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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On July 23, 2025, the Company announced its decision to wind down Cboe’s Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. Cboe expects to suspend operations for these businesses on August 29, 2025 and formally close the businesses subject to consultation with regulators. For the three and six months ended June 30, 2025, Cboe Japan net revenue was $3.3 million and $7.6 million, respectively, and is included in the Europe and Asia Pacific reportable segment (representing 5% and 6% of Europe and Asia Pacific net revenues for the three and six months ended June 30, 2025, respectively). The Company evaluated the goodwill of the Europe and Asia Pacific reporting unit and, based on the results of the assessment, the Company does not anticipate an impairment in the third quarter of 2025 as a result of the announced plans. The Company expects to record an estimated pre-tax charge of $4.6 million, which is expected to be recorded in the third quarter of 2025, primarily related to non-cash impairment of indefinite-lived intangible assets and technology-related software, as a result of the announced plans.
On July 25, 2025, the 11th Circuit issued an opinion and held that the CAT Funding Model Order is arbitrary and capricious and in violation of the Administrative Procedures Act. The 11th Circuit vacated the CAT Funding Model Order, stayed its decision for sixty days after issuance of the mandate, and remanded the matter to the SEC for further proceedings consistent with the 11th Circuit's opinion. As a result, the Plan Participants may continue to incur additional significant costs related to the historical, current, and future funding of the implementation and operation of the CAT, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. The Company plans to continue to explore applicable avenues to recoup historical and potential future CAT costs and believes the challenge is without merit and intends, to the extent possible, to vigorously litigate the matter. See Note 21 (“Commitments, Contingencies, and Guarantees — Legal Proceedings”) for further information.
On July 30, 2025, Trading Technologies announced an investment transaction that is expected to result in the Company fully exiting its investment in the 7Ridge Fund that currently owns Trading Technologies. The transaction is expected to close in the fourth quarter of 2025 after regulatory clearance. The Company expects the transaction to result in a gain recorded against the June 30, 2025 carrying value of its investment in 7Ridge Fund.
There have been no other subsequent events that would require disclosure in, or adjustment to, the condensed consolidated financial statements as of and for the three and six months ended June 30, 2025.