# CBOE TRADING, INC. X-17A-5 (2026-02-25) — Broker-dealer annual report

- Company: CBOE TRADING, INC.
- Form: X-17A-5
- Filed: 2026-02-25
- Period: 2025-12-31
- Accession: 0001335709-26-000001
- 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/1335709/000133570926000001/SEC_2025_Public_Cboe_Trading.pdf

---

{0}------------------------------------------------

|  | 8-67043 |  |
|--|---------|--|

| 01/01/2025<br>12/31/2025                         |                |     |                   |  |  |  |  |
|--------------------------------------------------|----------------|-----|-------------------|--|--|--|--|
|                                                  |                |     |                   |  |  |  |  |
|                                                  |                |     |                   |  |  |  |  |
| Cboe<br>Trading,<br>Inc.                         |                |     |                   |  |  |  |  |
| ■                                                |                |     |                   |  |  |  |  |
|                                                  |                |     |                   |  |  |  |  |
| 6800<br>West<br>115th<br>Street,<br>Suite<br>260 |                |     |                   |  |  |  |  |
|                                                  |                |     |                   |  |  |  |  |
| Overland<br>Park                                 | KS             |     | 66211             |  |  |  |  |
|                                                  |                |     |                   |  |  |  |  |
|                                                  |                |     |                   |  |  |  |  |
| Sydney<br>Goodman                                | 913-216-0912   |     | sgoodman@cboe.com |  |  |  |  |
|                                                  |                |     |                   |  |  |  |  |
|                                                  |                |     |                   |  |  |  |  |
| KPMG<br>LLP                                      |                |     |                   |  |  |  |  |
|                                                  |                |     |                   |  |  |  |  |
| 1000<br>Walnut,<br>Suite<br>1100                 | Kansas<br>City | MO  | 64106             |  |  |  |  |
|                                                  |                |     |                   |  |  |  |  |
| 10/20/2003                                       |                | 185 |                   |  |  |  |  |
|                                                  |                |     |                   |  |  |  |  |
|                                                  |                |     |                   |  |  |  |  |

{1}------------------------------------------------

## OATH OR AFFIRMATION

| Sydney Goodman                                                | , swear (or affirm) that, to the best of my knowledge and belief, the |
|---------------------------------------------------------------|-----------------------------------------------------------------------|
| financial report pertaining to the firm of Cboe Trading, Inc. | as of                                                                 |

12/31 2 025 , is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, nas any proprietary interest in any account classified solely as that of a customer.

Signature: Sydney Goodman

Title

|  | Treasurer and Financial Operations Principal |
|--|----------------------------------------------|

2/25/2026 | 10:20 AM CST

# 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).
- [ (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.
- [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- [ (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 capital or tangible net worth under 17 CFR 240.18c3-1, 17 CFR 240.18a-1, 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.
- | | | Oath or affirmation in accordance with 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.
- (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 240.17a-12, as applicable.
- | (y) Report describing any material inadequacies 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 240.180-7(d)(2), as applicable.

{2}------------------------------------------------

# Cboe Trading, Inc.

Financial Statement

(With Report of Independent Registered Public Accounting Firm Thereon)

As of December 31, 2025

{3}------------------------------------------------

![](_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 Board of Directors of 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, 2025, 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, 2025, 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 25, 2026

{4}------------------------------------------------

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| 3>=A7BAE7B61:3/@7<51=C<B3@>/@BG                                             |      |  |  |  |  |
| '3137D/0:3A                                                                 |      |  |  |  |  |
| '3137D/0:3A4@=;<=<	1CAB=;3@A                                                |      |  |  |  |  |
| '3137D/0:3A4@=;/447:7/B3A<3B                                                |      |  |  |  |  |
| )=B/:@3137D/0:3A                                                            |      |  |  |  |  |
| (31C@7B73A=E<32/B4/7@D/:C3                                                  |      |  |  |  |  |
| 343@@32B/F/AA3BA                                                            |      |  |  |  |  |
| %B63@/AA3BA                                                                 |      |  |  |  |  |
| )=B/:/AA3BA                                                                 | <br> |  |  |  |  |
| ( !(*(2(\$1 ,#2-")'-*#\$071/3(26                                            |      |  |  |  |  |
| "7/07:7B73A                                                                 |      |  |  |  |  |
| 11=C<BA>/G/0:3/<2/11@C323F>3<A3A                                            | <br> |  |  |  |  |
| &/G/0:3AB=/447:7/B3A<3B                                                     |      |  |  |  |  |
| )=B/::7/07:7B73A                                                            |      |  |  |  |  |
| =;;7B;3<BA/<21=<B7<53<173A<=B3                                              |      |  |  |  |  |
| (B=196=:23@IA3?C7BG                                                         |      |  |  |  |  |
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| 227B7=</:>/72	7<1/>7B/:                                                     |      |  |  |  |  |
| '3B/7<323/@<7<5A                                                            |      |  |  |  |  |
| )=B/:AB=196=:23@IA3?C7BG                                                    |      |  |  |  |  |
| )=B/::7/07:7B73A/<2AB=196=:23@IA3?C7BG                                      | <br> |  |  |  |  |

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