CBOE Holdings

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.