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CBOE

Edward T. Tilly

Chairman and Chief Executive Officer

John F. Deters

Executive Vice President, Chief Strategy Officer

Greg Hoogasian

Executive Vice President, Chief Regulatory Officer

David Howson

Executive Vice President, Global President, CGM

Chris Isaacson

Executive Vice President, Chief Operating Officer

Brian N. Schell

Executive Vice President, Chief Financial Officer and Treasurer

Patrick Sexton

Executive Vice President, General Counsel and Corporate Secretary

Chairman and Chief Executive Officer and Director

Eugene S. Sunshine

Lead Director

William M. Farrow III

Director

Edward J. Fitzpatrick

Ivan K. Fong

Janet P. Froetscher

Jill R. Goodman

Alexander J. Matturri

Jennifer J. McPeek

Roderick A. Palmore

James E. Parisi

Joseph P. Ratterman

Jill E. Sommers

Fredric J. Tomczyk

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About CBOE

Cboe Global Markets (BATS:CBOE) Stock, Quote.Headers.trade-ideas

Cboe Global Markets

NASDAQ

CBOE Holdings

Cboe global Markets, Inc is a provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The Company is committed to operating a trusted, inclusive global marketplace, and to providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe, and Asia Pacific.

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Guarding Against Uncertainty: How Cboe&#39;s Buffer Protection Indices Mitigate Investment Drawdowns

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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

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$BTC

$ETH

The Swiss stock exchange SIX is exploring the possibility of establishing a cryptocurrency trading platform in Europe, aiming to compete with established digital asset firms like Binance, OKX

Swiss Stock Exchange Explores Crypto Trading Platform In Europe

Large Cap

Mid Cap

Sector ETFs

Dividends

Analyst Ratings

Trading Ideas

ETFs

RSPF

Designed to provide broad exposure to the Financials - Broad segment of the equity market, the Invesco S&amp;P 500 Equal Weight Financials ETF (ARCA:RSPF) is a passively managed exchange traded fund launched on 11/01/2006.

Should You Invest in the Invesco S&amp;P 500 Equal Weight Financials ETF?

Cboe Global Markets Inc

CBOE GLOBAL MARKETS ORD

The Swiss stock exchange SIX is exploring the possibility of establishing a cryptocurrency trading <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40900757/not-blackrock-but-revolut-and-robinhood-will-infuse-new-life-into-defi-expert-says">platform in Europe</a>, aiming to compete with established digital asset firms like Binance, OKX and Coinbase.
What Happened: The move reflects growing institutional interest in digital assets, particularly as traditional investors seek a reputable and regulated environment to trade cryptocurrencies.
Bjørn Sibbern, the global head of exchanges at SIX Group, highlighted the increasing acceptance of crypto as a legitimate asset class. 
"Crypto has become more and more a recognized asset class," Sibbern <a href="https://www.ft.com/content/edcd0f00-71b1-4335-8eba-78c214cbc377">told</a> the Financial Times.
He explained that SIX is considering building a platform to facilitate both spot and derivatives crypto trading. 
This initiative could capitalize on Switzerland's robust regulatory framework for digital assets, positioning it as a key player in the European market.
While some traditional finance institutions have been cautious about entering the crypto space due to regulatory uncertainties and concerns about reputational risks, a few prominent firms have ventured into the sector. 
For instance, Deutsche Boerse, Nomura and Standard Chartered have launched their own crypto exchanges, often separate from their core operations.
However, not all efforts have succeeded. 
CBOE Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) closed its spot crypto exchange earlier this year, citing unclear regulations, and CME Group explored Bitcoin trading but has since shelved those plans.
The approval of spot Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission earlier this year has sparked increased interest from both retail and institutional investors. 
This influx has raised expectations that more investors will seek to trade cryptocurrencies directly. 
Although Bitcoin's price has dipped from its all-time high of $72,000 to around $60,000, it remains up by 40% this year, showing resilience in the market.
Switzerland has emerged as one of Europe's most crypto-friendly nations, boasting comprehensive laws around the trading and custody of digital assets. 
These regulations provide clarity on the classification of various types of tokens, something many other countries have yet to implement.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40910353/bitcoin-surges-5-3-ahead-of-feds-key-rate-decision-this-cut-could-cause-uncertainty">Bitcoin Surges 5.3% Ahead Of Fed&#8217;s Key Rate Decision: This Cut Could &#8216;Cause Uncertainty&#8217;</a>
This regulatory advantage could make Switzerland an attractive hub for institutional crypto trading.
Sibbern noted that SIX is evaluating multiple avenues for growth in Europe, with crypto being a potential addition.
 "We are looking at other ways for us to expand in Europe and as a part of that, we are also looking at [whether] crypto should be a part of it," he said, emphasizing that the platform would target institutional investors, such as asset managers. He further added, "We see the trend that more and more global banks and institutions are looking at crypto."
SIX already operates a crypto derivatives platform, AsiaNext, based in Singapore in partnership with Japan's SBI Group. 
Sibbern mentioned that the company is contemplating a similar initiative in Europe, although the project is still under evaluation. 
"We are looking at should we do something similar in Europe," Sibbern said, acknowledging that the company might ultimately decide not to proceed with the venture.
In addition to exploring crypto trading, SIX operates a separate digital exchange, which has seen the listing of nine digital bonds since 2018, with issuers including UBS and the city of Lugano. 
Sibbern indicated that this digital exchange could potentially be expanded to encompass cryptocurrency trading as well, marking a significant evolution for the Swiss group.
This exploration into cryptocurrency trading comes at a time when SIX's traditional exchanges have experienced notable successes, hosting two of Europe's largest IPOs this year — Spanish beauty company Puig and dermatology firm Galderma.
As the digital asset space continues to evolve, industry stakeholders are gearing up for Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where experts and institutional players will gather to discuss the latest trends and developments in the crypto landscape.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905315/donald-trumps-new-crypto-project-world-liberty-financial-everything-you-need-to-know">Donald Trump&#8217;s New Crypto Project World Liberty Financial: Everything You Need To Know</a></li>
</ul>
Image: Shutterstock

Designed to provide broad exposure to the Financials - Broad segment of the equity market, the Invesco S&amp;P 500 Equal Weight Financials ETF (ARCA:RSPF) is a passively managed exchange traded fund launched on 11/01/2006.
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Financials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.
<h2>Index Details</h2>
The fund is sponsored by Invesco. It has amassed assets over $271.83 million, making it one of the average sized ETFs attempting to match the performance of the Financials - Broad segment of the equity market. RSPF seeks to match the performance of the S&amp;P 500 EQUAL WEIGHT FINANCIALS INDEX before fees and expenses.
The S&amp;P 500 Equal Weight Financials Index equally weights stocks in the financial sector of the S&amp;P 500 Index.
<h2>Costs</h2>
Expense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.
Annual operating expenses for this ETF are 0.40%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 1.41%.
<h2>Sector Exposure and Top Holdings</h2>
ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund&#39;s holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Financials sector--about 100% of the portfolio.
Looking at individual holdings, Cboe Global Markets Inc (BATS: <a class="ticker" href="https://www.benzinga.com/stock/cboe#BATS">CBOE</a>) accounts for about 1.60% of total assets, followed by Truist Financial Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tfc#NYSE">TFC</a>) and Globe Life Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gl#NYSE">GL</a>).
The top 10 holdings account for about 15.42% of total assets under management.
<h2>Performance and Risk</h2>
So far this year, RSPF has gained about 14.40%, and is up about 29.31% in the last one year (as of 09/12/2024). During this past 52-week period, the fund has traded between $48.10 and $68.77.
The ETF has a beta of 1.05 and standard deviation of 13.82% for the trailing three-year period. With about 72 holdings, it effectively diversifies company-specific risk.
<h2>Alternatives</h2>
Invesco S&amp;P 500 Equal Weight Financials ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, RSPF is a great option for investors seeking exposure to the Financials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
Vanguard Financials ETF (ARCA:VFH) tracks MSCI US Investable Market Financials 25/50 Index and the Financial Select Sector SPDR ETF (ARCA:XLF) tracks Financial Select Sector Index. Vanguard Financials ETF has $9.80 billion in assets, Financial Select Sector SPDR ETF has $43.50 billion. VFH has an expense ratio of 0.10% and XLF charges 0.09%.
<a href="https://www.zacks.com/stock/news/2335011/should-you-invest-in-the-invesco-s-p-500-equal-weight-financials-etf-rspf?cid=CS-BENZ-FT-sector_etf-2335011">To read this article on Zacks.com click here.</a>

Should You Invest in the Invesco S&P 500 Equal Weight Financials ETF?

BofA Securities analyst Craig Siegenthaler downgraded CME Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) to Underperform from Neutral, <a target="_blank" href="https://www.benzinga.com/quote/CME/analyst-ratings" rel="noreferrer noopener">lowering the price target from&nbsp;$212&nbsp;to&nbsp;$177.</a>
The company now faces competition on three fronts from BGC Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>), Cboe Global Markets, Inc. (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>), and Intercontinental Exchange Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>). This intensifying rivalry could result in market share losses and pricing pressures, the analyst cautions.
The analyst projects CME to reduce its pricing on interest rate futures by over 10% as a defensive strategy, given the imminent launch of BGC&#8217;s FMX Futures Exchange.
Additionally, the analyst forecasts a 15% CAGR for CBOE&#8217;s index options volume through 2026, predicting that options will increasingly replace CME&#8217;s equity futures.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40686478/alphabet-to-190-here-are-10-top-analyst-forecasts-for-tuesday" rel="noreferrer noopener">Alphabet To $190? Here Are 10 Top Analyst Forecasts For Tuesday</a>
Due to its defensive nature, CME significantly benefited from the VIX surge in August, presenting a compelling entry point.
After weak U.S. employment data reignited fears of a hard landing, the VIX spiked 34% to an average of 19 in August, up from 14 the previous month. This drove CME&#8217;s strongest trading volumes since the start of the COVID-19 pandemic, with August volumes rising 28% month-over-month, particularly in financial futures.
Consequently, CME&#8217;s stock outperformed all sectors in our coverage as well as the S&amp;P 500. While the analyst projects that volatility will stay relatively high through the U.S. election season, the analyst sees downward normalization throughout 2025, making the second half of 2024 an ideal time to consider an Underperform rating.
Price Action: CME shares are trading lower by 1.77% to $211.92 at last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40692573/whats-going-on-with-xpeng-shares-today" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With XPeng Shares Today?</a></li>
</ul>

Analyst Color

Equities

Downgrades

Price Target

General

CME Group Downgraded: Analyst Sees Cutthroat Competition From BGC Group, Cboe Global & Intercontinental Exchange

The SEC has reportedly raised questions about whether Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) should be classified as a security, potentially leading to a halt in filings related to its exchange-traded funds.
What Happened: The SEC held discussions with ETF applicants and communicated concerns over Solana&#8217;s status as a security, as reported by <a href="https://www.theblock.co/post/311937/sec-talks-etf-issuers-concerns-solana-security-source?utm_source=twitter&amp;utm_medium=social">The Block</a> on Monday. 
After these discussions, the SEC and exchange operator Cboe Global Markets Inc. (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) decided not to submit the 19b-4 forms to the Federal Register, which would have started the approval process. This action prevents the SEC from being pressured to make decisions about the prospective Solana ETFs.
The SEC didn&#8217;t immediately respond to Benzinga&#8217;s request for comment on the matter. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40402896/donald-trump-now-10-points-behind-vice-president-kamala-harris-in-the-election-odds-predic?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Now 10 Points Behind Vice President Kamala Harris In The Election Odds, Prediction Market Data Shows</a>
Why It Matters: Over the weekend, it was observed that the 19b-4 filings, typically submitted by exchanges on behalf of issuers, are no longer <a href="https://www.cboe.com/us/options/regulation/rule_filings/">visible </a>on the Cboe website. 
The filing of the 19b-4 document was the second step in getting ETFs greenlighted, following the submission of S-1 documents by VanEck and 21Shares in late June.
Amid the speculations, Matthew Sigel, the Head of Digital Assets Research at&nbsp;VanEck, lent support to SOL, stating that the asset manager considers SOL a commodity, like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For the record, VanEck believes SOL is a commodity, much like BTC and ETH. This belief is informed by evolving legal perspectives, where courts and regulators have begun to recognize that certain crypto assets may function as securities in primary markets but behave more like…
&mdash; matthew sigel, recovering CFA (@matthew_sigel) <a href="https://twitter.com/matthew_sigel/status/1825630564407267779?ref_src=twsrc%5Etfw">August 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Earlier this month, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40263194/solana-spikes-to-160-as-brazil-approves-first-solana-etf-sol-should-gain-100-on-ethereum-i">Brazil approved its first-ever Solana ETFs</a>, paving the way for mainstream investors to gain exposure to the price moves of the world&#8217;s fifth-largest cryptocurrency.
Price Action: At the time of writing, SOL was unaffected, rising 2.72% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.&nbsp;
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40447771/kamala-harris-may-reportedly-nominate-sec-chair-gary-gensler-as-treasury-secretary-if-elec?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris May Reportedly Nominate SEC Chair Gary Gensler As Treasury Secretary If Elected</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

$SOL

Solana A Security? SEC Concerns Reportedly Led To Pause In ETF Filing Process

<ul>
<li>Increases share repurchase authorization by $500 million</li>
<li>Increased quarterly cash dividend to $0.63 per share</li>
<li>14th consecutive year Cboe has increased its dividend</li>
</ul>
CHICAGO, Aug. 16, 2024 /PRNewswire/ --&nbsp;Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced its Board of Directors has authorized the company to repurchase up to an additional $500 million of its outstanding common stock and declared an increased quarterly cash dividend of $0.63 per share of common stock for the third quarter of 2024.
The increased third-quarter 2024 dividend, representing a 15 percent increase from the prior quarter's dividend of $0.55 per share, is payable on September 13, 2024, to stockholders of record as of August 30, 2024.
As of July 31, 2024, the Company had $179.8&nbsp;million of availability remaining under its existing share repurchase authorizations.

Buybacks

Cboe Global Markets Announces Increase in Share Repurchase Authorization By $500M; Increased Quarterly Cash Dividend From $0.55 To $0.63 Per Share

Deutsche Bank analyst Brian Bedell maintains Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Hold and raises the price target from $186 to $205.

Deutsche Bank Maintains Hold on Cboe Global Markets, Raises Price Target to $205

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) options traders have welcomed the Chicago Board Options Exchange (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) withdrawing and resubmitting its application to list options on <a href="https://www.benzinga.com/money/best-spot-bitcoin-etfs">spot Bitcoin ETFs.</a>
What Happened: This development, while initially appearing like a setback, is being interpreted by industry analysts as a positive sign of potential engagement from the Securities and Exchange Commission (SEC).
&#8220;Just as &#8216;comments from the SEC&#8217; was a good sign in our ETF approval odds, we think this is a good sign here too,&#8221; <a href="https://x.com/EricBalchunas/status/1821693477228286263">tweeted</a> Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence, echoing a sentiment shared by many.
The logic behind this optimism is that if the SEC intended to outright deny the application, there would be little point in further discussion.
James Seyffart, another prominent ETF analyst, first reported the news on X (formerly Twitter), <a href="https://x.com/JSeyff/status/1821691941257433234">stating</a>, &#8220;There&#8217;s definitely some movement on Bitcoin ETF options. CBOE just withdrew their application for options on spot Bitcoin ETFs. Which sounds like a bad thing at first&#8230; But at the same time they just re-filed a brand new and updated application.&#8221;
However, it&#8217;s important to note that this is not the final hurdle. While CBOE&#8217;s refiling suggests positive interaction with the SEC, other approvals are still needed. &#8220;I don&#8217;t know if I jinxed it or what,&#8221; Seyffart later <a href="https://x.com/JSeyff/status/1821641289797943365">tweeted</a>, &#8220;But three exchanges have withdrawn their applications to list the spot Bitcoin ETF options since I tweeted this.&#8221;
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40283775/anthony-scaramucci-thinks-crypto-industrys-virtual-meeting-with-democrats-was-encouraging-">Anthony Scaramucci Thinks Crypto Industry&#8217;s Virtual Meeting With Democrats Was &#8216;Encouraging,&#8217; Despite Reportedly Heated Exchanges</a>
He emphasized that the key applications to watch are from major exchanges like Nasdaq, NYSE and CBOE for listing the underlying ETFs themselves.
Despite the remaining steps, analysts remain optimistic about the timeline. 
&#8220;We think the Bitcoin ETF options happen in 4th quarter this year,&#8221; Seyffart <a href="https://x.com/JSeyff/status/1821627790065799634">concluded</a>. &#8220;Final deadline for SEC decision is ~Sept. 21 but there&#8217;s more steps needed after that from OCC &amp; CFTC.&#8221;
What&#8217;s Next: This development underscores the growing interest in Bitcoin-related investment products, with options offering a way to manage risk and potentially profit from Bitcoin&#8217;s price movements.
For those interested in learning more about the future of digital assets and the potential impact of Bitcoin ETF options, Benzinga&#8217;s upcoming<a href="https://www.benzinga.com/events/digital-assets/agenda/"> Future of Digital Assets</a> event on Nov. 19 promises to be a valuable resource.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40280806/trump-themed-restore-the-republic-coin-plummets-95-after-eric-trump-confirms-it-is-not-the">Trump-Themed &#8216;Restore The Republic&#8217; Coin Plummets 95% After Eric Trump Confirms It Is Not The &#8216;Official&#8217; Coin</a></li>
</ul>
Image: Shutterstock

CBOE Refiles Application For Bitcoin ETF Options, Signaling Potential SEC Engagement

Barclays analyst Benjamin Budish maintains Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Overweight and raises the price target from $194 to $218.

Barclays Maintains Overweight on Cboe Global Markets, Raises Price Target to $218

Oppenheimer analyst Owen Lau maintains Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Outperform and raises the price target from $199 to $209.

Oppenheimer Maintains Outperform on Cboe Global Markets, Raises Price Target to $209

Keefe, Bruyette &amp; Woods analyst Kyle Voigt maintains Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Market Perform and raises the price target from $197 to $198.

Keefe, Bruyette & Woods Maintains Market Perform on Cboe Global Markets, Raises Price Target to $198

Piper Sandler analyst Patrick Moley reiterates Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Overweight and raises the price target from $203 to $210.

Reiteration

Piper Sandler Reiterates Overweight on Cboe Global Markets, Raises Price Target to $210

JP Morgan analyst Kenneth Worthington upgrades Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) from Underweight to Neutral and raises the price target from $168 to $195.

Upgrades

JP Morgan Upgrades Cboe Global Markets to Neutral, Raises Price Target to $195

2024 Fiscal&nbsp;Year Financial&nbsp;Guidance
Cboe provided&nbsp;guidance&nbsp;for the 2024 fiscal year as noted below.
<ul>
<li>Organic total net revenue growth&nbsp;is expected to be in the range of 6 to 8 percentage points, up from previous&nbsp;guidance&nbsp;calling for the higher end of 5 to 7 percentage points in 2024.</li>
<li>Anticipates lower end of organic net revenue1&nbsp;growth range from Data and Access Solutions of 7 to 10 percentage points in 2024.</li>
<li>Reaffirms adjusted operating expenses&nbsp;in 2024 are expected to be in the range of&nbsp;$795&nbsp;to&nbsp;$805 million. The&nbsp;guidance&nbsp;excludes the expected amortization of acquired intangible assets of&nbsp;$92 million; the company reflects the exclusion of this amount in its non-GAAP reconciliation.</li>
<li>Reaffirms depreciation and amortization expense for 2024 is expected to be in the range of&nbsp;$43&nbsp;to&nbsp;$47 million, excluding the expected amortization of acquired intangible assets.</li>
<li>Reaffirms minority investments are expected to contribute a&nbsp;$37&nbsp;to&nbsp;$43 million&nbsp;benefit in 2024 to non-operating (expenses) income. Anticipates that&nbsp;$33&nbsp;to&nbsp;$37 million&nbsp;of the benefit will come in the earnings on investments line and&nbsp;$4&nbsp;to&nbsp;$6 million&nbsp;through the other (expense) income, net line.</li>
<li>Reaffirms the effective tax rate on adjusted earnings1&nbsp;for the full year 2024 is expected to be in the range of 28.5 to&nbsp;30.5 percent. Significant changes in trading volume, expenses, tax laws or rates and other items could materially impact this expectation.</li>
<li>Reaffirms capital expenditures for 2024 are expected to be in the range of&nbsp;$51&nbsp;to&nbsp;$57 million.</li>
</ul>

Guidance

Cboe Global Markets Expects FY24 Net Revenue Growth Of 6%-8% (Prior 5%-7%) YoY Vs $2.065B Est

Earnings

Earnings Beats

Earnings Misses

Cboe Global Markets Q2 2024 Adj. EPS $2.15 Beats $2.10 Estimate, Sales $513.800M Miss $514.506M Estimate

<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39911348/ethereum-etfs-start-trading-and-price-discovery-is-inevitable-trader-asserts">Nine spot Ethereum ETFs</a> began trading on US exchanges Tuesday, marking another milestone in the mainstream adoption of digital assets.
What Happened: This launch comes just six months after the debut of <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39906763/bitcoin-stuck-below-67k-despite-526m-in-etf-inflows-what-is-going-on">spot Bitcoin ETFs</a> in the United States, which have already accumulated over $54 billion in assets under management.
The new ETH ETFs, offered by major financial players including BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), Fidelity, Grayscale, and others, are now available on the Cboe (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>), NYSE Arca, and Nasdaq exchanges.
Grayscale&#8217;s Ethereum Mini Trust stands out with the lowest fee of 0.15% and is set to start with approximately $1 billion in assets.
In the early hours of trading, the newly launched Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETFs demonstrated significant market interest.
According to data from Yahoo Finance, <a href="https://www.theblock.co/post/306970/ethereum-etfs-hit-300-million-in-trading-volume-in-first-hour-of-being-live-on-the-market?utm_source=rss&amp;utm_medium=rss">analyzed</a> by The Block Pro Research, these funds collectively amassed $205 million in trading volume within the first 60 minutes.
The momentum continued, with the total volume reaching $300 million approximately 75 minutes after the market opened, at around 10:45 a.m. EST.
To put these figures into perspective, Bloomberg&#8217;s Senior ETF Analyst Eric Balchunas offered his insights on the initial trading performance.
&#8220;Here&#8217;s volume after first 15 minutes of trading. Total of $112m traded for the group (which is A TON vs a normal ETF launch but only about half of what bitcoin ETFs&#8217; volume pace was on DAY ONE, altho 50% would exceed expectations IMO),&#8221; he <a href="https://x.com/EricBalchunas/status/1815767604453138738">said</a>.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Here&#39;s where we at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF volume (about what <a href="https://twitter.com/search?q=%24TLT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TLT</a> and <a href="https://twitter.com/search?q=%24EEM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$EEM</a> trade), which is Top 1%. But again compared to a normal ETF launch, which rarely see more than $1m on Day One, all of them have… <a href="https://t.co/R5UgQFR1L6">pic.twitter.com/R5UgQFR1L6</a>
&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1815767604453138738?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
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He added that the comparison excluded GBTC and if it was included the ETH ETFs do about 20% to 25% of the volume of the BTC ETFs. &#8220;Regardless, very solid showing,&#8221; he said.
Also Read: <a href="EXCLUSIVE: How AI Can Unlock The True Potential Of Web3">EXCLUSIVE: How AI Can Unlock The True Potential Of Web3</a>
What Others Said: Nathan McCauley, CEO of Anchorage Digital, hailed the launch as &#8220;a major step forward in regulatory clarity for the digital asset class.&#8221;
He emphasized that the ETF wrapper will provide a new pathway for safe and compliant exposure to Ethereum, potentially driving billions in inflows from both institutions and consumers.
Konstantin Shulga, CEO and co-founder of Finery Markets, noted the accelerated adoption rate of digital assets and increased institutional involvement. 
He pointed out that Ethereum trading volumes rose by 32% in the first half of 2024 compared to the same period in 2023 in the OTC market. 
However, Shulga cautioned that the full impact of ETF approvals may not be realized for six to nine months, as it takes time for innovative products to be fully integrated into financial players&#8217; portfolios.
Tom Duff Gordon, VP of International Policy at Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), described the approval of spot ETH ETFs as &#8220;a significant milestone in the crypto ecosystem,&#8221; highlighting the ongoing shift towards digital assets in the global financial system. 
Coinbase is serving as the custodian for 8 of the 9 newly approved ETH ETFs.
However, Sergei Gorev, risk manager at YouHodler, offered a more cautious perspective. 
He noted that despite the launch, ETH&#8217;s price dynamics appear weak, suggesting that the market may not fully believe in the great success of Ethereum ETFs. 
Gorev also pointed out the possibility of a &#8220;buy-on-hearsay and sell-on-facts&#8221; scenario, particularly given the timing of the launch during a period when many investors are on vacation.
David Ben Kay, a former advisor and member of the governing board of the Ethereum Foundation, said the launch is a step closer to broader adoption and closer integration into traditional financial markets.
This launch comes at a time of increasing institutional interest in digital assets, as Ethereum continues to solidify its position as a key player in the blockchain and decentralized finance (DeFi) sectors. 
By providing a regulated investment vehicle, investors may have a greater sense of security and compliance. 
However, due to fees and market inefficiencies the ETF price may not always perfectly track Ethereum&#8217;s spot price.
&#8220;Despite risk mitigation, Ethereum remains a volatile asset, and ETF values can fluctuate accordingly. Management fees and expenses associated with ETFs can impact overall returns compared to direct cryptocurrency holdings,&#8221; he said.
&#8220;All in all, the issuance of the spot ETH ETF is definitely a positive move in the journey of broad adoption for cryptocurrencies, but it's likely that initial adoption and market impact may be limited until there is broader acceptance and understanding of crypto ETFs,&#8221; he added.
As the cryptocurrency landscape continues to evolve rapidly with developments like these ETH ETFs, industry professionals and enthusiasts alike are eager to discuss the implications and future trends. 
What&#8217;s Next: The upcoming Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19 will provide a timely platform for such discussions.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39905047/michelle-obama-for-democratic-nominee-crypto-bettors-think-her-odds-have-just-tripled">Michelle Obama For Democratic Nominee? Crypto Bettors Think Her Odds Have Just Tripled</a></li>
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Image: Shutterstock

COIN

Ethereum ETFs Are Live: Here's How Experts Assess Their Launch

Barclays analyst Benjamin Budish maintains Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Overweight and lowers the price target from $215 to $194.

Barclays Maintains Overweight on Cboe Global Markets, Lowers Price Target to $194

Exchange operator Cboe Global Markets Inc. (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) has submitted a request to the SEC to list Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) spot exchange-traded funds applied by VanEck and 21Shares. 
What Happened: The exchange submitted a 19b-4 application with the regulator, according to a Reuters report Monday. The application seeks approval for the listing of ETFs from VanEck and digital asset manager 21Shares, which would be the first ETF products linked to Solana if greenlighted by the agency. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39656790/bitcoins-bullish-future-analyst-predicts-80-rally-after-correction-but-heres-the-catch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin&#8217;s Bullish Future: Analyst Predicts 80% Rally After Correction, But Here&#8217;s The Catch</a>
The exchange submitted two 19b-4 filings with the SEC on Monday, requesting permission to list these products upon regulatory approval. With the SEC&#8217;s acknowledgment of the filing, a 240-day window has begun during which the regulator must decide on the products.
As per rules, SEC has 240 days to deny or approve Cboe&#8217;s 19b-4 application. Note that Cboe already lists some of the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) spot ETFs, including VanEck Bitcoin Trust (BATS:<a class="ticker" href="https://www.benzinga.com/stock/HODL#BATS">HODL</a>), and Fidelity Wise Origin Bitcoin Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>)
Why It Matters: The filing of the 19b-4 document is the second step in the process, following the submission of S-1 documents by <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39528468/vaneck-files-solana-etf-application-sol-rallies-6">VanEck</a> and <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39555344/21shares-becomes-the-next-fund-filing-for-a-solana-spot-etf">21Shares</a> late June, 
In a bull case scenario, Solana <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39546947/heres-how-much-sol-could-surge-if-solana-etfs-get-approved">could spike up to 8.9x if ETFs are approved</a>, a recent report suggested, while a bear case scenario could send the fifth-largest cryptocurrency up 1.4x.
Price Action: At the time of writing, SOL was exchanging hands at $140.80, following a 5.56% spike in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39679245/dogecoin-product-lead-highlights-efforts-to-spread-fud-about-the-good-boy-some-organizatio">Dogecoin Product Lead Highlights Efforts To Spread FUD About The Good Boy: &#8216;Some Organizations Want It To Fail&#8217;</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Fidelity Wise Origin Bitcoin Fund Fidelity Wise Origin Bitcoin Fund

FBTC

HODL

Solana Jumps 5.5% As Cboe Files Application With SEC To List VanEck, 21Shares Spot ETFs

Don&#8217;t miss an <a href="https://www.benzinga.com/events/navigating-short-dated-options/">educational online Benzinga seminar</a> hosted by Cboe Global Markets (BZX: CBOE) at noon ET Tuesday. This seminar will delve into the specialized field of zero-day-to-expiry (0DTE) options. It is tailored to demystify the complexities of same-day trading, providing a platform for beginners and seasoned traders to enhance their market understanding.
<h3 class="wp-block-heading">Leadership and Learning Combined</h3>
Vince Cicco, director of derivatives sales in the U.S. for Cboe, will spearhead the discussion. The session is expected to cover the origins and development of 0DTE options, detailed analysis of prevalent trading methodologies and practical advice on improving trading execution.
"As more retail investors seek the utility options can bring to their portfolios, Cboe is dedicated to providing the essential education they need to navigate this asset class effectively," said Cicco. 
"Tomorrow's webinar is a great opportunity for investors to gain a deeper understanding of options and I look forward to discussing the growing trend of short-dated options and the various ways investors are incorporating them into their portfolios."
<h3 class="wp-block-heading">Broad Audience Engagement</h3>
The webinar, targeted toward a diverse audience, aims to cater to individuals new to the trading scene as well as those looking to refine their existing strategies. The focus is clarifying the intricacies of 0DTE options, a niche but rapidly growing area in financial trading.
This educational initiative by Cboe Global Markets is part of its broader effort to support investor education and enable traders to navigate the complexities of financial markets better. With the constant shifts in trading technologies and strategies, such educational endeavors are crucial for keeping market participants well-informed and prepared.
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Image: Shutterstock

Previews

Options

Events

Enhancing Same-Day Trading Options: Learn More About 0DTE Options Trading Tuesday

Rob Marrocco, the Vice President and Global Head of ETF Listings at Cboe (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>), on Wednesday highlighting the challenges of <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38986296/will-solana-or-dogecoin-be-the-next-crypto-etf-if-the-ethereum-etf-is-approved">crypto ETFs beyond Bitcoin</a> and Ethereum.
What Happened: Marrocco <a href="https://etfstore.com/cboes-rob-marrocco-talks-etf-share-classes-crypto-etfs-rise-of-active-more/">expressed </a>skepticism regarding the near-term feasibility of ETFs based on cryptocurrencies like Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) and Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), citing the absence of a futures market for these assets as a significant hurdle.
He noted that the approval of spot Bitcoin and Ethereum ETFs was largely influenced by the existence of a futures market.
Regarding the potential for a Solana ETF, Marrocco suggested that a viable pathway would involve introducing a Solana futures ETF first, which could pave the way for a spot ETF. 
However, he cautioned that even with the introduction of futures ETFs, establishing a track record could be a lengthy process.
Marrocco emphasized the need for a comprehensive regulatory framework for cryptocurrencies, stating that it would provide clarity for market participants and regulatory agencies alike. 
He acknowledged the challenges associated with legislative action but argued that it could offer a more expedient path compared to waiting for a futures market to develop.
Lara Crigger, the editor-in-chief of VettaFi, echoed Marrocco&#8217;s sentiments, emphasizing the lack of a futures market for Solana as a barrier to ETF approval by the SEC.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39286671/bitcoin-climbs-above-67-5k-as-spot-etfs-see-200m-outflows-on-tuesday">Bitcoin Climbs Above $67.5K As Spot ETFs See $200M Outflows On Tuesday</a>
Industry experts remain divided on the issue, with some expressing doubts about the prospects of Solana ETFs, while others believe that recent developments, such as the approval of Ethereum ETFs, could pave the way for similar tokens.
In the context of evolving regulatory dynamics in the US, the passage of the <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39004550/exclusive-all-you-need-to-know-about-the-fit21-crypto-bill">Financial Innovation and Technology for the 21st Century Act</a> (FIT21) represents a significant development.
This bipartisan legislation aims to establish a clear regulatory framework for digital assets, delineating responsibilities between the CFTC and the SEC.
FIT21, which recently passed in the House, seeks to address regulatory uncertainties surrounding digital assets and ensure investor protection and market integrity. Its enactment into law is pending a Senate vote, underscoring the ongoing legislative process.
While the prospects of crypto ETFs beyond Bitcoin and Ethereum face challenges, regulatory developments such as FIT21 could play a crucial role in shaping the future landscape of digital asset investment.
What&#8217;s Next: For further insights into the future of digital assets and the evolving regulatory landscape, consider attending Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39278216/donald-trump-opens-21-point-lead-in-2024-presidential-race-according-to-crypto-bettors">Donald Trump Opens 21-Point Lead In 2024 Presidential Race, According To Crypto Bettors</a>
Image: Shutterstock

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