Cboe Global Markets operates a global derivatives and securities exchange network offering trading, clearing, and investment solutions across equities, derivatives, and foreign exchange markets. The company runs the largest U.S. options exchange and a third-largest U.S. equities exchange, alongside pan-European equities platforms and clearing operations, serving financial institutions, asset managers, hedge funds, and individual investors through multiple venues with different market models and access structures. The company generates revenues from transaction and clearing fees, market data licensing from proprietary indices and feeds, regulatory and listing fees, and allocations from U.S. tape plans, organized into three primary business segments: Cash and Spot Markets, Cboe Data Vantage (real-time data, analytics, and index services), and Derivatives Markets (options, futures, and proprietary products including its flagship VIX complex).