Cboe to merge digital assets business with derivatives and clearing arm
10:09 am Thursday, April 25th, 2024
(Reuters) – Exchange operator Cboe Global Markets said on Thursday it will integrate its digital asset derivatives, currently offered by Cboe Digital, into its existing Global Derivatives and Clearing business as part of a strategic review.
The company also plans to wind down the operations of its Cboe Digital Spot Market asset trading platform in the third quarter of 2024, it said in a statement. It added that the move would have no material impact on Cboe’s net revenue in 2024.
“We believe these changes enable greater optimization and strategic alignment for our business across geographies and asset classes, further supporting our long-term growth strategy,” said Fred Tomczyk, chief executive officer, Cboe Global Markets.
Tomczyk had said earlier that Cboe, which has businesses in the U.S., Japan, Europe, Canada and Australia, was considering launching operations in new markets outside the United States as part of its strategy review.
The company is set to report first-quarter results on May 3.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Pooja Desai)
