Cboe Global Markets Inc. is planning for the development of a new research and data platform that executives believe could serve as a long-term growth driver for the company.

The Chicago-based exchange operator will begin work on building up the platform once it completes the migration of its Cboe Options Exchange onto a newer technology system, which is set for early October, executives said Aug. 2 on a second-quarter earnings conference call. The platform will combine data about the exchange's existing assets with functionality that will be built in-house to provide "actionable trading insights" for clients, Cboe Chairman, President and CEO Ed Tilly said on the call.

"We view the platform as a natural area of innovation for us," Tilly said.

With its platform, Cboe will become the latest financial heavyweight looking to tap into the booming data demand across Wall Street.

Other exchange giants including Intercontinental Exchange Inc., Nasdaq Inc. and London Stock Exchange Group PLC have all worked over the last decade to expand their data footprints as they continue to see unsteady revenues from their trading and clearing businesses. Most recently, the London Stock Exchange agreed to acquire Refinitiv in a deal valued at $27 billion that will create a trading and data behemoth poised to rival Bloomberg Inc.

Cboe does not view itself in the same light as the London-based bourse, though. Whereas many exchanges have built out their data offerings to provide robust views of the market, Cboe said its platform is intended to help the company launch new products and better understand its customers.

"We're a different kind of company," Chief Strategy Officer John Deters said on the call. "We're interested in data that relates directly to our markets, either as inputs or outputs so that it has relevance to our existing customer base. And that will continue to be our focus."