.6 ________________________________________________________ (1) These amounts are reflected within accounts payable and accrued liabilities in the 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 years ended December 31, 2024 and 2023 (in millions, except as stated): Year Ended December 31, Year Ended December 31, Operating lease costs (1) $ 37.1 $ 34.5 Lease term and discount rate information: Weighted average remaining lease term (years) 7.6 8.6 Weighted average discount rate 3.6 % 3.4 % Supplemental cash flow information and non-cash activity: Cash paid for amounts included in the measurement of lease liabilities $ 27.2 $ 24.9 Right of use assets obtained in exchange for lease liabilities 26.7 44.5 Reduction in lease liability due to remeasurement (18.5) — ________________________________________________________ (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 December 31, 2024 (in millions): December 31, 2025 $ 25.5 2026 28.4 2027 25.0 2028 23.0 2029 14.4 After 2029 67.1 Total lease payments $ 183.4 Less: Interest (25.1) Present value of lease liabilities $ 158.3

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) customer segment item shares	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer
Summary of Significant Accounting Policies
Number of reportable segments | segment	6
Goodwill	$ 3,124.2	$ 3,140.6	$ 3,122.8
Impairment of goodwill	0	0	460.9
Impairment of intangible assets	81	0	0
Revenues	$ 4,094.5	$ 3,773.5	$ 3,958.5
Options to renew	true
Option to terminate period (in years)	1 year
Indefinite-Lived Intangible Assets, Excluding Digital Intangible Assets
Summary of Significant Accounting Policies
Impairment of intangible assets	$ 0
Cboe Digital Restricted Common Units
Summary of Significant Accounting Policies
Term of incentive program (in years)	2 years
Minimum
Summary of Significant Accounting Policies
Useful life (in years)	3 years
Renewal term (in years)	1 year
Maximum
Summary of Significant Accounting Policies
Useful life (in years)	7 years
Renewal term (in years)	5 years
Option to terminate period (in years)	1 year
Maximum | Cboe Digital Restricted Common Units
Summary of Significant Accounting Policies
Number of shares of common stock made available for purchase to employees | shares	20
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Major Customer
Summary of Significant Accounting Policies
Number of customers | customer	1	1	1
Concentration risk (as a percent)	10%	10%	10%
Revenues	$ 403.1	$ 389.4	$ 415.3
Revenue from Contract with Customer, Product and Service Benchmark | Customer Concentration Risk
Summary of Significant Accounting Policies
Number of members | item	2

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by product line and segment (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segment item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information
Number of reportable segments | segment	6
Number of types of regulatory fees the Company recognizes | item	2
Revenues	$ 4,094.5	$ 3,773.5	$ 3,958.5
Services transferred at a point in time
Segment Reporting Information
Revenues	3,429.9	3,132.3	3,352.1
Services transferred over time
Segment Reporting Information
Revenues	664.6	641.2	606.4
Options | Operating Segments
Segment Reporting Information
Revenues	2,002.6	1,939.5	1,823.2
Options | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	1,710.4	1,659.7	1,562.8
Options | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	292.2	279.8	260.4
North American Equities | Operating Segments
Segment Reporting Information
Revenues	1,546.8	1,353	1,681.7
North American Equities | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	1,298.3	1,107.6	1,441.2
North American Equities | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	248.5	245.4	240.5
Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	324.2	281.2	264.6
Europe and Asia Pacific | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	244.5	208.2	197.5
Europe and Asia Pacific | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	79.7	73	67.1
Futures | Operating Segments
Segment Reporting Information
Revenues	141.1	129	119.8
Futures | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	109.4	98.5	91.9
Futures | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	31.7	30.5	27.9
Global FX | Operating Segments
Segment Reporting Information
Revenues	79.9	74.9	68.9
Global FX | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	67.4	62.8	58.4
Global FX | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	12.5	12.1	10.5
Digital | Operating Segments
Segment Reporting Information
Revenues	(0.1)	(4.1)	0.3
Digital | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	(0.1)	(4.5)	0.3
Digital | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	0	0.4	0
Transaction and clearing fees
Segment Reporting Information
Revenues	2,904.6	2,831.3	2,938.8
Transaction and clearing fees | Options | Operating Segments
Segment Reporting Information
Revenues	1,599	1,583.7	1,471.7
Transaction and clearing fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	970.5	946.3	1,155.3
Transaction and clearing fees | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	159.6	145.6	161.9
Transaction and clearing fees | Futures | Operating Segments
Segment Reporting Information
Revenues	109.2	98	91.6
Transaction and clearing fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	66.6	62.2	58
Transaction and clearing fees | Digital | Operating Segments
Segment Reporting Information
Revenues	(0.3)	(4.5)	0.3
Access and capacity fees
Segment Reporting Information
Revenues	369.8	347.5	324.2
Access and capacity fees | Options | Operating Segments
Segment Reporting Information
Revenues	168.4	161	151.7
Access and capacity fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	127.7	117.1	109.3
Access and capacity fees | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	40.3	36.3	34
Access and capacity fees | Futures | Operating Segments
Segment Reporting Information
Revenues	22.4	22	19.9
Access and capacity fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	11	10.7	9.3
Access and capacity fees | Digital | Operating Segments
Segment Reporting Information
Revenues	0	0.4	0
Market data fees
Segment Reporting Information
Revenues	294.8	293.7	282.2
Market data fees | Options | Operating Segments
Segment Reporting Information
Revenues	123.8	118.8	108.7
Market data fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	120.8	128.3	131.2
Market data fees | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	39.4	36.7	33.1
Market data fees | Futures | Operating Segments
Segment Reporting Information
Revenues	9.3	8.5	8
Market data fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	1.5	1.4	1.2
Market data fees | Digital | Operating Segments
Segment Reporting Information
Revenues	0	0	0
Regulatory fees
Segment Reporting Information
Revenues	426.3	223.7	364.7
Regulatory fees | Options | Operating Segments
Segment Reporting Information
Revenues	105.9	69.6	84.2
Regulatory fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	320.2	153.8	280.2
Regulatory fees | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	0	0	0
Regulatory fees | Futures | Operating Segments
Segment Reporting Information
Revenues	0.2	0.3	0.3
Regulatory fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	0	0	0
Regulatory fees | Digital | Operating Segments
Segment Reporting Information
Revenues	0	0	0
Other revenue
Segment Reporting Information
Revenues	99	77.3	48.6
Other revenue | Options | Operating Segments
Segment Reporting Information
Revenues	5.5	6.4	6.9
Other revenue | North American Equities | Operating Segments
Segment Reporting Information
Revenues	7.6	7.5	5.7
Other revenue | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	84.9	62.6	35.6
Other revenue | Futures | Operating Segments
Segment Reporting Information
Revenues	0	0.2	0
Other revenue | Global FX | Operating Segments
Segment Reporting Information
Revenues	0.8	0.6	0.4
Other revenue | Digital | Operating Segments
Segment Reporting Information
Revenues	0.2	0	0
Cash and spot markets
Segment Reporting Information
Revenues	1,670	1,445.1	1,777.6
Cash and spot markets | Transaction and clearing fees
Segment Reporting Information
Revenues	1,196.3	1,149.7	1,375.5
Cash and spot markets | Access and capacity fees
Segment Reporting Information
Revenues	0	0	0
Cash and spot markets | Market data fees
Segment Reporting Information
Revenues	60.4	71.3	80.3
Cash and spot markets | Regulatory fees
Segment Reporting Information
Revenues	320.2	153.8	280.2
Cash and spot markets | Other revenue
Segment Reporting Information
Revenues	93.1	70.3	41.6
Data Vantage
Segment Reporting Information
Revenues	576.6	539.2	497
Data Vantage | Transaction and clearing fees
Segment Reporting Information
Revenues	0	0	0
Data Vantage | Access and capacity fees
Segment Reporting Information
Revenues	369.8	347.5	324.2
Data Vantage | Market data fees
Segment Reporting Information
Revenues	203.9	188.7	168.7
Data Vantage | Regulatory fees
Segment Reporting Information
Revenues	0	0	0
Data Vantage | Other revenue
Segment Reporting Information
Revenues	2.9	3	4.1
Derivatives markets
Segment Reporting Information
Revenues	1,847.9	1,789.2	1,683.9
Derivatives markets | Transaction and clearing fees
Segment Reporting Information
Revenues	1,708.3	1,681.6	1,563.3
Derivatives markets | Access and capacity fees
Segment Reporting Information
Revenues	0	0	0
Derivatives markets | Market data fees
Segment Reporting Information
Revenues	30.5	33.7	33.2
Derivatives markets | Regulatory fees
Segment Reporting Information
Revenues	106.1	69.9	84.5
Derivatives markets | Other revenue
Segment Reporting Information
Revenues	$ 3	$ 4	$ 2.9

REVENUE RECOGNITION - Rollforwa

REVENUE RECOGNITION - Rollforward of deferred revenue (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	$ 6.1
Cash Additions	24.7
Revenue Recognized	(24.2)
Ending Balance	6.6
Liquidity provider sliding scale
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	0
Cash Additions	9.6
Revenue Recognized	(7.2)
Ending Balance	2.4
Other, net
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	6.1
Cash Additions	15.1
Revenue Recognized	(17)
Ending Balance	$ 4.2

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Combinations [Abstract]
Acquisition-related costs	$ 1.3	$ 7.4	$ 19.9

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Schedule of Cost and Equity Method Investments
Total equity method investments	$ 321.3			$ 292
Total other equity investments	62.4			53.3
Total investments	383.7			345.3
Investment in Japannext Co., Ltd.
Schedule of Cost and Equity Method Investments
Total other equity investments	36.5			0
Investment in 7Ridge Investments 3 LP
Schedule of Cost and Equity Method Investments
Total equity method investments	321.3			292
Investment in Eris Innovations Holdings, LLC
Schedule of Cost and Equity Method Investments
Total other equity investments	9.5			20
Investment in Globacap Technology Limited
Schedule of Cost and Equity Method Investments
Total other equity investments	0			16
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	4.4			5
Investment in Vest Group Inc.
Schedule of Cost and Equity Method Investments
Total other equity investments	2.9			2.9
Investment in OCC
Schedule of Cost and Equity Method Investments
Total other equity investments	0.3			0.3
Other equity investments
Schedule of Cost and Equity Method Investments
Total other equity investments	2.9			3.2
Globacap Technology Limited
Schedule of Cost and Equity Method Investments
Impairment charge			$ 16
Osaka Digital Exchange
Schedule of Cost and Equity Method Investments
Impairment charge				$ 1.3
StratiFi Technologies Inc.
Schedule of Cost and Equity Method Investments
Impairment charge		$ 1.2
Eris Exchange Holdings, LLC and Coin Metrics
Schedule of Cost and Equity Method Investments
Impairment charge	$ 11.1

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Schedule of property and equipment, net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property and Equipment, Net
Total property and equipment	$ 309.6	$ 324.4
Less accumulated depreciation	(191.6)	(215.2)
Property and equipment, net	118	109.2
Construction in progress
Property and Equipment, Net
Total property and equipment	3.3	1.5
Furniture, equipment, and leasehold improvements
Property and Equipment, Net
Total property and equipment	$ 306.3	$ 322.9

PROPERTY AND EQUIPMENT, NET - A

PROPERTY AND EQUIPMENT, NET - Additional information (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 28, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment, Net
Depreciation expense		$ 34	$ 33	$ 35.3
Former Chicago Headquarters Location | Disposal group, disposed of by sale, not discontinued operations
Property and Equipment, Net
Purchase price of the property	$ 12
Purchase price of the property, cash	5
Purchase price of the property, seller financing	7
Gain on sale of property held for sale	$ 1
Stated interest rate receivable	4%
Former Chicago Headquarters Location | Disposal group, disposed of by sale, not discontinued operations | Fair Value Option, Note Receivable
Property and Equipment, Net
Secured promissory note receivable, before allowance for credit loss	$ 7

CREDIT LOSSES (Details)

CREDIT LOSSES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Credit losses
Allowance balance at beginning of period	$ 34.6	$ 32.3
Current period provision for expected credit losses	3.1	4
Write-offs charged against the allowance	(0.7)	(1.6)
Recoveries collected	(0.3)	(0.1)
Allowance balance at end of period	36.7	34.6
Allowance for notes receivable credit losses
Credit losses
Allowance balance at beginning of period	30.1	30.1
Current period provision for expected credit losses	0	0
Write-offs charged against the allowance	0	0
Recoveries collected	0	0
Allowance balance at end of period	30.1	30.1
Allowance for accounts receivable credit losses
Credit losses
Allowance balance at beginning of period	4.5	2.2
Current period provision for expected credit losses	3.1	4
Write-offs charged against the allowance	(0.7)	(1.6)
Recoveries collected	(0.3)	(0.1)
Allowance balance at end of period	$ 6.6	$ 4.5

OTHER ASSETS, NET (Details)

OTHER ASSETS, NET (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets
Less accumulated depreciation and amortization	$ (98.3)	$ (88.3)
Data processing software, net	46.8	43.3
Other assets	135.9	163
Other assets, net	182.7	206.3
Notes receivable, net	124.2	136.9
Contra-revenue assets	0	18.1
Amortization expense	88.7	116.6	$ 124.3
Software development work in progress
Intangible Assets
Software	18.7	3.5
Data processing software
Intangible Assets
Software	126.4	128.1
Amortization expense	$ 10.3	$ 8.4	$ 7.2

GOODWILL, INTANGIBLE ASSETS, _3

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Goodwill by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill
Balance at beginning of the period	$ 3,140.6	$ 3,122.8
Changes in foreign currency exchange rates	(16.4)	17.8
Adjustments	0
Balance at end of the period	3,124.2	3,140.6
Options
Goodwill
Balance at beginning of the period	305.8	305.8
Changes in foreign currency exchange rates	0	0
Adjustments	0.2
Balance at end of the period	306	305.8
North American Equities
Goodwill
Balance at beginning of the period	2,004.4	2,000.8
Changes in foreign currency exchange rates	(12.8)	3.6
Adjustments	(0.8)
Balance at end of the period	1,990.8	2,004.4
Europe and Asia Pacific
Goodwill
Balance at beginning of the period	563.2	549
Changes in foreign currency exchange rates	(3.6)	14.2
Adjustments	0.4
Balance at end of the period	560	563.2
Global FX
Goodwill
Balance at beginning of the period	267.2	267.2
Changes in foreign currency exchange rates	0	0
Adjustments	0.2
Balance at end of the period	$ 267.4	$ 267.2

GOODWILL, INTANGIBLE ASSETS, _4

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Intangible assets by segment (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets
Balance at beginning of the period		$ 1,561.5	$ 1,662.8
Dispositions			(0.8)
Amortization		(88.7)	(116.6)	$ (124.3)
Changes in foreign currency exchange rates		(16)	16.1
Additions		1.2
Sales		0.1
Impairment of intangible assets		(81)	0	0
Balance at end of the period		1,376.9	1,561.5	1,662.8
Options
Intangible Assets
Balance at beginning of the period		134.1	146.1
Dispositions			0
Amortization		(7.7)	(12)
Changes in foreign currency exchange rates		0	0
Additions		0
Sales		0
Impairment of intangible assets		0
Balance at end of the period		126.4	134.1	146.1
North American Equities
Intangible Assets
Balance at beginning of the period		935.3	992.8
Dispositions			0
Amortization		(50.6)	(59.5)
Changes in foreign currency exchange rates		(6.3)	2
Additions		1.2
Sales		0
Impairment of intangible assets		0
Balance at end of the period		879.6	935.3	992.8
Europe and Asia Pacific
Intangible Assets
Balance at beginning of the period		352.5	359.9
Dispositions			0
Amortization		(16.1)	(21.5)
Changes in foreign currency exchange rates		(9.7)	14.1
Additions		0
Sales		0
Impairment of intangible assets		0
Balance at end of the period		326.7	352.5	359.9
Global FX
Intangible Assets
Balance at beginning of the period		56.2	72.8
Dispositions			0
Amortization		(12)	(16.6)
Changes in foreign currency exchange rates		0	0
Additions		0
Sales		0
Impairment of intangible assets		0
Balance at end of the period		44.2	56.2	72.8
Digital
Intangible Assets
Balance at beginning of the period		83.4	91.2
Dispositions			(0.8)
Amortization		(2.3)	(7)
Changes in foreign currency exchange rates		0	0
Additions		0
Sales		0.1
Impairment of intangible assets	$ (81)	(81)
Balance at end of the period		$ 0	$ 83.4	$ 91.2

GOODWILL, INTANGIBLE ASSETS, _5

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Estimated future amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 88.7	$ 116.6	$ 124.3
Amortization expense
2025	69.6
2026	62.4
2027	55.6
2028	50.1
2029	$ 45.5

GOODWILL, INTANGIBLE ASSETS, _6

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Intangible assets by category (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets
Intangible assets, net	$ 1,376.9	$ 1,561.5	$ 1,662.8
Customer relationships | Weighted Average Amortization Period (in years)
Intangible Assets
Weighted Average Amortization Period (in years)	14 years	15 years
Market data customer relationships | Weighted Average Amortization Period (in years)
Intangible Assets
Weighted Average Amortization Period (in years)	7 years	8 years
Technology | Weighted Average Amortization Period (in years)
Intangible Assets
Weighted Average Amortization Period (in years)	7 years	7 years
Trademarks and tradenames | Weighted Average Amortization Period (in years)
Intangible Assets
Weighted Average Amortization Period (in years)	5 years	6 years
Options
Intangible Assets
Accumulated amortization	$ (110.3)	$ (102.6)
Intangible assets, net	126.4	134.1	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
Options | Digital assets held
Intangible Assets
Indefinite-lived intangible assets, gross	0	0
North American Equities
Intangible Assets
Accumulated amortization	(520.3)	(471.7)
Intangible assets, net	879.6	935.3	992.8
North American Equities | Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	409.7	413.9
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	55.5	56.9
North American Equities | Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	8.1	8.2
North American Equities | Licensing Agreements
Intangible Assets
Indefinite-lived intangible assets, gross	603.4	606
North American Equities | Digital assets held
Intangible Assets
Indefinite-lived intangible assets, gross	1.2	0
Europe and Asia Pacific
Intangible Assets
Accumulated amortization	(184.4)	(171.4)
Intangible assets, net	326.7	352.5	359.9
Europe and Asia Pacific | Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	209.2	216.1
Europe and Asia Pacific | Market data customer relationships
Intangible Assets
Finite-lived intangible assets, gross	60.8	61.6
Europe and Asia Pacific | Technology
Intangible Assets
Finite-lived intangible assets, gross	33.6	34.2
Europe and Asia Pacific | Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	2.3	2.4
Europe and Asia Pacific | Licensing Agreements
Intangible Assets
Indefinite-lived intangible assets, gross	205.2	209.6
Europe and Asia Pacific | Digital assets held
Intangible Assets
Indefinite-lived intangible assets, gross	0	0
Global FX
Intangible Assets
Accumulated amortization	(183.9)	(171.9)
Intangible assets, net	44.2	56.2	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
Global FX | Licensing Agreements
Intangible Assets
Indefinite-lived intangible assets, gross	0	0
Global FX | Digital assets held
Intangible Assets
Indefinite-lived intangible assets, gross	0	0
Digital
Intangible Assets
Accumulated amortization	0	(11.7)
Intangible assets, net	0	83.4	$ 91.2
Digital | Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	0	0
Digital | Market data customer relationships
Intangible Assets
Finite-lived intangible assets, gross	0	0
Digital | Technology
Intangible Assets
Finite-lived intangible assets, gross	0	70
Digital | Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	0	0
Digital | Licensing Agreements
Intangible Assets
Indefinite-lived intangible assets, gross	0	25
Digital | Digital assets held
Intangible Assets
Indefinite-lived intangible assets, gross	$ 0	$ 0.1

GOODWILL, INTANGIBLE ASSETS, _7

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Additional information (Details) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	May 31, 2024 USD ($)	Oct. 31, 2022 item $ / shares	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Intangible Assets
Revenues | $			$ 4,094.5	$ 3,773.5	$ 3,958.5
Market data fees
Intangible Assets
Revenues | $			$ 294.8	$ 293.7	$ 282.2
Data Provider Agreement with Pyth Data Association | Cboe NL
Intangible Assets
Number of U.S. equities exchanges publishing market data | item		1
Total number of U.S. equities exchanges | item		4
Number of token issued in a exchange or transaction | item		16,666,666	725,000
Term of restricted tokens issued (in years)		4 years
Percentage of tranche unlocked over a period for restricted tokens issued	25%
Historical value of tokens (in dollars per share) | $ / shares		$ 0.06
Data Provider Agreement with Pyth Data Association | Cboe NL | Market data fees
Intangible Assets
Revenues | $	$ 1

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation and benefit-related liabilities	$ 89.8	$ 77.1
Royalties	44.4	44.9
Accrued liabilities	74.4	70.3
Current operating lease liabilities	19.9	20.8
Rebates payable	93.5	75.1
Marketing fee payable	19.7	17.5
Current unrecognized tax benefits	0.1	82.3
Accounts payable	17.9	24.7
Total accounts payable and accrued liabilities	$ 359.7	$ 412.7

DEBT - Schedule of long-term de

DEBT - Schedule of long-term debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Mar. 16, 2022	Dec. 15, 2020	Jan. 12, 2017
Debt Instrument
Total debt	$ 1,441	$ 1,439.2
Revolving Credit Agreement | Line of Credit
Debt Instrument
Total debt	0	0
Cboe Clear Europe Credit Facility | Line of Credit
Debt Instrument
Total debt	0	0
3.650% Senior Notes
Debt Instrument
Debt instrument face amount	$ 650	$ 650			$ 650
Interest rate (as a percent)	3.65%	3.65%	3.65%		3.65%
3.650% Senior Notes | Senior Notes
Debt Instrument
Total debt	$ 648.6	$ 647.9
1.625% Senior Notes
Debt Instrument
Debt instrument face amount	$ 500	$ 500		$ 500
Interest rate (as a percent)	1.625%	1.625%	1.625%	1.625%
1.625% Senior Notes | Senior Notes
Debt Instrument
Total debt	$ 495.5	$ 494.8
3.000% Senior Notes
Debt Instrument
Debt instrument face amount	$ 300	$ 300	$ 300
Interest rate (as a percent)	3%	3%	3%
3.000% Senior Notes | Senior Notes
Debt Instrument
Total debt	$ 296.9	$ 296.5

DEBT - Narrative (Details)

DEBT - Narrative (Details)			12 Months Ended
	Feb. 25, 2022 USD ($) subsidiary	Jul. 01, 2020 USD ($)	Dec. 31, 2024 USD ($) subsidiary	Dec. 31, 2024 EUR (€) subsidiary	Dec. 31, 2023 USD ($)	Mar. 16, 2022 USD ($)	Dec. 15, 2020 USD ($)	Jul. 01, 2020 EUR (€)	Jan. 12, 2017 USD ($)
Debt Instrument
Borrowings outstanding			$ 1,441,000,000		$ 1,439,200,000
3.650% Senior Notes
Debt Instrument
Debt instrument face amount			$ 650,000,000		$ 650,000,000				$ 650,000,000
Interest rate (as a percent)			3.65%	3.65%	3.65%	3.65%			3.65%
1.625% Senior Notes
Debt Instrument
Debt instrument face amount			$ 500,000,000		$ 500,000,000		$ 500,000,000
Interest rate (as a percent)			1.625%	1.625%	1.625%	1.625%	1.625%
3.000% Senior Notes
Debt Instrument
Debt instrument face amount			$ 300,000,000		$ 300,000,000	$ 300,000,000
Interest rate (as a percent)			3%	3%	3%	3%
Revolving Credit Agreement
Debt Instrument
Credit agreement, maximum borrowing capacity	$ 400,000,000
Term of agreement (in years)	5 years
Maximum borrowing capacity, increase limit	$ 200,000,000
Maximum borrowing capacity, total with increase	$ 600,000,000
Number of subsidiaries designated as additional borrowers | subsidiary			0	0
Borrowings outstanding			$ 0
Borrowing capacity available			$ 400,000,000
Minimum consolidated interest ratio			4
Maximum consolidated leverage ratio			3.50	3.50
Minimum consolidated interest ratio, scenario one			4.25
Minimum consolidated interest ratio, scenario two			4
Revolving Credit Agreement | Minimum
Debt Instrument
Number of subsidiaries that may be designated as additional borrowers | subsidiary	1
Interest rate margin (as a percent)			0.75%
Revolving Credit Agreement | Maximum
Debt Instrument
Interest rate margin (as a percent)			1.25%
Revolving Credit Agreement | Floor Rate
Debt Instrument
Interest rate margin (as a percent)			1%
Revolving Credit Agreement | Prime Rate | Minimum
Debt Instrument
Interest rate margin (as a percent)			0%
Revolving Credit Agreement | Prime Rate | Maximum
Debt Instrument
Interest rate margin (as a percent)			0.25%
Revolving Credit Agreement | 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)			0%
Revolving Credit Agreement | Line of Credit
Debt Instrument
Credit agreement, maximum borrowing capacity	$ 25,000,000
Senior Notes
Debt Instrument
Redemption price (as a percent)			101%
Cboe Clear Europe Credit Facility
Debt Instrument
Debt instrument face amount | €								€ 1,200,000,000
Maximum borrowing capacity, increase limit | €								500,000,000
Maximum borrowing capacity, total with increase | €								1,700,000,000
Borrowings outstanding | €				€ 0
Borrowing capacity available | €				€ 1,200,000,000
Commitment fee percentage		0.30%
Debt instrument, threshold amount transferred to provider of settlement or custody services | €								500,000,000
Cboe Clear Europe Credit Facility | Minimum
Debt Instrument
Debt instrument, threshold net worth on each drawdown		$ 1,750,000,000
Debt instrument, amount to meet liquidity regulations | €								€ 30,000,000
Cboe Clear Europe Credit Facility | Base Rate
Debt Instrument
Interest rate margin (as a percent)		1.60%
Cboe Clear Europe Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument
Interest rate margin (as a percent)		0.50%

DEBT - Debt repayments (Details

DEBT - Debt repayments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Long-term Debt
2025	$ 0
2026	0
2027	650
2028	0
Thereafter	800
Principal amounts repayable	1,450
Debt issuance costs	(5)
Unamortized discounts on notes	(4)
Total debt outstanding	$ 1,441	$ 1,439.2

DEBT - Interest expense (Detail

DEBT - Interest expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of interest expense:
Contractual interest	$ 49.2	$ 59.8	$ 57.6
Amortization of debt discount and issuance costs	2.3	2.6	2.4
Interest expense	51.5	62.4	60
Interest income	(27.3)	(12)	(3.6)
Interest expense, net	$ 24.2	$ 50.4	$ 56.4

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, NET (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Rollforward
Beginning balance	$ 3,985	$ 3,465.3	$ 3,604.8
Other comprehensive income (loss)	(39)	21.6	(86.6)
Ending balance	4,279.6	3,985	3,465.3
Accumulated other comprehensive income (loss), net
AOCI Rollforward
Beginning balance	(9.4)	(31)	55.6
Other comprehensive income (loss)	(39)	21.6	(86.6)
Ending balance	(48.4)	(9.4)	(31)
Foreign Currency Translation Adjustment
AOCI Rollforward
Beginning balance	(5.6)	(30.2)
Other comprehensive income (loss)	(43)	24.6
Ending balance	(48.6)	(5.6)	(30.2)
Available-for-sale Financial Investments
AOCI Rollforward
Beginning balance	(3.7)	(0.9)
Other comprehensive income (loss)	3.7	(2.8)
Ending balance	0	(3.7)	(0.9)
Post-Retirement Benefits
AOCI Rollforward
Beginning balance	(0.1)	0.1
Other comprehensive income (loss)	0.3	(0.2)
Ending balance	$ 0.2	$ (0.1)	$ 0.1

CLEARING OPERATIONS - Narrative

CLEARING OPERATIONS - Narrative (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2021 item	Dec. 31, 2024 item Counterparty form
Clearing Operations
Number of clearing houses operated		2
Europe
Clearing Operations
Number of European markets in which equities are cleared		18
Number of European markets in which equity derivatives are cleared	10
Cboe Clear Europe Credit Facility
Clearing Operations
Number of central counterparties with whom interoperable agreements are held | Counterparty		2
Number of forms utilized for default waterfalls | form		2
Default and liquid waterfalls regulatory capital		35%
Default and liquidity waterfalls regulatory capital, scenario one		25%
Cboe Clear Europe Credit Facility | Maximum
Clearing Operations
Default and liquidity waterfalls regulatory capital, scenario two		25%
Cboe Clear Europe Credit Facility | Minimum
Clearing Operations
Default and liquidity waterfalls regulatory capital, scenario two		10%

CLEARING OPERATIONS - Cboe Clea

CLEARING OPERATIONS - Cboe Clear Digital (Details) $ in Millions	Dec. 31, 2024 USD ($) jurisdiction	Dec. 31, 2023 USD ($)
Clearing Operations
Digital assets - safeguarded liabilities	$ 0	$ 51.3
Digital assets - safeguarded assets	$ 0	51.3
Cboe Clear U.S.
Clearing Operations
Number of U.S. jurisdictions authorized | jurisdiction	50
Digital assets - safeguarded assets	$ 0	$ 51.3

CLEARING OPERATIONS - Valuation

CLEARING OPERATIONS - Valuation (Details) $ / shares in Units, $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) unit $ / shares
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Fair Value	$ 0	$ 51.3
Bitcoin ("BTC")
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units | unit		821
Valuation per unit (in dollars per share) | $ / shares		$ 42,492
Fair Value		$ 34.9
Ethereum ("ETH")
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units | unit		6,270
Valuation per unit (in dollars per share) | $ / shares		$ 2,282
Fair Value		$ 14.3
Litecoin ("LTC")
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units | unit		16,329
Valuation per unit (in dollars per share) | $ / shares		$ 74
Fair Value		$ 1.2
Bitcoin Cash ("BCH")
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units | unit		1,374
Valuation per unit (in dollars per share) | $ / shares		$ 261
Fair Value		$ 0.4
USD Coin ("USDC")
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units | unit		506,652
Valuation per unit (in dollars per share) | $ / shares		$ 1
Fair Value		$ 0.5

CLEARING OPERATIONS - Clearing

CLEARING OPERATIONS - Clearing participant (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Clearing Operations
Cboe Clear Europe central bank account	$ 841.4	$ 772.4
Cboe Clear Europe reverse repurchase and other	0	62.4
Cboe Clear U.S. customer bank deposits	4.1	14
Total cash margin deposits, clearing funds, and interoperability funds	845.5	848.8
Cboe Clear Europe non-cash contributions	997.4	930.6
Margin Deposits
Clearing Operations
Cboe Clear Europe central bank account	378.4	361.3
Cboe Clear Europe reverse repurchase and other	0	2.7
Cboe Clear U.S. customer bank deposits	4.1	14
Total cash margin deposits, clearing funds, and interoperability funds	382.5	378
Cboe Clear Europe non-cash contributions	691.4	637
Clearing Funds
Clearing Operations
Cboe Clear Europe central bank account	173.7	140.1
Cboe Clear Europe reverse repurchase and other	0	4.1
Cboe Clear U.S. customer bank deposits	0	0
Total cash margin deposits, clearing funds, and interoperability funds	173.7	144.2
Cboe Clear Europe non-cash contributions	80.1	65.6
Interoperability Funds
Clearing Operations
Cboe Clear Europe central bank account	289.3	271
Cboe Clear Europe reverse repurchase and other	0	55.6
Cboe Clear U.S. customer bank deposits	0	0
Total cash margin deposits, clearing funds, and interoperability funds	289.3	326.6
Cboe Clear Europe non-cash contributions	$ 225.9	$ 228

FAIR VALUE MEASUREMENT - Fair v

FAIR VALUE MEASUREMENT - Fair value hierarchy for assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets:
Note receivable - building sale	$ 6.2
Digital assets - safeguarded assets	0	$ 51.3
Total assets	116.5	108.9
Liabilities:
Contingent consideration liabilities		11.8
Digital assets - safeguarded liabilities	0	51.3
Cboe Digital restricted common units liability		18.7
Cboe Digital warrant liability		5.9
Total liabilities	1,357.3	1,430.1
Level 1
Assets:
Note receivable - building sale	0
Digital assets - safeguarded assets		0
Total assets	110.3	57.6
Liabilities:
Contingent consideration liabilities		0
Digital assets - safeguarded liabilities		0
Cboe Digital restricted common units liability		0
Cboe Digital warrant liability		0
Total liabilities	40.3	36.7
Level 2
Assets:
Note receivable - building sale	0
Digital assets - safeguarded assets		51.3
Total assets	0	51.3
Liabilities:
Contingent consideration liabilities		0
Digital assets - safeguarded liabilities		51.3
Cboe Digital restricted common units liability		0
Cboe Digital warrant liability		0
Total liabilities	1,317	1,357
Level 3
Assets:
Note receivable - building sale	6.2
Digital assets - safeguarded assets		0
Total assets	6.2	0
Liabilities:
Contingent consideration liabilities		11.8
Digital assets - safeguarded liabilities		0
Cboe Digital restricted common units liability		18.7
Cboe Digital warrant liability		5.9
Total liabilities	0	36.4
Fair Value, Recurring
Assets:
Note receivable - building sale	6.2
Digital assets - safeguarded assets		51.3
Total assets	116.5	108.8
Liabilities:
Contingent consideration liabilities		11.8
Digital assets - safeguarded liabilities		51.3
Cboe Digital restricted common units liability		18.7
Cboe Digital warrant liability		5.9
Total liabilities		87.7
Fair Value, Recurring | US Treasury Securities
Assets:
Debt securities	70	20.8
Fair Value, Recurring | Mutual funds
Assets:
Marketable securities	23.8	17.1
Fair Value, Recurring | Money market funds
Assets:
Marketable securities	16.5	19.6
Fair Value, Recurring | Level 1
Assets:
Note receivable - building sale	0
Digital assets - safeguarded assets		0
Total assets	110.3	57.5
Liabilities:
Contingent consideration liabilities		0
Digital assets - safeguarded liabilities		0
Cboe Digital restricted common units liability		0
Cboe Digital warrant liability		0
Total liabilities		0
Fair Value, Recurring | Level 1 | US Treasury Securities
Assets:
Debt securities	70	20.8
Fair Value, Recurring | Level 1 | Mutual funds
Assets:
Marketable securities	23.8	17.1
Fair Value, Recurring | Level 1 | Money market funds
Assets:
Marketable securities	16.5	19.6
Fair Value, Recurring | Level 2
Assets:
Note receivable - building sale	0
Digital assets - safeguarded assets		51.3
Total assets	0	51.3
Liabilities:
Contingent consideration liabilities		0
Digital assets - safeguarded liabilities		51.3
Cboe Digital restricted common units liability		0
Cboe Digital warrant liability		0
Total liabilities		51.3
Fair Value, Recurring | Level 2 | US Treasury Securities
Assets:
Debt securities	0	0
Fair Value, Recurring | Level 2 | Mutual funds
Assets:
Marketable securities	0	0
Fair Value, Recurring | Level 2 | Money market funds
Assets:
Marketable securities	0	0
Fair Value, Recurring | Level 3
Assets:
Note receivable - building sale	6.2
Digital assets - safeguarded assets		0
Total assets	6.2	0
Liabilities:
Contingent consideration liabilities		11.8
Digital assets - safeguarded liabilities		0
Cboe Digital restricted common units liability		18.7
Cboe Digital warrant liability		5.9
Total liabilities		36.4
Fair Value, Recurring | Level 3 | US Treasury Securities
Assets:
Debt securities	0	0
Fair Value, Recurring | Level 3 | Mutual funds
Assets:
Marketable securities	0	0
Fair Value, Recurring | Level 3 | Money market funds
Assets:
Marketable securities	$ 0	$ 0

FAIR VALUE MEASUREMENT - Fair_2

FAIR VALUE MEASUREMENT - Fair value hierarchy of financial instruments held (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets:
U.S. Treasury securities	$ 70	$ 20.8
Deferred compensation plan assets	40.3	36.7
Note receivable - building sale	6.2
Digital assets - safeguarded assets	0	51.3
Digital assets held		0.1
Total assets	116.5	108.9
Liabilities:
Contingent consideration liabilities		11.8
Deferred compensation plan liabilities	40.3	36.7
Digital assets - safeguarded liabilities	0	51.3
Cboe Digital restricted common units liability		18.7
Cboe Digital warrant liability		5.9
Debt (5)	1,317	1,305.7
Total liabilities	1,357.3	1,430.1
Level 1
Assets:
U.S. Treasury securities	70	20.8
Deferred compensation plan assets	40.3	36.7
Note receivable - building sale	0
Digital assets - safeguarded assets		0
Digital assets held		0.1
Total assets	110.3	57.6
Liabilities:
Contingent consideration liabilities		0
Deferred compensation plan liabilities	40.3	36.7
Digital assets - safeguarded liabilities		0
Cboe Digital restricted common units liability		0
Cboe Digital warrant liability		0
Debt (5)	0	0
Total liabilities	40.3	36.7
Level 2
Assets:
U.S. Treasury securities	0	0
Deferred compensation plan assets	0	0
Note receivable - building sale	0
Digital assets - safeguarded assets		51.3
Digital assets held		0
Total assets	0	51.3
Liabilities:
Contingent consideration liabilities		0
Deferred compensation plan liabilities	0	0
Digital assets - safeguarded liabilities		51.3
Cboe Digital restricted common units liability		0
Cboe Digital warrant liability		0
Debt (5)	1,317	1,305.7
Total liabilities	1,317	1,357
Level 3
Assets:
U.S. Treasury securities	0	0
Deferred compensation plan assets	0	0
Note receivable - building sale	6.2
Digital assets - safeguarded assets		0
Digital assets held		0
Total assets	6.2	0
Liabilities:
Contingent consideration liabilities		11.8
Deferred compensation plan liabilities	0	0
Digital assets - safeguarded liabilities		0
Cboe Digital restricted common units liability		18.7
Cboe Digital warrant liability		5.9
Debt (5)	0	0
Total liabilities	$ 0	$ 36.4

FAIR VALUE MEASUREMENT - Narrat

FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Aug. 31, 2024	Jun. 30, 2024	May 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag				total fair value of the liabilities
Contingent consideration liabilities					$ 11.8
Reduction in contingent consideration liability					14.4
Fair Value, Recurring
Segment Reporting Information
Contingent consideration liabilities					$ 11.8
Cboe Canada
Segment Reporting Information
Contingent consideration liabilities				$ 0
Gain (loss) on settlement of contingent consideration	$ 1
Cboe Asia Pacific and Cboe Canada
Segment Reporting Information
Payment of contingent consideration				(13.9)
Gain (loss) on settlement of contingent consideration				$ (2)
Cboe Japan
Segment Reporting Information
Payment of contingent consideration			$ 5.7
Cboe Asia Pacific
Segment Reporting Information
Gain (loss) on settlement of contingent consideration		$ 2.7

FAIR VALUE MEASUREMENT - Fair_3

FAIR VALUE MEASUREMENT - Fair values of debt obligations (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Mar. 16, 2022	Dec. 15, 2020	Jan. 12, 2017
Debt
Debt obligations	$ 1,317	$ 1,305.7
Level 2
Debt
Debt obligations	$ 1,317	$ 1,305.7
3.650% Senior Notes
Debt
Interest rate (as a percent)	3.65%	3.65%	3.65%		3.65%
3.650% Senior Notes | Level 2
Debt
Debt obligations	$ 638.4	$ 628.5
1.625% Senior Notes
Debt
Interest rate (as a percent)	1.625%	1.625%	1.625%	1.625%
1.625% Senior Notes | Level 2
Debt
Debt obligations	$ 416.2	$ 412.7
3.000% Senior Notes
Debt
Interest rate (as a percent)	3%	3%	3%
3.000% Senior Notes | Level 2
Debt
Debt obligations	$ 262.4	$ 264.5

FAIR VALUE MEASUREMENT - Change

FAIR VALUE MEASUREMENT - Changes in fair value of Level 3 financial liabilities (Details) - Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Assets:
Balance at Beginning of Period	$ 6.2	$ 0
(Losses) Gains during Period	(0.8)
Adjustments	0
Additions	7
Settlements	0
Foreign Currency Translation	0
Liabilities:
Balance at Beginning of Period	36.4	60.5
Losses (Gains) during Period	(0.4)	(14.4)
Adjustments	(16.2)	0.1
Additions	0	3.1
Settlements	(19.9)	(13.1)
Foreign Currency Translation	0.1	0.2
Balance at End of Period	0	36.4
Contingent consideration liabilities
Liabilities:
Balance at Beginning of Period	11.8	39.1
Losses (Gains) during Period	2	(14.4)
Adjustments	0	0
Additions	0	0
Settlements	(13.9)	(13.1)
Foreign Currency Translation	0.1	0.2
Balance at End of Period	0	11.8
Cboe Digital restricted common units liability
Liabilities:
Balance at Beginning of Period	18.7	15.5
Losses (Gains) during Period	(1)	0
Adjustments	(12.1)	0.1
Additions	0	3.1
Settlements	(5.6)	0
Foreign Currency Translation	0	0
Balance at End of Period	0	18.7
Cboe Digital warrant liability
Liabilities:
Balance at Beginning of Period	5.9	5.9
Losses (Gains) during Period	(1.4)	0
Adjustments	(4.1)	0
Additions	0	0
Settlements	(0.4)	0
Foreign Currency Translation	0	0
Balance at End of Period	0	5.9
Allowance for notes receivable credit losses | Fair Value Option, Note Receivable
Assets:
Balance at Beginning of Period	6.2	$ 0
(Losses) Gains during Period	(0.8)
Adjustments	0
Additions	7
Settlements	0
Foreign Currency Translation	$ 0

SEGMENT REPORTING - Summarized

SEGMENT REPORTING - Summarized Financial Information By Reportable Segment (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information
Number of reportable segments | segment	6
Revenues	$ 4,094.5	$ 3,773.5	$ 3,958.5
Total cost of revenues	2,022.1	1,855.5	2,216.8
Revenues less cost of revenues:	2,072.4	1,918	1,741.7
Depreciation and amortization	133	158	166.8
Other segment operating expenses	841	702.1	1,085.3
Operating income (loss)	1,098.4	1,057.9	489.6
Non-operating (expenses) income:
Interest expense	(51.5)	(62.4)	(60)
Interest income	27.3	12	3.6
Earnings on investments	29	39.5	7.2
Other (expense) income, net	(19.4)	0.6	(7.5)
Income before income tax provision	1,083.8	1,047.6	432.9
Income tax provision	318.9	286.2	197.9
Net income	764.9	761.4	235
Operating Segments | Options
Segment Reporting Information
Revenues	2,002.6	1,939.5	1,823.2
Total cost of revenues	743.3	770.3	840
Revenues less cost of revenues:	1,259.3	1,169.2	983.2
Depreciation and amortization	27	30.1	26.5
Other segment operating expenses	353.9	287.8	216.2
Operating income (loss)	878.4	851.3	740.5
Non-operating (expenses) income:
Interest expense	0.1	0.2	0
Interest income	0.5	(0.1)	0
Earnings on investments	0	0	0
Other (expense) income, net	0.8	(0.1)	0.1
Income before income tax provision	879.8	851.3	740.6
Income tax provision	299.1	275.7	260.7
Net income	580.7	575.6	479.9
Operating Segments | North American Equities
Segment Reporting Information
Revenues	1,546.8	1,353	1,681.7
Total cost of revenues	1,163	987.7	1,302.8
Revenues less cost of revenues:	383.8	365.3	378.9
Depreciation and amortization	58.2	69.4	74.1
Other segment operating expenses	157	177.9	158.2
Operating income (loss)	168.6	118	146.6
Non-operating (expenses) income:
Interest expense	0	0	0
Interest income	2.4	1.4	0.4
Earnings on investments	0	0	0
Other (expense) income, net	0.7	0	(0.1)
Income before income tax provision	171.7	119.4	146.9
Income tax provision	23.1	14.8	20.5
Net income	148.6	104.6	126.4
Operating Segments | Europe and Asia Pacific
Segment Reporting Information
Revenues	324.2	281.2	264.6
Total cost of revenues	104	91	68.5
Revenues less cost of revenues:	220.2	190.2	196.1
Depreciation and amortization	29.3	30.7	37
Other segment operating expenses	149.2	126.8	121
Operating income (loss)	41.7	32.7	38.1
Non-operating (expenses) income:
Interest expense	(7.8)	(7.8)	(8.8)
Interest income	4.1	3	0.8
Earnings on investments	0	0	0
Other (expense) income, net	(0.1)	(0.6)	(0.4)
Income before income tax provision	37.9	27.3	29.7
Income tax provision	13.3	6.8	6.8
Net income	24.6	20.5	22.9
Operating Segments | Futures
Segment Reporting Information
Revenues	141.1	129	119.8
Total cost of revenues	7.6	3.9	3.8
Revenues less cost of revenues:	133.5	125.1	116
Depreciation and amortization	2.3	2	2.6
Other segment operating expenses	32.3	37	58.2
Operating income (loss)	98.9	86.1	55.2
Non-operating (expenses) income:
Interest expense	0	0	0
Interest income	0	0	0
Earnings on investments	0	0	0
Other (expense) income, net	0	0	0
Income before income tax provision	98.9	86.1	55.2
Income tax provision	28.4	33.4	42.4
Net income	70.5	52.7	12.8
Operating Segments | Global FX
Segment Reporting Information
Revenues	79.9	74.9	68.9
Total cost of revenues	2.3	1.4	1
Revenues less cost of revenues:	77.6	73.5	67.9
Depreciation and amortization	13.5	18.4	21.9
Other segment operating expenses	30.9	30.4	37.2
Operating income (loss)	33.2	24.7	8.8
Non-operating (expenses) income:
Interest expense	0	0	0.3
Interest income	0.1	0	0.1
Earnings on investments	0	0	0
Other (expense) income, net	0	(0.2)	0
Income before income tax provision	33.3	24.5	9.2
Income tax provision	0.1	0.5	0.1
Net income	33.2	24	9.1
Operating Segments | Digital
Segment Reporting Information
Revenues	(0.1)	(4.1)	0.3
Total cost of revenues	1.9	1.2	0.7
Revenues less cost of revenues:	(2)	(5.3)	(0.4)
Depreciation and amortization	2.8	7.4	4.7
Other segment operating expenses	107.6	34	486.3
Operating income (loss)	(112.4)	(46.7)	(491.4)
Non-operating (expenses) income:
Interest expense	0	0	0
Interest income	3.7	2	0
Earnings on investments	0	0	0
Other (expense) income, net	1.5	0	1.3
Income before income tax provision	(107.2)	(44.7)	(490.1)
Income tax provision	(28.6)	(10.4)	(119)
Net income	(78.6)	(34.3)	(371.1)
Corporate Items and Eliminations
Segment Reporting Information
Revenues	0	0	0
Total cost of revenues	0	0	0
Revenues less cost of revenues:	0	0	0
Depreciation and amortization	(0.1)	0	0
Other segment operating expenses	10.1	8.2	8.2
Operating income (loss)	(10)	(8.2)	(8.2)
Non-operating (expenses) income:
Interest expense	(43.8)	(54.8)	(51.5)
Interest income	16.5	5.7	2.3
Earnings on investments	29	39.5	7.2
Other (expense) income, net	(22.3)	1.5	(8.4)
Income before income tax provision	(30.6)	(16.3)	(58.6)
Income tax provision	(16.5)	(34.6)	(13.6)
Net income	$ (14.1)	$ 18.3	$ (45)

SEGMENT REPORTING - Geographica

SEGMENT REPORTING - Geographical Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Revenues less cost of revenues:	$ 2,072.4	$ 1,918	$ 1,741.7
United States
Segment Reporting Information
Revenues less cost of revenues:	1,817.6	1,681.8	1,531.3
Non-U.S.
Segment Reporting Information
Revenues less cost of revenues:	$ 254.8	$ 236.2	$ 210.4

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Nonqualified Defined Contribution Plan
Defined Contribution Plan
Total assets held in trust	$ 40.3
United States
Defined Contribution Plan
Company contribution amount	15.9	$ 15	$ 14.4
Foreign Plan
Defined Contribution Plan
Company contribution amount	$ 4.8	$ 4.3	$ 3

REGULATORY CAPITAL - Narrative

REGULATORY CAPITAL - Narrative (Details)	Dec. 31, 2024 USD ($) Test
Cboe Trading and BIDS Trading
Regulatory Capital Requirement [Line Items]
Minimum net capital required to be maintained (as a percent)	6.67%
Minimum net capital required to be maintained, amount | $	$ 100,000
Cboe Fixed Income
Regulatory Capital Requirement [Line Items]
Minimum net capital required to be maintained (as a percent)	6.67%
Minimum net capital required to be maintained, amount | $	$ 5,000
Cboe Chi-X Europe
Regulatory Capital Requirement [Line Items]
Capital resources requirement | $	$ 100,000
CFE
Regulatory Capital Requirement [Line Items]
Number of capital adequacy tests required to be met	2
Cboe SEF
Regulatory Capital Requirement [Line Items]
Number of capital adequacy tests required to be met	2
Cboe Digital Exchange
Regulatory Capital Requirement [Line Items]
Number of capital adequacy tests required to be met	2
Cboe Japan
Regulatory Capital Requirement [Line Items]
Minimum required regulatory capital ratio (as a percent)	120%
Cboe Clear U.S.
Regulatory Capital Requirement [Line Items]
Number of capital adequacy tests required to be met	2

REGULATORY CAPITAL - Subsidiari

REGULATORY CAPITAL - Subsidiaries with Regulatory Capital Requirements (Details) $ in Millions	Dec. 31, 2024 USD ($)
Cboe Trading
Regulatory Capital Requirement [Line Items]
Actual	$ 11
Minimum Requirement	1.1
BIDS Trading
Regulatory Capital Requirement [Line Items]
Actual	8
Minimum Requirement	0.2
Cboe Fixed Income
Regulatory Capital Requirement [Line Items]
Actual	4.4
Minimum Requirement	0.1
Cboe Europe
Regulatory Capital Requirement [Line Items]
Actual	65.1
Minimum Requirement	32.7
Cboe Chi-X Europe
Regulatory Capital Requirement [Line Items]
Actual	0.1
Minimum Requirement	0.1
Cboe Clear Europe
Regulatory Capital Requirement [Line Items]
Actual	89.2
Minimum Requirement	57.9
CFE
Regulatory Capital Requirement [Line Items]
Actual	60.4
Minimum Requirement	41.4
Cboe SEF
Regulatory Capital Requirement [Line Items]
Actual	2.9
Minimum Requirement	2
Cboe Digital Exchange
Regulatory Capital Requirement [Line Items]
Actual	35.1
Minimum Requirement	2.9
Cboe Clear U.S.
Regulatory Capital Requirement [Line Items]
Actual	31.6
Minimum Requirement	10.5
Cboe Australia
Regulatory Capital Requirement [Line Items]
Actual	13.5
Minimum Requirement	5
Cboe Japan
Regulatory Capital Requirement [Line Items]
Actual	10
Minimum Requirement	4.4
Cboe NL
Regulatory Capital Requirement [Line Items]
Actual	12.5
Minimum Requirement	$ 8.4

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)				1 Months Ended		3 Months Ended		12 Months Ended
	Nov. 18, 2023	Nov. 28, 2022	Nov. 18, 2022	Feb. 29, 2024	May 31, 2018	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Payments for the purchase of shares to satisfy the employee income tax withholdings								$ 29,500,000	$ 13,900,000	$ 8,900,000
Other (expense) income, net								(19,400,000)	600,000	(7,500,000)
Employee
Number of shares
Stock-based compensation expense								40,200,000	33,900,000	30,700,000
Nonemployee
Number of shares
Stock-based compensation expense								1,800,000	1,900,000	1,900,000
Employee Stock
Number of shares
Stock-based compensation expense								$ 2,800,000	$ 2,700,000	$ 600,000
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%
Shares reserved for future issuance								491,793
Number of shares of common stock made available for purchase to employees					750,000
Cboe Digital Restricted Common Units
Number of shares
Class of warrant or right outstanding (in shares)								0
Non vested RSAs (in shares)								0	185	185
Vesting period (in years)	5 years
Vested (in shares)								0	0
Granted (in shares)		185						0	0
Interest rate (as a percent)								5%
Weighted average exercise price at fair value							$ 300,000
Outstanding and exercisable (in USD per share)							5 years		5 years	6 years
Cash paid to settle award								$ 2,300,000
Expected dividend rate (in percent)							0%
Other (expense) income, net						$ (300,000)
Contra revenue recognized								$ 1,400,000
Cboe Digital Warrant Units
Number of shares
Class of warrant or right outstanding (in shares)								0
Non vested RSAs (in shares)								0	80	80
Vesting period (in years)			2 years
Vested (in shares)								0	40
Risk-free interest rate (in percent)									3.89%
Expected volatility (in percent)									65%
Warrants vested (in shares)							40
Granted (in shares)								0	0
Weighted average exercise price at fair value							$ 200,000
Cash paid to settle award								$ 400,000
Expected dividend rate (in percent)									0%
Expected term (in years)									4 years
Other (expense) income, net								$ 1,300,000
Number of units called by warrants			80
Class of warrant or right exercised (in shares)							0
Minimum | Cboe Digital Restricted Common Units
Number of shares
Expected term (in years)							3 years 10 months 24 days
Maximum | Cboe Digital Restricted Common Units
Number of shares
Expected volatility (in percent)							65%
RSUs
Number of shares
Non vested RSAs (in shares)								0	0
Number of shares of common stock of which unit is convertible (in shares)								1
Vesting period (in years)								3 years
Qualified retirement eligibility age for grants awarded between 2017 and 2023								55 years
Qualified retirement eligibility number of years of service for grants awarded between 2017 and 2023								10 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
Period of advance notice required								6 months
Shares purchased to satisfy the employee income tax withholdings (in shares)								110,361
Payments for the purchase of shares to satisfy the employee income tax withholdings								$ 20,800,000
Vested (in shares)								297,669
RSUs | Nonemployee
Number of shares
Vesting period (in years)								1 year
Performance Shares
Number of shares
Non vested RSAs (in shares)								111,104	134,484	166,702	152,410
Number of shares of common stock of which unit is convertible (in shares)								1
Vesting period (in years)								3 years
Shares purchased to satisfy the employee income tax withholdings (in shares)								46,867
Payments for the purchase of shares to satisfy the employee income tax withholdings								$ 8,600,000
Vested (in shares)								110,376	55,399	16,834
Risk-free interest rate (in percent)				4.41%
Volatility time period (in years)				2 years 10 months 10 days
Expected volatility (in percent)				21.56%
Correlation to stock index time period (in years)				2 years 10 months 10 days
Correlation with S&P 500 index				0.39
Unrecognized compensation expense								$ 51,900,000
Unrecognized compensation expense, period for recognition								1 year 9 months 18 days
Granted (in shares)								86,996	87,146	64,668
Performance Shares | Minimum
Number of shares
Units ultimately expected to be awarded (in percent)								0%
Performance Shares | Maximum
Number of shares
Units ultimately expected to be awarded (in percent)								200%
Cboe Digital Restricted Common Units
Number of shares
Non vested RSAs (in shares)							185
Cash paid to settle award								$ 3,300,000
Contra revenue reversed						$ 2,400,000
Risk-free interest rate, minimum							3.81%
Risk-free interest rate, maximum							3.90%
Term of incentive program (in years)								2 years
Cboe Digital Restricted Common Units | Minimum
Number of shares
Expected volatility (in percent)							60%
Cboe Digital Restricted Common Units | Maximum
Number of shares
Expected term (in years)							5 years 10 months 24 days
Number of shares of common stock made available for purchase to employees								20

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted stock activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RSAs and RSUs
Number of shares
Beginning balance (in shares)	638,181	556,062	443,319
Granted (in shares)	226,061	401,685	369,037
Vested (in shares)	(298,023)	(237,315)	(201,457)
Forfeited (in shares)	(43,484)	(82,251)	(54,837)
Ending balance of Outstanding and exercisable (in shares)	522,735	638,181	556,062
Weighted average grant date fair value
Beginning balance (in USD per share)	$ 125.25	$ 112.07	$ 99.22
Granted (in USD per share)	183.27	132.58	119.97
Vested (in USD per share)	117.28	108.25	99.87
Forfeited (in USD per share)	145.53	121.02	106.07
Ending balance of Outstanding and exercisable (in USD per share)	$ 153.20	$ 125.25	$ 112.07
Performance Shares
Number of shares
Beginning balance (in shares)	134,484	166,702	152,410
Granted (in shares)	86,996	87,146	64,668
Vested (in shares)	(110,376)	(55,399)	(16,834)
Forfeited (in shares)	0	(63,965)	(33,542)
Ending balance of Outstanding and exercisable (in shares)	111,104	134,484	166,702
Weighted average grant date fair value
Beginning balance (in USD per share)	$ 127.72	$ 125.08	$ 108.41
Granted (in USD per share)	145.21	144.35	141.41
Vested (in USD per share)	100.50	130.05	96
Forfeited (in USD per share)	0	141.49	95.40
Ending balance of Outstanding and exercisable (in USD per share)	$ 168.45	$ 127.72	$ 125.08

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Stock Option/Warrant Activity (Details) - $ / shares $ / shares in Millions		12 Months Ended
	Nov. 28, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cboe Digital Restricted Common Units
Number of shares
Non vested RSAs (in shares)		0	185	185
Weighted average exercise price (in USD per share)		$ 0	$ 0.3	$ 0.3
Granted (in shares)	185	0	0
Granted (in USD per share)		$ 0	$ 0
Vested (in shares)		0	0
Vested (in USD per share)		$ 0	$ 0
Forfeited (in shares)		(185)
Forfeited (in USD per share)		$ 0.3
Cboe Digital Warrant Units
Number of shares
Non vested RSAs (in shares)		0	80	80
Weighted average exercise price (in USD per share)			$ 0.2	$ 0.2
Granted (in shares)		0	0
Vested (in shares)		0	(40)
Vested (in USD per share)			$ 0.2
Outstanding and exercisable (in shares)		0	40
Outstanding and exercisable (in USD per share)			$ 0.2
Forfeited (in shares)		(80)
Forfeited (in USD per share)		$ 0.2

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Dec. 19, 2024 shares	Dec. 31, 2024 USD ($) Vote / shares $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / 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)		104,693,373	105,556,817
Common stock, shares outstanding (in shares)		104,686,478	105,527,815
Common stock, votes per share | Vote / shares		1
Common Stock in Treasury, at Cost
Common stock held in treasury (in shares)		6,895	29,002
Retirement of treasury stock (in shares)	1,332,430
Purchase of Common Stock from Employees
Stock repurchased from employee stock plans (in shares)		157,228	106,460
Average price paid per share (in dollars per share) | $ / shares		$ 187.07	$ 130.35
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		$ 2.36	$ 2.10	$ 1.96
Cash dividends paid (in dollars per share) | $ / shares		$ 2.36	$ 2.10
Aggregate payout | $		$ 249.4	$ 223.5	$ 209.4

EQUITY - Share Repurchase Progr

EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended												12 Months Ended			156 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2011
Share Repurchase Program
Authorized amount	$ 2,300												$ 2,300				$ 100
Availability remaining under existing share repurchase authorizations	$ 679.8												$ 679.8
Number of shares of common stock repurchased (in shares)	0	144,370	514,239	489,686	33,507	0	61,141	567,073	132,111	0	147,139	596,988	1,148,295	661,721	876,238	20,758,383
Average price paid per share (in USD per share)	$ 0	$ 170.45	$ 175.76	$ 182.26	$ 173.59	$ 0	$ 132.45	$ 123.42	$ 116.07	$ 0	$ 106.12	$ 117.25	$ 177.86			$ 78.05
Amount of repurchase, excluding excise tax	$ 0	$ 24.6	$ 90.4	$ 89.3									$ 204.3
Amount of repurchase					$ 5.8	$ 0	$ 8.1	$ 70	$ 15.3	$ 0	$ 15.6	$ 70	$ 205.6	$ 83.9	$ 100.9	$ 1,600

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accrued compensation and benefits	$ 20.2	$ 19.3
Property, equipment and technology, net	14.6	12.7
Investments	0	83.7
Operating leases	40.4	42.6
Other	88.7	84.2
Subtotal	163.9	242.5
Valuation allowances	(17)	(11.8)
Total deferred tax assets	146.9	230.7
Deferred tax liabilities:
Intangibles	(240.2)	(384.7)
Property, equipment and technology, net	(19)	(17.4)
Investments	(33.8)	0
Prepaid expenses or assets	(4.5)	(4.4)
Operating leases	(31.9)	(33.9)
Total deferred tax liabilities	(329.4)	(440.4)
Net deferred tax liabilities	$ (182.5)	$ (209.7)

INCOME TAXES - Components of in

INCOME TAXES - Components of income tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current tax expense:
Federal	$ 208.8	$ 188.1	$ 210.4
State	117.7	97.8	130.2
Foreign	16	15.5	13
Total current tax expense	342.5	301.4	353.6
Deferred income tax (benefit) expense:
Federal	(19.5)	(3.4)	(126.2)
State	(2.4)	1.5	(22.7)
Foreign	(1.7)	(13.3)	(6.8)
Total deferred income tax benefit	(23.6)	(15.2)	(155.7)
Total	$ 318.9	$ 286.2	$ 197.9

INCOME TAXES - Income before ta

INCOME TAXES - Income before taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. operations	$ 1,060.2	$ 1,010.5	$ 401.3
Foreign operations	23.6	37.1	31.6
Income before income tax provision	$ 1,083.8	$ 1,047.6	$ 432.9

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of statutory federal income tax rate to effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	21%	21%	21%
Impact of federal, state and local tax law & rate changes, net	0.10%	0%	(0.50%)
State taxes, net of federal benefit	4.50%	4.30%	4.50%
Uncertain tax positions	3.90%	2.90%	20.60%
Deduction for Foreign Derived Intangible Income	(0.40%)	(0.40%)	(1.00%)
Valuation allowances	0.40%	(0.50%)	0.60%
Other, net	(0.10%)	0%	0.50%
Effective income tax rate	29.40%	27.30%	45.70%

INCOME TAXES - Reconciliation_2

INCOME TAXES - Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, beginning balance	$ 237.5	$ 212.1	$ 162.1
Gross increases related to prior year tax positions	0.2	0	21.8
Gross decreases related to prior year tax positions	(3.1)	(1.5)	0
Gross increases related to current year tax positions	34.4	31.1	32.9
Settlements	(49.9)	(2.5)	(3.7)
Lapse of statute of limitations	0	(1.7)	(1)
Unrecognized tax benefits, ending balance	$ 219.1	$ 237.5	$ 212.1

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Operating loss carryforwards	$ 14.4
Undistributed earnings in subsidiaries	150.7
Unrecognized tax positions that would affect the annual effective tax rate	173.1	$ 196.6	$ 177.1
Lapse of statute of limitations and potential audit settlements	0	1.7	1
Estimated interest costs and penalties	(2.5)	14.3	39.1
Accrued interest and penalties	86	$ 88.5	$ 74.4
Capital Loss Carryforward
Income taxes
Capital loss forwards which, if unused, will expire in 2025	$ 1.8

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 764.9	$ 761.4	$ 235
Basic earnings per share numerator:
Net income allocated to participating securities	(3.9)	(3.9)	(0.9)
Net income allocated to common stockholders	$ 761	$ 757.5	$ 234.1
Basic earnings per share denominator:
Weighted average shares outstanding (in shares)	105,100,000	105,800,000	106,300,000
Basic earnings per share (in dollars per share)	$ 7.24	$ 7.16	$ 2.20
Diluted earnings per share numerator:
Net income allocated to participating securities	$ (3.9)	$ (3.9)	$ (0.9)
Net income allocated to common stockholders	$ 761	$ 757.5	$ 234.1
Diluted earnings per share denominator:
Weighted average shares outstanding (in shares)	105,100,000	105,800,000	106,300,000
Dilutive common shares issued under stock program (in shares)	400,000	400,000	400,000
Total dilutive weighted average shares (in shares)	105,500,000	106,200,000	106,700,000
Diluted earnings per share (in dollars per share)	$ 7.21	$ 7.13	$ 2.19
Anti-dilutive shares excluded from the computation of diluted earnings per share (in shares)	0	0	0

COMMITMENTS, CONTINGENCIES, A_2

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) - Licensing Agreements - USD ($) $ in Millions	Dec. 31, 2024	Jan. 29, 2024
Minimum | Cloud services provider
Commitments, Contingencies and Guarantees
Year 1		$ 5.3
Year 2		5.3
Year 3		5.3
Year 4		5.3
Year 5		5.3
Maximum
Commitments, Contingencies and Guarantees
Year 1	$ 18.1
Year 2	18.1
Year 3	18.1
Year 4	18.1
Year 5	$ 18.1
Maximum | Cloud services provider
Commitments, Contingencies and Guarantees
Year 1		6.9
Year 2		6.9
Year 3		6.9
Year 4		6.9
Year 5		$ 6.9

LEASES - Narrative (Details)

LEASES - Narrative (Details) ft² in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2024 USD ($) installment	Dec. 31, 2024 USD ($) ft² term	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2024 ft²	Sep. 01, 2024
Leases
Option to terminate period (in years)		1 year
Right of use assets obtained in exchange for lease liabilities		$ 26.7	$ 44.5
Additional operating lease liabilities		26.7
Minimum lease payments		183.4
Office Space In Lenexa, Kansas
Leases
Reduction fee	$ 1.3
Number of installments, reduction fee payable | installment	2
Right of use asset, decrease due to reduction in lease term		10.3
Decrease in operating lease of lease liabilities due to reduction in lease term		$ 11
Office Space In Overland Park, Kansas
Leases
Renewal term (in years)		60 months
Square feet of office space | ft²		60			60
Term of contract (in years)						129 months
Number of terms available to renew | term		2
Minimum lease payments		$ 12
Minimum
Leases
Renewal term (in years)		1 year
Maximum
Leases
Renewal term (in years)		5 years
Option to terminate period (in years)		1 year
Other Income | Office Space In Lenexa, Kansas
Leases
Gain on lease termination		$ 0.7
Technology support services
Leases
Rent expense		$ 37.1	$ 34.5	$ 30

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right of use assets	$ 124.5	$ 136.6
Current operating lease liabilities	$ 19.9	$ 20.8
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Non-current operating lease liabilities	$ 138.4	$ 150.8
Total leased liabilities	$ 158.3	$ 171.6

LEASES - Lease Costs and Other

LEASES - Lease Costs and Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease costs	$ 37.1	$ 34.5
Weighted average remaining lease term (years)	7 years 7 months 6 days	8 years 7 months 6 days
Weighted average discount rate (in percent)	3.60%	3.40%
Cash paid for amounts included in the measurement of lease liabilities	$ 27.2	$ 24.9
Right of use assets obtained in exchange for lease liabilities	26.7	44.5
Reduction in lease liability due to remeasurement	$ (18.5)	$ 0

LEASES - Maturities (Details)

LEASES - Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 25.5
2026	28.4
2027	25
2028	23
2029	14.4
After 2029	67.1
Total lease payments	183.4
Less: Interest	(25.1)
Present value of lease liabilities	$ 158.3	$ 171.6

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions		2 Months Ended	3 Months Ended												12 Months Ended			156 Months Ended
	Feb. 11, 2025	Feb. 19, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023
Subsequent Events
Number of shares of common stock repurchased (in shares)			0	144,370	514,239	489,686	33,507	0	61,141	567,073	132,111	0	147,139	596,988	1,148,295	661,721	876,238	20,758,383
Average price paid per share (in USD per share)			$ 0	$ 170.45	$ 175.76	$ 182.26	$ 173.59	$ 0	$ 132.45	$ 123.42	$ 116.07	$ 0	$ 106.12	$ 117.25	$ 177.86			$ 78.05
Amount of repurchase							$ 5.8	$ 0	$ 8.1	$ 70	$ 15.3	$ 0	$ 15.6	$ 70	$ 205.6	$ 83.9	$ 100.9	$ 1,600
Availability remaining under existing share repurchase authorizations			$ 679.8												$ 679.8
RSUs
Subsequent Events
Vesting period (in years)															3 years
PSUs
Subsequent Events
Vesting period (in years)															3 years
Subsequent Event
Subsequent Events
Cash dividend (in dollars per share)	$ 0.63
Number of shares of common stock repurchased (in shares)		77,108
Average price paid per share (in USD per share)		$ 206.47
Amount of repurchase		$ 15.9
Availability remaining under existing share repurchase authorizations		$ 663.9
Subsequent Event | RSUs
Subsequent Events
Granted (in shares)	47,800,000
Vesting period (in years)	3 years
Subsequent Event | PSUs
Subsequent Events
Granted (in shares)	6,000,000
Vesting period (in years)	3 years