Following a comprehensive review, the firm has stated it is realigning its portfolio of business to sharpen its strategic focus on core strengths and emerging growth opportunities. This includes initiating a sales process for Cboe Australia and Cboe Canada, as well as discontinuing and reducing costs related to listings efforts in the United States and Europe.
A spokesperson for the firm expressed optimism about the sale of its Australian branch, citing consistent strong performance and a reputation for innovation, reliability, and customer service.
“[Cboe Australia] is well-positioned for future growth under new ownership. The business has strong momentum, a talented team, and our performance and track record reflect this.
“Innovation and competition are at the core of what drives us, so that we can best serve Australian investors and the local market,” the exchange told InvestorDaily.
The move marks six months since the appointment of chief executive of Cboe Global Markets, Craig Donohue, in May 2025.
It comes just weeks after the Australian Securities and Investments Commission (ASIC) approved Cboe Australia’s application to operate as a listings market, allowing it to list new companies and introduce long-awaited competition to the Australian Securities Exchange (ASX) dominated listings market.
Given the ongoing decline in initial public offerings (IPOs) both in Australia and globally, Cboe recently told this publication it was “optimistic” that the approval would lead to an increase in new company listings.
The Australian government has long been urged to increase competition among local exchanges, a move that would align the country with the existing system in the US. Unlike Australia, in the US, antitrust laws like the Sherman Act, Clayton Act, and Federal Trade Competition Act are enforced to prevent monopolies and collusion within the exchange market.
While ASIC chairman Joe Longo expressed disappointment to the Australian Financial Review over Cboe's decision to sell, he said the Chicago-based exchange operator had been “very good for competition in Australia”.
The regulator has previously acknowledged Cboe’s contribution to increasing competition through other moves such as lowering trading costs and expanding access to investment products, including exchange-traded funds (ETFs).
Cboe extended its gratitude to ASIC for its assistance: “We have benefited greatly from a supportive and collaborative regulatory environment, and we’re grateful to ASIC for fostering vibrant competition in the market.”
The announcement also coincides with ETF Shares' recent decision to transfer its products from Cboe to the ASX, aiming to enhance broker connectivity.
Having worked closely with Cboe Australia - and previously Chi-X - for many years, the ETF provider cited Australian exchange rules which dictate that ASX-listed ETFs are automatically traded on Cboe Australia, but not the other way around, as a key factor in its decision.
Cesar Farfan, Perennial's head of distribution, cited similar difficulties when explaining the company's decision to move its Daintree Core Income Active ETF (ASX: DCOR) from Cboe to the ASX, noting that connecting with brokers can present challenges to newer competing platforms.
Commenting on Cboe’s decision to sell, Cliff Man, ETF Shares chief executive, said: “We salute Cboe’s professionalism and commitment to Australia’s financial markets. Their work has made a real difference in getting costs down for Australian consumers…We are grateful to Emma Quinn and her team for their support in getting ETF Shares off the ground.”
Man also reiterated the necessity for greater competition within Australia's supply chain, acknowledging Cboe's significant contributions in this area.
