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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2023
SEGMENT REPORTING  
SEGMENT REPORTING

14.  SEGMENT REPORTING

The Company previously operated five reportable business segments prior to the quarter ended June 30, 2022. As a result of the acquisition of Cboe Digital, as of June 30, 2022, the Company operates six reportable segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital which is reflective of how the Company's chief operating decision-maker reviews and operates the business, as discussed in Note 1 (“Organization and Basis of Presentation”). Segment performance is primarily evaluated based on operating income. The Company’s chief operating decision-maker does not use segment-level assets or income and expenses below operating income as key performance metrics; therefore, such information is not presented below. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. 

Options. The Options segment includes options on market indices (“index options”), as well as on the stocks of individual corporations (“equity options”), and options on ETPs, such as exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”), which are “multi-listed” options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national security exchanges. Cboe Options is the Company’s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and

fee structures than Cboe Options. The Options segment also includes applicable market data fees generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, and access and capacity services.

North American Equities. The North American Equities segment includes listed U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform, and Canadian equities and other transaction services that occur on or through the MATCHNow ATS, and Cboe Canada, as of the June 1, 2022 acquisition. The North American Equities segment also includes listing services on Cboe Canada Exchange, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, applicable market data fees generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services.

Europe and Asia Pacific. The Europe and Asia Pacific segment includes the pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and Cboe Europe Derivatives (“CEDX”). It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities transaction services of Cboe Australia and Cboe Japan, operators of trading venues in Australia and Japan, respectively. Cboe Europe operates lit and dark books, a periodic auctions book, and Cboe BIDS Europe, a Large-in-Scale (“LIS”) trading negotiation facility for UK symbols. Cboe NL, launched in October 2019 and based in Amsterdam, operates similar business functionality to that offered by Cboe Europe, and provides for trading only in European Economic Area (“EEA”) symbols. Cboe Europe Derivatives, a pan-European derivatives platform launched in September 2021, offers futures and options based on Cboe Europe equity indices. This segment also includes Cboe Europe, Cboe NL, CEDX, Cboe Australia and Cboe Japan revenue generated from the licensing of proprietary market data and from access and capacity services.

Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services.

Global FX. The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions (“NDFs”) offered for execution on Cboe SEF and Cboe Swiss, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The segment will include transaction services for U.S. government securities executed by Cboe Fixed Income when Cboe Fixed Income operations commence.

Digital. The Digital segment includes Cboe Digital, an operator of a U.S. based digital asset spot market and a regulated futures exchange, and Cboe Clear Digital, a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services.

Summarized financial data of reportable segments was as follows (in millions):

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North

    

Europe

    

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Corporate

    

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American

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and Asia

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Items and

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Options

    

Equities

    

Pacific

    

  Futures  

    

Global FX

    

Digital

    

Eliminations

    

      Total      

Three Months Ended March 31, 2023

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Revenues

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$

486.1

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$

379.8

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$

72.3

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$

32.1

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$

18.8

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$

(0.9)

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$

—

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$

988.2

Operating income (loss)

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201.0

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28.4

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11.3

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20.9

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4.7

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(11.4)

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​

(7.0)

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​

247.9

Three Months Ended March 31, 2022

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Revenues

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$

422.6

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$

423.7

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$

78.6

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$

32.3

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$

17.3

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$

—

​

$

—

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$

974.5

Operating income (loss)

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162.7

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​

38.6

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​

20.9

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​

17.0

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​

2.4

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—

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(1.9)

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239.7

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Geographical Information

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The following represents our revenues less cost of revenues based on jurisdiction (in millions):

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United States

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Non-U.S.

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Total

Revenues less cost of revenues:

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Three months ended March 31, 2023

$

415.9

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$

55.5

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$

471.4

Three months ended March 31, 2022

$

359.3

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$

58.8

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$

418.1

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