Cboe Global Markets, Inc., the world’s leading derivatives and securities exchange network, reported December and full year 2025 trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the fourth quarter of 2025.
The data sheet “Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report” contains an overview of certain December and full year 2025 trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
December and Full Year 2025 Trading Volume Highlights
U.S. Options
- Total volume traded across Cboe’s four options exchanges was 4.6 billion contracts in 2025, with an ADV of 18.4 million contracts traded, the sixth consecutive record-breaking year.
- Several additional yearly volume records were set in 2025, including:
- Multi-list options traded a total of 3.4 billion contracts across Cboe’s exchanges, with an ADV of 13.5 million contracts.
- Overall proprietary index options product suite traded a total of 1.2 billion contracts, with an ADV of 4.9 million contracts.
- S&P 500 Index (SPX) options traded a total of 970.6 million contracts, with an ADV of 3.9 million contracts.
- SPX zero-days-to-expiry (0DTE) options ADV record of 2.3 million contracts, representing 59% of total SPX volume.
- Cboe Volatility Index (VIX) options traded a total of 215.6 million contracts, with an ADV of 862 thousand contracts.
- Mini-SPX (XSP) options traded a total of 28.8 million contracts, with an ADV of 115 thousand contracts.
- Total of 28.7 million contracts traded during Cboe’s global trading hours session (8:15 PM to 9:25 AM ET), with an ADV of 115 thousand contracts.
- Quarterly ADV records set in the fourth quarter of 2025 included:
- 19.4 million contracts traded daily across Cboe’s exchanges driven by record trading in multi-list options (14.0 million) and proprietary index options (5.4 million).
- 4.3 million SPX options contracts traded daily.
- 2.6 million SPX 0DTE contracts traded daily.
- 127 thousand XSP options contracts traded daily.
- 29 of the top 30 SPX options trading days occurred in 2025, along with 24 of the top 25 days of multi-list options trading.
U.S. Equities – Off-Exchange
- BIDS Trading reported a yearly ADV record of 155.0 million matched shares, up 96% year-over-year.
European Equities
- Cboe Europe Equities reported several annual records in 2025, including:
- Record yearly Cboe Europe Equities average daily notional volume (ADNV) of €12.8 billion.
- Record yearly Cboe overall market share of 25%.
- Record yearly Cboe Periodic Auctions ADNV of €3.8 billion.
- Record yearly Cboe BIDS Europe ADNV of €614 million.
Global FX
- Global FX reported multiple records for full year 2025, including:
- Spot ADNV of $49.7 billion, surpassing last year’s record of $45.4 billion.
- Cboe SEF (Swap Execution Facility) Non-Deliverable Forwards ADNV record of $3.1 billion.
Source: Cboe
NEWSLETTER SIGN UP
And receive exclusive articles on securities markets
🏆 The 2026 Global Markets Choice Awards are here! 🌍 Nominations are officially OPEN for the celebration of excellence in global capital markets trading & technology. Nominate below:
https://www.jotform.com/form/260086385121150
Delaware Life Insurance Company is becoming the first insurance carrier to offer an index that contains cryptocurrency, adding the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index to its fixed index annuity (FIA) portfolio.
As the digital assets industry pushes toward
Franklin Templeton is expanding its tokenized fund suite, signaling growing institutional demand for blockchain-based fund infrastructure and regulated investment products moving onchain. Read the full article below:
$50 billion in active ETF inflows helped fuel a record year for @BlackRock 's iShares business, as investors continue to lean into active strategies.
Related articles
-
Compute could become the largest commodity in the world.
-
The proposal updates the swaps required to be submitted to a derivatives clearing organization.
-
Continuous derivatives trading introduces complex interdependencies across clearing and collateral management.
-
MIAX options exchanges' average daily volume increased 26.6% year-over-year.
-
This is ahead of the S&P/NZX 20 Index Futures launch on 28 April 2026.