CBOE: 10-K Risk Factor Changes

2024 vs 2023  ·  SEC EDGAR  ·  2026-06-01
Other years: 2026 vs 2025 · 2025 vs 2024
✓ Deterministic extraction — no AI-generated data

Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

16
New Risks
23
Removed
75
Modified
42
Unchanged
🟢 New in Current Filing If we fail to attract or retain highly skilled management and other employees our business may be harmed. 🔒
🟢 New in Current Filing We and our licensors may not be able to protect our respective intellectual property rights. 🔒
🟢 New in Current Filing Damage to our reputation could have a material adverse effect on our business, financial condition and operating results. 🔒
🟢 New in Current Filing A pandemic, such as the COVID-19 pandemic, and its effects may have significant impacts on economies around the world. Impacts of a pandemic could also have a material adverse effect on our business, financial condition, operating results and cash flows. 🔒
🟢 New in Current Filing Potential conflicts of interest between our for-profit status and our regulatory responsibilities may adversely affect our business. 🔒
🟢 New in Current Filing Deterioration in our credit profile may increase our costs of borrowing money. 🔒
🟢 New in Current Filing Any decision to pay dividends on our common stock is at the discretion of our Board of Directors and depends upon the earnings and cash flow of our operating subsidiaries. Accordingly, there can be no guarantee that we will pay dividends to our stockholders. 🔒
🟢 New in Current Filing We may not realize the expected benefits of our acquisition of Cboe Digital and the acquisition introduces additional risks to our business due to its evolving business model. 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing Executive Transitions 🔒
🟢 New in Current Filing Royalty Fees and Other Cost of Revenues 🔒
🟢 New in Current Filing Goodwill Impairment 🔒
🟢 New in Current Filing Europe and Asia Pacific 🔒
🟢 New in Current Filing Interest Income 🔒
🟢 New in Current Filing Other Income (Expense), Net 🔒
🟢 New in Current Filing Commercial Commitments and Contractual Obligations 🔒
🔴 No Match in Current Filing The technology upon which we rely, including that of our service providers, may be vulnerable to security vulnerabililities or breaches that could harm our business and our role in the global marketplace puts us at heightened risk relative to other public companies. 🔒
🔴 No Match in Current Filing Our global operations are complex and subject us to increased business and economic risks that could adversely affect our financial results. 🔒
🔴 No Match in Current Filing Our use of open source software code may subject our software to general release or require us to re-engineer our software, which could harm our business. 🔒
🔴 No Match in Current Filing We operate in a highly regulated industry and may be subject to censures, fines and other legal proceedings if we fail to comply with legal and regulatory obligations. 🔒
🔴 No Match in Current Filing BIDS Trading’s ability to operate under its current regulatory framework is dependent upon the sufficiency of a novel operational and governance framework we have developed to govern our relationship with BIDS Trading and our ability to comply with such framework and if we fail to adhere to such framework or the BIDS Trading ATS is otherwise deemed a “facility” of our registered national securities exchanges, our business, financial condition and operating results may be adversely affected. 🔒
🔴 No Match in Current Filing Deterioration in our credit profile may increase our costs of borrowing money. 🔒
🔴 No Match in Current Filing If our goodwill, long-lived assets, investments in non-consolidated subsidiaries and intangible assets become impaired, the resulting charge to earnings may be significant. 🔒
🔴 No Match in Current Filing Certain provisions in our organizational documents and governing law could prevent or delay a change of control. 🔒
🔴 No Match in Current Filing Acquisition of Cboe Digital 🔒
🔴 No Match in Current Filing Acquisition of NEO 🔒
🔴 No Match in Current Filing General Factors Affecting Results of Operations 🔒
🔴 No Match in Current Filing Section 31 Fees 🔒
🔴 No Match in Current Filing Acquisition-Related Costs 🔒
🔴 No Match in Current Filing Europe and Asia Pacific 🔒
🔴 No Match in Current Filing Commercial Commitments and Contractual Obligations 🔒
🔴 No Match in Current Filing CRITICAL ACCOUNTING ESTIMATES 🔒
🔴 No Match in Current Filing Goodwill and Other Intangible Assets 🔒
🔴 No Match in Current Filing Income Taxes 🔒
🔴 No Match in Current Filing RECENT ACCOUNTING PRONOUNCEMENTS 🔒
🔴 No Match in Current Filing Foreign Currency Exchange Rate Risk 🔒
🔴 No Match in Current Filing December 31, 2022 🔒
🔴 No Match in Current Filing Dollars (1) 🔒
🔴 No Match in Current Filing Equity Risk 🔒
🟡 Modified Net Cash Flows Used in Investing Activities 🔒
🟡 Modified General Factors Affecting Results of Operations 🔒
🟡 Modified We are subject to litigation risks and other liabilities. 🔒
🟡 Modified Computer and communications systems failures and capacity constraints could harm our reputation and our business. 🔒
🟡 Modified Legislative or regulatory changes affecting our markets could have a material adverse effect on our business, financial condition and operating results. 🔒
🟡 Modified Professional Fees and Outside Services 🔒
🟡 Modified Our clearinghouse operations expose us to associated risks, including credit, liquidity, market and other risks related to the defaults of clearing participants and other counterparties, and risks related to investing of collateral. 🔒
🟡 Modified Lease and Obligations 🔒
🟡 Modified Digital assets, digital asset trading platforms and blockchains are currently subject to many different, and potentially overlapping, regulatory regimes, and may in the future be subject to different regulatory regimes than those that are currently in effect. The current and future operation of Cboe Digital may increase our regulatory costs and risks, and there can be no assurance that our employees or agents will not violate applicable laws and regulations. 🔒
🟡 Modified Revenues from our market data fees and access and capacity fees may be reduced due to declines in our market share, trading volumes or regulatory changes. 🔒
🟡 Modified If our risk management and compliance methods are not effective, we may suffer adverse consequences, such as investigations and enforcement actions from regulators, our business, financial condition and operating results may be adversely affected. 🔒
🟡 Modified The characteristics of digital assets and digital asset platforms have been, and may in the future continue to be, exploited to facilitate illegal activity such as fraud, money laundering, tax evasion, ransomware scams and other types of cybercrime, as well as other technical issues, which could adversely affect the Cboe Digital business. Additionally, illegal activity conducted by other digital asset platforms in the digital asset space may erode trust in the digital asset industry which could have a broad-based negative reputational effect on the Cboe Digital business. 🔒
🟡 Modified Section 31 Fees 🔒
🟡 Modified As of December 31, 🔒
🟡 Modified LIQUIDITY AND CAPITAL RESOURCES 🔒
🟡 Modified We depend on third-party service providers for certain services that are important to our business. An interruption, significant increase in fees or cessation or impairment of such service by any third party could have a material adverse effect on our business, financial condition and operating results. 🔒
🟡 Modified Certain provisions in our organizational documents and governing law could prevent or delay a change of control. 🔒
🟡 Modified December 31, 🔒
🟡 Modified We operate in a highly regulated industry and may be subject to censures, fines and other legal proceedings if we fail to comply with legal and regulatory obligations. 🔒
🟡 Modified Financial Assets 🔒
🟡 Modified December 31, 🔒
🟡 Modified Intense competition could materially adversely affect our market share and financial performance. 🔒
🟡 Modified Net Cash Flows (Used in) Provided by Financing Activities 🔒
🟡 Modified Operating Expenses 🔒
🟡 Modified Revenues Less Cost of Revenues 🔒
🟡 Modified December 31, 🔒
🟡 Modified As of December 31, 🔒
🟡 Modified (in millions, except percentages, trading days, and as noted below) 🔒
🟡 Modified Share Repurchase Program 🔒
🟡 Modified Our global operations are complex and subject us to increased business and economic risks that could adversely affect our financial results. 🔒
🟡 Modified December 31, 🔒
🟡 Modified Financial or other problems experienced by third parties could have an adverse effect on our business. 🔒
🟡 Modified Year Ended December 31, 🔒
🟡 Modified December 31, 🔒
🟡 Modified EXECUTIVE SUMMARY 🔒
🟡 Modified Cost of Revenues 🔒
🟡 Modified December 31, 🔒
🟡 Modified Approximate Size 🔒
🟡 Modified Earnings in Investments 🔒
🟡 Modified Average price paid 🔒
🟡 Modified December 31, 🔒
🟡 Modified December 31, 🔒
🟡 Modified U.S. Equities - Off-Exchange: 🔒
🟡 Modified December 31, 🔒
🟡 Modified Year Ended December 31, 🔒
🟡 Modified Operating Income 🔒
🟡 Modified Business Segments 🔒
🟡 Modified Income Tax Provision 🔒
🟡 Modified Comparison of Years Ended December 31, 2023 and 2022 🔒
🟡 Modified If our goodwill, long-lived assets, investments in non-consolidated subsidiaries and intangible assets become impaired, the resulting charge to earnings may be significant. 🔒
🟡 Modified December 31, 🔒
🟡 Modified December 31, 🔒
🟡 Modified U.S. Equities - Exchange: 🔒
🟡 Modified RESULTS OF OPERATIONS 🔒
🟡 Modified December 31, 🔒
🟡 Modified The technology upon which we rely, including that of our service providers, may be susceptible to security vulnerabilities or breaches that could harm our business and our role in the global marketplace puts us at heightened risk relative to other public companies. 🔒
🟡 Modified (in millions) 🔒
🟡 Modified We selectively explore acquisition opportunities and strategic alliances relating to other businesses, products or technologies. We may not be successful in integrating other businesses, products or technologies with our business. Any such transaction also may not produce the results we anticipate, which could materially adversely affect our business, financial condition and operating results. 🔒
🟡 Modified Canadian Equities: 🔒
🟡 Modified As of December 31, 🔒
🟡 Modified DerivativesMarkets 🔒
🟡 Modified If an index provider from which we have a license or a service provider with respect to proprietary products fails to maintain the quality and integrity of their indices or fails to perform under our agreements with them, if we fail to maintain the quality and integrity of our proprietary indices or indices and other values that we calculate as an index provider, or if customer preferences change, the revenues that are generated from the trading of proprietary products or the calculation and dissemination of index values may suffer. 🔒
🟡 Modified Share Repurchase Program 🔒
🟡 Modified Segment Operating Results 🔒
🟡 Modified Interest Expense 🔒
🟡 Modified Cboe Clear Europe: 🔒
🟡 Modified December 31, 🔒
🟡 Modified Our use of open source software code may subject our software to general release or require us to re-engineer our software, which could harm our business. 🔒
🟡 Modified European Equities: 🔒
🟡 Modified Australian Equities: 🔒
🟡 Modified Europe and Asia Pacific 🔒
🟡 Modified Digital assets are subject to volatile price fluctuations which can impact the Cboe Digital business. 🔒
🟡 Modified Cboe Digital’s clearinghouse operations are exposed to risks, including credit, liquidity, market and other risks related to the potential defaults of clearing members and other counterparties. 🔒
🟡 Modified Contractual Obligations 🔒
🟡 Modified DerivativesMarkets 🔒
114 changes in this historical filing

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