Cboe Global Markets operates stock and options exchanges, including the Chicago Board Options Exchange, providing the trading infrastructure and matching systems that facilitate buying and selling of securities, options and other financial instruments. As an exchange operator, Cboe earns transaction fees on the trading volume that flows through its markets, along with fees for market data and technology services it sells to trading firms and other market participants. The company has a particularly strong position in options trading and volatility products, including the VIX volatility index, a widely watched measure of expected stock market volatility that Cboe created and continues to license and trade derivatives based on. Cboe's revenue is tied to overall trading volumes across the markets it operates, which tend to increase during periods of higher market volatility when trading activity typically rises.