VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Cboe Global Markets, Inc. vs Interactive Brokers Group, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Cboe Global Markets, Inc.

CBOE · Cboe BZX

Market cap (USD)$26.4B
Gross margin (TTM)48.2%
Operating margin (TTM)29.6%
Net margin (TTM)21.3%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2025-12-31
Moat score
76/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Cboe Global Markets, Inc.'s moat claims, evidence, and risks.

View CBOE analysis

Interactive Brokers Group, Inc.

IBKR · NASDAQ

Market cap (USD)$123.6B
Gross margin (TTM)89%
Operating margin (TTM)82.7%
Net margin (TTM)9.2%
SectorFinancials
IndustryInvestment - Banking & Investment Services
CountryUS
Data as of2026-01-06
Moat score
60/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Interactive Brokers Group, Inc.'s moat claims, evidence, and risks.

View IBKR analysis

Comparison highlights

  • Moat score gap: Cboe Global Markets, Inc. leads (76 / 100 vs 60 / 100 for Interactive Brokers Group, Inc.).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); Interactive Brokers Group, Inc. has 1 segment (100% in Electronic brokerage).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Weak.
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; Interactive Brokers Group, Inc. has 4 across 4.

Primary market context

Cboe Global Markets, Inc.

Options

Market

U.S. listed options exchanges (multi-listed + proprietary index options)

Geography

United States

Customer

Broker-dealers, market makers, institutional investors, retail order-flow intermediaries

Role

Exchange operator (SRO) + derivatives listing venue + market data provider

Revenue share

60.8%

Interactive Brokers Group, Inc.

Electronic brokerage

Market

Multi-asset electronic brokerage, clearing, custody, and financing (self-directed and institutional)

Geography

Global

Customer

Individual investors and institutional clients (e.g., hedge funds, advisors, proprietary trading firms, introducing brokers)

Role

Broker-dealer / clearing broker / platform operator

Revenue share

100%

Side-by-side metrics

Cboe Global Markets, Inc.
Interactive Brokers Group, Inc.
Ticker / Exchange
CBOE - Cboe BZX
IBKR - NASDAQ
Market cap (USD)
$26.4B
$123.6B
Gross margin (TTM)
48.2%
89%
Operating margin (TTM)
29.6%
82.7%
Net margin (TTM)
21.3%
9.2%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Investment - Banking & Investment Services
HQ country
US
US
Primary segment
Options
Electronic brokerage
Market structure
Oligopoly
Competitive
Market share
29%-32% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
76 / 100
60 / 100
Moat domains
Legal, Network, Supply, Demand
Supply, Network, Legal, Demand
Last update
2025-12-31
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Cboe Global Markets, Inc. strengths

Contractual ExclusivityTwo Sided NetworkCapex Knowhow ScaleRegulated Standards PipeSwitching Costs GeneralClearing SettlementIP Choke PointDe Facto Standard

Interactive Brokers Group, Inc. strengths

Operational ExcellenceInteroperability HubCompliance AdvantageData Workflow Lockin

Segment mix

Cboe Global Markets, Inc. segments

Full profile >

Options

Oligopoly

60.8%

North American Equities

Competitive

18.5%

Europe and Asia Pacific

Oligopoly

10.6%

Futures

Quasi-Monopoly

6.3%

Global FX

Competitive

3.7%

Interactive Brokers Group, Inc. segments

Full profile >

Electronic brokerage

Competitive

100%

Want the full wide moat stocks list?

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.