← Cboe Global Markets overview

Cboe Global Markets vs Tradeweb Markets: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Cboe Global Markets Inc (CBOE)

Q3 2026
▲2▼2

Cboe's record results and new products face rising competition

  • Record Q2 revenue and raised guidance Cboe reported record Q2 net revenue of $732 million, up 25% from a year ago, and raised its full-year growth outlook to mid-to-high teens. Adjusted earnings per share jumped 45% to $3.56. This shows the core business is growing faster than expected, which supports a higher stock price.

    This is the period's biggest positive fundamental update and directly explains why CBOE is moving.

  • New earnings-based options could open a new market Cboe is seeking SEC approval for binary options tied to corporate earnings metrics, covering 23 companies and over 100 metrics. If approved, this expands Cboe's product lineup and fee revenue, helping it compete with prediction markets like Kalshi and Polymarket.

    This is a new product initiative that could drive future revenue growth and is a key reason investors are watching CBOE.

  • Kalshi asks SEC to delay Cboe's earnings contracts Kalshi, a prediction market, asked the SEC to hold off approving Cboe's new binary earnings options, arguing they compete with its own products. This could slow or block Cboe's launch, creating uncertainty and potentially delaying a new revenue stream.

    This is a direct competitive and regulatory threat that could hurt CBOE's growth plans.

  • Trump push to bring Hyperliquid onshore threatens crypto derivatives share President Trump said regulators are working to bring crypto platform Hyperliquid into the U.S. legally. Cboe shares fell as much as 6.1% on the news, as Hyperliquid's onshore move could take crypto derivatives volume away from mainstream exchanges like Cboe.

    This is a new competitive threat that directly moved CBOE's stock and could pressure its crypto business.

July 2026
▲2▼2

Cboe's record results and new products face rising competition

  • Record Q2 revenue and raised guidance Cboe reported record Q2 net revenue of $732 million, up 25% from a year ago, and raised its full-year growth outlook to mid-to-high teens. Adjusted earnings per share jumped 45% to $3.56. This shows the core business is growing faster than expected, which supports a higher stock price.

    This is the period's biggest positive fundamental update and directly explains why CBOE is moving.

  • New earnings-based options could open a new market Cboe is seeking SEC approval for binary options tied to corporate earnings metrics, covering 23 companies and over 100 metrics. If approved, this expands Cboe's product lineup and fee revenue, helping it compete with prediction markets like Kalshi and Polymarket.

    This is a new product initiative that could drive future revenue growth and is a key reason investors are watching CBOE.

  • Kalshi asks SEC to delay Cboe's earnings contracts Kalshi, a prediction market, asked the SEC to hold off approving Cboe's new binary earnings options, arguing they compete with its own products. This could slow or block Cboe's launch, creating uncertainty and potentially delaying a new revenue stream.

    This is a direct competitive and regulatory threat that could hurt CBOE's growth plans.

  • Trump push to bring Hyperliquid onshore threatens crypto derivatives share President Trump said regulators are working to bring crypto platform Hyperliquid into the U.S. legally. Cboe shares fell as much as 6.1% on the news, as Hyperliquid's onshore move could take crypto derivatives volume away from mainstream exchanges like Cboe.

    This is a new competitive threat that directly moved CBOE's stock and could pressure its crypto business.

Latest
▲2▼2

Cboe's record results and new products face rising competition

  • Record Q2 revenue and raised guidance Cboe reported record Q2 net revenue of $732 million, up 25% from a year ago, and raised its full-year growth outlook to mid-to-high teens. Adjusted earnings per share jumped 45% to $3.56. This shows the core business is growing faster than expected, which supports a higher stock price.

    This is the period's biggest positive fundamental update and directly explains why CBOE is moving.

  • New earnings-based options could open a new market Cboe is seeking SEC approval for binary options tied to corporate earnings metrics, covering 23 companies and over 100 metrics. If approved, this expands Cboe's product lineup and fee revenue, helping it compete with prediction markets like Kalshi and Polymarket.

    This is a new product initiative that could drive future revenue growth and is a key reason investors are watching CBOE.

  • Kalshi asks SEC to delay Cboe's earnings contracts Kalshi, a prediction market, asked the SEC to hold off approving Cboe's new binary earnings options, arguing they compete with its own products. This could slow or block Cboe's launch, creating uncertainty and potentially delaying a new revenue stream.

    This is a direct competitive and regulatory threat that could hurt CBOE's growth plans.

  • Trump push to bring Hyperliquid onshore threatens crypto derivatives share President Trump said regulators are working to bring crypto platform Hyperliquid into the U.S. legally. Cboe shares fell as much as 6.1% on the news, as Hyperliquid's onshore move could take crypto derivatives volume away from mainstream exchanges like Cboe.

    This is a new competitive threat that directly moved CBOE's stock and could pressure its crypto business.

Q2 2026
▲3▼1

Cboe's record profits overshadowed by new competition and its own prediction-market launch

  • Competitive threats crush stock despite record earnings Cboe's stock fell from $370 to $250 in a month on fears that Kalshi's CFTC-approved perpetual futures and Schwab's binary options will steal its core options business. This fear is the main reason the stock is down, even though Cboe just posted record earnings and raised guidance.

    This is the biggest force driving CBOE's price right now—a sharp sell-off on competitive fears.

  • Cboe launches its own prediction market suite Cboe launched Cboe Predicts, binary options on the Mini S&P 500, available through brokers like Schwab and Interactive Brokers. This lets Cboe compete directly with Kalshi and Polymarket, potentially attracting new trading volume and defending its index options franchise.

    This is Cboe's direct response to the competitive threat, a new product that could drive future revenue.

  • Schwab to host S&P 500 prediction markets via Cboe Charles Schwab plans to offer S&P 500 prediction markets through Cboe, using binary contracts. Schwab has $11.8 trillion in customer assets, so this partnership could bring significant new trading volume to Cboe's platform.

    A major distribution deal that could boost Cboe's trading volume and revenue.

  • Record options volume from SpaceX IPO frenzy SpaceX's IPO sparked record options trading (1.8 million contracts) and heavy ETF activity. As a major options exchange, Cboe likely benefited from this surge in transaction revenue, showing its business can thrive on market excitement.

    Demonstrates strong demand for options trading, a core driver of Cboe's revenue.

June 2026
▲3▼1

Cboe's record profits overshadowed by new competition and its own prediction-market launch

  • Competitive threats crush stock despite record earnings Cboe's stock fell from $370 to $250 in a month on fears that Kalshi's CFTC-approved perpetual futures and Schwab's binary options will steal its core options business. This fear is the main reason the stock is down, even though Cboe just posted record earnings and raised guidance.

    This is the biggest force driving CBOE's price right now—a sharp sell-off on competitive fears.

  • Cboe launches its own prediction market suite Cboe launched Cboe Predicts, binary options on the Mini S&P 500, available through brokers like Schwab and Interactive Brokers. This lets Cboe compete directly with Kalshi and Polymarket, potentially attracting new trading volume and defending its index options franchise.

    This is Cboe's direct response to the competitive threat, a new product that could drive future revenue.

  • Schwab to host S&P 500 prediction markets via Cboe Charles Schwab plans to offer S&P 500 prediction markets through Cboe, using binary contracts. Schwab has $11.8 trillion in customer assets, so this partnership could bring significant new trading volume to Cboe's platform.

    A major distribution deal that could boost Cboe's trading volume and revenue.

  • Record options volume from SpaceX IPO frenzy SpaceX's IPO sparked record options trading (1.8 million contracts) and heavy ETF activity. As a major options exchange, Cboe likely benefited from this surge in transaction revenue, showing its business can thrive on market excitement.

    Demonstrates strong demand for options trading, a core driver of Cboe's revenue.

▲3▼1

Cboe's record profits overshadowed by new competition and its own prediction-market launch

  • Competitive threats crush stock despite record earnings Cboe's stock fell from $370 to $250 in a month on fears that Kalshi's CFTC-approved perpetual futures and Schwab's binary options will steal its core options business. This fear is the main reason the stock is down, even though Cboe just posted record earnings and raised guidance.

    This is the biggest force driving CBOE's price right now—a sharp sell-off on competitive fears.

  • Cboe launches its own prediction market suite Cboe launched Cboe Predicts, binary options on the Mini S&P 500, available through brokers like Schwab and Interactive Brokers. This lets Cboe compete directly with Kalshi and Polymarket, potentially attracting new trading volume and defending its index options franchise.

    This is Cboe's direct response to the competitive threat, a new product that could drive future revenue.

  • Schwab to host S&P 500 prediction markets via Cboe Charles Schwab plans to offer S&P 500 prediction markets through Cboe, using binary contracts. Schwab has $11.8 trillion in customer assets, so this partnership could bring significant new trading volume to Cboe's platform.

    A major distribution deal that could boost Cboe's trading volume and revenue.

  • Record options volume from SpaceX IPO frenzy SpaceX's IPO sparked record options trading (1.8 million contracts) and heavy ETF activity. As a major options exchange, Cboe likely benefited from this surge in transaction revenue, showing its business can thrive on market excitement.

    Demonstrates strong demand for options trading, a core driver of Cboe's revenue.

Tradeweb Markets Inc (TW)

Q3 2026
▲3▼1

Tradeweb's Q2 revenue miss and blockchain data push shape mixed outlook

  • Q2 revenue miss triggers sharp sell-off Tradeweb's Q2 revenue of $558.9 million fell just short of the $559.2 million consensus, sending shares down 9.9% on July 31. While earnings per share beat expectations, the top-line miss and slowing growth disappointed investors, pushing the stock 32.5% below its 52-week high.

    This is the most immediate and significant negative driver, directly causing a large price drop.

  • Strong Q2 earnings and dividend hike Tradeweb reported 9% revenue growth to $558.9 million, net income up 17.8%, and a 54.4% adjusted EBITDA margin. Average daily volume rose 18.2% to $3.0 trillion, with records in rates futures and credit. The company raised its dividend by 16.7% and reaffirmed full-year guidance.

    This shows underlying business strength and supports the bull case despite the revenue miss.

  • Expanding into blockchain and onchain finance Tradeweb facilitated a real-time onchain Treasury trade with Franklin Templeton and Virtu, and began providing institutional bond pricing to the Pyth Network for digital applications. These moves position Tradeweb at the forefront of tokenization and programmable finance, potentially opening new revenue streams.

    This highlights Tradeweb's technological innovation and long-term growth potential beyond traditional markets.

  • CEO touts AI agents as next frontier CEO Billy Hult said AI agents are revolutionizing bond trading, with agent-to-agent trading as the end state. He noted Tradeweb's focus on AI, machine learning, and tokenization, while emphasizing cybersecurity. This reinforces Tradeweb's leadership in trading technology and could attract forward-looking investors.

    This underscores management's strategic vision and Tradeweb's competitive edge in AI-driven trading.

July 2026
▲3▼1

Tradeweb's Q2 revenue miss and blockchain data push shape mixed outlook

  • Q2 revenue miss triggers sharp sell-off Tradeweb's Q2 revenue of $558.9 million fell just short of the $559.2 million consensus, sending shares down 9.9% on July 31. While earnings per share beat expectations, the top-line miss and slowing growth disappointed investors, pushing the stock 32.5% below its 52-week high.

    This is the most immediate and significant negative driver, directly causing a large price drop.

  • Strong Q2 earnings and dividend hike Tradeweb reported 9% revenue growth to $558.9 million, net income up 17.8%, and a 54.4% adjusted EBITDA margin. Average daily volume rose 18.2% to $3.0 trillion, with records in rates futures and credit. The company raised its dividend by 16.7% and reaffirmed full-year guidance.

    This shows underlying business strength and supports the bull case despite the revenue miss.

  • Expanding into blockchain and onchain finance Tradeweb facilitated a real-time onchain Treasury trade with Franklin Templeton and Virtu, and began providing institutional bond pricing to the Pyth Network for digital applications. These moves position Tradeweb at the forefront of tokenization and programmable finance, potentially opening new revenue streams.

    This highlights Tradeweb's technological innovation and long-term growth potential beyond traditional markets.

  • CEO touts AI agents as next frontier CEO Billy Hult said AI agents are revolutionizing bond trading, with agent-to-agent trading as the end state. He noted Tradeweb's focus on AI, machine learning, and tokenization, while emphasizing cybersecurity. This reinforces Tradeweb's leadership in trading technology and could attract forward-looking investors.

    This underscores management's strategic vision and Tradeweb's competitive edge in AI-driven trading.

Latest
▲3▼1

Tradeweb's Q2 revenue miss and blockchain data push shape mixed outlook

  • Q2 revenue miss triggers sharp sell-off Tradeweb's Q2 revenue of $558.9 million fell just short of the $559.2 million consensus, sending shares down 9.9% on July 31. While earnings per share beat expectations, the top-line miss and slowing growth disappointed investors, pushing the stock 32.5% below its 52-week high.

    This is the most immediate and significant negative driver, directly causing a large price drop.

  • Strong Q2 earnings and dividend hike Tradeweb reported 9% revenue growth to $558.9 million, net income up 17.8%, and a 54.4% adjusted EBITDA margin. Average daily volume rose 18.2% to $3.0 trillion, with records in rates futures and credit. The company raised its dividend by 16.7% and reaffirmed full-year guidance.

    This shows underlying business strength and supports the bull case despite the revenue miss.

  • Expanding into blockchain and onchain finance Tradeweb facilitated a real-time onchain Treasury trade with Franklin Templeton and Virtu, and began providing institutional bond pricing to the Pyth Network for digital applications. These moves position Tradeweb at the forefront of tokenization and programmable finance, potentially opening new revenue streams.

    This highlights Tradeweb's technological innovation and long-term growth potential beyond traditional markets.

  • CEO touts AI agents as next frontier CEO Billy Hult said AI agents are revolutionizing bond trading, with agent-to-agent trading as the end state. He noted Tradeweb's focus on AI, machine learning, and tokenization, while emphasizing cybersecurity. This reinforces Tradeweb's leadership in trading technology and could attract forward-looking investors.

    This underscores management's strategic vision and Tradeweb's competitive edge in AI-driven trading.

© 2026 MarketIVWhy