# CBOE TRADING, INC. X-17A-5 (2025-02-26) — Broker-dealer annual report

- Company: CBOE TRADING, INC.
- Form: X-17A-5
- Filed: 2025-02-26
- Period: 2024-12-31
- Accession: 0001335709-25-000001
- CIK: 1335709
- File #: 8-67043
- Type: Broker-dealer
- Material weakness: No
- Auditor: KPMG LLP
- Auditor location: Kansas City, MO
- Contact: Sydney Goodman
- Phone: 913-216-0912
- Email: sgoodman@cboe.com
- Website: cboe.com
- Signed by: Sydney Goodman (Treasurer and Financial Operations Principal)

Original filing: https://www.sec.gov/Archives/edgar/data/1335709/000133570925000001/2024_SEC_Public_Cboe_Trading.pdf

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

> ANNUAL REPORTS FORM X-17A-5 PART III

| OMB APPROVAL              |
|---------------------------|
| OMB Number: 3235-0123     |
| Expires: Nov. 30, 2026    |
| Estimated average burden  |
| 12<br>hours ber response" |

sec file number 8-67043

FACING PAGE

Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934

01/01/2024 FILING FOR THE PERIOD BEGINNING AND ENDING

MM/DD/YY

MM/DD/YY

2/31/2024

A. REGISTRANT IDENTIFICATION

NAME OF FIRM: Cboe Trading, Inc.

TYPE OF REGISTRANT (check all applicable boxes):

 Broker-dealer □ Check here if respondent is also an OTC derivatives dealer

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

|                                                                           | (No. and Street)                                           |                   |  |  |  |  |
|---------------------------------------------------------------------------|------------------------------------------------------------|-------------------|--|--|--|--|
| Lenexa                                                                    | KS                                                         | 66214             |  |  |  |  |
| (City)                                                                    | (State)                                                    | (Zip Code)        |  |  |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                              |                                                            |                   |  |  |  |  |
| Sydney Goodman                                                            | 913-216-0912                                               | sgoodman@cboe.com |  |  |  |  |
| (Name)                                                                    | (Area Code - Telephone Number)                             | (Email Address)   |  |  |  |  |
| B. ACCOUNTANT IDENTIFICATION                                              |                                                            |                   |  |  |  |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* |                                                            |                   |  |  |  |  |
| KPMG LLP                                                                  |                                                            |                   |  |  |  |  |
|                                                                           | (Name - if individual, state last, first, and middle name) |                   |  |  |  |  |

| 1000 Walnut, Suite 1100                          | Kansas Citv           | MO      | 64106                                      |
|--------------------------------------------------|-----------------------|---------|--------------------------------------------|
| (Address)                                        | (City)                | (State) | (Zip Code)                                 |
| 10/20/2003                                       |                       | 185     |                                            |
| (Date of Registration with PCAOB)(if applicable) |                       |         | (PCAOB Registration Number, if applicable) |
|                                                  | FOR OFFICIAL USE ONLY |         |                                            |
|                                                  |                       |         |                                            |

\* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valld OMB control number.

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### OATH OR AFFIRMATION

| Sydney Goodman                                                | swear (or affirm) that, to the best of my knowledge and belief, the                                                                 |
|---------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|
| tinancial report pertaining to the firm of Cboe TradIng, Inc. | as of                                                                                                                               |
| 12/31                                                         | 2 024                                                                                                                               |
|                                                               | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely |
| as that of a customer.                                        |                                                                                                                                     |

![](_page_1_Figure_2.jpeg)

Notary Public

## This filing\*\* contains (check all applicable boxes):

- = (a) Statement of financial condition.
- = (b) Notes to consolidated statement of financial condition.
- □ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
- O (d) Statement of cash flows.
- [ {e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- | (f) Statement of changes in liabilities subordinated to claims of creditors.
- [ (g) Notes to consolidated financial statements.
- [ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- □ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- □ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- | (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- [] {() Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- O (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- | (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- [] (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- 国 (t) Independent public accountant's report based on an examination of the statement of financial condition.
- □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- □ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17-12, as applicable.
- □ (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- (z) Other:
- \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18c-7(d)(2), as applicable.

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# Cboe Trading, Inc.

Financial Statement

(With Report of Independent Registered Public Accounting Firm Thereon)

As of December 31, 2024

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![](_page_3_Picture_0.jpeg)

KPMG LLP Suite 1100 1000 Walnut Street Kansas City, MO 64106-2162

# **Report of Independent Registered Public Accounting Firm**

To the Stockholder and the Board of Directors Cboe Trading, Inc.:

# *Opinion on the Financial Statement*

We have audited the accompanying statement of financial condition of Cboe Trading, Inc. (the Company) as of December 31, 2024, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2024, in conformity with U.S. generally accepted accounting principles.

# *Basis for Opinion*

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

![](_page_3_Picture_9.jpeg)

We have served as the Company's auditor since 2020.

Kansas City, Missouri February 26, 2025

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# Cboe Trading, Inc. Statement of Financial Condition December 31, 2024

### Assets

| Cash                                                                       | ಲ್ಲಿ | 25,632,081 |
|----------------------------------------------------------------------------|------|------------|
| Deposits with clearing counterparty                                        |      | 1,312,865  |
| Receivables:                                                               |      |            |
| Receivables from non-customers                                             |      | 186,174    |
| Receivables from affiliates, net                                           |      | 6,251,832  |
| Total receivables                                                          |      | 6,438,006  |
| Securities owned, at fair value                                            |      | 484,753    |
| Deferred tax assets                                                        |      | 829,496    |
| Total assets                                                               | ಿಕಾ  | 34,697,201 |
| Liabilities and Stockholder's Equity                                       |      |            |
| Liabilities:                                                               |      |            |
| Accounts payable and accrued expenses                                      | ക്ക  | 14,350,019 |
| Payable to affiliates                                                      |      | 2,121,166  |
| Total liabilities                                                          |      | 16,471,185 |
| Commitments and contingencies (note 8)                                     |      |            |
| Stockholder's equity:                                                      |      |            |
| Common stock, \$0.01 par value: 1,000 shares authorized; 100 shares issued |      |            |
| and outstanding                                                            |      | 1          |
| Additional paid-in capital                                                 |      | 186,700    |
| Retained earnings                                                          |      | 18,039,315 |
| Total stockholder's equity                                                 |      | 18,226,016 |
| Total liabilities and stockholder's equity                                 | ಕ್ಕಾ | 34,697,201 |

See accompanying notes to financial statement.

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## Cboe Trading, Inc. Notes to Financial Statement As of December 31, 2024

## (1) Nature of Business

Cboe Trading, Inc. ("the Company" or "Cboe") is registered with the U.S. Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority, Inc. ("FINRA") as a securities broker-dealer. The sole function of the Company is to route orders to other market centers on behalf of Cboe BZX Exchange, Inc. ("BZX"), Cboe BYX Exchange, Inc. ("BYX"), Cboe EDGX Exchange, Inc. ("EDGX"), Cboe EDGA Exchange, Inc. ("EDGA"), Cboe C2 Exchange, Inc. ("C2"), and Cboe Exchange, Inc. ("Cboe Options") (together, "the Exchanges"), which operate as national stock and option exchanges, as applicable. Cboe and the Exchanges are wholly-owned by Cboe Global Markets, Inc. ("the Parent"). The Company does not claim an exemption from SEC Rule 15c3-3, in reliance on footnote 74 to SEC Release 34-70073 in that the Company limits its business activities exclusively to routing orders to other market centers for execution in accordance with member orders and requirements. The Company does not directly receive, hold, or otherwise owe funds or securities for or to customers, did not carry accounts of or for customers, and did not carry proprietary accounts of broker-dealers ("PAB") accounts throughout the most recent fiscal year.

### (2) Summary of Significant Accounting Policies

### (a) Principles of Accounting

The financial statement is presented in conformity with generally accepted accounting principles in the United States ("GAAP") as established by the Financial Accounting Standards Board ("FASB"). References to GAAP in these footnotes are to the FASB Accounting Standards Codification ("ASC" or "Codification").

#### Use of Estimates (b)

The preparation of the financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of the amounts of contingent assets and liabilities at the date of the financial statement. Actual results could differ significantly from those estimates.

#### ত Cash

The Company maintains its cash at various financial institutions and brokerage firms that, at times, may be in excess of the federal insurance limits.

#### Restricted Cash (d)

The Company maintains cash balances deposited with clearing counterparties for the settlement of trades to satisfy obligations of the Company. The Company is required to maintain a minimum clearing deposit balance of \$0.5 million and a minimum net capital balance of \$1.0 million with Morgan Stanley & Co. LLC ("Morgan Stanley") and a \$1.0 million minimum clearing deposit balance with Wedbush Securities, Inc. ("Wedbush").

#### Receivables (e)

On a periodic basis, management evaluates the Company's receivables from non-customers and records an allowance for expected credit losses in accordance with Accounting Standards Codification 326, Financial Instruments – Credit Losses.

Receivables from non-customers are presented net of allowance for credit losses on the statement of financial condition. There has been no history of any losses associated with accounts receivable. Based upon the Company's assessment of historical information, credit risk, and collectability, no allowance for credit losses has been recorded.

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{9}------------------------------------------------

Cboe Trading, Inc. Notes to Financial Statement As of December 31, 2024

Additionally, the Company uses Wedbush to clear its routed cash equities trades routed through affiliates of BofA Securities Inc., as well as for trades routed directly to other exchanges and, optionally, dark pools. Morgan Stanley clears trades routed through the Morgan Stanley routing brokers and also clears executions routed to most dark pools. The Company maintains counterparty credit risk exposure from routing brokers with respect to rebates earned until completion of the routing brokers next invoice cycle following the execution.

The Options Clearing Corporation ("OCC") acts as a central counterparty on all transactions in listed equity options, and as such, guarantees clearance and settlement of all of the Company's routed options transactions.

With respect to U.S. listed equity and exchange traded product options, the Company is subject to counterparty credit risk exposure with respect to rebates earned from routing brokers until completion of the routing brokers' next invoice cycle has completed for an execution.

### (9) Subsequent Events

The Company performed an evaluation of events that have occurred subsequent to December 31, 2024, through February 26, 2025, which is the date the financial statement was available to be issued. There have been no subsequent events that have occurred during such period that would require disclosure in the financial statement or would be recognized in the financial statement as of the year ended December 31, 2024.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.