In this episode, we trace the history of Cboe Global Markets, founded in 1973 as the first exchange to list standardized stock options, operating out of a former smoking lounge at the Chicago Board of Trade. We discuss the company’s pivotal innovations, including the 1993 launch of the VIX—Wall Street’s "fear gauge"—and its massive expansion through the $3.2 billion acquisition of BATS Global Markets and entry into digital assets.

We also break down the recent controversies and strategic shifts defining Cboe in 2024 and 2025. Tune in to hear about the "fraud and cover-up" complaint filed against a former Cboe director regarding a $35 million scheme at a member firm, and the company's major decision in October 2025 to sell its Canadian and Australian businesses to refocus its portfolio.