SEGMENT REPORTING

6 Months Ended

Jun. 30, 2019

SEGMENT REPORTING

SEGMENT REPORTING

15.  SEGMENT REPORTING

The Company reports five business segments: Options, U.S. Equities, Futures, European Equities, and Global FX, which is reflective of how the Company’s chief operating decision-maker reviews and operates the business (Note 1). Segment performance is primarily based on operating income (loss). Our chief operating decision-maker does not review total assets or statements of income below operating income by segments as key performance metrics; therefore, such information is not presented below. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations unit based on the decision that those activities should not be used to evaluate the segment’s operating performance; however, operating expenses that relate to activities of a specific segment have been allocated to that segment.

The Options segment includes the options exchange business, which lists for trading options on market indexes (index options), mostly on an exclusive basis, as well as on non-exclusive "multiply-listed" options, such as options on the stocks of individual corporations (equity options) and options on other exchange-traded products (ETP options), such as exchange-traded funds (ETF options) and exchange-traded notes (ETN options) that occur on Cboe Options, C2, BZX and EDGX. It also includes the listed equity and ETP options routed transaction services that occur on Cboe Trading.

The U.S. Equities segment includes listed cash equities and ETP transaction services that occur on BZX, BYX, EDGX and EDGA. It also includes market data revenue generated from the U.S. tape plans as well as revenue generated from the sale of proprietary market data ETP listing, listed cash equities and ETPs routed transaction services, connectivity fees, and advertising activity from ETF.com.

The Futures segment includes the business of our futures exchange, CFE, which includes offering for trading futures on the VIX Index and other futures products.

The European Equities segment includes the pan-European listed cash equities transaction services, ETPs, exchange-traded commodities, and international depository receipts that occur on the RIE, operated by Cboe Europe Limited. It also includes the listings business where ETPs can be listed on Cboe Europe Limited.

The Global FX segment includes institutional FX trading services that occur on the Cboe FX platform, as well as non-deliverable forward FX transactions executed on Cboe SEF.

Summarized financial data of reportable segments was as follows (in millions):

											Corporate
							European				Items and
	Options		U.S. Equities		Futures		Equities		Global FX		Eliminations		Total
Three Months Ended June 30, 2019
Revenues	$	246.1	$	298.7	$	33.8	$	28.7	$	13.1	$	0.2	$	620.6
Operating income (loss)		80.1		36.4		19.4		5.7		(1.6)		(14.8)		125.2
Three Months Ended June 30, 2018
Revenues	$	244.1	$	343.2	$	32.6	$	32.9	$	14.5	$	0.2	$	667.5
Operating income (loss)		78.1		37.5		16.3		6.5		(1.7)		(7.6)		129.1

											Corporate
							European				Items and
	Options		U.S. Equities		Futures		Equities		Global FX		Eliminations		Total
Six Months Ended June 30, 2019
Revenues	$	477.1	$	594.5	$	64.3	$	59.0	$	27.0	$	0.2	$	1,222.1
Operating income (loss)		167.1		74.0		37.7		11.5		(2.0)		(17.7)		270.6
Six Months Ended June 30, 2018
Revenues	$	538.2	$	733.7	$	76.5	$	67.3	$	29.1	$	0.4	$	1,445.2
Operating income (loss)		191.7		71.3		42.5		12.7		(4.7)		(16.7)		296.8