CBOE - Cboe Global Markets, Inc.

BATS - BATS Real-time price. Currency in USD
91.72
+1.53 (+1.70%)
At close: 4:00PM EDT
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Previous close90.19
Open90.35
Bid90.00 x 800
Ask92.00 x 800
Day's range89.91 - 91.84
52-week range72.01 - 127.93
Volume828,873
Avg. volume854,438
Market cap10.064B
Beta (5Y monthly)0.51
PE ratio (TTM)20.14
EPS (TTM)4.55
Earnings date31 Jul 2020
Forward dividend & yield1.44 (1.60%)
Ex-dividend date28 May 2020
1y target est102.07
  • Cboe Global Buys EuroCCP, Expands European Equities Business
    Zacks

    Cboe Global Buys EuroCCP, Expands European Equities Business

    Cboe Global (CBOE) acquires equities clearing house, EuroCCP to expand its European equities business and to launch a futures and options market.

  • An $18 Billion Debt ETF Powers Revamp of VIX-Like Rates Gauge
    Bloomberg

    An $18 Billion Debt ETF Powers Revamp of VIX-Like Rates Gauge

    (Bloomberg) -- Cboe Global Markets Inc. brought U.S. stock-market volatility trading to the masses 16 years ago with futures on the VIX index. Replicating that success with interest rates has been elusive, but the firm is going back to the drawing board to try again.Trading of futures on Cboe’s 10-Year U.S. Treasury Note Volatility Index languished even as volatility soared in March and volume surged in Treasury futures and options listed at CME Group Inc. Cboe blames an unconventional design it was in the process of fixing. Then, last month, CME declined to renew the pricing data that the index was based on.So now Cboe is trying a different approach. It plans to roll out a set of volatility indexes based on a Treasury exchange-traded fund during the third quarter and to expand its lineup of indexes based on interest-rate swaps. In each case, the goal is eventually to list futures and options on the indexes that will open up volatility trading to more investors, said Michael Mollet, director of product development at Cboe.“There’s room for democratization of volatility trading in rates as there was in equities,” Mollet said. Rates volatility trading is big business for banks, he said, but “there may be lots of other people with risk tied to volatility of interest rates that have expertise but not access, or have opinions and just don’t have the right tools to express opinions or hedge risk.”Cboe’s first new entry will be a suite of four volatility indexes with different tenors and based on the iShares 20+ Year Treasury Bond ETF. Known by its ticker symbol TLT, it’s among the biggest U.S. Treasury ETFs, with assets of about $18.3 billion. On the swaps side, where options are traded over-the-counter, the process will take longer. However, it will build on the Cboe Interest Rate Volatility Index -- based on one-year options on 10-year interest-rate swaps -- which has been published since 2012.When Cboe began publishing the 10-year Treasury volatility index in May 2013 in cooperation with CME, it was muscling in on territory controlled by Bank of America Corp. via the Merrill Lynch Option Volatility Estimate Index. Created during the 1990s at Merrill Lynch by Harley Bassman, the firm’s then-head of OTC bond options, the gauge known is known as the MOVE index. It derives the implied volatility of Treasury yields from prices of one-month OTC options on two-, five-, 10- and 30-year Treasuries.Bassman has described MOVE as “similar in form to the VIX Index,” Cboe’s S&P 500 volatility index that was created in 1993.But the MOVE isn’t like the VIX in the sense that the VIX is based on transaction prices for listed, not OTC, options. Introducing the 10-year Treasury volatility index, based on listed options on CME’s Treasury 10-year note futures contract, Cboe and CME called it “the first volatility index of its kind.”Cboe listed futures on the index in 2014. Unlike futures and options on the VIX, a juggernaut for the company, Treasury vol futures never quite caught on, with open interest and daily volume in the low double digits. VIX futures volume averaged 247,000 contracts a day during the first five months of this year and VIX options volume was 614,000 contracts a day, about 6% of average daily volume in options across Cboe’s four exchanges.To be sure, the volatility franchise has also been an occasional source of trouble. Credit Suisse Group AG this week delisted a group of exchange-traded notes including a $1.5 billion product that aimed to deliver twice the daily return of the S&P 500 VIX Short-Term Futures Index, leading Goldman Sachs to downgrade Cboe shares.Index FlawWhen it comes to the Treasury VIX, Mollet attributes its failure to a structural flaw that Cboe was in the process of fixing. The Treasury VIX expressed volatility in price terms, whereas the convention in Treasury options is to express it in basis points. Mollet said a conversion methodology had been worked out when Cboe learned that CME intended not to renew the options-data license when it expired.CME declined to comment on the data license. Agha Mirza, its global head of interest-rate products, said in a statement that CME’s listed options are “the best way to monitor, trade or hedge volatility” on its 10-year Treasury futures contract. Volume in the options has grown 70% over the past five years, he said.Located around the block from each other in Chicago, Cboe (formerly the Chicago Board Options Exchange) was founded in 1973 as an options trading floor, while CME (formerly the Chicago Mercantile Exchange) whose biggest products are interest-rate futures, began as a commodity futures exchange in 1898.Cboe is betting there’s room for more growth outside the “relatively small subset” of investors with access to CME’s products and over-the-counter interest-rate derivatives. That was its experience when it listed futures and options on the VIX, Mollet said.By calculating a volatility index for the TLT, Cboe will sidestep the data licensing pitfall. Also, the ETF compares favorably as an underlying asset to the more complicated Treasury futures contract, which tracks a basket of deliverable bonds and has quarterly expirations. And there is plentiful liquidity in the options. The fund is the third most-traded fixed-income ETF, and has the second-highest open interest in its options.Swaps VolatilityCreating volatility indexes for swaps is a harder lift because options pricing data is relatively sparse, Mollet said. But there is more potential for an array of products based on various tenor-maturity combinations, as well as other currencies.Bassman, who retired from financial services in 2017 but continues to publish commentary on his website ConvexityMaven.com, is skeptical about the growth potential of rates volatility index trading, relative to VIX futures and options.Indicators like the MOVE index “are important for risk analysis and management, but trading these products can be more challenging since their short-term correlation to rate level can be fluid,” he said. The VIX has a strong negative correlation to the S&P 500, whereas the MOVE can spike when rates move sharply in either direction.Also, as the MOVE index shows -- and the Treasury VIX did until it was discontinued -- U.S. rates volatility collapsed after the Federal Reserve cut the U.S. policy rate to near zero in March and vowed to keep it there for as long as it takes the economy to recover from the pandemic.The level of volatility might influence the timing of any decision to list futures and options on the new indexes, Mollet said. In the meantime, however, “We’re giving people transparency and insight into how Treasury volatility behaves,” and expect demand for the new index “regardless of what market sentiment is at this point.”(Adds tout to story about vol products below chart.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Cboe Global Markets, Inc. (CBOE) Upgraded to Buy: What Does It Mean for the Stock?
    Zacks

    Cboe Global Markets, Inc. (CBOE) Upgraded to Buy: What Does It Mean for the Stock?

    Cboe Global Markets, Inc. (CBOE) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

  • Better Buy: Intercontinental Exchange vs. Cboe Global Markets
    Motley Fool

    Better Buy: Intercontinental Exchange vs. Cboe Global Markets

    The banks and much of the real estate investment trust sector have been sold off on fears of credit-related losses. Let's take a look at Cboe Global Markets (NYSEMKT: CBOE) and Intercontinental Exchange (NYSE: ICE). Cboe Global Markets began life as the Chicago Board Options Exchange, which pioneered the trading of equity options in the early 1970s.

  • Cboe Global (CBOE) to Acquire MATCHNow, Foray Into Canada
    Zacks

    Cboe Global (CBOE) to Acquire MATCHNow, Foray Into Canada

    Cboe Global's (CBOE) pending buyout of MATCHNow is likely to broaden its North American equities business.

  • Why the Exchanges Could Be a Good Place to Hide During the COVID-19 Crisis
    Motley Fool

    Why the Exchanges Could Be a Good Place to Hide During the COVID-19 Crisis

    Stocks tied to the various exchanges have reported strong Q1s and may offer some financial sector investing refuge.

  • Cboe Global Markets Considers June 1 Reopening of Iconic Chicago Options Trading Floor
    Motley Fool

    Cboe Global Markets Considers June 1 Reopening of Iconic Chicago Options Trading Floor

    The securities exchange operator will re-launch live trading, assuming it can do so with sufficient safety.

  • This number shows just how scared investors are
    Yahoo Finance AU

    This number shows just how scared investors are

    The volatility index is commonly used to measure fear in share markets: here’s how you can use it.

  • GlobeNewswire

    Innovator ETFs Announces Upside Cap Ranges for May Series of S&P 500 Buffer ETFs

    Innovator Capital Management, LLC (Innovator) today announced the anticipated upside cap ranges and return profiles for the May Series of the S&P 500 Buffer ETFs – Innovator S&P 500 Buffer ETF (BMAY), Innovator S&P 500 Power Buffer ETF (PMAY) and Innovator S&P 500 Ultra Buffer ETF (UMAY) – scheduled to begin trading on the Cboe on May 1st. The Buffer ETFs™ are part of Innovator’s category-creating Defined Outcome ETF™ family – the first group of ETFs designed to provide investors with built-in buffers against losses of -9%, -15% or -30% and exposure to the growth of equity markets, to a cap, in a tax-efficient vehicle over a one year outcome period.

  • U.S.News & World Report

    7 Top Stocks in the Strongest Industries to Buy Now

    Consider these highly rated stocks. The S&P 500 has taken a hard hit so far in 2020, but certain industries have weathered the COVID-19 storm better than others. CFRA manages the Industry Momentum Model ...

  • Should You Consider Trading Weekly Options Expirations?
    Zacks

    Should You Consider Trading Weekly Options Expirations?

    Should You Consider Trading Weekly Options Expirations?

  • Cboe Global (CBOE) Q4 Earnings Beat Estimates, Rise Y/Y
    Zacks

    Cboe Global (CBOE) Q4 Earnings Beat Estimates, Rise Y/Y

    Cboe Global (CBOE) Q4 earnings reflect lower trading volumes, decline in expenses and effect of share buyback.

  • CBOE Holdings (CBOE) Q4 Earnings and Revenues Surpass Estimates
    Zacks

    CBOE Holdings (CBOE) Q4 Earnings and Revenues Surpass Estimates

    CBOE (CBOE) delivered earnings and revenue surprises of 9.01% and 2.18%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?

  • Best of the Beauty and Social Media Earnings Charts
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    Best of the Beauty and Social Media Earnings Charts

    Who has the best chart of the beauty and social media companies reporting this week?

  • What's in the Cards for Cboe Global (CBOE) Q4 Earnings?
    Zacks

    What's in the Cards for Cboe Global (CBOE) Q4 Earnings?

    Cboe Global's (CBOE) Q4 results might reflect a decline in revenues as well as trading volume.

  • Earnings Preview: CBOE Holdings (CBOE) Q4 Earnings Expected to Decline
    Zacks

    Earnings Preview: CBOE Holdings (CBOE) Q4 Earnings Expected to Decline

    CBOE (CBOE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • Call-Put Parity Reprise
    Zacks

    Call-Put Parity Reprise

    Call-Put Parity Reprise

  • Call-Selling Terminology (Plus a Bit More on Call-Put Parity)
    Zacks

    Call-Selling Terminology (Plus a Bit More on Call-Put Parity)

    Call-Selling Terminology (Plus a Bit More on Call-Put Parity)

  • Don't Let Low Volatilities Lull You into a False Sense of Security
    Zacks

    Don't Let Low Volatilities Lull You into a False Sense of Security

    Don't Let Low Volatilities Lull You into a False Sense of Security

  • Can CBOE (CBOE) Keep the Earnings Surprise Streak Alive?
    Zacks

    Can CBOE (CBOE) Keep the Earnings Surprise Streak Alive?

    CBOE (CBOE) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.

  • Back to Fundamentals to Start 2020
    Zacks

    Back to Fundamentals to Start 2020

    Back to Fundamentals to Start 2020

  • Cboe Global (CBOE) Set to Acquire Clearing House EuroCCP
    Zacks

    Cboe Global (CBOE) Set to Acquire Clearing House EuroCCP

    Cboe Global (CBOE) agrees to the acquisition of the remaining stake in equities clearing house, EuroCCP to enhance derivatives trading and clearing capabilities.

  • Cboe Global's (CBOE) November Volumes Weak, Decline Y/Y
    Zacks

    Cboe Global's (CBOE) November Volumes Weak, Decline Y/Y

    Cboe Global's (CBOE) November volumes reflect decrease in options and futures contract.

  • CBOE (CBOE) Up 3.3% Since Last Earnings Report: Can It Continue?
    Zacks

    CBOE (CBOE) Up 3.3% Since Last Earnings Report: Can It Continue?

    CBOE (CBOE) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • MarketAxess (MKTX) Up 70% This Year: Is Further Upside Left?
    Zacks

    MarketAxess (MKTX) Up 70% This Year: Is Further Upside Left?

    MarketAxess (MKTX) is driven by growth in business and market share and strong capital position.