Cboe Global at Barclays Conference: Strategic Expansion and Growth Outlook

On Monday, 08 September 2025, Cboe Global Markets Inc. (NYSE:CBOE) presented its strategic vision at the Barclays 23rd Annual Global Financial Services Conference. CEO Craig Donahue outlined the company’s focus on optimizing its core business and exploring new opportunities in international markets. While emphasizing growth in options trading and data services, Donahue also acknowledged the challenges posed by intense competition and the need for disciplined capital allocation.

Key Takeaways

• Cboe is concentrating on expanding its core business, particularly in index options and data services.
• The company is pursuing international growth, with a strong emphasis on the Asia-Pacific region.
• Retail participation in options trading is a significant growth driver, with platforms like Robinhood playing a crucial role.
• Cboe is exploring new opportunities in prediction markets and derivatives-based ETFs.
• The regulatory landscape is seen as favorable, supporting innovation and competition.

Financial Results

DataVantage, Cboe’s data services segment, reported growth exceeding 10% in Q2, with international revenues increasing by 45%. Notably, 85% to 90% of incremental revenues came from international markets. The XSP product experienced robust year-over-year growth of approximately 40% in July, which doubled in August. Zero DTE options now constitute a significant portion of overall SPX volumes, continuing to expand.

Operational Updates

Cboe announced the wind-down of its Japanese equities business due to underperformance. The company is focusing on international expansion, particularly in the Asia-Pacific region, including Japan, Australia, South Korea, Taiwan, and Hong Kong. Cboe is actively partnering with retail brokerage platforms to enhance access to options trading and is developing innovative data products to complement trading activities.

Future Outlook

Retail adoption of options trading and macroeconomic uncertainty are expected to drive continued demand for Cboe’s risk management products. The company is exploring new opportunities in prediction markets and event-driven contracts. Additionally, Cboe is considering offering horizontal clearing services to other market participants. The regulatory environment is perceived as favorable, with a focus on innovation and competition.

Q&A Highlights

During the Q&A session, Donahue emphasized the potential for growth in retail trading of index options. He noted that only a small percentage of retail accounts are currently authorized to trade options, presenting significant growth opportunities. While competition in the cash equities market remains intense, Cboe is exploring ways to compete more effectively, including in the non-lit segment. The company is adopting a disciplined approach to M&A, prioritizing strategic and financial value in potential acquisitions.

For further details, readers are encouraged to refer to the full transcript below.

Full transcript - Barclays 23rd Annual Global Financial Services Conference:

Ben Budish, Analyst: Session. I’m Ben Budish. I cover The US brokers, asset managers, and exchanges. With us for our next chat is, Craig Donahue, the new CEO at CBOE. Craig, welcome.

Thanks so much for joining us.

Craig Donahue, CEO, CBOE: Thank you. Good to be here.

Ben Budish, Analyst: Just getting started, you know, you’re new to the CEO seat. I think starting this past spring, you know, CBO’s strategy has shifted a bit over the past few years. You’ve come out of a period of heavy acquisitions to recently a sharper focus on things like index options, data. So for you coming into this role, can you talk about, you know, your assessment of Cboe thus far? How do you think about the growth strategy?

Where do you see the biggest opportunities?

Craig Donahue, CEO, CBOE: Yeah. No. I’m happy to, you know. So coming into the role, I had the opportunity to, you know, talk a lot with Fred, who was my immediate predecessor. And Fred and the management team had already undertaken and done a lot of work to really kind of start to look at the business.

As you pointed out in your question, Cboe had gone through a phase of doing a lot of very small acquisitions, expanding the footprint globally in Japan and Australia, Canada, and elsewhere. And so I was certainly benefited from kind of coming into the organization well prepared for how the board and the management team was beginning to look at things. Obviously, from my perspective, I want to make sure that the organization is very focused on the right growth opportunities. Everybody’s had a very open mind looking at all of the things that we’ve tried to do over the last six or seven years. So we’re continuing to go through that process right now.

We made the decision, as you’re aware, to exit our Japanese equities business. And we’re continuing to look at all the other different facets of the business. But I would say the most important thing is that we’re looking at it with a lot of financial rigor, trying to make sure that it can deliver the kind of growth that our shareholders expect. So there’s not a lot more that I can say about it other than it’s a bias toward decision making, a bias toward action. And part of that is that I want to make sure that we have a lot of talented people in our company.

I want to make sure that they’re focused on the things that will drive growth and financial performance in the next five to ten years. And so if we have people that are working on things that are not really delivering the results and the growth that we had hoped for, then we want to pivot and move toward new things. So that’s a big focus. We’re working very hard on that as a team. Everybody is approaching it with a real open mind.

But we want to make sure that we stay focused optimizing our core business, looking at ways that we can grow around the core that leverage what we’re great at, what our human capital knows, where our infrastructure and technology and product development capabilities are. And so that’s what our focus is.

Ben Budish, Analyst: Just kind of a more near term macro question. It’s been a very volatile year. I think the VIX hit its third highest level in the last twenty years, with the only other exceptions being peak COVID and the peak of GFC. What are you seeing from customers? How are they behaving on the retail institutional side?

How are they using the Cboe product suite to the evolving market?

Craig Donahue, CEO, CBOE: Well, I mean, the macro environment obviously is great for our company. There’s tremendous global uncertainty on almost every level, not just fiscally, but monetary policy, interest rates, geopolitical landscape. So all of those things are helpful because we are where people come to manage their risk. We continue to see really strong outperformance across all of our customer segments, both institutional resilient. And I think the way we think about it is it’s really structural.

It’s secular. It’s not cyclical. The only time it’s cyclical is when we have, as you pointed out, sort of like a spike in volatility. You may see some real retail push pullback. But as soon as the VIX has dissipated, you see retail coming back in.

And so we’re focused on what we believe is the long term sort of secular trend. We have $130,000,000,000,000 in personal financial wealth, half of which is invested in equities. And we just continue to see more and more retail traders migrating toward options products, options strategies. We see tremendous continued growth in retail brokerage platforms, new accounts, average daily volume.

Ben Budish, Analyst: That’s a good segue into the next couple of questions on the retail segment. So there’s been a number of retail brokerage firms bringing index options to their platforms, Robinhood more recently, more mature platforms like Interactive Brokers seeing a lot of healthy ongoing adoption, you know, Charles Schwab as well, you know, and all of these have pretty fairly active trader bases. So how big of a TAM would you say there is for retail trading index options in particular? How much growth is there to come from new to platform brokers versus existing retail clients kind of doing more with what they’re already doing?

Craig Donahue, CEO, CBOE: I think it’s pretty substantial. I mean, I think Robinhood has said that of their 27,000,000 accounts, like 4% are actually authorized and enabled to trade options. And so I look at that as creating a lot of opportunity and upside for us. And so we partner with our retail brokerage platforms to help expand access. One of the things we’re really good at is investor education, creating awareness, helping people understand the range of strategies and ways in which they can use options for a variety of different purposes that are beneficial to them.

So I think there’s plenty of room for increased adoption, increased opportunity. And we also see opportunity for continued growth internationally. One of the ways that we’re focused on growing is through education, sales, marketing in Asia Pacific in particular, and also partnering with the Robinhoods in the six countries that we’re focused on, which are Japan, Australia, South Korea, Taiwan, Hong Kong. So those are all places that we’re looking to establish the same kind of partnerships and then layer in the same kinds of things that I was talking about.

Ben Budish, Analyst: Well, you answered half of my next question, which was on your international expansion, not APAC in particular. But maybe digging a little bit deeper, talk about where you are in that journey. There’s countries where you’re focused. Do you have some partnerships? What does retail engagement with options look like in those geographies relative to The U.

S? And maybe what other regions could, at some point, be attractive for deeper retail penetration?

Craig Donahue, CEO, CBOE: Yeah. I’m actually very excited about that. I’m still acclimating to CBO and getting my feet on the ground. But I would say we’re in, for us, very early stages versus what I remember doing when I was at CME when we were really trying to focus on expanding kind of our brand, our products, our distribution, sales and marketing, people on the ground, people who are helping bring people into our markets. And I would say we’re still in sort of the very early stages of doing that.

But in Asia, in particular, that’s a very sophisticated client base. And it’s a somewhat different culture that I think lends itself naturally to options products and certainly some of the more recent innovations in terms of zero DTE and many XPS options. So the way that we’re looking at that is we’re going slow, but we’re putting people on the ground. We’re starting to partner with retail brokers in those areas. And I think that will provide a lot of continued growth to us.

Ben Budish, Analyst: Great. All right. Maybe digging a little more into index options in particular. XSP has seen some really strong growth over the past several months. Can you talk about the drivers of growth for that product in particular?

And how do you think about the growth in the mini suite more broadly versus your kind of flagship SPX product?

Craig Donahue, CEO, CBOE: Yeah. No, we’re super happy with the growth there. I think year over year in July, it was like up 40 something percent, and in August, it was double that. And so it’s doing very well. And part of what we think is going on there is we see people, you know, adopting and moving away from SPY into the many options.

And I think part of that is the fact that it’s a cash settled product. Part of that is European exercise. And I think also there’s a tax driver because it’s eligible for sixty-forty tax treatment. And so we see a migration happening there. And then, of course, our retail brokers are also helping us propel growth in that product.

Ben Budish, Analyst: Great. In terms of shorter dated options, I mean, that’s also been very popular with the retail cohort. And we’ve seen over the last several years, you know, zero DTE really expanding as, you know, an overall percent of SPX in particular. You know, how much further growth do you think there is for short dated options? How do you think about zero DTE relative to total SPX or other kind of products where you’re offering that sort of short dated exposure?

Craig Donahue, CEO, CBOE: Right. Well, I mean, DTE has become a huge part of overall SPX volumes and continues to grow. It’s hard for me to know exactly how much more growth there is in that. But I look at even what’s happening in sort of event and prediction markets and looking at the growth that we see there, different type of product configuration, but it would tend to suggest that there’s a lot more room for opportunity in these kinds of contracts where the risk is really effectively capped and yet you can gain tremendous exposure on a very economic basis.

Ben Budish, Analyst: Got it. Maybe kind of high level, we talked about XSP specifically with SPX as your your biggest contract and the most lucrative for CBOE. That has also continued to grow year over year even against some pretty tough comps. You know, what do you think are the key drivers, maybe more broadly, of SPX index options going forward? You know, it felt like in August in particular, looking across some the other exchanges, you know, commodities, we saw a bit of a slowdown that did not happen for for options.

So is it just ongoing retail adoption? Is it ongoing volatility? How do we think more kind of high level about these longer term drivers?

Craig Donahue, CEO, CBOE: Right. Well, I mean, we’ve had, as I said, just episodic levels of volatility. And for the most part, we’re not in a high volatility environment. But I think a lot of the macroeconomic things that are happening in the world are continued drivers for growth in that. But again, retail is a huge part of that.

I mean we’ve had five straight years of increased growth. I think there’s a lot more opportunity for the reasons that we talked about earlier. But we see continued growth, as I said, in private wealth assets benchmarked to indexes, people using these products.

Ben Budish, Analyst: And maybe one more one last question on the the short dated side. So earlier this year, a competitor applied to list, I think, Monday, Wednesdays for a number of single stocks, which would make them available for expiry every day, Mag seven, a couple of other names. How do you think, you know, short dated single stock equities would affect the overall market? You know, are are these competitive threats to Cboe’s index options franchise, or is is there an eventual opportunity for Cboe? Is it all kind of symbiotic?

You know, how do you think about that?

Craig Donahue, CEO, CBOE: I think it’s most likely the latter. I think there’s some challenges with bringing those products to market. That’s not to say that we’re opposed to it. It’s just that they present slightly different risks in terms of physical settlement and regulatory compliance risks. But I think the industry will work through that.

I think they will be additive. But I think if there is any kind of substitutability, I think it’s more likely to be in the single stock options arena more than it would be in the index area.

Ben Budish, Analyst: Got it. All right. Maybe switching gears to the data side. So DataVantage has been I think the growth has been accelerating over the past couple of quarters. It was over 10% in q two, which is ahead of your medium term guide.

I guess maybe thinking more tactically short term, you know, what’s been driving that acceleration and what prevented you from increasing the guide for the rest of the year? It looks like things are set up pretty nicely for you to beat your expectations.

Craig Donahue, CEO, CBOE: Yes. Well, I think we’re comfortable with our guidance on that. But yes, we’ve had great performance there, 45% growth internationally, something like 85% to 90% of our incremental revenues are coming from international. So that’s a huge focus for us. And continuing to focus on access, distribution, data is a huge part of what we’re trying to do and trying to leverage that.

And again, that sort of focus on sales and marketing and boots on the ground in Asia Pacific is a really important part of furthering that growth.

Ben Budish, Analyst: And what are the key, like, growth drivers more particular? Is it does it simply grow with users, the number of individuals trading that need to consume options data? Is it the of, you know, retail brokerage partners? Are there pricing opportunities? I think, you know, CBO’s line has always been, we you growth first, maybe pricing later.

Are there new product opportunities there? How do you think about all those those pieces?

Craig Donahue, CEO, CBOE: We’re we’re working on that right now. We’re we’re we’re looking at that. I think it’s a lot of the things that were embedded in your question, obviously. So it’s developing new and even better data products. It is retail brokers in Asia Pacific.

It’s education, sales, marketing. So it is all of those things. But we’re looking at ways that we can continue to innovate data products that people can use as an adjunct to their trading activity.

Ben Budish, Analyst: Maybe switching gears a little bit, thinking about newer opportunities. The industry has a large focus on crypto, digital assets, tokenization. You know, do you have view on on where tokenization or blockchain technology more broadly could fit into Cboe’s business? You know, where where where are the opportunities as you see them?

Craig Donahue, CEO, CBOE: Yeah. That’s an interesting question, and it sort of makes me laugh a little bit because when I retired from CME, of course, everybody was focused on blockchain. And by now, it was gonna totally change financial markets. Hasn’t yet. But but actually, I was just reading this weekend, the the White House has put out a report on all things, you know, crypto, digital, blockchain, tokenization.

It’s actually a good read if you can find it. And what it really shows is, the push that this administration has toward, let’s call it, legitimizing, creating a safe haven for innovation in all of those areas, providing brighter lines of clarity around regulation versus kind of coming after the fact and trying to apply enforcement to determine what’s permissible, what’s not permissible. So we’re looking at that. We’re paying attention to those things. I would say that I think wide scale implementation of blockchain concepts in our business are probably not in the near term.

I think it definitely has a significant application, but I think for the most part in central party clearing, there’s still a lot of advantages to having all of the positions in a single pool where you can offset the risk characteristics and basically bring down capital and margin requirements and drive capital margin and payments efficiencies. So it’s a pretty efficient system. It works. It’s safe. It’s secure.

It’s heavily regulated. So it’s not an argument against that. It’s just a recognition that I think it may have less near term application on what we do.

Ben Budish, Analyst: Got it. What about other newer types of technologies, new types of trading? You know, we we see a lot of interest in, like, prediction markets from the other retail brokers that I’m sure you’re partnering with on the option side. You know, is there a a role for CBOE to play on that side of things?

Craig Donahue, CEO, CBOE: I think so. We’re looking at that. We haven’t made any decisions on that yet, but we’re certainly very cognizant of it. There’s been exponential growth in that area. Some of that is driven by sports.

But putting sports aside and looking at the growth, there’s a lot of people who are interested in trading event and prediction contracts that are based on daily settlement index values or corporate KPIs, leading economic indicators, a broad range of things that have economic and financial consequences. And so I think those are legitimate. I think that those are interesting areas of growth for us. And so we’re looking at ways in which we can do that. And we’re open minded.

We’re looking at that in ways in which we can both list and clear contracts, where we can just list but clear elsewhere certain contracts, and also ways that we may be able to leverage our own clearing capabilities to provide horizontal clearing services to other market participants, particularly in areas where we may be less likely to be successful or where the focus may be different than what our focus would be.

Ben Budish, Analyst: Got it. Another kind of new product question. I think on your last earnings call, you talked a little bit about derivatives based ETFs. And maybe talk a little about what you’re currently doing there. How do you think about that opportunity?

Craig Donahue, CEO, CBOE: Yes. We’re excited about that. I mean, we think of that as basically an entry portal into derivatives markets and gaining derivatives exposures. And so we’re working with a variety of different partners in that area. We think Flex Options, in particular, is a great way for us to address that market.

We see a significant amount of growth there. And so more to come, but that’s something that we’re quite interested in.

Ben Budish, Analyst: Great. Maybe a regulatory question. Given the changing regulatory environment, new leadership at the SEC, know, how do you think about either opportunities, and crypto is kind of an obvious one that you talked about, or potential threats, things like, you know, potential rule six eleven chain repeal changes to the OCC margin model. What’s your kind of take on on the landscape there?

Craig Donahue, CEO, CBOE: I think in general, the landscape is favorable. We have regulators now who are focused on enhancing innovation, competition, streamlining regulation, making it easier for us to bring products to market more successfully. And that’s all to the positive. On the other hand, anytime you have an approach of let a thousand flowers bloom, there’s gonna be a lot of new entrants coming into the market, people doing disruptive things. So we have to pay attention to that also and make sure that, new people coming into the market are being held to the same standards as we are.

But in general, I would say it’s actually very favorable. And I think all of the stuff I commented on earlier of providing more legal certainty, eliminating sort of ambiguity is really helpful, not just for us, but for all market participants. On Rule six eleven, Chris Isaacson, who’s here with us, participate in the roundtable there. I’m sure that will be an interesting discussion. We’re very supportive of looking at that and looking for ways to sort of improve the market.

But the focus is always going to be on market integrity and making sure that the market is efficient for the end user customer.

Ben Budish, Analyst: Makes sense. Maybe switching gears little bit to M and A and capital allocation. So earlier this year and after you had started, Cboe announced the wind down of your Japanese equities business. It seemed to have happened pretty quickly after you moved into the seat. Can you talk about that decision in particular?

What sort of drove that?

Craig Donahue, CEO, CBOE: Well, as I said, I mean, we’re looking at all of our different businesses, trying to take a fresh look and say, are they producing the growth and what we had hoped to accomplish when we did it. We have a higher bar, I would say, in terms of financial discipline and financial rigor for what we expect in terms of return on invested capital and contribution to earnings. So those are tough analyses. And ultimately, they’re tough decisions and tough actions. But I think that’s what we’re there to do.

I’m mostly focused on human capital. And so I want to make sure that, you know, there’s only so many hours in a day. And so I wanna make sure that our we have a lot of talented people at Cboe. I wanna make sure that they’re focused on the best growth opportunities for the next five to ten years. And so if we tried to do something five, six, seven years ago and it’s just not working, but it’s taking a lot of our time and it’s distracting us from optimizing our core business, expanding around the core and the ways that we’ve been talking about, then I want to shift people to the new things and the things that will actually generate better returns.

Ben Budish, Analyst: Got it. You kind of answered my next question too, which was, we talked about Japan. How do you think about the strategic importance of Australia, Canada, Europe? But maybe if you could unpack that a little bit, you know, are there sort of other and that’s something the investors kind of question too. I mean, CBO is very much an exciting and rapidly growing index option story, retail trading story.

How do you think about the strategic importance of those other geographies where maybe Europe, there’s much lower levels of penetration of retail and options activity, things like that?

Craig Donahue, CEO, CBOE: Yes. Well, it’s a great question. And without getting ahead of ourselves in terms of what we will decide to do or not do in terms of some of our existing businesses in those places, I just want to be clear that we’re still committed to growth internationally, but our tactics may change. It may be that trying to establish a foothold in you know, a alternative trading system in a particular foreign location that’s subscale may not really be what will drive growth. It may be that it’s partnering with retail brokers.

It’s, you know, derivatives based education, sales, marketing and orienting people to our higher growth products. So I think there’s a lot that we can do to further globalize our business. That’s going to continue to be a huge focus. But I think that’s separate and apart from whether some of the businesses that we’re in are really performing at the level that they’re going to contribute to growth.

Ben Budish, Analyst: Understood. Maybe on flip side, when you were at the CME, you saw you oversaw a period of pretty meaningful consolidation. How does that experience inform how you think about M and A opportunities at CBOE? Are there any obvious sort of capabilities that would make sense to bolster inorganically? And how else are you thinking about capital allocation in that vein?

Craig Donahue, CEO, CBOE: Yes. I would say, in general, for the near term, mergers and acquisitions activity is not at the forefront of what we’re thinking about. I’m, as I said, focused on optimizing the core, focused on growing around the core in ways that leverage our human capital, our infrastructure, our technology, our capabilities. But to answer your M and A question, while I’ve led really significant M and A, I’ve also done a lot of small things like Cboe has tried to do. And so the learning experience that my Cboe colleagues have had is not dissimilar to my own when we were trying to do some smaller things.

The smaller things tend to be just as difficult and occupy as much of your time as the big things. And so I guess what I would say is, you won’t really find us doing small M and A like you did for a period of years between 2020 and 2022 or 2023. In terms of large scale M and A, I mean, it’s a really different marketplace today. It’s far more mature. And as you can see, we’re able to develop deliver tremendous growth just from our core business.

And I think there’s lots of opportunities to do more there. I do think there’s a lot of exciting new opportunities that we can take advantage of. So the bar is high. Anything that we do has to be strategically and financially valuable to our shareholders. And for the long run, it may be that we’ll identify things that make sense.

But for the near term, I think the focus is on what I said.

Ben Budish, Analyst: Got it. Maybe just one more question on M and A. We’ve seen a number of exchange peers move much more in the direction of recurring revenue, software like businesses. You know, how do you how do you think about what may make sense for CBOE? It feels like, obviously, on the option side, the transaction based business has been growing very nicely.

At the same time, are there things you could do on the data side, things that maybe get you closer to retail, things that, I don’t give you more analytics capabilities, things like that? You know, how do you think about or is that part of your consideration of the mix? Or is it more does it meet ROIC hurdles? Does it fit strategically? That sort of thing.

Craig Donahue, CEO, CBOE: Yeah. Well, I think your question almost answers itself. But I think certainly we’re aware of that. I mean, different exchange companies have taken, I think, different strategies to how they’re approaching their whole business as well as how they’re driving their business composition through mergers and acquisitions activity. So we’re looking at that.

I don’t have any sort of preconceived ideas about that. Obviously, if there’s something that we can do that is adjacent to what we’re great at and it makes sense and there’s actual demonstrable synergies from it, Would I like to have some better blend of recurring versus transaction based revenues? Probably, but it has to make sense and it has to have synergies that are actually realizable.

Ben Budish, Analyst: Got it. Maybe before my last kind of question on the P and L profile of the company, one more question on the kind of transaction based side. We didn’t talk about this earlier, but outside of the index options business on the multiply listed on the cash equity side in The U. S, it feels like there’s been a pickup in competition more recently. There’s investors are really scrutinizing fee rates versus market share.

How do you think about the importance of volume, revenue growth, kind of prioritizing? And would you describe, you know, the current state of competition in those sort of more competitive exchange businesses that you have?

Craig Donahue, CEO, CBOE: Well, it’s intense. I mean, there’s no question about it. Although I should point out that in European equities, and we’ve had tremendous growth. And so we’re seeing really great results there. It’s a different and we think better market environment.

Here in The U. S. In terms of equities, we have the challenges of so much of the market has moved away from traditional lit exchange markets into so called dark markets and private rooms. We’re hoping that we can find a way to be more competitive and participative in that sort of non lit segment of the market. And we’ve got some thoughts that we’re working on with our regulators that will hopefully allow us to do that and bring more competition to the equities market.

In multi list and options, we’re still the leader. We still have the dominant position there. But when I talk about, sorry, optimizing the business, that’s an example of what I’m talking about. And so we’re looking at ways that we can drive more market share and drive revenue growth and maintain margin.

Ben Budish, Analyst: Got it. Maybe one final question on the P and L profile. So your Cboe’s

Craig Donahue, CEO, CBOE: drink that water, but somebody else drank it. This is

Ben Budish, Analyst: this one’s

Craig Donahue, CEO, CBOE: unopened. Thanks.

Ben Budish, Analyst: So your margins are among the highest of any public publicly traded company. And you run a very high incremental margin business that’s growing. So how do you think about balancing margin expansion, if any, with sort of investing for growth? It always surprised me, even a couple of years ago, investors would complain about, you know, the very high rapid rate of operating cost growth despite having, you know, 60% plus margins. You know, how do you think about that trade off?

Craig Donahue, CEO, CBOE: Yes. Well, I hear them on that, and I understand it. I mean, what we’re trying to do is we’re trying to create and run a great business. And so I don’t think about, like margin expansion as sort of the goal. But I think there are further opportunities for us to be more efficient as an organization.

And it’s possible that by getting through our business review process and taking a hard look at whether we have the right size organization that we could see operating margin expansion. But I’m not doing that to expand the margin. If I’m doing that, I’m doing that because I want to make sure that we’re as efficient as we can be and we’re as effective as we can be. And I also want to make sure that, as I said, we pivot and we focus people’s attention on high growth opportunities. So But I think Jill has done a great job of already, before I got there, starting to really kind of reduce that expense profile for the organization.

I think there’s more opportunity there.

Ben Budish, Analyst: Great. We’re nearly out of time, so we can leave it there. But Craig

Craig Donahue, CEO, CBOE: Thank you. That was like speed

Ben Budish, Analyst: dating. Yeah. What a pleasure to have you. And hopefully, we have you back here next We’ll see

Craig Donahue, CEO, CBOE: Thank you. My pleasure. Figure it out. It’s great to be here. Thank you.

Ben Budish, Analyst: Thank you so much.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.