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INVESTMENTS

9 Months Ended

Sep. 30, 2021

4. INVESTMENTS

As of September 30, 2021 and December 31, 2020, the Company’s investments were comprised of the following (in millions):


	September 30,		December 31,
	2021		2020
Equity method investments:
Investment in Signal Trading Systems, LLC	$	—	$	2.0
Total equity method investments		—		2.0

Other equity investments:
Investment in Eris Exchange Holdings, LLC		20.0		20.0
Investment in American Financial Exchange, LLC		10.6		10.6
Investment in Cboe Vest Financial Group, Inc.		2.9		2.9
Investment in Eris Digital Holdings, LLC		1.2		0.8
Investment in OCC		0.3		0.3
Other equity investments		1.0		6.1
Total other equity investments		36.0		40.7

Total investments	$	36.0	$	42.7

Equity Method Investments

Equity method investments included investments in Signal Trading Systems, LLC, a 50% joint venture with FlexTrade System, Inc. (“FlexTrade”) to develop and market PULSe, a multi-asset front-end order entry system. In 2020, the Company commenced an initiative to migrate PULSe, and its related activity to Cboe Silexx, LLC, a wholly-owned subsidiary of the Company. PULSe was decommissioned as of December 31, 2020, and the joint venture with FlexTrade was wound down during the first quarter of 2021. The Company concluded that the remaining investment in Signal had no future economic value and the remaining balance was written off as of March 31, 2021. The loss related to the write-off was included within acquisition-related costs in the condensed consolidated statements of income.

Other Equity Investments

The carrying amount of other equity investments is included in investments in the condensed consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held. As of September 30, 2021, other equity investments primarily reflect a 20% investment in OCC and minority investments in Eris Exchange Holdings, LLC, American Financial Exchange, LLC, and Cboe Vest Financial Group, Inc.

On September 21, 2021, CurveGlobal Limited (“CurveGlobal”), a minority investment of the Company included within other equity investments, announced plans to wind down the company in January 2022. The Company concluded that the remaining investment in CurveGlobal had no future economic value, and thus, wrote off the investment as of September 30, 2021. The loss related to the write-off was included within other (expense) income, net in the condensed consolidated statements of income.

As announced on October 20, 2021, the Company plans to acquire the remaining interest in Eris Digital Holdings, LLC. The closing of the transaction is subject to regulatory review and other customary closing conditions. As a result, the timing of the closing is uncertain, but the Company presently anticipates a closing in the first half of 2022. See Item 2 (“Management’s Discussion and Analysis”) for more information.