Cboe Global Markets, Inc., a leading global markets operator and pioneer in equity derivatives, reported March trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the first quarter of 2026.
March and First Quarter 2026 Trading Volume Highlights
U.S. Options
- Cboe’s proprietary index options reported several monthly and quarterly ADV records, including:
- Overall proprietary index options quarterly ADV record of 6.1 million contracts.
- Overall proprietary index options monthly ADV record of 6.9 million contracts.
- Quarterly S&P 500 Index (SPX) options ADV record of 4.9 million contracts.
- Monthly S&P 500 Index (SPX) options ADV record of 5.4 million contracts.
- Quarterly SPX zero-days-to-expiry (0DTE) ADV record of 3.0 million contracts.
- Monthly SPX 0DTE ADV record of 3.2 million contracts.
- Quarterly mini-SPX (XSP) options ADV record of 187 thousand contracts.
- Monthly XSP options ADV record of 222 thousand contracts.
- Quarterly and monthly ADV records during Cboe’s Global Trading Hours (GTH) session (8:15 p.m. to 9:25 a.m. ET), with a first quarter ADV of 164 thousand contracts and a March ADV of 195 thousand contracts.
- Cboe Volatility Index (VIX) options recorded its second-best quarter, with a quarterly ADV of 994 thousand contracts.
- Multi-listed options trading across Cboe’s four U.S. options exchanges delivered its second-best quarter on record, with a quarterly ADV of 13.9 million contracts.
- Trading on Cboe’s trading floor reached record levels in March, with record overall open outcry monthly ADV of 2.2 million and record SPX open outcry monthly ADV of 937 thousand contracts.
- Cboe’s trading floor also achieved record multi-listed options trading activity in the first quarter, with a quarterly ADV of 806 thousand multi-listed contracts.
European Equities
- Cboe Europe set a record quarterly average daily notional value (ADNV) of €17.3 billion, as well as a new monthly ADNV record of €18.6 billion in March.
- Cboe Periodic Auctions achieved several records including quarterly ADNV (€6.0 billion), monthly ADNV (€6.4 billion), and a single-day record on March 3 (€9.2 billion).
- Cboe Closing Cross (3C), Cboe Europe’s post-close trading service, achieved a record quarterly ADNV of €379.8 million, including a monthly ADNV record in March of €512 million and single-day record of €2.9 billion on March 20.
Global FX
- In March, Cboe FX Spot ADNV reached $74.5 billion, an all-time high, and a 42.9% increase versus March 2025.
- Cboe FX and Cboe SEF (Swap Execution Facility) observed single day records in March, with Cboe FX reaching $109.1 billion on March 3, and Cboe SEF reporting $6.7 billion on March 6.
- Cboe SEF March ADV topped $5.4 billion, its highest ADV on record, and a 101.9% increase versus March 2025.
Source: Cboe
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