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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company operates six reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital which is reflective of how the Company's CODM reviews and operates the business, as discussed in Note 1 (“Organization and Basis of Presentation”). Segment performance is primarily evaluated based on operating income (loss). The Company’s CODM does not use segment-level assets or income and expenses below operating income (loss) 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 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 revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services. North American Equities. The North American Equities segment includes 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 in the U.S. and Canada, and Canadian equities and other transaction services that occur on or through Cboe Canada Inc.’s order books. The North American Equities segment also includes listing services on Cboe Canada Inc., corporate and ETP listings on BZX, applicable market data fees revenues 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, along with equities transactions that occur on the BIDS Trading platform in Australia and Japan. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and Cboe BIDS Europe, a Large-in-Scale (“LIS”) trading negotiation facility predominately for UK and Swiss symbols. Cboe NL, 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, offers futures and options based on Cboe Europe equity indices, and single stock options. 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. On April 25, 2024, the Company announced plans to transition its cash-settled Bitcoin and Ether futures contracts, currently available for trading on the Cboe Digital Exchange, to CFE in the first half of 2025, pending regulatory review. 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, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The segment includes transaction services for U.S. government securities executed on the Cboe Fixed Income fully electronic trading platform. Digital. The Digital segment includes a regulated futures exchange and a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. Prior to May 31, 2024, the Digital segment also included a U.S.-based spot digital asset trading market. As of May 31, 2024, the Cboe Digital spot market is closed for all participant and trading purposes. In addition, the Company plans to transition its cash-settled Bitcoin and Ether futures contracts, currently available for trading on the Cboe Digital Exchange, to CFE in the first half of 2025, pending regulatory review. The Company intends to continue to present Digital as a distinct reportable business segment through at least the year ending December 31, 2024. Summarized financial data of reportable segments was as follows (in millions):
| Options |  | North American Equities |  | Europe and Asia Pacific |  | Futures |  | Global FX |  | Digital |  | Corporate Items and Eliminations |  | Total
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 510.3 |  |  | $ | 403.6 |  |  | $ | 81.1 |  |  | $ | 39.9 |  |  | $ | 20.7 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 1,055.7 |
Operating income (loss) | 221.2 |  |  | 44.1 |  |  | 11.3 |  |  | 29.4 |  |  | 9.2 |  |  | (6.2) |  |  | (1.6) |  |  | 307.4 |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 474.2 |  |  | $ | 317.1 |  |  | $ | 66.8 |  |  | $ | 33.4 |  |  | $ | 18.7 |  |  | $ | (1.4) |  |  | $ | — |  |  | $ | 908.8 |
Operating income (loss) | 213.9 |  |  | 34.9 |  |  | 2.6 |  |  | 24.3 |  |  | 8.5 |  |  | (12.6) |  |  | (0.4) |  |  | 271.2 |
| Options |  | North American Equities |  | Europe and Asia Pacific |  | Futures |  | Global FX |  | Digital |  | Corporate Items and Eliminations |  | Total
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 1,470.0 |  |  | $ | 1,106.5 |  |  | $ | 243.4 |  |  | $ | 107.2 |  |  | $ | 60.0 |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | 2,986.9 |
Operating income (loss) | 653.6 |  |  | 127.4 |  |  | 30.7 |  |  | 77.8 |  |  | 25.0 |  |  | (106.7) |  |  | (7.9) |  |  | 799.9 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 1,431.8 |  |  | $ | 1,017.5 |  |  | $ | 207.4 |  |  | $ | 95.5 |  |  | $ | 55.7 |  |  | $ | (3.1) |  |  | $ | — |  |  | $ | 2,804.8 |
Operating income (loss) | 618.6 |  |  | 86.1 |  |  | 19.4 |  |  | 63.6 |  |  | 18.2 |  |  | (35.0) |  |  | (7.0) |  |  | 763.9 |
Geographical Information The following summarizes revenues less cost of revenues based on primary jurisdiction (in millions):
| United States |  | Non-U.S. |  | Total
Revenues less cost of revenues: |  |  |  |  |
Three months ended September 30, 2024 | $ | 468.2 |  |  | $ | 63.8 |  |  | $ | 532.0 |
Three months ended September 30, 2023 | 422.6 |  |  | 57.9 |  |  | 480.5 |
| United States |  | Non-U.S. |  | Total
Revenues less cost of revenues: |  |  |  |  |
Nine months ended September 30, 2024 | $ | 1,357.9 |  |  | $ | 190.0 |  |  | $ | 1,547.9 |
Nine months ended September 30, 2023 | 1,242.2 |  |  | 176.8 |  |  | 1,419.0 |

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- Definition The entire disclosure for reporting segments including data and tables. 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