CHICAGO, Oct. 5, 2026 /PRNewswire/ -- 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
Sep Sep % Aug % Sep Sep %
2026 2025 Chg 2026 Chg 2026 2025 Chg
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
(EUR, 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 %
(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
3Q
Product Projection 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 EUR 0.008 EUR 0.008 EUR 0.008 EUR 0.008
Cboe Clear Europe Net Fee
per Settlement EUR 1.052 EUR 1.034 EUR 1.026 EUR 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.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500(R) index options and the creation of the VIX(R) Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.
Cboe Media Contacts Cboe Analyst Contact
Angela Tu Tim Cave Kenneth Hill, CFA
+1-646-856-8734 +44 (0) 7593-506-719 +1-312-786-7559
atu@cboe.com tcave@cboe.com khill@cboe.com
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CBOE-V
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Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.
Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.
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There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/.
Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606.
Trading in futures and options on futures is not suitable for all market participants and involves the risk of loss, which can be substantial and can exceed the amount of money deposited for a futures or options on futures position. You should, therefore, carefully consider whether trading in futures and options on futures is suitable for you in light of your circumstances and financial resources. You should put at risk only funds that you can afford to lose without affecting your lifestyle. For additional information regarding the risks associated with trading futures and options on futures and with trading security futures, see respectively the Risk Disclosure Statement Referenced in CFTC Letter 16-82 and the Risk Disclosure Statement for Security Futures Contracts. Certain risks associated with options, futures, and options on futures and certain disclosures relating to information provided regarding these products are also highlighted at www.cboe.com/us_disclaimers.
The iBoxx(R) USD Liquid Emerging Market Sovereigns & Sub-Sovereigns Index is a product of S&P Dow Jones Indices LLC or its affiliates or licensors ("S&P DJI") and has been licensed for use by Cboe Exchange, Inc. iBoxx(R) , S&P(R) , S&P 500(R) , SPX(R) , US 500(R) , The 500(R) , DSPX(R) , DSPBX(R) , iTraxx(R) , CDX(R) , and Dividend Aristocrats(R) are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones(R) is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by Cboe Exchange, Inc. Cboe(R) iBoxx(R) $ Emerging Market Bond Index ("IEMD") futures are not sponsored, endorsed, sold, or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the iBoxx(R) USD Liquid Emerging Market Sovereigns & Sub-Sovereigns Index.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind downs, divestitures, or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
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SOURCE Cboe Global Markets, Inc.