One of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading, Cboe Global Markets boasts strength in its proprietary products. The company is exploring new markets like the Middle East, Scandinavia and Asia, while pursuing jurisdictional approval in more established markets, including Switzerland and Israel. The company plans to invest approximately $25 million in organic growth initiatives in 2021. Cboe Global estimates recurring non-transactional organic revenue growth of 10-11% in 2021 (upped from 6-7% guided earlier). Access and capacity fees plus proprietary market data are expected to increase 7% to 8% in 2021. Longer to mid-term, the company estimates organic top line compounded average growth of 4% to 6%. Cboe Global ventured into Canada with the buyout of MATCHNow in August 2020.