CBOE · 10-Q · 2026Q3 · Full report

Credit Facility Outlook

Cboe Global Markets, Inc. · 2026-10-30 · Importance 66 · Surprise 48 · In source text

Cboe Clear Europe has a €1.20 billion committed syndicated multicurrency revolving and swingline facility, available to finance settlement amounts and other liabilities or liquidity needs of its clearing system. The facility is expected to terminate within the next year, and the company says it may be unable to obtain a replacement on commercially reasonable terms or at all. A draw could affect Cboe Clear Europe’s liquidity, while a default could trigger acceleration of drawn amounts and potentially other company debt through cross-acceleration or cross-default provisions.

Key facts

• The Cboe Clear Europe Credit Facility is expected to terminate within the next year, and Cboe may not be able to replace it on commercially reasonable terms or at all. source
• Cboe Clear Europe has a €1.20 billion committed syndicated multicurrency revolving and swingline credit facility, with Cboe Global Markets guaranteeing scheduled interest and fees but not principal. source
• A default under Cboe Clear Europe's facility could allow lenders to accelerate drawn amounts and could accelerate other Cboe debt subject to cross-acceleration or cross-default provisions, potentially limiting liquidity, business, and financing activities. source
• As of September 30, 2026, Cboe had $400.0 million available through its Revolving Credit Facility and could borrow another $200.0 million by increasing facility commitments, subject to applicable lenders' agreement. source
• A draw on Cboe Clear Europe's facility could affect its liquidity, and the filing gives no assurance the facility will cover all obligations or sufficiently mitigate liquidity risk. source
• The Cboe Clear Europe Credit Facility was renewed in June 2026, and lower average fee rates reduced commitment fees in the three months ended September 30, 2026. source

Impact estimates