Updated
The most significant concentration Cboe Global Markets discloses is options and futures segments at 68%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Cboe Global Markets’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'approximately 68% of our total revenues less cost of revenues were generated by the options and futures segments, the majority of which was generated by products based on exclusively licensed indices'”
The company's disclosed concentration is a product-revenue dependency tied to its options and futures segments: approximately 68% of total revenues less cost of revenues were generated by the options and futures segments, the majority of which was derived from products based on exclusively licensed indices. By disclosed size this is a high share, and its character is mixed — structural in the sense that the company's competitive advantage is built around these products and the exchange infrastructure that supports them, but also carrying dependency risk because the licensed-index component means revenue is partly contingent on maintaining those exclusive licensing arrangements. The exclusive-index element is worth isolating: if the "majority" of the 68% options and futures revenue is index-based, and those licenses are exclusive, then a failure to renew or a successful legal challenge to those arrangements would directly affect the most productive part of the revenue base. This is a dependency layered inside the structural product concentration rather than sitting alongside it. Because the filing discloses only this single concentration, the overall profile is narrow. There are no customer, geographic, or counterparty concentrations disclosed on top of the product-segment tilt. On balance, the disclosed exposure is consequential: a high-share concentration in two product segments where a meaningful portion of revenue depends on licensed intellectual property whose exclusivity is a key competitive barrier. Investors should monitor the status and renewal timeline of the underlying index licensing relationships alongside aggregate options and futures volume trends as the primary risk variables.
For the engine’s reasoning on CBOE’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| FDS | FactSet Research Systems Inc. | 2 | 1 | 0 | 3 |
| CBOE● | Cboe Global Markets, Inc. | 1 | 0 | 0 | 1 |
| ICE | Intercontinental Exchange Inc. | 1 | 0 | 0 | 1 |
| MCO | Moody's Corporation | 0 | 1 | 0 | 1 |
| CME | CME Group Inc. | 0 | 0 | 1 | 1 |
| COIN | Coinbase Global, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.