Cboe Global Markets revealed a record monthly and quarterly options volumes in September, driven by strong demand for index products such as the S&P 500 options, while trading across equities and clearing operations also saw solid growth.
Cboe Sets Record Options Volumes in September
The derivatives and securities exchange network said total options trading across its four U.S. exchanges reached a record average daily volume (ADV) of 20.5 million contracts in September, up 46% from a year earlier and 18.8 million in the third quarter.
Index options trading also hit a new high, rising 27.1% year-on-year to an ADV of 5.25 million contracts.
Cboe’s proprietary index products saw several milestones, including a new monthly record for S&P 500 (SPX) options, which averaged 4.3 million contracts per day and surpassed the 4 million threshold for the first time.
The firm also reported record quarterly averages for both SPX and Mini-SPX (XSP) options.
Trading in U.S. equities rose sharply, with on-exchange activity up 38% year-on-year to an ADV of 1.7 billion shares. Off-exchange equities volumes jumped 183.6%, reflecting increased activity on Cboe’s alternative trading platforms.
In futures, average daily contracts fell 11% from last year to 207,000 following the transition of digital futures products earlier in 2025.
Cboe projected its third-quarter revenue per contract (RPC) at $0.926 for index options and $0.054 for multi-listed options, while futures RPC is estimated at $1.742.
The exchange group continues to expand globally, operating equities, FX, and clearing businesses across North America, Europe, and Asia-Pacific.
