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Cboe Global Markets has announced plans to cease its Japanese equities operations, including its proprietary trading system and block trading platform, by the end of August.
The world's leading derivatives and securities exchange network said it would suspend operations for Cboe Japan and Cboe BIDS Japan on 29th August 2025, with formal closure subject to regulatory consultation.
The decision reflects what the company described as a disciplined strategy to focus resources on opportunities delivering optimal shareholder returns, amid challenging business conditions that undermined the financial sustainability of its Japanese equities operations.
The move represents a significant retreat from the competitive Japanese equities market, where international exchanges have struggled to gain meaningful market share against domestic players.
Craig Donohue, Chief Executive at Cboe Global Markets, said: "While we have made the strategic decision to exit the Japanese equities business, we remain committed to serving Japan and its financial community by leveraging the strengths of our global derivatives and data capabilities. As Japanese market participants continue to seek greater access to international markets, Cboe is well-positioned to meet that demand with our high-quality market data and suite of tradeable derivatives products. We thank our partners, customers and stakeholders in Japan for their engagement and look forward to delivering value in new ways."
Cboe will maintain its presence in Japan through its Global Derivatives and Cboe Data Vantage businesses, continuing to serve Japanese institutions seeking international market access.
The company expects the wind-down to have minimal impact on its 2025 organic total net revenue growth and adjusted operating expense guidance. Adjusted expense savings are estimated at $2 million to $4 million in 2025, rising to $10 million to $12 million annually on a normalised basis.
Further details will be provided during Cboe's second-quarter 2025 earnings call on 1st August 2025, beginning at 7:30am CT (8:30am ET). The conference call and presentation will be available via live audio webcast on the company's investor relations website.
