Cboe’s Adam Inzirillo talks about Cboe’s data offerings and growth at FIA Boca

May 14, 2024

John Lothian

John Lothian

Executive Chairman and CEO

Adam Inzirillo, the head of data and access solutions at Cboe, spoke to JLN at the FIA International Futures Industry Conference in Boca Raton, FL in March about his experience with electronic trading products before joining Cboe, the lessons he learned in his first months on the job, and the breadth of services Cboe is offering these days. Inzirillo talked with John Lothian News as part of the JLN Industry Leader video series sponsored by Wedbush.

JLN asked Inzirillo about how his background shaped his approach to his new role at Cboe. He said that before joining Cboe, he was the managing director and co-head of electronic trading products at Bank of America Merrill Lynch, so he dealt with the buyside as well as the sellside. “The interesting thing is, every time they’re looking at performance, especially in electronic trading, it’s primarily driven by empirical evidence,” he said. “So if they see good performance, they’ll reward you by using your products more.” 

One thing Inzirillo learned when he was head of American equities at Cboe was the large amount of data requests that came from clients. He said it was important to put the empirical evidence in front of them so they could use it as an opportunity to try a new order type or build a new strategy. 

One of the groups the Cboe created in North American Equities was Execution Consulting, Inzirillo said. “We brought in a lot of people from the sell side that had prior experience dealing with both buy side and sell side, so we could really use that experience in data and access services to get in front of clients and talk to them about everything we have available, not just so they can purchase more services but also how they can learn about using all our products across assets.”

When asked about the breadth of services Cboe is offering these days, he said the offering currently goes beyond the exchange’s traditional member services. “Basically, we have three verticals,” he said. There are global indices and risk market analytics, including Livevol, and then there is Datashop, and other things like Cboe Hanweck, theoretical pricing for options, and other services like TradeAlert, which allows for portfolio optimization, as well as Cboe One Equities. Cboe has also recently been working with regulators to get Cboe One Options, a consolidated, real-time options market data feed, approved. 

His first months in his role as global head of data and access solutions at Cboe were very seamless, Inzirillo said, because of the “great team” and “a lot of cross-collaboration.”  He added, “It was great to be able to learn about different asset classes and think about the global scale of our business, building our global transaction network. We’re in seven of the 10 largest economies. It’s great to learn from our clients in each of those regions, and then figure out how we can continue to diversify our portfolio of non-transactional products and bring those to market.”

Inzirillo said the exchange was forecasting 7-10% growth for its non-transactional business in the coming year. “It’s a very important area for us, so we want to continue to diversify and look at new geographies.” The exchange is looking at global expansion and enhancing user experience, and bringing data from a global perspective to ensure they hit that 10% target, he added.  

When it comes to the Data and Access Solutions group, he said, “One of our greatest strengths is our people. All of our sales will look at it from a global perspective, and different asset classes will help facilitate that sale. All of our sales people are really important to foster growth.”

One area that has been untapped is Cboe’s ability to distribute its data globally.  “As we continue to access other markets, say Asia Pacific, not everyone is going to have connectivity in London or in Chicago or Secaucus,” he said.  

Cboe is also building up different areas of growth such as flex options. “Silexx is the perfect opportunity to harness that work with our customers to customize that,” he said.  

JLN asked him whether, with the rise of 0DTE options, there have been any requests from customers for specific types of data. Inzirillo said there are two areas: “One is our data sets, open and close data sets….So not only do we have end of day file or historical data, we have the ability for people to get that at 10-minute intervals.  We are actually hearing from our clients that they would like that interval to be even shorter, so that’s something we’ll continue to focus on.”

The other one is on their theoretical pricing, he said, which makes the retail platform stronger and allows Cboe to cater to a wider group. “That is something we’ll continue to see a lot of demand for,” Inzirillo added.

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