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 20261 Jul – 9 Oct 2026

▲3▼1

Cboe's license win and new products offset competitive threats

Record Q2 revenue and raised guidance Cboe reported record Q2 revenue of $732 million, up 25% from a year ago, and raised its full-year guidance. This shows the core business is growing strongly and gave investors confidence.
It directly explains a key positive force behind the stock during the period.
25-year S&P 500 options license extension Cboe secured a 25-year extension of its S&P 500 options license through 2051, removing a major worry that it could lose this key product. Analysts upgraded the stock on the news.
It was a major new positive catalyst that lifted sentiment and removed a long-standing overhang.
New binary contracts and 23-hour trading Cboe launched KPI-linked binary contracts with Robinhood and plans to expand trading to 23 hours a day. These moves open new revenue streams and could attract more traders.
It highlights new growth initiatives that could drive future revenue.
Regulatory and competitive risks persist Kalshi asked the SEC to delay Cboe's earnings-based options, and Trump's push to bring Hyperliquid onshore threatens Cboe's crypto derivatives share. Shares briefly fell 6.1% on these worries.
It shows the real counterweight that kept a lid on gains during the period.

September 202612 Sep – 9 Oct 2026

▲4

Cboe locks in S&P 500 options through 2051, launches KPI contracts, wins upgrades

S&P 500 options license extended to 2051 Cboe signed a 25-year extension of its exclusive S&P 500 index options license, keeping its flagship SPX franchise through 2051. That removes the biggest worry hanging over the stock — losing the contract — and gives a stable, long-term revenue base. Shares rose 5% on the news.
This is the single biggest new event of the period and the main reason analysts turned positive on CBOE.
New KPI-linked binary contracts with Robinhood Cboe is launching a new type of binary contract tied to company-specific performance metrics, with Robinhood as the first retail broker. It opens a fresh product line and could lift trading volume and data revenue. Cboe Clear U.S. is also seeking SEC registration to clear them, adding another possible revenue stream.
A brand-new product category is a genuine growth driver beyond the existing options business.
Analyst upgrades after license and KPI deals TD Cowen upgraded Cboe to Buy with a $334 target, and Morgan Stanley double-upgraded it to Overweight with a $358 target, both citing the S&P renewal and KPI contracts. Upgrades can pull in new buyers and support the share price even if day-to-day moves are choppy.
These upgrades are direct market reactions to the two new deals and show how professionals are repricing CBOE.
23-hour trading expansion adds long-term volume potential Cboe EDGX, Nasdaq and NYSE Arca plan to extend US equities trading to 23 hours a day from December 6, pending SEC approval. Analysts name Cboe as a beneficiary because more hours can mean more trading activity and derivatives hedging, though overnight liquidity may be thin at first.
It is a structural change to when markets operate and could expand Cboe's addressable trading volume over time.

Latest12 Sep – 9 Oct 2026

▲4

Cboe locks in S&P 500 options through 2051, launches KPI contracts, wins upgrades

S&P 500 options license extended to 2051 Cboe signed a 25-year extension of its exclusive S&P 500 index options license, keeping its flagship SPX franchise through 2051. That removes the biggest worry hanging over the stock — losing the contract — and gives a stable, long-term revenue base. Shares rose 5% on the news.
This is the single biggest new event of the period and the main reason analysts turned positive on CBOE.
New KPI-linked binary contracts with Robinhood Cboe is launching a new type of binary contract tied to company-specific performance metrics, with Robinhood as the first retail broker. It opens a fresh product line and could lift trading volume and data revenue. Cboe Clear U.S. is also seeking SEC registration to clear them, adding another possible revenue stream.
A brand-new product category is a genuine growth driver beyond the existing options business.
Analyst upgrades after license and KPI deals TD Cowen upgraded Cboe to Buy with a $334 target, and Morgan Stanley double-upgraded it to Overweight with a $358 target, both citing the S&P renewal and KPI contracts. Upgrades can pull in new buyers and support the share price even if day-to-day moves are choppy.
These upgrades are direct market reactions to the two new deals and show how professionals are repricing CBOE.
23-hour trading expansion adds long-term volume potential Cboe EDGX, Nasdaq and NYSE Arca plan to extend US equities trading to 23 hours a day from December 6, pending SEC approval. Analysts name Cboe as a beneficiary because more hours can mean more trading activity and derivatives hedging, though overnight liquidity may be thin at first.
It is a structural change to when markets operate and could expand Cboe's addressable trading volume over time.

July 20261 Jul – 25 Aug 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.

1 Jul – 25 Aug 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.

Q2 202617 Jun – 25 Jun 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 202617 Jun – 25 Jun 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.

17 Jun – 25 Jun 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.

Tradeweb Markets Inc (TW)

Q3 20264 Jul – 6 Oct 2026

▲2▼2

Tradeweb's solid Q2 and blockchain push offset by slowing growth

Q2 revenue miss triggers sell-off Tradeweb's Q2 revenue of $558.9M grew 9% but fell just short of analyst expectations, causing a sharp stock sell-off and leaving shares well below their 52-week high.
This directly explains the negative price reaction during the quarter.
Growth slowdown and cautious guidance Revenue growth decelerated to 9% from 26.7% a year earlier, and management's cautious guidance weighed on investor sentiment despite record trading volumes in July and August.
Slowing growth and soft guidance are key reasons the stock underperformed.
Blockchain and onchain expansion Tradeweb executed onchain Treasury and repo trades, provided pricing to Pyth, upgraded its AI-Price engine, and invested in Capitolis, advancing its blockchain and digital asset strategy.
These innovations show new growth avenues that could support future performance.
Strong fundamentals and dividend hike Net income rose 17.8%, adjusted EBITDA margin hit 54.4%, and the dividend was raised 16.7%, underscoring solid operational performance despite the revenue miss.
These positive financial results provide a counterweight to the negative price drivers.

August 202615 Jul – 6 Oct 2026

▲3

Tradeweb's volumes surge, but growth slowdown and soft Q2 weigh on stock

Trading volumes keep climbing Tradeweb's July and August 2026 trading volumes rose sharply, with average daily volume up 23.3% and 13.7% year over year. Strong client activity across government bonds, swaps, credit and ETFs signals healthy demand for its electronic trading platform, which supports revenue growth and is a positive for the stock.
Shows the core demand trend that drives Tradeweb's revenue and investor confidence.
Q2 revenue growth slows, stock falls Tradeweb's Q2 revenue rose 9% to $558.9 million, beating EBITDA estimates, but the market was disappointed and the stock fell 5.6%. The slowdown from last year's 26.7% growth and a cautious outlook are weighing on the shares even as volumes stay strong.
The earnings report is the key fundamental update and explains recent stock weakness.
Onchain repo and AI pricing expand offerings Tradeweb executed the first fully onchain repo trade and upgraded its Ai-Price bond pricing engine for U.S. corporate credit. These moves broaden its product suite and could attract more trading volume, reinforcing its competitive position and long-term growth potential.
Highlights innovation that can drive future revenue and market share.
Strategic investment in Capitolis Tradeweb joined a $120 million Series E round in Capitolis, a financial resource optimization platform. The investment is small but signals Tradeweb's interest in adjacent markets like securities lending, potentially opening new growth avenues over time.
Shows a new strategic bet that could diversify revenue streams.

Latest15 Jul – 6 Oct 2026

▲3

Tradeweb's volumes surge, but growth slowdown and soft Q2 weigh on stock

Trading volumes keep climbing Tradeweb's July and August 2026 trading volumes rose sharply, with average daily volume up 23.3% and 13.7% year over year. Strong client activity across government bonds, swaps, credit and ETFs signals healthy demand for its electronic trading platform, which supports revenue growth and is a positive for the stock.
Shows the core demand trend that drives Tradeweb's revenue and investor confidence.
Q2 revenue growth slows, stock falls Tradeweb's Q2 revenue rose 9% to $558.9 million, beating EBITDA estimates, but the market was disappointed and the stock fell 5.6%. The slowdown from last year's 26.7% growth and a cautious outlook are weighing on the shares even as volumes stay strong.
The earnings report is the key fundamental update and explains recent stock weakness.
Onchain repo and AI pricing expand offerings Tradeweb executed the first fully onchain repo trade and upgraded its Ai-Price bond pricing engine for U.S. corporate credit. These moves broaden its product suite and could attract more trading volume, reinforcing its competitive position and long-term growth potential.
Highlights innovation that can drive future revenue and market share.
Strategic investment in Capitolis Tradeweb joined a $120 million Series E round in Capitolis, a financial resource optimization platform. The investment is small but signals Tradeweb's interest in adjacent markets like securities lending, potentially opening new growth avenues over time.
Shows a new strategic bet that could diversify revenue streams.

July 20264 Jul – 31 Jul 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.

4 Jul – 31 Jul 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.