CBOE · 10-Q · 2026Q3 · Full report

Competition and Market Share

Cboe Global Markets, Inc. · 2026-10-30 · Importance 25 · Surprise 32

Cboe’s total Options market share declined 0.8 percentage points year over year to 29.9% for the first nine months of 2026, and multi-listed options share fell 1.4 points to 23.3%. European equities market share was 24.4%, down 0.7 points, while Cboe Clear Europe’s share of European equities cleared increased 1.1 points to 40.5%. U.S. equities exchange market share declined 0.8 points to 9.4% for the nine-month period and fell 0.9 points to 8.9% in the third quarter. The filing also identifies continuing transaction-fee pricing pressure from intense competition in North American and European markets.

Key facts

• Cboe total Options market share was 30.5% in the third quarter of 2026 and 29.9% for the first nine months of 2026, compared with 30.9% and 30.7%, respectively, in 2025. source
• Cboe’s U.S. equities exchange market share was 8.9% in the third quarter of 2026, compared with 9.8% in the prior-year quarter; nine-month share was 9.4%, compared with 10.2%. source
• Cboe Europe’s equities market share was 23.0% in the third quarter of 2026, compared with 25.4% in the prior-year quarter; nine-month share was 24.4%, compared with 25.1%. source
• Cboe Clear Europe’s European equities market share cleared was 41.2% in the third quarter of 2026, compared with 39.6% in the prior-year quarter; nine-month share was 40.5%, compared with 39.4%. source
• Cboe identifies continuing pressure on transaction fee pricing from intense competition in the North American and European markets. source