Is Cboe’s All-or-Nothing Options Push Reshaping Its Event-Driven Strategy and Competitive Moat (CBOE)?

• Cboe Global Markets recently unveiled leadership changes and began early-stage talks with brokerages and market makers to reintroduce all-or-nothing options contracts for retail traders, aiming to offer fixed-payout, event-focused derivatives under U.S. regulatory oversight.
• This move positions Cboe to compete directly with prediction markets while expanding its menu of simplified, outcome-based products across cash equities, spot markets, and off-exchange trading.
• Next, we’ll examine how Cboe’s push into regulated, all-or-nothing event contracts could reshape its investment narrative and competitive positioning.

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What Is Cboe Global Markets’ Investment Narrative?

To own Cboe Global Markets, you have to believe in the durability of its exchange franchise and its ability to keep monetizing liquidity, volatility and data even if top line growth slows. The recent leadership reshuffle and the early push into regulated all‑or‑nothing event contracts both speak to that narrative: Cboe is trying to broaden its product set and lean into changing retail behavior, while installing operators to run a more globally integrated, on‑ and off‑exchange platform. With the shares already pricing in quality, near‑term catalysts still hinge on earnings execution, volumes and product uptake rather than on these management moves, which look more evolutionary than transformational for now. The bigger risk is that heavy investment in new contracts and off‑exchange trading does not offset any future revenue declines.

Yet one emerging risk around event contracts and regulation is easy to miss at first glance.

Cboe Global Markets’ shares are on the way up, but they could be overextended by 25%.Uncover the fair value now.

Exploring Other Perspectives

Seven fair value views from the Simply Wall St Community span roughly US$42 to about US$271 per share, underscoring how far apart private investors can be. That spread sits against a business where earnings are still expected to grow but revenue is projected to decline, and where new binary‑style products and leadership changes could matter more to the story than current headline numbers suggest. Readers can compare these contrasting angles to decide which assumptions about Cboe’s future feel most credible.

Explore 7 other fair value estimates on Cboe Global Markets – why the stock might be worth less than half the current price!

Build Your Own Cboe Global Markets Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes – extraordinary investment returns rarely come from following the herd.

• A great starting point for your Cboe Global Markets research is our analysis highlighting 2 key rewards that could impact your investment decision.
• Our free Cboe Global Markets research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Cboe Global Markets’ overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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