Talk:Cboe Global Markets

Request for infobox update
Hello, Wikipedia editors. I work with the corporate comms team at Cboe. I have a small edit request for the infobox that I'm hoping you can help me with.

A user recently updated the Key people category to reflect that Jill Griebenow has replaced Brian Schell as CFO. That change is much appreciated, as I was getting ready to suggest that same update.

I noticed, though, that all three of the current Key people (Fredric J Tomczyk, Chris Isaacson, Jill Griebenow ) have the red Wikilink coding. Since it seems unlikely these individuals are going to qualify for their own entries, could an editor remove that coding?

I know this is just a cosmetic edit, but I wanted to start with something simple before I request more substantial updates. Spencer at Cboe (talk) 19:12, 29 November 2023 (UTC)

Reply 29-NOV-2023
Spintendo 03:10, 30 November 2023 (UTC)


 * Thanks so much for addressing this so quickly! Spencer at Cboe (talk) 20:38, 5 December 2023 (UTC)

Request for replacement of Exchanges section
Greetings again, Wikipedia editors. As mentioned above, I work with the corporate comms team at Cboe. I'm here with a larger request than last time, aimed at adding some appropriately-sourced information about the business.

When I started looking at the page, the Exchanges section struck me as being outdated, lacking references and not providing any context that would be helpful to readers not already familiar with Cboe. To make this section more encyclopedic and accessible to readers, I propose replacing the existing flawed information with a short and simple summary of the company's operations. Here's my draft for editors to review:

The company operates in North America, Europe and Asia-Pacific, providing platforms for trading options, futures, equities, and foreign exchange. It has stock exchanges in the US, Canada, the Netherlands and Australia. Its Canadian operations, Cboe Canada, accounts for 15% of the trading in securities listed in Canada by volume. In Australia, the company operates Cboe Australia, following Cboe's acquisition of Chi-X in Australia and Japan. Its European operations, Cboe Europe, is based in London and Amsterdam. By trading volume, Cboe's stock exchanges are the largest in Europe, second-largest in Canada and third largest in the US.

In addition to its exchanges, Cboe operates clearing houses. These include its European clearing house, Cboe Clear Europe. The company also has a cryptocurrency exchange, Cboe Digital, for exchanging crypto currencies and derivatives. The platform, originally ErisX, was acquired by Cboe in 2021.

The company is headquartered in Chicago, where it operates a trading floor for open outcry trading.

Cboe has two main proprietary index options products, options on the VIX Index, an index that measures expectations for stock market volatility and options on SPX, the Standard & Poor’s 500 index. The company also provides platforms for trading options on other indices, including the Russell 2000 Index.

As of 2023, Fredric Tomczyk is the company's CEO and has served as a Cboe board member since 2019.

As this is completely new material for the page, I know this may take editors time to review. Let me know if I can answer any questions or help with revisions to the draft. Spencer at Cboe (talk) 00:16, 18 January 2024 (UTC)


 * Nice job - well cited and minimal editing was necessary (if only all WP:ERs were like this :P). Thank you for following the WP:PAIDCOI guidelines. Jabster28 (talk) 13:22, 15 February 2024 (UTC)
 * Thank you so much for the assistance here, Jabster28. Really appreciate the help. One thing, though: Could we change the section title to Operations, as that broader term better captures the section details (about exchanges, yes, but also clearing houses, headquarters, leadership, etc.)? I apologize, as I should have been more explicit in that request in the original post. Thanks! Spencer at Cboe (talk) 20:35, 23 February 2024 (UTC)

Request to revise and expand the History section
Hello again, Wikipedia editors. Per my previous disclaimer, I work with the corporate comms team at Cboe. I'm here with another request, this time about updating the History section.

Right now, nearly half of the cited sources in this section are press releases, and several passages are either garbled ("Wrote Bloomberg…") or so jargon-heavy as to be unreadable. In general, the History section just doesn't feel encyclopedic, which is why I took a stab at revising for readability and more journalistic sources:

History
In 1969, the vice chairman of the Chicago Board of Trade, Edmund “Eddie” O’Connor, developed the idea for an options exchange. At that time, options on stocks were traded in a New York-based, over-the-counter market which required a direct link between the buyer and seller and complex terms of sale. The options exchange that O'Connor imagined would use a central clearinghouse to facilitate trades and stand behind contracts. The Chicago Board of Trade established a committee to evaluate the concept.

The options market idea faced resistance from officials at the Securities and Exchange Commission. The CBOT hired Joseph Sullivan to address regulator concerns and present the concept to the New York brokerage community. In October 1971, the SEC relented and approved the effort.

In February 1972, the Chicago Board Options Exchange was incorporated as an independent body with its own bylaws and governing board. Joseph Sullivan became the president of the organization. Trading commenced on the exchange on April 26, 1973, and was conducted in the former CBOT smoking lounge. During its first full month of operation, 34,599 contracts were traded. By 1976, the monthly volume of trades had increased to 1.5 million.

Over the next decade CBOE continued to operate from its location within the CBOT building. In 1984, CBOE moved to its next headquarters across the street at 400 S. LaSalle Street.

On January 19, 1993, the Chicago Board Options Exchange introduced the CBOE Volatility Index, commonly known as the VIX Index. The index was developed by Robert E. Whaley, a Vanderbilt University finance professor, and was intended to measure the 30-day implied volatility of S&P 100 option prices. In 2003, the underlying benchmark for the VIX was changed to the S&P 500. The company launched tradeable products using VIX as the underlying index. Cboe developed and launched a futures exchange, and in early 2004 the company began trading VIX futures, after a survey of Goldman Sachs salespeople showed interest in trading VIX futures.

On March 11, 2010, CBOE filed paperwork to launch an initial public offering and began trading on the NASDAQ stock exchange on June 15, 2010. The company delisted from the NASDAQ and listed its shared on its own exchange in 2018.

In October 2017, the company rebranded from CBOE Holdings to Cboe Global Markets.

In September 2019, Cboe Global Markets announced it was relocating its headquarters to the Old Chicago Main Post Office and that a new trading floor would be constructed in the Chicago Board of Trade building, which was the space the exchange originally occupied in the 1970s and 1980s. The new trading floor opened in June 2022.

Mergers and acquisitions
In September 2011, CBOE Stock Exchange, which was owned by CBOE Holdings, entered into an agreement to acquire the National Stock Exchange. The acquisition was completed on December 30, 2011 with both exchanges continuing to operate under separate names. The National Stock Exchange continued to be based in Jersey City. The National Stock Exchange ceased trading operations on May 30, 2014.

In August 2015, CBOE finalized its acquisition of the LiveVol platform, a market data services provider.

In January 2016, CBOE announced it had purchased a majority stake in Vest Financial, an investment adviser specializing in options-centric products.

In September 2016, CBOE announced that it was purchasing BATS Global Markets for approximately US$3.2 billion. BATS was then the second-largest U.S. stock exchange by shares traded and was known for being technology focused. Business Insider noted that by buying BATS, "CBOE is looking to extend its geographical reach and products while cutting costs." The deal was completed in March 2017. Over the next few years CBOE migrated its exchanges onto the BATS technology platform.

In February 2020, Cboe completed its acquisition of two data analytics firms, Hanweck and FT Options. That same year, CBOE acquired Trade Alert, a New York-based order flow analysis service provider. Also in 2020, Cboe acquired EuroCCP, the Dutch clearing house. The company already owned 20% of the clearing house and purchased the remaining 80%. In May 2020, the company announced it was expanding into Canada, via acquisition of the Canadian stock trading platform, MATCHNow, which operated an alternative trading system (ATS). Cboe acquired another ATS operator, BIDS Trading, in October 2020.

In June 2021, Cboe announced that it had completed its acquisition of Chi-X Asia Pacific. Through the acquisition, Cboe established a significant presence in the Asia Pacific region for the first time by gaining access to two of the world's largest securities markets in Japan and Australia. In November 2021, Cboe announced it had agreed to acquire NEO, the Canadian stock exchange operator.

In May 2022, Cboe completed its acquisition of Eris Digital Holdings (ErisX), a US-based digital asset spot market, regulated futures exchange, and regulated clearinghouse.

As you can see, I split the material about mergers and acquisitions into a separate subsection. I also (a) totally removed all press releases and replaced those citations with bylined articles, (b) expanded the passages discussing the early history of the company, and (c) added many new details, especially about the CBOE Volatility Index, which has received considerable academic analysis and media coverage.

I know this proposed update may take editors time to review. Please let me know if I can answer any questions. Spencer at Cboe (talk) 14:11, 19 March 2024 (UTC)
 * I'm adding a tag of Jabster28 since you reviewed my last request about the Operations section. Please let me know if you have any questions. Spencer at Cboe (talk) 23:23, 25 March 2024 (UTC)


 * I did a quick review of your request, and it appears that the history content you are adding is more about Chicago Board Options Exchange. Shouldn't the detailed CBOE history go there? Cboe Global Markets and its predecessor CBOE Holdings apparently only go back to the start of the holding company, while CBOE dates back to 1973. The annual report on page 13 doesn't clarify the history very well, not even mentioning the foundation of CBOE Holdings. And then I think it will be useful for readers to more carefully delineate the two entities. If Cboe Global Markets is just a holding company for Chicago Board Options Exchange and the stock exchange operator BATS Global Markets, then the history section can be much shorter.  STEM info  (talk) 00:50, 30 May 2024 (UTC)
 * Hi, STEMinfo, thanks for the response here and at the Chicago Board Options Exchange Talk page. Since this article already has the correct title (Cboe Global Markets), I think it would be easier to just delete the Chicago Board Options Exchange article and then have it redirect here. I made this same request over at the Proposed article mergers page.
 * It would also be great to revise and expand the History section here (see my proposal above) and then to update the introduction and remove the language suggesting that Cboe Global Markets "owns" the Chicago Board Options Exchange (since that's clearly not right). Any further help you can provide would be much appreciated! 198.160.147.241 (talk) 22:02, 3 June 2024 (UTC)
 * I pinged the editor who first wrote Cboe as the parent company of CBOE, to review. If indeed Cboe and CBOE are the same company, due to concerns about preserving the edit history, it may be preferable to update CBOE, and move it to Cboe, essentially renaming it, overwriting the current Cboe, while having a redirect from the old name. STEM info  (talk) 22:38, 3 June 2024 (UTC)
 * Hi, STEMinfo, that sounds great! I'll stay tuned to these threads for updates. Please let me know if there is anything I can assist you with in getting the process in motion. And just to clarify - the Cboe Global Markets page's content is much more up-to-date than anything that still lives on the 'old' Chicago Board Options Exchange (CBOE) page, so when the overwrite/migration happens would the content from Cboe Global Markets' page fully transfer as well? I think that would be the optimal scenario. Thank you again.Spencer at Cboe (talk) 16:36, 6 June 2024 (UTC)
 * - Yes - I'll try to make sure everything worth preserving is preserved. You can keep us honest if it's not.  STEM info  (talk) 23:48, 6 June 2024 (UTC)
 * I'm back. I was hoping  would comment, but he must be busy. It looks like the original Chicago Board Options Exchange (CBOE) became CBOE Options Exchange in 2017, based on this link and this link. So CBOE should be renamed to CBOE Options Exchange. But also according to this link, Cboe Global Holdings became the parent holding company for CBOE Options Exchange in 2017. So the pre-2017 CBOE history and subsequent CBOE Options Exchange history should go in the renamed CBOE Options Exchange article. The holding company's history starts at 2017 and goes in the Cboe Global Exchange article. Agree of disagree? I would think your side would be able to easily clarify the history.  STEM info  (talk) 06:36, 25 June 2024 (UTC)
 * Hi, STEMinfo, Good q's. That Trader's Magazine article is accurate - in 2017, CBOE Holdings became Cboe Global Markets. That Investopedia article is partially incorrect - the overall company was never called the Cboe Options Exchange, i.e. the Chicago Board Options Exchange / CBOE did not become the Cboe Options Exchange. Currently, our franchise - Cboe Global Markets - operates four distinct options exchanges in the United States, one of which is called Cboe Options Exchange. The history of our overall company was, in essence, that the Chicago Board Options Exchange / CBOE (which itself operated multiple options exchanges) rebranded to become Cboe Global Markets - that piece of the corporate naming/brand history is what began in 2017. Confusing, I know - but does that make sense? From my view, the Chicago Board Options Exchange / CBOE article should be incorporated into Cboe Global Markets page so that Cboe Global Markets is the only page left standing and reflect the entire corporate history from 1973 to the present day. Whether that is accomplished via updating the Chicago Board Options Exchange / CBOE page by moving it to Cboe Global Markets (overwriting the current Cboe), while having a redirect from the old name - as you previously alluded - or some other means, well, I defer to your expertise.
 * Spencer at Cboe (talk) 21:04, 27 June 2024 (UTC)