Cboe Global Markets Reports Trading Volume for May 2026
Rhea-AI Summary
Cboe Global Markets (CBOE) reported strong May 2026 trading activity across options, futures, equities and FX.
Average daily volume rose year-over-year in multi-listed options (+25.7%), index options (+38.8%), futures (+22.4%), off-exchange U.S. equities (+89.4%), and all regional equities. U.S. options ADV hit a record 22.0 million contracts, with record SPX Global Trading Hours volume and record notional trading in IBHY and IEMD futures.
AI-generated analysis. Not financial advice.
Positive
- Multi-listed options ADV up 25.7% YoY to 15,973k contracts in May 2026
- Index options ADV up 38.8% YoY to 6,011k contracts in May 2026
- U.S. options exchanges set record ADV of 22.0 million contracts in May 2026
- U.S. off-exchange equities ADV up 89.4% YoY to 243 million shares
- SPX options GTH ADV record 171k; single-day SPX volume 6.5 million contracts
- IBHY futures $5.8 billion and IEMD futures $230 million notional traded in May 2026
Negative
- U.S. on-exchange equities ADV down 2.0% YoY to 1,824 million shares in May 2026
- Month-on-month ADV declines vs April 2026 in index options, futures and several regional equity markets
Key Figures
Market Reality Check
Peers on Argus
CBOE fell 8.44% with elevated volume, while momentum data shows peers like TRU (up 11.96%) and MORN (up 3.30%) moving higher, pointing to a stock-specific reaction rather than a sector-wide move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 28 | Trading hours expansion | Positive | -1.0% | SEC approval for extended trading hours in select equity options. |
| May 26 | Executive hire | Positive | -1.9% | Hiring of experienced Chief Risk Officer to lead global risk function. |
| May 18 | Product launch | Positive | +0.9% | Launch of daily expirations for DJX index options to meet 0DTE demand. |
| May 14 | Dividend declaration | Positive | +1.2% | Declaration of a $0.72 per share second-quarter 2026 cash dividend. |
| May 14 | Annual meeting results | Neutral | -2.2% | Shareholder approval of directors and auditor, rejection of consent proposal. |
Recent CBOE headlines, including product launches, governance updates, and dividends, generally saw modest price reactions, with several neutral or positive developments followed by small negative moves, hinting at a pattern of muted or cautious responses to news.
Over the past few weeks, CBOE issued several operational and corporate updates. On May 18, it launched daily expirations for DJX options, following strong 0DTE interest, and reported a $472 million DJX notional open interest as of March 31, 2026. A second-quarter $0.72 dividend was declared on May 14. Governance items such as annual meeting results and a new Chief Risk Officer hire also featured. Against this backdrop, the May volume report extends a steady stream of incremental business and product news.
Market Pulse Summary
This announcement highlighted strong May 2026 trading activity, including record SPX Global Trading Hours ADV of 171k contracts, a second-highest SPX daily volume of 6.5 million contracts, and record IBHY futures notional of $5.8 billion. Multi-listed options and global FX volumes also showed solid year-on-year growth. In recent months, CBOE paired such operational updates with product launches and a $0.72 dividend. Investors may watch how these higher volumes affect net revenue capture and cross-asset growth trends.
Key Terms
average daily trading volume technical
notional value financial
global trading hours technical
index options technical
futures technical
net revenue capture financial
cleared trades technical
AI-generated analysis. Not financial advice.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain May trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
Average Daily Trading Volume (ADV) by Month | Year-To-Date | |||||||||||
May 2026 | May 2025 | % Chg | Apr | % | May 2026 | May 2025 | % | |||||
Multi-listed options (contracts, k) | 15,973 | 12,711 | 25.7 % | 14,374 | 11.1 % | 14,428 | 13,236 | 9.0 % | ||||
Index options (contracts, k) | 6,011 | 4,330 | 38.8 % | 6,257 | -3.9 % | 6,136 | 4,745 | 29.3 % | ||||
Futures (contracts, k)1 | 203 | 166 | 22.4 % | 222 | -8.8 % | 255 | 244 | 4.3 % | ||||
1,824 | 1,861 | -2.0 % | 1,677 | 8.8 % | 1,877 | 1,785 | 5.2 % | |||||
243 | 128 | 89.4 % | 220 | 10.3 % | 242 | 105 | 129.4 % | |||||
Canadian Equities (matched shares, k) | 179,437 | 135,088 | 32.8 % | 195,488 | -8.2 % | 204,573 | 156,851 | 30.4 % | ||||
European Equities (€, mn) | 14,887 | 12,106 | 23.0 % | 16,624 | -10.4 % | 16,671 | 14,144 | 17.9 % | ||||
Australian Equities (AUD, mn) | 1,034 | 879 | 17.5 % | 1,125 | -8.1 % | 1,151 | 875 | 31.6 % | ||||
Global FX ($, mn) | 59,610 | 51,047 | 16.8 % | 57,873 | 3.0 % | 65,673 | 54,503 | 20.5 % | ||||
Cboe Clear Europe Cleared Trades (k) | 136,837 | 123,100 | 11.2 % | 141,289 | -3.2 % | 712,843 | 702,385 | 1.5 % | ||||
Cboe Clear Europe Net Settlements (k) | 1,260 | 1,100 | 14.6 % | 1,285 | -1.9 % | 6,476 | 5,400 | 19.9 % | ||||
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. |
May 2026 Trading Volume Highlights
- Cboe's four options exchanges set a monthly ADV record of 22.0 million contracts in May, driven by record multi-list options ADV (16.0 million) and the third-best monthly ADV in index options (6.0 million).
- S&P 500 Index (SPX) options set a record ADV of 171 thousand contracts during Cboe's Global Trading Hours (GTH) session (8:15 p.m. to 9:25 a.m. ET).
- SPX recorded its second-highest daily volume on May 6, with 6.5 million contracts traded.
Futures
- Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index Futures (IBHY) futures traded a record
$5.8 billion - Cboe® iBoxx® $ Emerging Market Bond Index (IEMD) futures set a monthly record with
$230 million
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® index options and the creation of the VIX® 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 | |||
CBOE-V
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SOURCE Cboe Global Markets, Inc.