Cboe Global Markets Inc. is strategically expanding its derivatives offerings, aiming to solidify its position in both the high-growth technology equity sector and the nascent U.S.-regulated cryptocurrency market. This dual thrust positions Cboe to intensify its competition with established players like CME Group Inc. while catering to increasing institutional and retail demand for diversified and precisely managed market exposures.
The exchange operator, well-known for its VIX volatility index, is preparing to launch futures and options contracts tied to its new Cboe Magnificent 10 Index. This index comprises the familiar “Magnificent Seven” technology giants alongside Broadcom Inc., Palantir Technologies Inc., and Advanced Micro Devices Inc. Collectively, these ten companies represent approximately 38% of the S&P 500 Index’s market capitalization, offering investors a focused exposure to the most influential U.S. equities. Cathy Clay, Cboe’s Global Head of Derivatives, highlighted that this design aims to provide smarter ways for traders to gain exposure to market-moving stocks and manage concentration risk more effectively than single-stock trades.
This initiative directly challenges CME Group, which currently dominates the U.S. index futures market with products like its e-mini S&P 500 and Nasdaq-100 contracts. Rival Miami International Holdings is also developing derivatives linked to the Bloomberg 500, signaling a competitive environment in the derivatives space for broad market and tech-focused indices. Cboe targets the fourth quarter of 2025 for the introduction of Mag10 futures and options with monthly expiries, pending regulatory approval. The subsequent year, Cboe plans to enhance accessibility by adding contracts with daily expiries, facilitating zero-days-to-expiry (0DTE) strategies, and extending trading hours to nearly 24×5.
Strategic Push in Digital Assets
Concurrently, Cboe is making a significant move into digital asset derivatives with the planned launch of Bitcoin and Ether Continuous Futures on the Cboe Futures Exchange. Scheduled for November 10, 2025, pending regulatory review, these contracts are designed to provide continuous long-term market exposure to BTC and ETH. The objective is to offer traders access to perpetual-style futures within a U.S.-regulated and intermediated environment, mirroring the utility seen in offshore markets but with enhanced confidence and transparency. This development aligns with broader industry efforts by U.S. venues, such as Coinbase’s introduction of CFTC-regulated perpetual futures in July, to meet the growing demand for domestically supervised perpetual-like products.
Beyond futures, Cboe is actively pursuing broader integration of digital assets into traditional financial markets. Its Cboe BZX venue recently submitted a filing to the U.S. Securities and Exchange Commission (SEC.gov), seeking to amend a rule to permit the generic listing and trading of Commodity-Based Trust Shares. This proposed rule change, specifically Rule 14.11(e)(4), aims to establish clear standards for how such shares would be listed and traded on the exchange, potentially paving the way for a wider array of exchange-traded products linked to digital assets.
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