Cboe Global Markets Inc.

Record financial performance; strong broad-based growth - Net revenue: +$732M, +25% YoY (record). - Adjusted diluted EPS: $3.56, +45% YoY. - Adjusted operating EBITDA: $528M, +37%, with EBITDA margin +6.4 pts to 72.2%—reflecting strong revenue + expense discipline. - Expenses: adjusted operating expenses $217M, +2% YoY (discipline, though bonus accrual and some travel/promotions rose).

Derivatives (options) momentum + notable retail-driven demand (good + surprising) - Derivatives net revenue: $413M, +30% YoY (record). - Index options drove upside; average daily volume (ADV) +32% YoY to 6.2M contracts. - 0DTE surge linked to retail policy change: after repeal of the pattern day trader rule: - SPX 0DTE ADV +11% month-over-month in June - Estimated retail share 57% vs 53% in April/May. - Mini-SPX ADV +37% from May to June; +80% YoY in Q2. - Product competitiveness context: company emphasized options’ defined-risk/convexity as fundamentally different from linear/perpetual exposures; they noted >95% of observed 0DTE trading is defined-risk, with 50–55% spreads.

New growth “option-like” expansion: event/prediction + company KPI contracts (big opportunity; timing-dependent) - Cboe Predicts launched (June): binary options on Mini-S&P 500; early feedback “encouraged.” - Company-specific KPI event contracts: filed with the SEC in July (initially 23 U.S. companies), pending approval. - Clearing build-out: filed for temporary SEC covered clearing agency registration (full registration targeted ~end of 18 months, subject to approval) and noted CFTC Subpart C effective June 16 to meet enhanced clearing standards; aim is to support expansion via a vertically integrated stack. - Revenue guidance impact: management said they did not bake material incremental revenue from these new products into 2026 guidance—still early days and regulatory-dependent.