CBOE Global Markets Boston Consulting Group Matrix

Cboe Data Vantage, encompassing market data, analytics, and indices, is a clear Star in the BCG Matrix. Its robust performance is underscored by consistent high organic net revenue growth, with projections for 2025 indicating mid to high single digits.

This segment experienced an impressive 11% year-over-year net revenue growth in Q2 2025. The increasing need for sophisticated market intelligence, coupled with Cboe's strategic expansion of its product offerings and global reach, fuels this growth.

A significant 45% of new data sales are now originating outside the United States, highlighting the expanding international demand for Cboe's data solutions and reinforcing its Star status.

Cboe's proprietary index options, particularly SPX and VIX, are clear Stars in its BCG Matrix. These products exhibit high market growth and a strong competitive position for Cboe, evidenced by substantial trading volumes and market share dominance. The 0DTE SPX options, a key component, saw a 45% surge in average daily volume in Q2 2025, representing a record 57% of all SPX options traded, underscoring their status as a growth driver.

Cboe's U.S. equities trading segment, while operating in a mature and competitive landscape, functions as a cash cow. Despite a dip in market share to 10.8% in Q4 2024 from 13.0% in Q4 2023, this business remains a vital revenue generator. North American Equities net revenue saw minimal change, being roughly flat in Q2 2025, underscoring its stability.

This foundational business provides consistent transaction and access fee income, acting as a bedrock for Cboe's overall financial health. The steady revenue stream from U.S. equities trading is crucial for supporting and funding expansion into newer, higher-growth areas of the company.

Cboe's multi-listed options trading, a dominant force in the U.S. options market, continues to be a significant cash cow. This segment consistently generates substantial revenue, as evidenced by a 20% increase in net transaction and clearing fees for options in Q2 2025, driven by a 22% rise in average daily volume for these products. Its established market position and high liquidity require minimal promotional investment, ensuring a stable and predictable cash flow.

The Cboe Futures Exchange (CFE), particularly its VIX futures, is another key cash cow, providing over two decades of consistent revenue. While the Futures segment saw a 14% decline in Q2 2025, the underlying strength of products like VIX futures, supported by institutional demand and robust clearing, maintains their profitability and relevance.

Cboe's U.S. equities trading, despite operating in a mature market and a slight dip in market share to 10.8% in Q4 2024, remains a vital revenue generator. This segment's net revenue was roughly flat in Q2 2025, providing stable transaction and access fee income that underpins the company's financial health and supports growth initiatives.

Access and capacity fees from Cboe's cash and spot markets represent a reliable revenue stream, generating income from market participants connecting to and using Cboe's infrastructure. These fees are notably stable, with options access and capacity fees seeing a healthy 9% increase in Q2 2025, highlighting their consistent contribution.

Cboe Clear Europe, the European clearing house, also functions as a cash cow by providing essential post-trade services for European equities. In 2024, cleared trades increased by 15.7% and net settlements rose by 20.2%, demonstrating its role as a stable, fee-based revenue generator leveraging existing infrastructure.

While Cboe's VIX futures are a star performer, other niche futures contracts might be struggling. These less-traded products, though part of the broader Futures segment, could be considered 'Dogs' in the BCG matrix if they show low growth and low market share.

The overall Futures segment experienced a 14% drop in volume during the second quarter of 2025. This decline, driven by lower trading activity, indicates that certain contracts within the segment are likely underperforming, contributing little to revenue while consuming valuable resources.

Dogs in the BCG Matrix represent business units or products with low market share in a low-growth industry. These entities typically generate low profits or even losses and consume more resources than they yield. Cboe Global Markets has identified several areas that fit this description.

For instance, Cboe's U.S. Equities off-exchange market share declined to 15.2% in Q2 2025 from 17.8% in Q2 2024, indicating a loss of competitive position in a mature market. Similarly, the Canadian Equities segment saw its market share drop from 15.0% in Q2 2024 to 12.7% in Q2 2025, also pointing to a mature market with limited growth prospects for Cboe.

The wind-down of Cboe Japan Equities, with market share falling from 5.5% in Q2 2024 to 3.6% in Q2 2025, further exemplifies a 'Dog' strategy, where capital is reallocated from underperforming segments.

Additionally, niche or low-volume ETPs and certain underperforming futures contracts within Cboe's broader futures segment, experiencing an overall 14% volume drop in Q2 2025, also represent 'Dogs' due to their low market share and growth potential.

While VIX and SPX futures and options are Cboe's stars, the exchange is actively cultivating newer derivatives. These innovative products, targeting specific market niches, are in the early stages of their lifecycle. For instance, Cboe's suite of ESG-focused derivatives or volatility products linked to emerging asset classes are examples of these ventures. Their current market share is small, but they represent Cboe's strategy to capture growth in specialized areas.

Question Marks represent areas where Cboe Global Markets is investing for future growth, often in new or developing markets. These initiatives have high potential but currently low market share, requiring significant capital to build momentum. The key is to nurture these ventures to become Stars or Cash Cows.

Cboe's digital asset futures, for example, are in a high-growth sector but need investment to establish market share. Similarly, the U.S. Treasuries platform, despite early volume, demands continued funding to build liquidity. These are strategic bets on emerging opportunities that require careful management and sustained commitment.