The following is a summary of the Cboe Global Markets, Inc. (CBOE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Cboe Global Markets reported a record net revenue of $532 million in Q3 2024, representing an 11% year-over-year increase.

• Adjusted diluted earnings per share grew by 8% to $2.22, supported by strong performance across business segments.

• Derivatives markets led with a 13% rise in net revenue, while Cash and Spot Markets and Data and Access Solutions also saw significant gains.

• Adjusted EBITDA rose by 7% to $342 million, reflecting effective cost control and robust revenue growth.

Business Progress:

• Major strategic refocus included curtailing M&A activities, reallocating resources, and prioritizing investments in core areas of Derivatives and Data and Access Solutions.

• Introduction of new derivatives products like VIX Options on Futures and S&P 500 variance futures to cater to evolving market demands.

• Continued geographic expansion, especially in the Asia-Pacific region, which remains a strong growth focus for the company.

• Partnerships like the one with Robinhood to provide greater market access, enhancing product offerings and education to retail traders.

Opportunities:

• The integration of strategic partnerships with platforms like Robinhood and global brokers to introduce and expand Cboe's Derivatives products to a wider retail audience.

• Potential growth in international markets such as Japan with strategic investments like a 14.8% ownership stake in Japanx to tap into one of the largest global capital marketplaces.

• Leveraging Cboe's strong US market presence to drive global expansion and increase access to derivatives and data services.

Risks:

• Challenges related to maintaining and growing market share in the competitive derivatives market, particularly in the multi-listed options space.

• Potential risks associated with global financial market fluctuations that could impact trading volumes and profitability.

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