CBOE
Cboe Global Markets
Is CBOE Halal?
Options exchange with speculation and gambling concerns.
What You Should Know
Cboe operates options, futures, derivatives and clearing venues. Its March 31, 2026 Form 10-Q reports $11,070.6 million of assets, $1,443.4 million of interest-bearing debt, $2,134.4 million of cash, $35.9 million of identifiable interest-bearing securities, $514.6 million of receivables and $1,272.8 million of quarterly revenue. Debt/assets is 13.04%, liquidity/assets is 19.60%, receivables-plus-cash/assets is 23.93% and disclosed interest income is 1.39% of revenue; the quantitative ratios pass but the derivatives core remains a qualitative failure.
⚠️ Concerns
- •Options and futures may be maysir and gharar
- •Leveraged speculation and clearing
- •Interest income from clearing collateral
- •Mixed scholarly opinions lean haram
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
1,443.4 / 11,070.6
2,170.3 / 11,070.6
2,649 / 11,070.6
17.7 / 1,272.8
- Financial
- Pass
- Overall
- Fails
Debt/assets is 13.04%, liquidity/assets is 19.60%, receivables-plus-cash/assets is 23.93% and disclosed interest income is 1.39% of revenue; the derivatives core activity fails.
- Financial
- Pass
- Overall
- Fails
The examined MSCI asset ratios pass, but the options and derivatives exchange business fails independently.
- Financial
- Pass
- Overall
- Fails
Debt/assets and liquidity/assets are below the examined Malaysia limits, but the core derivatives activity fails; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
Market-cap methods are not calculated; the direct derivatives business independently prevents a pass.
Business-activity disclosure
Cboe operates options, futures, derivatives, trading and clearing venues. The core facilitation of leveraged derivatives and options raises maysir, gharar and riba concerns and is treated as non-compliant here.
Limitation: The filing does not separate permissible cash-market services from derivatives and options revenue at a scholar-approved level; the core derivatives business independently fails.
Purification
Cboe discloses $17.7 million of interest income, but purification cannot cure a direct core-business failure.
Inputs, assumptions and primary sources
- Amounts are USD millions from Cboe's March 31, 2026 Form 10-Q.
- Interest-bearing debt includes $649.5 million of current debt and $793.9 million of long-term debt; operating leases and clearing-member balances are excluded.
- Cash is $2,134.4 million and financial investments of $35.9 million are used as the identifiable interest-bearing-securities proxy; customer margin and default-fund balances are excluded.
- Accounts receivable are $514.6 million net; quarterly revenue is $1,272.8 million and interest income is $17.7 million.
- Options, futures and derivatives exchange and clearing activity is treated as a direct business-activity failure for this screen; this is not a fatwa.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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