CBOE · CIK 1374310
What Cboe Global Markets, Inc. told the SEC could break it.
Cboe's disclosures reflect its position as a regulated market operator woven into shared financial plumbing. Its exchanges and clearinghouses are self-regulatory organizations and clearing agencies overseen by the SEC, CFTC and overseas regulators like the FCA, where noncompliance can bring fines, suspensions or even revocation of its exchange or clearing designations. It also depends on critical third parties to keep trading and settlement running — clearinghouses such as OCC and DTCC, securities information processors like OPRA, and data and disaster-recovery centers — and flags some customer concentration, with one customer at about 10% of total revenue ($480.0 million in 2025). It notes too that tariffs could raise the cost of the technology and networking products it relies on.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- exchange / SRO / DCO regulation (SEC, CFTC, FCA, AFM/DNB)medium
Cboe's exchanges and clearinghouses are SROs/DCOs subject to SEC, CFTC and overseas (FCA, AFM/DNB) oversight; noncompliance can bring fines, cease-and-desist orders, business suspension, or revocation of exchange/DCO designations.
“If Cboe Clear U.S. fails to comply with applicable laws, rules, or regulations, it may be subject to censure, fines, cease-and-desist orders, suspension of its business, removal of personnel, or other sanctions, including revocation of Cboe Clear U.S.'s designation as a DCO.”
SEC filing →As of 2026 - tariffs on technology/networking products and serviceslow
New/increased tariffs could raise the cost of the technology, communications, cloud, computer and networking products and services Cboe relies on, with a material adverse impact if it cannot mitigate them.
“If any such tariffs were to increase the costs of the products and services we use in our business, in particular the technology, communications, cloud, computer, and networking products and services that we use, and we were unable to mitigate the impacts of any such increased costs, it could have a material adverse impact on our business and our results of operations.”
Customer concentration
- largest customer (~10% of revenue)medium
One (unnamed) customer accounted for ~10% of total revenue in 2025 ($480.0M, up from $403.1M and $389.4M), spanning the Options, North American Equities, Europe/APAC, Global FX and Futures segments.
“For each of the years ended December 31, 2025, 2024, and 2023, one customer accounted for approximately 10 % of the Company's total revenue. The revenues associated with this customer are included in the Options, North American Equities, Europe and Asia Pacific, Global FX and Futures segments and totaled $ 480.0 million, $ 403.1 million, and $ 389.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.”
SEC filing →As of 2026
Supplier concentration
- clearinghouses, securities information processors and data/regulatory providersmedium
Cboe depends on critical third parties — clearinghouses (OCC, NSCC, DTCC, CDS, LCH, Cboe Clear Europe/U.S.), SIPs (CTA, UTP, OPRA), regulatory/service providers (FINRA, OCC), data/DR centers and routing/clearing firms; their failure to perform could halt trading and settlement.
“securities information processors such as the CTA, UTP Securities Information Processor and OPRA; regulatory and other service providers such as FINRA and OCC; the hosts of our data and disaster recovery centers; and various vendors of communications and networking products and services. In addition, we also depend on third-party routing and clearing firms that are involved in processing transactions on our behalf.”
SEC filing →As of 2026
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