Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today reported September trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the third quarter of 2026.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain September 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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|
Sep 2026 |
Sep |
% Chg |
Aug |
% |
Sep 2026 |
Sep 2025 |
% |
|||||
|
Multi-listed options (contracts, k) |
15,382 |
15,273 |
0.7 % |
14,801 |
3.9 % |
14,972 |
13,318 |
12.4 % |
||||
|
Index options (contracts, k) |
6,422 |
5,250 |
22.3 % |
5,743 |
11.8 % |
6,131 |
4,775 |
28.4 % |
||||
|
Futures (contracts, k)1 |
191 |
207 |
-7.6 % |
163 |
17.3 % |
230 |
223 |
3.3 % |
||||
|
U.S. Equities - On-Exchange (matched shares, mn) |
1,453 |
1,703 |
-14.7 % |
1,481 |
-1.8 % |
1,783 |
1,760 |
1.3 % |
||||
|
U.S. Equities - Off-Exchange (matched shares, mn) |
222 |
240 |
-7.5 % |
211 |
5.0 % |
233 |
141 |
65.7 % |
||||
|
Canadian Equities (matched shares, k) |
165,156 |
192,599 |
-14.2 % |
168,224 |
-1.8 % |
186,635 |
157,964 |
18.2 % |
||||
|
European Equities (€, mn) |
11,922 |
11,789 |
1.1 % |
11,262 |
5.9 % |
15,021 |
13,044 |
15.2 % |
||||
|
Global FX ($, mn) |
66,363 |
52,429 |
26.6 % |
55,715 |
19.1 % |
63,968 |
52,587 |
21.6 % |
||||
|
Cboe Clear Europe Cleared Trades (k) |
132,130 |
107,956 |
22.4 % |
117,787 |
12.2 % |
1,254,971 |
1,142,301 |
9.9 % |
||||
|
Cboe Clear Europe Net Settlements (k) |
1,448 |
1,191 |
21.6 % |
1,342 |
7.9 % |
12,127 |
10,032 |
20.9 % |
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|
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. |
|
On July 31, 2026, Cboe completed the sale of Cboe Australia to TMX Group Limited. As the divestiture is now complete, all Australian Equities metrics have been removed from this report. |
September and Third Quarter 2026 Trading Volume Highlights
U.S. Options
- Cboe reported quarterly multi-list ADV of 15.3 million contracts across its four options exchanges, its second-best multi-list quarter.
- Cboe's proprietary index options highlights include:
- Monthly proprietary index options ADV of 6.4 million contracts, the second highest on record.
- Quarterly S&P 500 Index (SPX) options ADV of 4.9 million contracts, the second-best quarter on record.
- Quarterly SPX zero-days-to-expiry (0DTE) ADV record of 3.2 million contracts.
- Monthly SPX 0DTE ADV record of 3.4 million contracts.
- Quarterly mini-SPX (XSP) options ADV record of 251 thousand contracts.
- Monthly XSP options ADV record of 274 thousand contracts.
- Quarterly XSP 0DTE ADV record of 146 thousand contracts.
- Monthly XSP 0DTE ADV record of 165 thousand contracts.
- Quarterly Russell 2000 Index (RUT) ADV of 86 thousand contracts, its second-best quarter on record.
- RUT options had its best month since January 2016, with a monthly ADV of 99 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 quarterly ADV of 228 thousand contracts and monthly ADV of 263 thousand contracts.
Third-Quarter 2026 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the third quarter of 2026 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended September 30, 2026, will not differ materially from these projections.
|
(In USD unless stated otherwise) |
Three-Months Ended |
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|
Product |
3Q |
Aug-26 |
Jul-26 |
Jun-26 |
||
|
Multi-Listed Options (per contract) |
$0.052 |
$0.054 |
$0.058 |
$0.064 |
||
|
Index Options |
$0.952 |
$0.955 |
$0.957 |
$0.953 |
||
|
Total Options |
$0.307 |
$0.304 |
$0.306 |
$0.317 |
||
|
Futures (per contract) |
$1.712 |
$1.700 |
$1.674 |
$1.664 |
||
|
U.S. Equities - Exchange (per 100 touched shares) |
$0.023 |
$0.020 |
$0.019 |
$0.019 |
||
|
U.S. Equities - Off-Exchange (per 100 touched shares) |
$0.060 |
$0.059 |
$0.058 |
$0.058 |
||
|
Canadian Equities (per 10,000 touched shares) |
CAD 4.545 |
CAD 4.579 |
CAD 4.550 |
CAD 4.355 |
||
|
European Equities (per matched notional value) |
0.284 |
0.282 |
0.288 |
0.289 |
||
|
Global FX (per one million dollars traded) |
$2.916 |
$2.947 |
$2.965 |
$2.965 |
||
|
Cboe Clear Europe Fee per Trade Cleared |
€ 0.008 |
€ 0.008 |
€ 0.008 |
€ 0.008 |
||
|
Cboe Clear Europe Net Fee per Settlement |
€ 1.052 |
€ 1.034 |
€ 1.026 |
€ 1.042 |
||
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 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.
