芝加哥期权交易所 2025年季度报告

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (312)786-5600 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesoNox TABLE OF CONTENTS Item 1.Financial Statements (unaudited)7Condensed Consolidated Balance Sheets—As of March 31, 2025 and December 31, 20247Condensed Consolidated Statements of Income—Three Months Ended March 31, 2025 and 20248Condensed Consolidated Statements of Comprehensive Income—Three Months Ended March 31, 2025 and 20249Condensed Consolidated Statements of Changes in Stockholders’ Equity—Three Months Ended March 31, 2025and 202410Condensed Consolidated Statements of Cash Flows—Three Months Ended March 31, 2025 and 202411Notes to Condensed Consolidated Financial Statements12 Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations43Item 3.Quantitative and Qualitative Disclosures about Market Risk70Item 4.Controls and Procedures73 PART II. OTHER INFORMATION75Item 1.Legal Proceedings75Item 1A.Risk Factors75Item 2.Unregistered Sales of Equity Securities and Use of Proceeds76Item 3.Defaults upon Senior Securities77Item 4.Mine Safety Disclosures77Item 5.Other Information77Item 6.Exhibits78 SIGNATURES CERTAIN DEFINED TERMS Throughout this document, unless otherwise specified or the context so requires: •“Cboe,” “we,” “us,” “our” or “the Company” refers to Cboe Global Markets, Inc. and its subsidiaries.•“ADV” means average daily volume.•“ADNV” means average daily notional value.•“AFM” refers to the Netherlands Authority for the Financial Markets.•“ATS” refers to an alternative trading system.•“Bats Global Markets” and “Bats” refer to our wholly-owned subsidiary Bats Global Markets, Inc., now known as Cboe Bats, LLC,and its subsidiaries.•“BIDS Trading” refers to BIDS Trading L.P., a wholly-owned subsidiary of Cboe Global Markets, Inc. The ATS operated by BIDSTrading is not a registered national securities exchange or a facility thereof.•“BYX” refers to Cboe BYX Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.•“BZX” refers to Cboe BZX Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.•“C2” refers to Cboe C2 Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.•“Cboe Asia Pacific” refers to Cboe Asia Pacific Holdings Limited (formerly known as Chi-X Asia Pacific Holdings Limited), a wholly-owned subsidiary of Cboe Global Markets, Inc.•“Cboe Australia” refers to Cboe Australia Pty Ltd. (formerly known as Chi-X Australia Pty. Ltd.), a wholly-owned subsidiary of CboeGlobal Markets, Inc.•“Cboe Canada” refers to Cboe Canada Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc. and a recognized Canadiansecurities exchange.•“Cboe Chi-X Europe” refers to Cboe Chi-X Europe Limited, a wholly-owned subsidiary of Cboe Global Markets, Inc.•“Cboe Clear Europe” refers to Cboe Clear Europe N.V., a wholly-owned subsidiary of Cboe Global Markets, Inc.•“Cboe Clear U.S.” refers to Cboe Clear U.S., LLC (formerly known as Cboe Clear Digital, LLC, formerly defined as “Cboe ClearDigital”), a wholly-owned subsidiary of Cboe Global Markets, Inc.•"Cboe Data Vantage" refers to the Company's Cboe Data Vantage business (formerly known as Data and Access Solutions, andsubsequently referred to as Data Vantage throughout the remainder of this document).•“Cboe Digital” refers to Cboe Digital Intermediate Holdings, LLC (formerly known as Eris Digital Holdings, LLC) and its subsidiaries.•“Cboe Digital Exchange” refers to Cboe Digital Exch