Cboe Global Markets, Inc. · Account brief

Exchange operator known for options (SPX, VIX), US and European equities, FX and data. It has retreated from some international and digital-asset ventures.

Talking points

Divestitures mean separation and TSA work, and simplification of the remaining platform.

Likely opportunities

Separation and TSA exit. Data products. 24x5 trading operations.

Outreach plans

1 plan for the main opportunities, in outreach wave 2. All budgets, deal sizes and dates are planning estimates made from the public brief, not from client data or Accenture financials. Executive names are used only where the brief also names them; verify roles and names before outreach.

1Separation and TSA exitM&A & integrationIdentified$1.6M–$5M

The Cboe Global Markets brief flags this opportunity: Separation and TSA exit. Lead with a fixed-scope 3-week entry offer that proves value quickly, then grow it into the separation program office, TSA exits and target-state build.

From opportunity: Separation and TSA exit

Why now: Refocusing on core derivatives and US equities; sold Cboe Australia and Canada to TMX ($300M, 2026).
Buyers: COO · CFO Jill Griebenow · Separation program lead · CIO
Our sponsor: Accenture M&A and Separation lead for Financial Services, with the account's client lead as relationship sponsor
Entry: A 3-week TSA exit health check: inventory every open service, cost the run-rate of each, and produce a dated exit plan with the stranded-cost reduction it unlocks.. No CAL account team today. Enter through the sponsor's network, the hyperscaler hosting the target state and a short point-of-view note to the COO.
Proof points: Separation and TSA exit case studies

Deal size$1.6M–$5M

Pursuit cost$70K

Win probability15%

Estimate: Estimate. Pursuit cost is about 14 person-weeks of account, sponsor and SME time at a blended $5,000 per person-week, including extra effort to win a first meeting without an account team. The entry offer itself is a fixed fee of roughly $50k, or an Accenture investment if the pursuit is contested. The deal range is the 12-24 month follow-on (the separation program office, TSA exits and target-state build), scaled for a smaller client from a reference range of $8-25M. It is not based on client budget data. Win probability of 15% is a planning assumption for an account without a CAL tier.

Outreach sequence

Week 1Build a view of the open TSAs and stranded costs from filings and the deal announcement. Map the buying group (COO, CFO Jill Griebenow, Separation program lead) and known Accenture relationships.Industry MD with an industry SME
Week 2Confirm the sponsor, pick two reference clients, and line up support from the hyperscaler hosting the target state.Sponsor
Week 3-5Reach the COO with a one-page note on separation and TSA exit, through a warm introduction or an industry event.Industry MD
Week 6-7Executive meetings with the COO and CFO Jill Griebenow: test the hypotheses and offer the entry offer.Sponsor and industry MD
Week 8-9Walk the separation office through a TSA exit playbook and a comparable separation timeline.Industry and technical SMEs
Week 10Scope and price the entry offer with the client's working team; agree success measures.Pursuit lead
Week 11-12Proposal review with the economic buyer (CFO Jill Griebenow) and procurement.Sponsor
Week 13-14Sign the entry offer and mobilize the 3-week team.Delivery lead
Week 17Read out results and propose the follow-on: the separation program office, TSA exits and target-state build.Sponsor and delivery lead

Timeline

Jan 2027Jun 2027

Prepare and engageFirst executive meeting held with the COO

ShapeEntry offer scoped with the client's working team

ProposeEntry offer signed

Deliver entry offerResults read out and follow-on proposal submitted

ExpandFollow-on program signed

Success measures

TSA health check signed
TSA exits on or ahead of contractual dates
Stranded cost removed within 12 months of close (client's measure)

Risks

The incumbent separation adviser (often a Big Four firm) holds the program office
Exit dates slip because the buyer or seller is not ready
Competition (from the brief): Not confirmed.

01Strategic priorities

CEO Craig Donohue (since late 2024) is refocusing on derivatives, data and access, and has exited non-core businesses (Australia, Canada, Cboe Digital spot).
24x5 US equities trading, retail options growth and international derivatives.

02Financial health and spend signals

Record options volume and divestiture proceeds redeployed to buybacks and growth.

03Leadership changes

Craig Donohue is CEO (ex-CME). Jill Griebenow is CFO.

04Regulatory pressure

SEC market structure (tick size, order competition).

05M&A and restructuring

Sold Cboe Australia and Cboe Canada to TMX Group (completed Aug 2026).

06Tech stack and vendor footprint

Its own trading platform (Cboe Titanium) plus cloud for data.

07Competitor engagements

Not confirmed.

08Risk disclosures

Volume cyclicality and competition.

Workforce

Job cuts

May 1, 2026 · Announced · 332 roles. About 20% of staff as it exits listings, CEDX and Japanese equities to focus on US options, futures and data.qz.com

Compare across accounts on the workforce page.

Earnings call themes

Q1 2026 Organic growthEfficiency & costHeadcount discipline
Record net revenue; exits non-core businesses.
qz.com

Regulatory actions

No consent orders, MRAs or fines tracked. See Regulatory pressure above for context.

Recent public signals

Sourcing. Bullets without a source link or a ✓ mark come from model knowledge (public information up to mid-2026) and have not been verified. Check them against the latest filings before using them with a client. Recent public signals were found by web search; most were judged from the headline and source, not a full read.

Snapshot