Cboe BZX Shariah screener · October 2026

Is Cboe Global Markets, Inc. (CBOE) Halal?

FAIL

Cboe Global Markets, Inc. · Cboe BZX: CBOE · Financials

The short answer

Cboe Global Markets fails the Shariah business-activity gate: it is a derivatives exchange operator whose Options segment alone is about 65% of net revenue. Debt of $1,443.8M is 4.99% of its ~$28.95 billion market cap and interest income is 1.32% of revenue — both pass on the numbers, but the business gate fails.

Gate 1 — Business activity: FAIL

Gate 1 — business activity: FAIL. Cboe Global Markets, Inc., per its FY2025 Form 10-K, is an exchange operator headquartered in Chicago, Illinois (founded 1973), running six segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital (including Cboe Digital, a US-based digital-asset spot market and regulated futures exchange, plus a regulated clearinghouse).

The company is a derivatives exchange operator: the Options segment alone was about 65% of net revenue in Q2 2026 ($473.9 million of $731.6 million). Facilitating options, futures, and derivatives trading is the business, not an ancillary line. The business fails gate 1. Note: CBOE trades on its own exchange (Cboe BZX), not NYSE or NASDAQ.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (4.99%, ceiling 33%). Per Cboe's Q2 2026 Form 10-Q consolidated balance sheet, total debt was about $1,443.8 million (current portion $649.6 million plus long-term debt $794.2 million).

$1,443.8 million against a market capitalization of about $28.95 billion (October 2, 2026; Cboe BZX: CBOE) is about 4.99%, under the 33% ceiling. The debt gate passes, but the result is moot given the business-gate failure.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS on the line item (1.32%, ceiling 5%). Cboe's filings separately disclose interest income as a non-operating line: $35.9 million for the first six months of 2026 against revenue of $2,715.6 million (about 1.32%); full-year 2025 was $49.4 million against $4,714.2 million (about 1.05%).

The gate passes on the numbers, but the business gate already fails: the derivatives-exchange business is the disqualifying line, reported here for the record.

Key figures used

Business: exchange operator (Chicago; founded 1973) — Options, North American Equities, Europe/Asia Pacific, Futures, Global FX, Digital (Cboe Digital spot + regulated futures exchange + clearinghouse)
Haram assessment: derivatives exchange is the core business — Options segment ~65% of net revenue (Q2 2026: $473.9M of $731.6M); fails business-activity gate
Debt: $1,443.8M total debt (Q2 2026 10-Q) ÷ ~$28.95B market cap (Oct 2, 2026) = 4.99% — under the 33% ceiling (moot, business gate fails)
Interest income: $35.9M (6M 2026, separately disclosed) ÷ $2,715.6M revenue = 1.32% — under the 5% ceiling (moot, business gate fails); FY2025: 1.05%
Market data: listed on its OWN exchange — Cboe BZX (ticker CBOE; 10-K cover: CboeBZX); NOT NYSE/NASDAQ; still listed (confirmed October 2, 2026; live quote; no delisting)
Corporate actions: sold Cboe Australia + Cboe Canada to TMX Group for US$300M (announced Apr 2026; Australia completed Aug 2026); wound down Japan equities (Aug 2025); working with Charles Schwab on binary S&P 500 options (Jun 2026)
Third-party: Zoya flags CBOE not Shariah-compliant (Sep 2026) — consistent with this FAIL; no verifiable Musaffa or ShariaPortfolio rating

Frequently asked questions

What does Cboe Global Markets do?

Cboe Global Markets, Inc. (Cboe BZX: CBOE) is an exchange operator headquartered in Chicago, Illinois, founded in 1973 (as CBOE Holdings; renamed 2017). Per its FY2025 Form 10-K, it operates six segments - Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital - running options and equities exchanges, futures markets, FX trading venues, and a digital-asset spot/futures market. The Options segment (listed index options) is the largest, about 65% of net revenue.

Is Cboe Global Markets' business Shariah compliant?

No - Cboe Global Markets fails the business-activity gate. It is a derivatives exchange operator: the Options segment alone was about 65% of net revenue in Q2 2026 ($473.9 million of $731.6 million), and the company's core business is facilitating options, futures, and derivatives trading. Operating a derivatives exchange is the business, not an ancillary line. Assessed on the filed business description, the business fails this screener's first gate.

How much interest-bearing debt does Cboe have?

Cboe's Q2 2026 Form 10-Q balance sheet reports total debt of about $1,443.8 million (current portion $649.6 million plus long-term debt $794.2 million). Against a market capitalization of about $28.95 billion (October 2, 2026), that is about 4.99% - under the 33% ceiling. The debt gate passes, but the result is moot given the business-gate failure.

How much interest income does Cboe earn?

Cboe's filings separately disclose interest income as a non-operating line: $35.9 million for the first six months of 2026 against $2,715.6 million of revenue (about 1.32%), and $49.4 million for full-year 2025 against $4,714.2 million (about 1.05%) - under the 5% ceiling in both periods. This gate passes on the numbers, but the business gate already fails: the derivatives-exchange business is the disqualifying line, reported here for the record.

What do third-party Shariah screeners say about Cboe?

Zoya flags CBOE as not Shariah-compliant (September 2026), consistent with this page's FAIL. I could not verify a Musaffa rating page for CBOE or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).