Market data has become increasingly complex as capital markets evolved, as it includes everything from price movements and trading volumes to news and economic indicators, all interacting in real time. For traders, understanding this data is crucial.
Retail traders use real-time data to spot patterns and seize short-term opportunities. Institutional traders need detailed data to manage large-scale strategies and risks. Accurate market data helps all traders understand market sentiment, identify trends, and assess risks, enabling them to adapt quickly in a competitive environment.
Cboe Data Vantagesm is the market data, analytics and indices arm of Cboe Global Markets, dedicated to empowering clients with the tools, information and access they need to navigate global markets with confidence. From accessing global markets to navigating ever-changing environments, Cboe Data Vantage’s solutions provide transparency to help manage risk and instill confidence, empowering clients to achieve their goals. And it all begins with market data. Here’s how market data serves as the foundation of Cboe Data Vantage, positioning the business as a catalyst for Cboe’s global growth.
Market Data and Access
Cboe is a global market operator with 27 markets spanning equities, options, futures and FX. Cboe Data Vantage’s Market Data and Access pillar encompasses proprietary data from those world-class markets through a variety of cost-effective solutions, designed to meet the diverse needs of our customers.
U.S. equities markets continue to garner interest from new market participants, ranging from U.S. retail traders to institutional investors in foreign countries around the world. In fact, in the first quarter of 2025, 55% of Cboe market data sales came from international customers. Cboe operates four U.S. equities exchanges: BZX® Exchange, BYX® Exchange, EDGX® Exchange and EDGA® Exchange. With these four exchanges combined Cboe is one of the largest U.S. equities exchange operators, providing ample high-quality data.
So far, in 2025, Cboe’s equities exchanges average inside size was 808 shares, exceeding two of the largest competing exchanges. Additionally, the trading venue quote quality Cboe One Feed — which covers all four Cboe U.S. equities exchanges — was within 1% of the NBBO of 99.84% as of April 2025.
Cboe One Feed is one of Cboe Data Vantage’s most popular market data feeds, providing cost-effective, high-quality reference quotes and trade data for market participants looking for comprehensive, real-time market data. With one product and one license, the Cboe One Feed provides market participants a unified view of the market from all four Cboe equity exchanges: BZX Exchange, BYX Exchange, EDGX Exchange and EDGA Exchange.
Similarly, Cboe is the largest U.S. options exchange operator, with abundant data available across its four U.S. options exchanges. Cboe provides a similar market data feed, Cboe One Options, for the benefit of U.S. options traders; however, regulatory challenges make it difficult to have the feed broadly disseminated. Still, Cboe remains committed to providing robust market data for the benefit of market participants worldwide.
Cboe’s data solutions cater to all types of investors with a diverse range of products, from real-time streaming data to historical downloads. Whether you need top-of-book feeds or full depth-of-book feeds, Cboe has you covered. Access to market data through Cboe Data Shop, Cboe Global Cloud, Snowflake Marketplace, and 85 other vendors reduces the barrier to entry, meeting investors where they are. Market data is the foundation of Cboe Data Vantage, with Risk Market Analytics and Global Indices building on it to create a dynamic solutions-driven ecosystem.
Risk Market Analytics
Cboe Data Vantage’s Risk Market Analytics overlay Cboe’s robust market data, helping market participants gain actionable, real-time insights. Our platforms offer everything from real-time, cross-asset, margin-risk analytics to portfolio management and options order-flow and volatility analysis with real-time context. Options analytics also include best-in-class, real-time implied volatilities and Greeks, essential to enhanced options trading. The suite of tools can be used by both professional traders and enterprise clients, as well as individual investors. The platform simplifies market viewing and analysis with unique services that can work together through integration or independently.
Global Indices
Cboe Global Indices is a leader in the creation and dissemination of volatility and derivatives-based indices, offering services that span product design, calculation, administration, listing, trading, and benchmark licensing. As the largest U.S. options exchange operator, Cboe’s pool of derivatives data and proprietary pricing algorithms enable its Global Indices team to develop complex index concepts that are central to Cboe’s ecosystem.
Cboe Global Indices leverage existing data to help market participants understand market dynamics, explore new strategies, and form the basis for new derivatives products that then generate new insightful data. The creation, calculation, and dissemination of these indices provide valuable benchmarks and underpin new tradable products. The Cboe Data Vantage team collaborates with internal stakeholders, as well as customers, to identify market needs and develop indices and related products that meet the evolving demands of market participants. The strength of Cboe Global Indices is exemplified by Cboe Global Indices feed, which customers worldwide use to understand real-time spot values for leading indices, including the S&P 500 Index and Cboe’s Bitcoin indices.
The Sum of the Parts
Together, these three pillars capitalize on the immense amount of data provided by Cboe’s exchanges to enhance the trading experience and make markets more accessible. Through a variety of cost-effective solutions, market participants worldwide can use Cboe’s market data to understand current market dynamics or learn about a market they have yet to enter. Through Cboe’s products and services, participants can access a breadth of real-time market data and analytics with just an internet connection, reducing the barrier to entry. This approach is at the heart of Cboe Data Vantage’s mission — to get more data into the hands of more traders so they can participate in the market effectively. Cboe Data Vantage continues to develop new solutions that better serve the market and is committed to enhancing market accessibility for people worldwide.
The information herein is provided solely for informational purposes. Past performance of an index or financial product is not indicative of future results. Indices are not financial products that can be invested in directly, but they can be used as the basis for financial products (for example, without limitation, options, futures, mutual funds or exchange-traded funds) or to help manage portfolios. Nothing herein should be construed as investment advice. Past performance of an index or financial product is not indicative of future results. © 2025 Cboe Exchange, Inc. All rights reserved.
