ANNUAL REPORT

2023

April 4, 2024

Fellow Shareholders,

I was honored to take the role of Chair of the Board of Directors in September 2023. I joined the Cboe Board as a director in 2016 and have been proud to represent our shareholders over the last eight years. As Chair, I am committed to helping ensure our Board is acting in your best interest and believe we have an excellent group representing you here. During my tenure on the Board, I have had the opportunity to witness the growth of the company from a local options exchange to a global multi-asset market operator.

Fifty years after the creation of listed options, the evolution of options trading has surpassed all initial expectations. What was viewed as a radical idea in the not-too-distant past has had staying power that is now enabling more people than ever to manage risk and generate wealth. Of course, 50 years of options trading means 2023 also marked Cboe's 50th anniversary. With record net revenue, Cboe stock reaching all- time highs and record options trading volumes across the industry, 2023 was truly a milestone year.

Cboe also navigated a challenging leadership transition in 2023. I am proud of our Board for acting with integrity, putting our values first and doing what was necessary in the best interests of Cboe and its shareholders. I am even prouder of the entire Cboe team for the resiliency and optimism they have shown through this experience. While it was not easy, the team never faltered, ensuring we maintained our momentum and finished the year strong.

When we needed someone to step in during a difficult situation, Fred Tomczyk was the clear choice. Fred's tenure as a Board member and familiarity with Cboe's business, combined with his multi-decade experience in the financial services industry, has provided stability over the past six months. His ability to seamlessly transition into the CEO role is a testament to the best-in-class governance we cultivate on our Board.

Today, all but one of our Board of Directors are independent. With 5 out of 12 directors being women, and four representing racial diversity, Cboe has reaffirmed our commitment to diversity and inclusion. We believe that having a diverse and inclusive Board is the right thing to do, particularly now that we have become a more global company. The recent additions of Erin Mansfield and Cecilia Mao further enrich the Board's collective expertise across risk management and technology. Their diverse skill sets, combined with the perspectives of members with shorter tenure and those with longer tenure, positions Cboe's Board well in terms of diversity of skills, experiences and perspectives as we become an increasingly global company.

So much has changed in the last 50 years, not the least of which is the market environment and the way people trade. What has not changed is Cboe's reputation of building trusted markets and our commitment to delivering solutions and creating accessibility. That innovative spirit that drove the creation of Cboe is still alive and well here. So, when you invest in Cboe, you're investing in creating opportunities for investors of all kinds. Your support of Cboe helps enable us to keep innovating, making markets more accessible, providing valuable education and, most importantly, continuously operating a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future.

William Farrow, III

Chairman of the Board

April 4, 2024

Dear Shareholders,

In 2023, we marked 50 years of building trusted markets as a leading global exchange operator. We recognized this milestone with the traditional fanfare-parties and bell-ringings-as well as some unconventional choices, including donations to associate-selected charities and a brand refresh to set the stage for our next 50 years. It was a wonderful acknowledgement of not just our history, but our future and how we plan to shape the next 50 years.

In a year filled with celebrations, 2023 also threw us some unexpected curveballs. However, expecting the unexpected is what we do best and the Cboe team handled a difficult situation with grace. Resiliency, integrity and teamwork pulled us through, and today I believe the team is stronger than before, united in our purpose of building trusted markets.

I took the helm as CEO in September amid this unexpected challenge, and I greatly appreciate the warm welcome I received from the team. I have served on Cboe's Board for more than four years, so I was no stranger to the business, but I have greatly enjoyed getting in the weeds, connecting with our associates and learning about the impactful work they do.

A Year for the Record Books

2023 was a pivotal year at Cboe, laying the foundation for 2024 to be a year of alignment and unlocking our full potential. It was another record year, in which we grew net revenue 10% to a record $1.9 billion and adjusted earnings per share (EPS) 13% to a record $7.801. We had another strong year of performance in our stock price bringing our three-year total return to 101% from 2021 to 20232. We also continued to maintain a disciplined approach to capital allocation, returning $308 million to shareholders during the year, while continuing to invest strategically in our business.

We continued to introduce innovative products to meet client demand, and enhanced our market data tools and services to better serve investors worldwide. Additionally, we successfully executed technology migrations in two key markets, Australia and Japan, and created a first-of-its-kind offering for companies wanting to access global capital markets for their corporate and ETF listings. We set a new benchmark for ourselves as we made meaningful progress on our strategic initiatives, and our trajectory for 2024 is promising.

Over the last few years, Cboe has built a unique global derivatives and securities network that spans multiple continents and asset classes. With this comprehensive network established and nearly all our acquisitions fully integrated, we are turning our attention to unlocking the value of this network through strategic, organic growth. We are ready to start our next chapter, sharpening our strategy to deliver on our key objectives. Looking inward, we are prioritizing projects and investments that fit our strategy and are expected to set us up for long-term success. And of course, we are in continued conversation with our customers, keeping a pulse on what is most important to them to determine how we can capitalize on opportunities and solve their challenges.

As we sharpen our strategy, our core strengths are top of mind. Our global footprint, renewed focus on trusted, superior technology and our emphasis on product innovation all set Cboe apart. We have honed these core strengths in recent years, creating a solid foundation for continued growth initiatives that we expect to drive net revenue and earnings growth in 2024 and beyond.

A Global Exchange Powerhouse

No other exchange operator has a global footprint that compares to Cboe's. It is now our time to realize the full potential of this network as we set our sights on organic growth opportunities. Providing a

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On a GAAP basis, diluted earnings per share was $7.13 in 2023. A reconciliation of adjusted diluted earnings per share to a GAAP measure is provided on page 73 of the Cboe Global Markets, Inc. Annual Report on Form 10-K for the year ended December 31, 2023.

As of December 31, 2023. Includes reinvestment of all dividends.

globally consistent, locally optimized experience is our North Star, guiding us to help ensure our customers, no matter where they are, know they can rely on Cboe.

Whether our end users are trading cash equities in London or options in Chicago, we provide the infrastructure, tools and education they need to pursue a sustainable financial future. Developing a strong financial foundation and effectively managing personal finances are critical pillars for building a prosperous life. And helping more people across the globe achieve their financial objectives motivates us to keep innovating-to make markets more accessible so even more people can generate wealth and protect their assets.

What makes Cboe unique is the interconnectedness of our 27 markets around the world. Our local teams help us identify what works well in one market or asset class and apply it elsewhere, creating a more efficient and dynamic trading experience for our customers. Likewise, our leading-edge technology is key to providing a globally consistent experience for our customers. As the only truly global derivatives and securities exchange operator, we are committed to providing comprehensive access and tailored solutions for all types of investors.

Derivatives and Data: A Network of Opportunity

We are focused on maintaining a healthy ecosystem of access, data and products and services that create short, medium and long-term growth opportunities for the company. Cyclical and structural drivers indicate that investors are expected to continue to turn to derivatives to achieve their goals. With record options trading volumes in 2023, we are seeing increased demand for options from all corners of the world, as more people realize the potential value and opportunity the asset class provides. We believe options are an unmatched tool to help manage risk and generate income, democratizing access to strategies previously reserved for institutional investors. This combination creates an opportunity for Cboe to follow our effective U.S. playbook, using our network to bring our products and services to new markets.

Access and data drives markets and the breadth of Cboe's data and analytics offering is robust. We see immense potential for our Data and Access Solutions business in 2024 as we plan to expand access, bringing market data and related tools to more people worldwide. Our cash equities, data and derivatives businesses work together in a virtuous cycle of revenue generation to drive growth. With our global equities footprint spanning 7 of the top 10 global equities markets, Cboe's data is unparalleled. Strong cash equities trading generates valuable market data that we can use to develop new derivative products. These derivatives, in turn, attract more customers to our platform, increasing trading activity and further data generation.

Our trusted partnerships and collaboration are also key to Cboe's product innovation process. We are excited to deliver new and enhanced offerings this year, including potential new indices and derivatives products with our partners at S&P Dow Jones, MSCI and FTSE Russell. Their collaboration helps us create products for people at various stages of the trading and investment lifecycle, keeping our mission at the core of everything we do.

Earning Your Trust

One thing has become abundantly clear since I became CEO: our people are the heart of this business. There are more than 1,600 people on board worldwide and I have had the pleasure of meeting many of them in my first six months here. Whether they joined through acquisition, traditional hiring or they have been here for decades, the team has truly come together as one. As such, developing talent is another priority for us in 2024. A focus on internal mobility, leadership training and succession planning help ensure Cboe has a deep bench of talented people ready to lead and continue our legacy of building trusted markets. Because, at the end of the day, the trust you-our investors, along with our customers, regulators and partners-have in our business is built by our people.

No matter the market environment, economic conditions or geopolitical issues, you can trust that Cboe will provide a place for investors to express their views, manage risk and generate income.Exchanges are an essential piece of a well-functioning capital market infrastructure. Regardless of market environment, we believe Cboe is well positioned to manage and build trusted markets.

As we come to the end of our 50th year, we are excited to begin writing the next chapter. Thank you for your continued investment in Cboe, you are an important part of our story.

Fred Tomczyk

Chief Executive Officer

Cautionary Statements Regarding Forward-Looking Information

Certain information contained in this letter may constitute forward-looking statements. We caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made and are subject to a number of risks and uncertainties. More detailed information about risks and uncertainties may be found on page 35 of the Cboe Global Markets, Inc. Annual Report on Form 10-K for the year ended December 31, 2023.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

  • ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023

or

  • TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 001-34774

Cboe Global Markets, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

20-5446972

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification Number)

433 West Van Buren Street

Chicago, Illinois

60607

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code

(312) 786-5600

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol (s)

Name of Exchange on Which Registered

Common Stock, par value $0.01 per share

CBOE

CboeBZX

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

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 preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes No

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). Yes No

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 growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company ☐ Emerging growth company ☐

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 financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that

prepared or issued its audit report.

☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of June 30, 2023, the aggregate market value of the Registrant's outstanding voting common equity held by non-affiliates was approximately $14.2 billion based on the closing price of $138.01 per share of common stock.

The number of outstanding shares of the registrant's common stock as of February 9, 2024 was 105,581,561 shares of common stock.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Cboe Global Market's Definitive Proxy Statement for the 2024 Annual Meeting of Stockholders, which will be filed no later than 120 days after December 31, 2023, are incorporated by reference in Part III.

TABLE OF CONTENTS

CBOE GLOBAL MARKETS, INC.

2023 FORM 10-K

PART I

Item 1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Item 1A. Risk Factors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Item 1B. Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Item 1C. Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Item 2. Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Item 3. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

Item 4. Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 64 Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 6. Selected Financial Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . 67

Item 7A. Quantitative and Qualitative Disclosures about Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Item 8. Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. . . . . . . . . . . . 164

Item 9A. Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164

Item 9B. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164

PART III

Item 10. Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

Item 11. Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . . 165

Item 13. Certain Relationships and Related Transactions, and Director Independence. . . . . . . . . . . . . . . . . . . . . . . 165

Item 14. Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

PART IV

Item 15. Exhibits, Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166

Item 16. Form 10-K Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173

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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 BIDS Trading 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 Cboe Global Markets, Inc.
  • "Cboe Canada" refers to the former Aequitas Innovations, Inc. and Neo Exchange Inc. (commonly referred to as "NEO Exchange"), which were wholly-owned subsidiaries of Cboe Global Markets, Inc.
  • "Cboe Canada Inc." is a wholly-owned subsidiary of Cboe Global Markets, Inc. and a recognized Canadian securities exchange. As of January 1, 2024, the Cboe Canada and MATCHNow entities have been amalgamated into Cboe Canada Inc.
  • "Cboe Chi-X Europe" refers to Cboe Chi-X Europe Limited, a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "Cboe Clear Digital" refers to Cboe Clear Digital, LLC (formerly known as Eris Clearing, LLC), a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "Cboe Clear Europe" refers to Cboe Clear Europe N.V. (formerly known as European Central Counterparty N.V., formerly defined as "EuroCCP"), a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "Cboe Digital" refers to Cboe Digital Intermediate Holdings, LLC (formerly known as Eris Digital Holdings, LLC) and its subsidiaries. Prior to rebranding under the Cboe Digital name, Eris Digital Holdings, LLC and its subsidiaries operated under the "ErisX" name.
  • "Cboe Europe Equities and Derivatives" refers to the combined businesses of Cboe Europe and Cboe NL.
  • "Cboe Europe" refers to Cboe Europe Limited, a wholly-owned subsidiary of Cboe Global Markets, Inc., the UK operator of our Multilateral Trading Facility ("MTF"), our Regulated Market ("RM"), and our Approved Publication Arrangement ("APA") under its Recognized Investment Exchange ("RIE") status.
  • "Cboe Fixed Income" refers to Cboe Fixed Income Markets, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "Cboe FX" refers to Cboe FX Markets, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "Cboe Japan" refers to Cboe Japan Ltd. (formerly known as Chi-X Japan Ltd.), a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "Cboe NL" refers to Cboe Europe BV, a wholly-owned subsidiary of Cboe Global Markets, Inc., the Netherlands operator of our MTF, RM, and APA.
  • "Cboe Options" refers to Cboe Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "Cboe SEF" refers to Cboe SEF, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "Cboe Trading" refers to Cboe Trading, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "CFE" refers to Cboe Futures Exchange, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "CFTC" refers to the U.S. Commodity Futures Trading Commission.
  • "CSD Br" refers to CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A., a Brazilian trade repository.
  • "CIRO" refers to the Canadian Investment Regulatory Organization.
  • "EDGA" refers to Cboe EDGA Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "EDGX" refers to Cboe EDGX Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.
  • "ESMA" refers to the European Securities and Markets Authority.
  • "Exchanges" refers to Cboe Options, C2, BZX, BYX, EDGX, and EDGA.

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  • "FASB" refers to the Financial Accounting Standards Board.
  • "FCA" refers to the UK Financial Conduct Authority.
  • "FINRA" refers to the Financial Industry Regulatory Authority.
  • "GAAP" refers to Generally Accepted Accounting Principles in the United States.
  • "MATCHNow" refers to the former TriAct Canada Marketplace LP, a wholly-owned subsidiary of Cboe Global Markets, Inc., which was the operator of a Canadian ATS (known as "MATCHNow").
  • "Merger" refers to our acquisition of Bats Global Markets, completed on February 28, 2017.
  • "OCC" refers to The Options Clearing Corporation.
  • "OPRA" refers to Options Price Reporting Authority, LLC.
  • "SEC" refers to the U.S. Securities and Exchange Commission.
  • "SPX" refers to our S&P 500 Index exchange-traded options products.
  • "TPH" refers to either a Trading Permit Holder or a Trading Privilege Holder.
  • "VIX futures" or "VIX options" refers, as applicable, to our Cboe Volatility Index exchange traded options and futures products.

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TRADEMARK AND OTHER INFORMATION

Cboe®, Cboe Global Markets®, Cboe Clear®, Cboe LIS®, Bats®, BIDS Trading®, BYX®, BZX®, Cboe Volatility Index®, CFE®, EDGA®, EDGX®, ErisX®, EuroCCP®, Hybrid®, LiveVol®, MATCHNow®, NANO®, Options Institute®, Silexx®, VIX®, and XSP® are registered trademarks, and Cboe Futures ExchangeSM, Cboe BIDS EuropeSM, Cboe DigitalSM, C2SM, f(t)optionsSM, HanweckSM, Nanos by CboeSM, The Exchange for the World StageSM, Trade AlertSM, and VIX1DSM are service marks of Cboe Global Markets, Inc. and its subsidiaries. Standard & Poor's®, S&P®, S&P 100®, S&P 500® and SPX® are registered trademarks and DSPXSM is a service mark of Standard & Poor's Financial Services LLC and have been licensed for use by Cboe Exchange, Inc. Dow Jones®, Dow Jones Industrial Average®, DJIA® and Dow Jones Indices are registered trademarks or service marks of Dow Jones Trademark Holdings, LLC, used under license. Russell® and the Russell index names are registered trademarks of Frank Russell Company, used under license. FTSE® and the FTSE indices are trademarks and service marks of FTSE International Limited, used under license. All other trademarks and service marks are the property of their respective owners.

MSCI and the MSCI index names are service marks of MSCI Inc. ("MSCI") or its affiliates and have been licensed for use by us. Any derivative indices and any financial products based on the derivative indices ("MCSI-Based Products") are not sponsored, guaranteed or endorsed by MSCI, its affiliates or any other party involved in, or related to, making or compiling such MSCI index. Neither MSCI, its affiliates nor any other party involved in, or related to, making or compiling any MSCI index makes any representations regarding the advisability of investing in such MSCI-Based Products; makes any warranty, express or implied; or bears any liability as to the results to be obtained by any person or any entity from the use of any such MSCI index or any data included therein. No purchaser, seller or holder of any MSCI-Based Product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote any security without first contacting MSCI to determine whether MSCI's permission is required.

This Annual Report on Form 10-K includes market share and industry data that we obtained from industry publications and surveys, reports of governmental agencies and internal company surveys. Industry publications and surveys generally state that the information they contain has been obtained from sources believed to be reliable, but we cannot assure you that this information is accurate or complete. We have not independently verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Statements as to our market position are based on the most currently available market data. While we are not aware of any misstatements regarding industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors. Please refer to the "Risk Factors" in Part I, Item 1A of this Annual Report on Form 10-K and our other filings with the SEC.

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CBOE Global Markets Inc. published this content on 01 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 April 2024 19:09:02 UTC.