Cboe Stock And Other Market Infrastructure Plays In The 0DTE Options Boom

0DTE options are turning the S&P 500 into a tug-of-war, with intraday flows sometimes steering prices more than fundamentals. That creates pockets of calm in the index while volatility spills into tech and single names, which matters if you care about trading costs, liquidity, and data demand. This piece walks through 3 stocks that are closely exposed to that story and explains how this new regime could help or hurt them.

The stocks below are just a starter pack, and the full screen surfaced 31 more US listed exchanges and derivatives platforms with equally compelling stories that are not covered here.

To go straight to the source, use the US Listed Exchanges & Derivatives Trading Platforms screener to identify, analyze, and prioritize the market infrastructure plays that best fit your own criteria.

FactSet Research Systems (FDS)

Overview: FactSet Research Systems provides global market data, analytics, and AI-driven tools that help institutional investors handle fast-changing derivatives and intraday trading activity.

Operations: FactSet generates about US$1.6b in Americas revenue, US$605 million in EMEA, and US$253 million in Asia Pacific, reflecting broad institutional demand.

Market Cap: US$11.7b

FactSet matters in this screener because it sells the data and analytics pipes that professional investors lean on when options activity reshapes intraday markets.

"CUSIP Global Services (Acquired 2022): This is the “gold standard” for identifying securities in North America. Revenues are recurring, margins are extremely high, and AI cannot “invent” a valid CUSIP code."

What really moves the needle for FactSet is how one underappreciated shift in workflow demand could reshape pricing power across its platform.

That shift sits at the heart of FactSet Research Systems’ story, and the full narrative for FactSet Research Systems shows how that workflow pressure could accelerate pricing power and product mix.

eToro Group (ETOR)

Overview: eToro Group runs a global multi asset retail trading platform for equities, crypto, forex, commodities, options, and copy trading programs.

Operations: eToro generates about US$11.9b from trading activity, reflecting a heavy reliance on transaction driven income rather than diversified fee streams.

Market Cap: US$1.9b

eToro Group appears in this screener as the retail front end of derivatives and CFD activity. Rising interest in intraday index options can flow directly into higher trading appetites across its platform.

"The company's Israeli headquarters presents a geopolitical risk in the current climate, though its successful expansion into the UAE demonstrates an ability to navigate this complexity."

The key issue for eToro is how one unresolved pressure on its trading volumes and product mix may influence the durability of recent margin gains.

That pressure point on trading volumes is exactly where the story gets interesting, and the full narrative for eToro Group describes how geopolitical risk, product mix, and retail flows could still accelerate.

Cboe Global Markets (CBOE)

Overview: Cboe Global Markets runs a global exchange network built around options on the S&P 500, volatility benchmarks, and related derivatives.

Operations: Cboe Global Markets generates about US$2.7b from Options, US$1.7b from North American Equities, US$424 million from Europe and Asia Pacific, US$140 million from Futures, and US$106 million from Global FX.

Market Cap: US$35.6b

Cboe Global Markets is where the 0DTE boom directly meets the plumbing of the market, since it runs the exchanges and data feeds that turn intraday SPX and volatility trades into actual fee revenue.

"There is a structural tailwind from expanding retail investor participation, especially in options and through digital investment platforms, which is fueling record adoption of SPX 0DTE options and could materially increase both trading volumes and net revenues."

The real swing factor now is how one emerging shift in product design and clearing eventually feeds through to pricing power and margins.

To see how that product design shift could reshape Cboe Global Markets' options franchise, read the full narrative for Cboe Global Markets for the full story behind the volumes.

Curious About Alternative Market Angles

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