Cboe Global Markets Reports Trading Volume for September 2026
September trading growth varied by business, with index options and foreign exchange rising while U.S. and Canadian equity volumes declined.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Cboe Global Markets (CBOE) reported September trading volumes, with index options average daily volume rising 22.3% year over year. Index options averaged 6.422 million contracts daily, while global foreign-exchange volume rose 26.6% to $66,363 million daily. U.S. on-exchange equity volume fell 14.7%, and Canadian equity volume declined 14.2% year over year.
Third-quarter multi-listed options averaged 15.3 million contracts daily, the second-best quarter. S&P 500 Index options expiring the same day set daily-volume records of 3.2 million contracts for the quarter and 3.4 million for September. Cboe projects third-quarter revenue per contract of $0.952 for index options, $0.052 for multi-listed options and $1.712 for futures; these estimates are preliminary and may change. The completed sale of Cboe Australia to TMX Group on July 31, 2026, removed Australian equity metrics from the report.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointSeptember index options daily volume reached 6.422 million contracts, up 22.3% year over year and 11.8% versus August.
- Moderate pointSeptember global FX daily volume reached $66,363 million, up 26.6% year over year and 19.1% versus August.
- Moderate pointSeptember multi-listed options daily volume reached 15.382 million contracts, up 0.7% year over year and 3.9% versus August.
- Moderate pointSeptember European equities daily volume reached €11,922 million, up 1.1% year over year and 5.9% versus August.
- Moderate pointSeptember Cboe Clear Europe cleared trades reached 132,130 thousand, up 22.4% year over year and 12.2% versus August.
- Moderate pointSeptember Cboe Clear Europe net settlements reached 1,448 thousand, up 21.6% year over year and 7.9% versus August.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Preliminary third-quarter total options revenue per contract is projected at $0.307, versus August's $0.304 rolling average.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Preliminary third-quarter futures revenue per contract is projected at $1.712, versus August's $1.700 rolling average.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Preliminary third-quarter U.S. exchange net capture is projected at $0.023 per 100 touched shares, versus August's $0.020.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Preliminary third-quarter U.S. off-exchange net capture is projected at $0.060 per 100 touched shares, versus August's $0.059.
20 minor points
- Minor pointYear-to-date index options daily volume reached 6.131 million contracts, up 28.4% versus the comparable 2025 period.
- Minor pointYear-to-date global FX daily volume reached $63,968 million, up 21.6% versus the comparable 2025 period.
- Minor pointYear-to-date multi-listed options daily volume reached 14.972 million contracts, up 12.4% versus the comparable 2025 period.
- Minor pointThird-quarter multi-listed options daily volume of 15.3 million contracts marked the second-best quarter.
- Minor pointThird-quarter SPX options daily volume of 4.9 million contracts marked the second-best quarter.
- Minor pointSPX same-day-expiry daily volume set records: 3.2 million contracts quarterly and 3.4 million monthly.
- Minor pointMini-SPX options daily volume set records: 251 thousand contracts quarterly and 274 thousand monthly.
- Minor pointMini-SPX same-day-expiry daily volume set records: 146 thousand contracts quarterly and 165 thousand monthly.
- Minor pointRussell 2000 options quarterly daily volume of 86 thousand contracts marked the second-best quarter.
- Minor pointRussell 2000 options September daily volume of 99 thousand contracts marked the best month since January 2016.
- Minor pointGlobal Trading Hours daily volume set records: 228 thousand contracts quarterly and 263 thousand monthly.
- Minor pointYear-to-date European equities daily volume reached €15,021 million, up 15.2% versus the comparable 2025 period.
- Minor pointYear-to-date Cboe Clear Europe cleared trades reached 1,254,971 thousand, up 9.9% versus the comparable 2025 period.
- Minor pointYear-to-date Cboe Clear Europe net settlements reached 12,127 thousand, up 20.9% versus the comparable 2025 period.
- Minor pointYear-to-date futures daily volume reached 230 thousand contracts, up 3.3% versus the comparable 2025 period.
- Minor pointYear-to-date U.S. on-exchange daily volume reached 1,783 million matched shares, up 1.3% versus the comparable 2025 period.
- Minor pointYear-to-date U.S. off-exchange daily volume reached 233 million matched shares, up 65.7% versus the comparable 2025 period.
- Minor pointYear-to-date Canadian equities daily volume reached 186,635 thousand matched shares, up 18.2% versus the comparable 2025 period.
- Minor point. Forward-looking: it has not happened yet and may not happen.Preliminary third-quarter European equities net capture is projected at 0.284 per matched notional value, versus August's 0.282.
- Minor point. Forward-looking: it has not happened yet and may not happen.Preliminary third-quarter Cboe Clear Europe net fee per settlement is projected at €1.052, versus August's €1.034.
Negative
- Moderate pointSeptember U.S. on-exchange daily volume fell 14.7% year over year to 1,453 million matched shares; down 1.8% versus August.
- Moderate pointSeptember Canadian equities daily volume fell 14.2% year over year to 165,156 thousand matched shares; down 1.8% versus August.
- Moderate pointSeptember U.S. off-exchange daily volume fell 7.5% year over year to 222 million matched shares; up 5.0% versus August.
- Moderate pointSeptember futures daily volume fell 7.6% year over year to 191 thousand contracts; up 17.3% versus August.
- Minor point. Forward-looking: it has not happened yet and may not happen.Preliminary third-quarter multi-listed options revenue per contract is projected at $0.052, versus August's $0.054 rolling average.
3 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.Preliminary third-quarter index options revenue per contract is projected at $0.952, versus August's $0.955 rolling average.
- Minor point. Forward-looking: it has not happened yet and may not happen.Preliminary third-quarter Canadian equities net capture is projected at CAD 4.545 per 10,000 touched shares, versus August's CAD 4.579.
- Minor point. Forward-looking: it has not happened yet and may not happen.Preliminary third-quarter global FX net capture is projected at $2.916 per million dollars traded, versus August's $2.947.
Key Figures
- Multi-list quarterly ADV
- 15.3 million contracts
- Across four options exchanges; second-best quarter
- Proprietary index options monthly ADV
- 6.4 million contracts
- Second highest on record
- SPX options quarterly ADV
- 4.9 million contracts
- Second-best quarter on record
- SPX 0DTE quarterly ADV
- 3.2 million contracts
- Quarterly record
- SPX 0DTE monthly ADV
- 3.4 million contracts
- Monthly record
- Total options RPC
- $0.307 per contract
- Third-quarter 2026 projection; preliminary and subject to change
Historical Context
-
Extended exclusive SPX options rights through 2051; 2025 volume was a record 970.6 million contracts.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
adv financial
0dte financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain September trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
|
Average Daily Trading Volume (ADV) by Month |
Year-To-Date |
|||||||||||
|
|
|
|
|
|
|
|
|
|
||||
|
Sep 2026 |
Sep |
% Chg |
Aug |
% |
Sep 2026 |
Sep 2025 |
% |
|||||
|
Multi-listed options (contracts, k) |
15,382 |
15,273 |
0.7 % |
14,801 |
3.9 % |
14,972 |
13,318 |
12.4 % |
||||
|
Index options (contracts, k) |
6,422 |
5,250 |
22.3 % |
5,743 |
11.8 % |
6,131 |
4,775 |
28.4 % |
||||
|
Futures (contracts, k)1 |
191 |
207 |
-7.6 % |
163 |
17.3 % |
230 |
223 |
3.3 % |
||||
|
|
1,453 |
1,703 |
-14.7 % |
1,481 |
-1.8 % |
1,783 |
1,760 |
1.3 % |
||||
|
|
222 |
240 |
-7.5 % |
211 |
5.0 % |
233 |
141 |
65.7 % |
||||
|
Canadian Equities (matched shares, k) |
165,156 |
192,599 |
-14.2 % |
168,224 |
-1.8 % |
186,635 |
157,964 |
18.2 % |
||||
|
European Equities (€, mn) |
11,922 |
11,789 |
1.1 % |
11,262 |
5.9 % |
15,021 |
13,044 |
15.2 % |
||||
|
Global FX ($, 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
- 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 |
||||
|
Product |
3Q |
Aug-26 |
Jul-26 |
Jun-26 |
||
|
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) |
0.284 |
0.282 |
0.288 |
0.289 |
||
|
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 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® 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
Cboe®, Cboe Global Markets®, Cboe Clear®, Cboe Futures Exchange®, CFE®, Cboe Volatility Index®, VIX®, and XSP® 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,
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® 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®, S&P®, S&P 500®, SPX®, US 500®, The 500®, DSPX®, DSPBX®, iTraxx®, CDX®, and Dividend Aristocrats® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® 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® iBoxx® $ 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® 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cboe-global-markets-reports-trading-volume-for-september-2026-302898878.html
SOURCE Cboe Global Markets, Inc.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Cboe index options trading volume change in September 2026?
Index options average daily volume reached 6.422 million contracts, up 22.3% from September 2025 and 11.8% from August 2026. Year-to-date average daily volume was 6.131 million contracts, up 28.4% from the comparable 2025 period.
What is Cboe's third-quarter 2026 revenue-per-contract guidance?
Cboe projects revenue per contract of $0.052 for multi-listed options, $0.952 for index options, $0.307 for total options and $1.712 for futures. The projections are estimated and preliminary, and may change.
How does Cboe calculate options and futures revenue per contract?
Options and futures revenue per contract equals total net transaction fees divided by total contracts traded during the period. Reported historical metrics use a three-month rolling average with a one-month lag. Exchange fee rates, volume-based discounts and the mix of contracts and products can affect the average.
What fee per cleared trade does Cboe project for Cboe Clear Europe in the third quarter of 2026?
Cboe projects a preliminary fee of €0.008 per trade cleared for the third quarter of 2026. The August, July and June rolling-average figures were also €0.008. This metric divides clearing fees by the number of non-interoperable trades cleared.
What hours does Cboe's Global Trading Hours session cover?
Cboe's Global Trading Hours session runs from 8:15 p.m. to 9:25 a.m. Eastern Time.