Cboe Global Markets (CBOE) Stock Analysis & Winston Score

Cboe Global Markets runs stock and options exchanges — basically marketplaces where investors buy and sell financial contracts. Its most well-known product is the VIX, often called the "fear index," which measures how nervous the stock market is. Cboe serves banks, hedge funds, brokers, and everyday investors who trade stocks, options, and futures. Cboe makes money by charging fees every time someone trades on its platforms, and by selling market data and technology services to financial firms. It operates exchanges across the United States, Europe, and Asia-Pacific, making it one of the largest exchange operators in the world. Its moat comes from the fact that traders are deeply familiar with its platforms and switching costs are high — nobody wants to move to a new exchange. The key risk is that trading volumes drop during calm markets, which directly cuts into fee revenue.