Cboe Global Markets Reports Trading Volume for December and Full Year 2025
Rhea-AI Summary
Cboe Global Markets (CBOE) reported December and full‑year 2025 trading statistics and provided preliminary fourth‑quarter 2025 RPC/net revenue capture guidance. Key 2025 highlights include U.S. options total volume of 4.6 billion contracts with an ADV of 18.4 million (sixth consecutive record year), multi‑list options 3.4 billion contracts (ADV 13.5M), SPX options 970.6M (ADV 3.9M) and record SPX 0DTE ADV of 2.3M. Cboe Europe ADNV hit €12.8B with overall market share of 25%. Global FX spot ADNV set a record at $49.7B. The company provided 4Q25 RPC projections (e.g., Total Options $0.317, Futures $1.717) and cautioned these are preliminary and may change.
Positive
- U.S. options total volume 4.6 billion contracts in 2025
- Options ADV record: 18.4 million contracts (2025)
- Multi‑list options 3.4 billion contracts; ADV 13.5M
- SPX options 970.6 million contracts; ADV 3.9M
- Cboe Europe ADNV record €12.8 billion and 25% market share
- Global FX spot ADNV record $49.7 billion in 2025
Negative
- Futures monthly ADV declined to 179k in Dec 2025 (Dec vs Nov -15.9%; YTD -4.8%)
- Cboe Clear Europe cleared trades down 6.2% in Dec 2025 versus Dec 2024
- Fourth‑quarter 2025 RPC/net capture are preliminary and may differ materially from final results
News Market Reaction 1 Alert
On the day this news was published, CBOE gained 2.03%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CBOE was up 1.61% with modestly above-average volume, while key peers were mixed: FDS (+2.36%), MSCI (+2.03%), NDAQ (+2.29%), MORN (+0.83%), and TRU (-0.35%). Moves appear stock-specific rather than a unified sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 19 | Regulatory leadership note | Positive | -0.6% | Statement supporting new CFTC Chairman and regulatory collaboration. |
| Dec 10 | Earnings call schedule | Neutral | +0.8% | Announcement of Q4 2025 earnings release and conference call date. |
| Dec 03 | Monthly volume report | Positive | +0.4% | November 2025 volumes with multiple records across options and FX. |
| Dec 02 | Trading hours expansion | Positive | -0.2% | Plan for nearly 24-hour trading in Russell 2000 options starting Feb 2026. |
| Dec 02 | Conference appearance | Neutral | -0.2% | Participation in Goldman Sachs financial services conference. |
Operational and trading-volume updates have generally seen mild price reactions, with a mix of alignment and divergence versus the positive tone of announcements.
Over the last several months, Cboe highlighted steady operational progress. A November 2025 volume report featured multiple records across options and FX, while December 2025 news emphasized expanded nearly 24‑hour access for Russell 2000 options and upcoming conference presentations. An earnings date announcement for February 6, 2026 drew a modest positive reaction. Regulatory-related commentary, such as congratulating the new CFTC Chairman, saw small, mixed price responses, suggesting news-driven moves have been incremental.
Market Pulse Summary
This announcement highlights robust 2025 activity, including options ADV of 18.4 million contracts, substantial SPX 0DTE growth at 2.3 million contracts ADV, and Global FX spot ADNV of $49.7 billion. Together with prior monthly records, the data underline Cboe’s franchise strength across derivatives and FX. Investors may focus on how fourth‑quarter RPC guidance evolves and how upcoming earnings contextualize these volume records.
Key Terms
average daily trading volume technical
zero-days-to-expiry (0DTE) technical
average daily notional volume technical
swap execution facility regulatory
non-deliverable forwards financial
revenue per contract (RPC) financial
net revenue capture financial
AI-generated analysis. Not financial advice.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain December and full year 2025 trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
Average Daily Trading Volume (ADV) by Month | Year-To-Date | ||||||||||||||
Dec 2025 | Dec 2024 | % Chg | Nov | % | Dec 2025 | Dec 2024 | % | ||||||||
Multi-listed options (contracts, k) | 11,550 | 11,864 | -2.6 % | 14,429 | -19.9 % | 13,484 | 10,853 | 24.2 % | |||||||
Index options (contracts, k) | 5,047 | 4,014 | 25.7 % | 5,856 | -13.8 % | 4,949 | 4,094 | 20.9 % | |||||||
Futures (contracts, k)1 | 179 | 213 | -15.9 % | 284 | -37.0 % | 227 | 239 | -4.8 % | |||||||
1,415 | 1,515 | -6.6 % | 1,802 | -21.4 % | 1,757 | 1,392 | 26.2 % | ||||||||
161 | 70 | 130.8 % | 202 | -20.3 % | 155 | 79 | 96.3 % | ||||||||
Canadian Equities (matched shares, k) | 188,508 | 154,344 | 22.1 % | 186,073 | 1.3 % | 167,494 | 147,576 | 13.5 % | |||||||
European Equities (€, mn) | 10,449 | 9,291 | 12.5 % | 12,773 | -18.2 % | 12,823 | 9,780 | 31.1 % | |||||||
Australian Equities (AUD, mn) | 876 | 772 | 13.5 % | 1,025 | -14.5 % | 946 | 790 | 19.8 % | |||||||
Global FX ($, mn) | 51,528 | 43,122 | 19.5 % | 53,120 | -3.0 % | 52,765 | 46,731 | 12.9 % | |||||||
Cboe Clear Europe Cleared Trades (k) | 90,719 | 96,747 | -6.2 % | 106,229 | -14.6 % | 1,464,640 | 1,229,203 | 19.2 % | |||||||
Cboe Clear Europe Net Settlements (k) | 1,143 | 926 | 23.4 % | 1,156 | -1.1 % | 13,636 | 11,199 | 21.8 % | |||||||
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. |
December and Full Year 2025 Trading Volume Highlights
- Total volume traded across Cboe's four options exchanges was 4.6 billion contracts in 2025, with an ADV of 18.4 million contracts traded, the sixth consecutive record-breaking year.
- Several additional yearly volume records were set in 2025, including:
- Multi-list options traded a total of 3.4 billion contracts across Cboe's exchanges, with an ADV of 13.5 million contracts.
- Overall proprietary index options product suite traded a total of 1.2 billion contracts, with an ADV of 4.9 million contracts.
- S&P 500 Index (SPX) options traded a total of 970.6 million contracts, with an ADV of 3.9 million contracts.
- SPX zero-days-to-expiry (0DTE) options ADV record of 2.3 million contracts, representing
59% of total SPX volume. - Cboe Volatility Index (VIX) options traded a total of 215.6 million contracts, with an ADV of 862 thousand contracts.
- Mini-SPX (XSP) options traded a total of 28.8 million contracts, with an ADV of 115 thousand contracts.
- Total of 28.7 million contracts traded during Cboe's global trading hours session (8:15 PM to 9:25 AM ET), with an ADV of 115 thousand contracts.
- Quarterly ADV records set in the fourth quarter of 2025 included:
- 19.4 million contracts traded daily across Cboe's exchanges driven by record trading in multi-list options (14.0 million) and proprietary index options (5.4 million).
- 4.3 million SPX options contracts traded daily.
- 2.6 million SPX 0DTE contracts traded daily.
- 127 thousand XSP options contracts traded daily.
- 29 of the top 30 SPX options trading days occurred in 2025, along with 24 of the top 25 days of multi-list options trading.
- BIDS Trading reported a yearly ADV record of 155.0 million matched shares, up
96% year-over-year.
European Equities
- Cboe Europe Equities reported several annual records in 2025, including:
- Record yearly Cboe Europe Equities average daily notional volume (ADNV) of
€12.8 billion . - Record yearly Cboe overall market share of
25% . - Record yearly Cboe Periodic Auctions ADNV of
€3.8 billion . - Record yearly Cboe BIDS Europe ADNV of
€614 million .
Global FX
- Global FX reported multiple records for full year 2025, including:
- Spot ADNV of
$49.7 billion $45.4 billion - Cboe SEF (Swap Execution Facility) Non-Deliverable Forwards ADNV record of
$3.1 billion
Fourth-Quarter 2025 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the fourth quarter of 2025 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended December 31, 2025, will not differ materially from these projections.
(In USD unless stated otherwise) | Three-Months Ended | |||||
Product | 4Q | Nov-25 | Oct-25 | Sep-25 | ||
Multi-Listed Options (per contract) | ||||||
Index Options | ||||||
Total Options | ||||||
Futures (per contract) | ||||||
Canadian Equities (per 10,000 touched shares) | ||||||
European Equities (per matched notional value) | 0.277 | 0.279 | 0.283 | 0.287 | ||
Australian Equities (per matched notional value) | 0.207 | 0.207 | 0.207 | 0.206 | ||
Global FX (per | ||||||
Cboe Clear Europe Fee per Trade Cleared | ||||||
Cboe Clear Europe Net Fee per Settlement | ||||||
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.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across
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 | ||
CBOE-V
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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,
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 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 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 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, counterparty, investment, 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, 2024 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.
FAQ
What were CBOE's total U.S. options volumes for full year 2025?
How did SPX options perform for CBOE in 2025 (CBOE)?
What record did Cboe Europe achieve in 2025 for CBOE?
What are the projected RPC/net revenue capture figures for CBOE in 4Q25?
Did CBOE report any records in Global FX for 2025?
How did CBOE's multi‑listed options perform in 2025 (CBOE)?
