Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity derivatives, today 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.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain March 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.
|
Average Daily Trading Volume (ADV) by Month |
Year-To-Date |
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|
Mar 2026 |
Mar 2025 |
% Chg |
Feb |
% |
Mar 2026 |
Mar 2025 |
% |
|||||
|
Multi-listed options (contracts, k) |
14,203 |
13,529 |
5.0 % |
13,476 |
5.4 % |
13,940 |
13,412 |
3.9 % |
||||
|
Index options (contracts, k) |
6,876 |
5,270 |
30.5 % |
5,973 |
15.1 % |
6,136 |
4,771 |
28.6 % |
||||
|
Futures (contracts, k)1 |
338 |
285 |
18.4 % |
276 |
22.1 % |
283 |
249 |
13.6 % |
||||
|
U.S. Equities - On-Exchange (matched shares, mn) |
2,048 |
1,617 |
26.6 % |
1,961 |
4.4 % |
1,963 |
1,642 |
19.6 % |
||||
|
U.S. Equities - Off-Exchange (matched shares, mn) |
240 |
92 |
161.8 % |
268 |
-10.3 % |
249 |
91 |
175.1 % |
||||
|
Canadian Equities (matched shares, k) |
203,135 |
153,961 |
31.9 % |
204,403 |
-0.6 % |
215,759 |
159,593 |
35.2 % |
||||
|
European Equities (€, mn) |
18,629 |
16,422 |
13.4 % |
17,963 |
3.7 % |
17,281 |
13,818 |
25.1 % |
||||
|
Australian Equities (AUD, mn) |
1,261 |
900 |
40.1 % |
1,228 |
2.6 % |
1,200 |
820 |
46.3 % |
||||
|
Global FX ($, mn) |
79,865 |
54,784 |
45.8 % |
63,372 |
26.0 % |
70,418 |
51,926 |
35.6 % |
||||
|
Cboe Clear Europe Cleared Trades (k) |
169,513 |
157,411 |
7.7 % |
141,642 |
19.7 % |
434,717 |
412,072 |
5.5 % |
||||
|
Cboe Clear Europe Net Settlements (k) |
1,431 |
1,130 |
26.7 % |
1,266 |
13.1 % |
3,931 |
3,201 |
22.8 % |
||||
1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.
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.
First-Quarter 2026 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the first quarter of 2026 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended March 31, 2026, will not differ materially from these projections.
|
(In USD unless stated otherwise) |
Three-Months Ended |
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|
Product |
1Q |
Feb-26 |
Jan-26 |
Dec-25 |
||
|
Multi-Listed Options (per contract) |
$0.079 |
$0.078 |
$0.075 |
$0.075 |
||
|
Index Options |
$0.940 |
$0.945 |
$0.940 |
$0.938 |
||
|
Total Options |
$0.342 |
$0.335 |
$0.326 |
$0.317 |
||
|
Futures (per contract) |
$1.649 |
$1.682 |
$1.712 |
$1.719 |
||
|
U.S. Equities - Exchange (per 100 touched shares) |
$0.017 |
$0.017 |
$0.017 |
$0.018 |
||
|
U.S. Equities - Off-Exchange (per 100 touched shares) |
$0.063 |
$0.067 |
$0.065 |
$0.064 |
||
|
Canadian Equities (per 10,000 touched shares) |
CAD 4.367 |
CAD 4.071 |
CAD 3.973 |
CAD 3.962 |
||
|
European Equities (per matched notional value) |
0.276 |
0.278 |
0.276 |
0.278 |
||
|
Australian Equities (per matched notional value) |
0.207 |
0.208 |
0.208 |
0.207 |
||
|
Global FX (per one million dollars traded) |
$2.866 |
$2.941 |
$2.953 |
$2.945 |
||
|
Cboe Clear Europe Fee per Trade Cleared |
€ 0.009 |
€ 0.010 |
€ 0.010 |
€ 0.010 |
||
|
Cboe Clear Europe Net Fee per Settlement |
€ 1.061 |
€ 1.100 |
€ 1.103 |
€ 1.113 |
||
The above represents average revenue per contract (RPC) or net capture is based on a three-month rolling average, reported on a one-month lag. Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.
- For Options and Futures, the average RPC represents total net transaction fees recognized for the period divided by total contracts traded during the period for options exchanges: BZX Options, Cboe Options, C2 Options and EDGX Options; futures include contracts traded on Cboe Futures Exchange, LLC (CFE).
- For U.S. Equities, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days for the period.
- For U.S. Equities – Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less OMS/EMS costs and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.
- For Canadian Equities, "net capture per 10,000 touched shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for Cboe Canada and the number of trading days for the period and includes revenue.
- For European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in British pounds divided by the product of ADNV in British pounds of shares matched on Cboe Europe Equities and the number of trading days.
- For Australian Equities, "net capture per matched notional value" refers to transaction fees less trading fee relief in Australian Dollars divided by the product of ADNV in Australian Dollars of shares matched on Cboe Australia and the number of trading days.
- For Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction.
- For Cboe Clear Europe, "Fee per Trade Cleared" refers to clearing fees divided by number of non-interoperable trades cleared and "Net Fee per Settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.
