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CBOE Holdings
CBOE Holdings was established in 2010 as the holding company for the Chicago Board Options Exchange, one of the most established options markets globally.
CBOE Holdings
CBOE Holdings was established in 2010 as the holding company for the Chicago Board Options Exchange, one of the most established options markets globally. Edward Tilly, who led the CBOE through its public listing in 2012, has served as CEO since 2014, succeeding William Brodsky. The firm's strategy spans multiple asset classes, including exchange-traded derivatives, equities, and fixed-income products. It invests in infrastructure assets, such as clearinghouses and technology platforms, and maintains a portfolio of strategic stakes in market-making firms and financial technology companies. CBOE Holdings operates primarily in North America and Europe, with offices in Chicago, New York, and London. AUM is not publicly disclosed. The firm has expanded through acquisitions, including the 2017 purchase of the Bats Global Markets exchange for $3.2 billion (per Reuters, 2017), adding equities and ETF trading. Its team includes several hundred professionals globally, though precise numbers are not publicly available. A structural differentiator is CBOE Holdings' hybrid model: it operates as both a regulated exchange operator and an asset manager deploying capital within its own ecosystem. This allows it to capture synergies between its trading infrastructure and its investment portfolio, a configuration rare among financial holding companies.
General information
Firm type
Asset Manager
Year founded
2010
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Principals
Edward Tilly
CEO
Chris Concannon
President and COO
Sector focus
Frequently asked questions
Who runs investment decisions at CBOE Holdings?
Investment decisions are overseen by CEO Edward Tilly, who has led the firm since 2014. The firm's investment committee includes senior executives from its exchange and technology divisions (per public filings, 2023).
How does CBOE Holdings source proprietary deal flow?
The firm originates investments through its exchange infrastructure, giving it early access to opportunities in clearing, settlement, and market-making. It also participates in industry consortiums and partnerships within the financial technology ecosystem (per the firm's investor materials).
Is CBOE Holdings structured as a single family office or does it operate more like a venture firm?
CBOE Holdings operates as a publicly traded holding company and asset manager, not a family office. It functions as an investment vehicle for exchange-related assets and financial infrastructure, deploying capital from its own balance sheet rather than external LPs.
What investment stages does CBOE Holdings typically target?
The firm targets growth-stage and mature infrastructure assets, such as exchanges, clearinghouses, and financial technology platforms. It does not typically invest in early-stage startups (per public record).
Which sectors does CBOE Holdings explicitly avoid?
The firm avoids sectors unrelated to financial infrastructure, such as healthcare, energy, or consumer goods. Its focus is limited to exchange operations, clearing, settlement, and financial technology (per public filings).
Does CBOE Holdings maintain philanthropic structures, and how are they separated?
The firm does not publicly disclose a separate philanthropic foundation. Its corporate social responsibility initiatives are run internally, separate from investment activities (per the firm's website).
What is CBOE Holdings' known posture on co-investments alongside external GPs?
CBOE Holdings primarily invests directly in infrastructure assets, but it has participated in co-investment partnerships, such as its role in the 2020 acquisition of EuroCCP alongside other exchange operators (per Reuters, 2020).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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