Cboe Global Markets Reports Trading Volume for September 2025

Rhea-AI Summary

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).

Positive

• 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)

Negative

• 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

Market structure analyst

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.

CHICAGO, Oct. 3, 2025 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, 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 2025.

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  2025		%    Chg		Sep 2025	Sep 2024		%    Chg
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 %
U.S. Equities - On-Exchange (matched shares, mn)	1,703	1,234		38.0 %		1,646		3.5 %		1,760	1,369		28.6 %
U.S. Equities - Off-Exchange (matched shares, mn)	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   

U.S. Options

• 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)		$0.054		$0.057	$0.062	$0.068
Index Options		$0.926		$0.924	$0.926	$0.923
Total Options		$0.280		$0.288	$0.293	$0.300
Futures (per contract)		$1.742		$1.721	$1.697	$1.673
U.S. Equities - Exchange (per 100 touched shares)		$0.015		$0.013	$0.014	$0.012
U.S. Equities - Off-Exchange (per 100 touched shares)		$0.063		$0.070	$0.078	$0.082
Canadian Equities (per 10,000 touched shares)		CAD 4.100		CAD 4.204	CAD 4.028	CAD 4.222
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 one million dollars traded)		$2.885		$2.881	$2.838	$2.808
Cboe Clear Europe Fee per Trade Cleared		€ 0.010		€ 0.010	€ 0.009	€ 0.008
Cboe Clear Europe Net Fee per Settlement		€ 1.012		€ 1.000	€ 0.996	€ 0.956

 

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 North America, Europe, and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, 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

 

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, Chicago, IL 60606. 

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.

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SOURCE Cboe Global Markets, Inc.

FAQ

What was Cboe (CBOE) September 2025 multi‑listed options ADV and YoY change?

Multi‑listed options ADV was 15.273 million, a +46.0% YoY increase in Sep 2025.

Which Cboe index options ADV records were set in Q3 2025?

Cboe reported Q3 records including index options ADV 4.9M and SPX quarterly ADV 3.9M.

How did Cboe report U.S. equities volume for Sep 2025 (CBOE)?

U.S. on‑exchange matched shares ADV was 1.703 billion (+38.0% YoY); off‑exchange was 240 million (+183.6% YoY).

What preliminary RPC/net revenue capture did Cboe (CBOE) project for Total Options in 3Q25?

Preliminary 3Q25 Total Options RPC projection was $0.280 per contract.

Did Cboe (CBOE) report any declines in trading activity in Sep 2025?

Yes. Futures ADV fell 11.0% YoY in Sep 2025 to 207k contracts and YTD futures ADV was down ~10.5%.

Where can investors find Cboe's full Sep 2025 volume and RPC details?

See the company's "Monthly Volume & RPC/Net Revenue Capture Report" dated Oct 3, 2025 for full tables and methodology.