• CEDX to introduce FLexible EXchange^® options (FLEX options) in Europe in Q1 2026
• Addresses rising global demand for defined-outcome ETFs and bespoke investment strategies
• Builds on Cboe’s experience as global options innovator and pioneer of FLEX options in the U.S.

Cboe Europe Derivatives (CEDX), a leading pan-European equity derivatives marketplace and part of Cboe Global Markets, Inc. announced at Cboe’s 2025 Risk Management Conference in Munich, Germany, its plans to launch Cboe FLexible EXchange^® options (FLEX options) in Europe, marking a significant step forward in providing tailored risk management tools for institutional investors across the region. The new contracts are scheduled to go live in Q1 2026, subject to external assessments.

FLEX options offer market participants the ability to customise key contract terms — including strike price, expiration date, settlement type and exercise style — for options on stock indices, individual equities and ETFs, all within a regulated exchange environment. These products combine the flexibility of over-the-counter (OTC) derivatives with the transparency, efficiency, and risk mitigation benefits of exchange-traded products.

CEDX will draw on Cboe’s track record as a global leader in options innovation, having introduced FLEX options to the U.S. market in 1993, helping participants tailor options contracts to meet specific hedging or investment needs. FLEX options have seen strong adoption in the U.S., with total open interest in the contracts increasing from 2 million in 2019 to 35 million so far in 2025¹. The products play a key role in supporting defined-outcome ETFs, which use options strategies to help investors pursue specific investment goals such as income generation, downside protection or enhanced growth. Assets under management in U.S. defined-outcome ETFs have risen from $5 billion in 2019 to over $70 billion in 2025², with many issuers now looking to expand globally.

At launch, CEDX is expected to offer FLEX options on a select set of underlyings, including single country and pan-European Cboe Europe equity indices, individual equities and ETFs, with plans to expand coverage throughout 2026. As with existing CEDX products, FLEX options will be cleared and settled by Cboe Clear Europe, a leading pan-European clearing house, helping to reduce counterparty risk and enabling capital and operational efficiencies.

“We’re excited to bring Cboe FLEX options to the European market, reflecting our continued commitment to innovation and building a bigger, more efficient and transparent listed derivatives ecosystem across the region,” said Iouri Saroukhanov, Head of European Derivatives at Cboe Europe. “This launch represents a major milestone in our efforts to expand the range of exchange-traded tools available to European investors, enabling them to better manage risk and tailor strategies to meet increasingly complex investment objectives. As interest in defined-outcome ETFs and customised options strategies continues to rise, Cboe’s deep expertise in options—combined with our robust infrastructure and proven clearing capabilities – uniquely positions us to support issuers and market participants seeking to expand these offerings across Europe.”

The introduction of FLEX options complements CEDX’s growing suite of equity derivatives products and supports its broader mission to increase participation in Europe’s derivatives markets. CEDX is bringing FLEX options to Europe with the support of First Trust Global Portfolios and Vest Financial, two defined-outcome ETF issuers which are new to Europe.

“Cboe’s FLEX options provide the transparency and customisation that are key to developing products that seeks to enable investors to pursue defined outcomes, including downside protection, income generation, and enhanced growth,” said Matt McFarland, Senior Vice President of Vest Financial. “This is an exciting step towards greater access in Europe to exchange-traded instruments that are designed to replicate the precision and flexibility we have long relied upon in the United States.”

Rupert Haddon, Managing Director and Head of Sales at First Trust Global Portfolios, said: “We’re thrilled to see Cboe Europe Derivatives bringing FLEX options to the European market. Defined-outcome ETFs have seen tremendous growth in the U.S., and European investors are increasingly seeking similar tools to help manage risk and align investments with specific goals. Cboe FLEX options offer an ideal foundation for building these strategies through a regulated and transparent exchange environment.”

Source: Cboe Global Markets