ErisX (Cboe Digital)
2022
$400M
Outcome
Created Cboe Digital to offer federally regulated cryptocurrency derivatives and margin futures for institutional clients.
Cboe Global Markets
Financial Exchanges & Derivatives Market InfrastructureFounded 1973- HQ today: Chicago, Illinois, USA
Reviewed by Swet Parvadiya
Company data updated: November 2026
Acquisitions
Cboe Global Markets Acquisitions
3
Major Deals Covered
$3.8B
Disclosed Deal Value
What are Cboe Global Markets's biggest acquisitions?
Cboe Global Markets's largest disclosed acquisition here is ErisX (Cboe Digital) for $400 in 2022. This page covers 3 major deals from 2017 to 2022, each with its price where disclosed and the reason behind it.
- Major deals covered
- 3
- Largest deal
- ErisX (Cboe Digital) ($400)
- First deal
- 2017
- Most recent
- 2022
| Company | Year | Price | Purpose |
|---|---|---|---|
| BATS Global Markets | 2017 | $3.2B | — |
| ErisX (Cboe Digital) | 2022 | $400.0M | — |
| NEO Exchange (Aequitas) | 2022 | $200.0M | — |
- What companies has Cboe Global Markets bought?
- Major acquisitions by Cboe Global Markets documented here include ErisX (Cboe Digital) (2022), NEO Exchange (Aequitas) (2022) and BATS Global Markets (2017).
- What is Cboe Global Markets's most recent acquisition?
- The most recent Cboe Global Markets acquisition documented here is ErisX (Cboe Digital), in 2022, for $400.
NEO Exchange (Aequitas)
2022
$200M
Outcome
Created Cboe Canada, establishing a pan-North American equities exchange footprint.
BATS Global Markets
2017
$3.2B
Outcome
Transformed Cboe from a Chicago-centric options exchange into a global multi-asset financial market infrastructure leader.
Cboe Global Markets's Growth & Acquisition Strategy
The company's strategic roadmap focuses on capturing 24-hour global institutional derivatives trading, scaling its European derivatives market (CEDX), expanding high-margin proprietary data and index licensing, and advancing automated trade execution tools across its BATS equities networks.
How Cboe Global Markets Makes Money
Cboe Global Markets operates a transaction-volume and proprietary IP licensing business model. It earns transaction and clearing fees on every options, futures, equity, foreign exchange, and digital asset contract traded across its exchanges. Uniquely among exchange operators, Cboe holds exclusive index licensing rights for cash-settled S&P 500 options (SPX), mini-SPX options (XSP), and VIX futures and options, allowing it to charge premium contract fees without direct competitor listing risk. Complementing transaction fees, Cboe generates steady recurring revenue from proprietary real-time market data distribution, exchange connectivity port fees, and index calculation licensing, achieving operating profit margins exceeding 60%.
Cboe Global Markets Acquisitions FAQ
Does Cboe Global Markets acquire other companies?
Yes, Cboe Global Markets executes targeted acquisitions to integrate complementary technologies, expand intellectual property, and enter new market verticals.
What is Cboe Global Markets's acquisition strategy?
Cboe Global Markets focuses on bolt-on acquisitions that can be rapidly integrated into its core technology architecture and commercial distribution channels.
How does Cboe Global Markets fund its acquisitions?
Acquisitions are typically funded through cash from operations, revolving credit facilities, and strategic equity considerations.
What was one of Cboe Global Markets's notable acquisitions?
Cboe Global Markets has acquired specialized technology assets that enhance its core platform capabilities and expand its addressable customer base.
How does Cboe Global Markets handle post-merger integration?
By migrating acquired codebases into its unified cloud infrastructure and retaining key engineering talent within specialized innovation pods.
Are acquisitions a primary or secondary growth driver?
Inorganic growth is secondary to robust organic product development, serving as a tactical accelerator for specific strategic capabilities.
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