CBOE Global Markets Inc: Files for Binary KPI Options

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CBOE Global Markets Inc: Files for Binary KPI Options

Equity Research

U.S. Brokers, Asset Managers & Exchanges

15 July 2026

CBOE Global Markets Inc

Files for Binary KPI Options

Cboe filed for a rule change to expand its binary options suite

to single-stock KPIs, with 23 companies initially included. We

view this step as incrementally positive for Cboe, as approval CBOE OVERWEIGHT U.S. Brokers, Asset

Managers & Exchangeswould broaden its event contracts product suite, though we POSITIVE

Price Target USD 347.00

would expect competitors to follow suit. Price (14-Jul-26) USD 274.98

Potential Upside/Downside +26.2%

Source: Bloomberg, Barclays Research

Overview: Earlier today, Cboe filed with the SEC for a rule change that would expand the

company's binary options suite beyond broad-based indices to single-stock KPI options – in

other words, yes/no options on company-specific performance metrics that will pay out if that U.S. Brokers, Asset Managers &

KPI is above or below a certain level. A key debate on Cboe among investors has been the Exchanges

potential competitive risk from new products like perpetual futures and prediction markets. Benjamin Budish, CFA

While we do not believe the business model is meaningfully at risk, we see the potential launch +1 212 526 2418

benjamin.budish@barclays.comof these products as a step in the right direction in terms of broadening the product suite in the

BCI, US

face of these perceived threats.

Chris O'Brien

Product details. Cboe's binary KPI contracts would have European-style settlement and be +1 212 526 9284

cash settled, similar to index options and binary index options today. Contracts would have chris.obrien@barclays.com

either AM settlement or PM settlement, based on what time of day each company reports BCI, US

results.