Cboe Global Markets Reports Trading Volume for September 2025
Cboe Global Markets (CBOE) reported September 2025 trading volumes and preliminary third‑quarter RPC/net revenue capture guidance on Oct 3, 2025. Key monthly metrics: Multi‑listed options ADV 15.273M (+46.0% YoY), Index options ADV 5.250M (+27.1% YoY), U.S. on‑exchange equities 1.703B shares (+38.0% YoY), and U.S. off‑exchange matched shares 240M (+183.6% YoY). Cboe set several proprietary index options records including SPX monthly ADV 4.3M and Q3 index options ADV records. CBOE also published preliminary 3Q25 RPC projections (e.g., Total Options $0.280, Futures $1.742).
Cboe Global Markets (CBOE) ha riportato i volumi di trading di settembre 2025 e una guida preliminare alle RPC/recupero di ricavi netti del terzo trimestre il 3 ottobre 2025. Metriche mensili chiave: ADV delle opzioni multi‑liste 15.273M (+46,0% YoY), ADV delle opzioni sull'indice 5.250M (+27,1% YoY), titoli azionari statunitensi on‑exchange 1.703B azioni (+38,0% YoY), e titoli abbinati off‑exchange statunitensi 240M (+183,6% YoY). Cboe ha stabilito diversi record di opzioni su indici proprietari, tra cui l'ADV mensile SPX 4,3M e record di ADV delle opzioni su indici nel Q3. CBOE ha anche pubblicato proiezioni preliminari RPC per il 3Q25 (p. es., Total Options 0,280$, Futures 1,742$).
Mercados Globales Cboe (CBOE) informó los volúmenes de negociación de septiembre de 2025 y una guía preliminar de RPC/recuperación de ingresos netos del tercer trimestre el 3 de octubre de 2025. Métricas mensuales clave: ADV de opciones que cotizan en múltiples mercados 15.273M (+46,0% interanual), ADV de opciones sobre índices 5.250M (+27,1% interanual), acciones de EE. UU. en bolsa 1.703B (+38,0% interanual), y acciones comparables fuera de bolsa de EE. UU. 240M (+183,6% interanual). Cboe estableció varios récords de opciones sobre índices propietarias, incluyendo el ADV semanal de SPX 4,3M y récords de ADV de opciones sobre índices en el tercer trimestre. CBOE también publicó proyecciones preliminares de RPC para el 3Q25 (p. ej., Total Options $0.280, Futures $1.742).
Cboe 글로벌 마켓스(CBOE)는 2025년 9월 거래량과 3분기 RPC/순매출 포착 가이드의 예비치를 2025년 10월 3일에 발표했습니다. 핵심 월간 지표: 다목적 상장 옵션 AVG 15.273M (+전년비 46.0%), 지수 옵션 AVG 5.250M (+전년비 27.1%), 미국 주식 온거래 1.703B 주 (+전년비 38.0%), 및 미국 장외 매칭 주식 240M (+전년비 183.6%). Cboe는 SPX 월간 AVG 4.3M 및 3분기 지수 옵션 AVG 기록을 포함해 여러 독점 지수 옵션 기록을 세웠습니다. 또한 3Q25 RPC 예측치를 공개했습니다(예: Total Options 0.280$, Futures 1.742$).
Cboe Global Markets (CBOE) a publié les volumes de négociation de septembre 2025 et des prévisions préliminaires de RPC/recueil des revenus nets du troisième trimestre le 3 octobre 2025. Principales métriques mensuelles : ADV d’options multipliées cotées 15,273M (+46,0% YoY), ADV d’options sur indice 5,250M (+27,1% YoY), actions américaines sur échange 1,703B (+38,0% YoY), et actions américaines hors-échange appariées 240M (+183,6% YoY). Cboe a établi plusieurs records d’options sur indices propriétaires, notamment l’ADV mensuel SPX à 4,3M et des records d’ADV d’options sur indices au T3. CBOE a également publié des projections préliminaires RPC pour le 3Q25 (par exemple Total Options 0,280$, Futures 1,742$).
Cboe Global Markets (CBOE) meldete am 3. Oktober 2025 die Handelsvolumina für September 2025 und eine vorläufige RPC/Nettoutrags‑Zugangsprognose für das dritte Quartal. Wichtige monatliche Kennzahlen: ADV für Multi‑listed Optionen 15.273M (+46,0% YoY), ADV für Index-Optionen 5.250M (+27,1% YoY), US‑On‑Exchange Aktien 1.703B (+38,0% YoY) und US‑Off‑Exchange gematchte Aktien 240M (+183,6% YoY). Cboe setzte mehrere proprietäre Indexoptionsrekorde, darunter SPX monatliches ADV von 4,3M und Rekorde bei Q3 Indexoptions‑ADV. CBOE veröffentlichte auch vorläufige 3Q25 RPC‑Prognosen (z. B. Total Options 0,280$, Futures 1,742$).
Cboe Global Markets (CBOE) أصدرت أحجام التداول لشهر سبتمبر 2025 وتوجيهات الجمع المبدئية لـ RPC/إيرادات صافية للفصل الثالث في 3 أكتوبر 2025. المقاييس الشهرية الرئيسية: ADV الخيارات متعددة القوائم 15.273M (+46.0% سنويًا)، ADV خيارات المؤشرات 5.250M (+27.1% سنويًا)، أسهم الولايات المتحدة في البورصة 1.703B سهم (+38.0% سنويًا)، وأسهم الولايات المتحدة المطابقة خارج البورصة 240M (+183.6% سنويًا). حددت Cboe عدة أرقام قياسية للخيارات على المؤشرات الملكية بما في ذلك ADV الشهري لـ SPX 4.3M وأرقام قياسية لـ ADV خيارات المؤشرات في الربع الثالث. كما نشرت CBOE توقعات RPC الأولية لـ 3Q25 (مثل Total Options 0.280 دولار، Futures 1.742 دولار).
Cboe Global Markets (CBOE) 于 2025 年 10 月 3 日公布了 2025 年 9 月交易量与 第三季度 RPC/净收入捕捉的初步指南。主要月度指标:多上市期权日均成交量 15.273M (+46.0% 同比),指数期权日均成交量 5.250M (+27.1% 同比),美国在交易所交易的股票 1.703B 股 (+38.0% 同比),以及 美国场外成交匹配股票 240M (+183.6% 同比)。Cboe 还创下了若干自有指数期权记录,包括 SPX 月度日均成交量 4.3M 和 Q3 指数期权日均成交量记录。CBOE 还公布了 3Q25 RPC 的初步预测(如 Total Options $0.280,Futures $1.742)。
- Multi‑listed options ADV +46.0% YoY (15.273M contracts)
- Index options ADV +27.1% YoY (5.250M contracts)
- U.S. on‑exchange equities ADV +38.0% YoY (1.703B shares)
- U.S. off‑exchange matched shares ADV +183.6% YoY (240M shares)
- SPX monthly ADV record 4.3M contracts in Sep 2025
- Cboe Clear Europe YTD cleared trades +26.9% (1,142,301k)
- Futures ADV -11.0% YoY in Sep 2025 (207k contracts)
- Futures YTD ADV -10.5% (223k vs 250k prior YTD)
- U.S. equities off‑exchange net capture projected -10% vs Aug (from $0.070 to $0.063)
Insights
Cboe reports record options volumes in September 2025 and Q3, with preliminary 3Q 2025 RPC guidance provided.
What it means: Cboe set monthly and quarterly U.S. options ADV records, including a 20.5 million ADV in September and 18.8 million ADV in Q3 2025, and posted new proprietary index options records such as a 4.9 million quarterly ADV for proprietary index options and a 3.9 million quarterly ADV for SPX options.
Why it matters: higher ADV implies increased transaction fee opportunity across options product lines and supports the firm’s preliminary RPC/net revenue capture figures for 3Q 2025, which the release lists by product (for example, Total Options $0.280 per contract and Futures $1.742 per contract in the 3Q projection).
One monitorable item: the company notes the provided 3Q 2025 RPC/net capture metrics are preliminary and "may change," so the final RPC for the three months ended September 30, 2025 should be checked when released.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain September trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
Average Daily Trading Volume (ADV) by Month | Year-To-Date | |||||||||||||
Sep 2025 | Sep 2024 | % Chg | Aug | % | Sep 2025 | Sep 2024 | % | |||||||
Multi-listed options (contracts, k) | 15,273 | 10,459 | 46.0 % | 14,325 | 6.6 % | 13,318 | 10,587 | 25.8 % | ||||||
Index options (contracts, k) | 5,250 | 4,130 | 27.1 % | 4,893 | 7.3 % | 4,775 | 4,112 | 16.1 % | ||||||
Futures (contracts, k)1 | 207 | 232 | -11.0 % | 218 | -5.2 % | 223 | 250 | -10.5 % | ||||||
1,703 | 1,234 | 38.0 % | 1,646 | 3.5 % | 1,760 | 1,369 | 28.6 % | |||||||
240 | 85 | 183.6 % | 229 | 4.7 % | 141 | 79 | 78.8 % | |||||||
Canadian Equities (matched shares, k) | 192,599 | 148,628 | 29.6 % | 148,538 | 29.7 % | 157,964 | 144,297 | 9.5 % | ||||||
European Equities (€, mn) | 11,789 | 10,121 | 16.5 % | 10,701 | 10.2 % | 13,044 | 9,579 | 36.2 % | ||||||
Australian Equities (AUD, mn) | 1,046 | 891 | 17.3 % | 1,064 | -1.7 % | 923 | 790 | 16.9 % | ||||||
Global FX ($, mn) | 52,406 | 48,096 | 9.0 % | 48,819 | 7.3 % | 52,713 | 47,092 | 11.9 % | ||||||
Cboe Clear Europe Cleared Trades (k) | 107,956 | 102,208 | 5.6 % | 98,364 | 9.8 % | 1,142,301 | 900,227 | 26.9 % | ||||||
Cboe Clear Europe Net Settlements (k) | 1,191 | 943 | 26.3 % | 1,115 | 6.8 % | 10,032 | 8,236 | 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. |
September and Third Quarter 2025 Trading Volume Highlights
- Total volume across Cboe's four options exchanges set monthly and quarterly records, with an ADV of 20.5 million in September and 18.8 million in the third quarter.
- Trading in Cboe's proprietary index options products set several volume records for the month and quarter, including:
- New quarterly proprietary index options ADV record of 4.9 million contracts.
- New quarterly S&P 500 Index (SPX) options ADV record of 3.9 million contracts.
- New quarterly Mini-SPX (XSP) options ADV record of 119 thousand contracts.
- New monthly SPX options ADV record of 4.3 million contracts, eclipsing 4 million contracts for the first time ever.
Third-Quarter 2025 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the third quarter of 2025 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended September 30, 2025, will not differ materially from these projections.
(In USD unless stated otherwise) | Three-Months Ended | |||||
Product | 3Q Projection | Aug-25 | Jul-25 | Jun-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) | 0.288 | 0.288 | 0.282 | 0.261 | ||
Australian Equities (per matched notional value) | 0.206 | 0.191 | 0.176 | 0.160 | ||
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
Cboe®, Cboe Global Markets®, Cboe Clear®, Cboe Futures Exchange®, CFE®, Cboe Volatility Index®, and VIX® are registered trademarks of Cboe Exchange, Inc. or its affiliates. Standard & Poor's®, S&P®, SPX®, and S&P 500® are registered trademarks of Standard & Poor's Financial Services, LLC, and have been licensed for use by Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.
Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor's or Cboe and neither Standard & Poor's nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.
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.
Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies, errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release.
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; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cboe-global-markets-reports-trading-volume-for-september-2025-302575070.html
SOURCE Cboe Global Markets, Inc.