Cboe Sets Multiple Trading Records in November: Index Options ADV Jumps 41%
Index Options Volumes Hit New Highs: 41% Year-Over-Year Growth
November proved a landmark month for Cboe Global Markets, with proprietary index options not only reaching a new average daily volume (ADV) record of 5.9 million contracts, but also notching a 41.4% increase compared to last year. SPX options, the cornerstone of the index suite, soared to an all-time high ADV of 4.6 million, and SPX zero-days-to-expiry (0DTE) contracts alone hit 2.8 million ADV. The mini-SPX (XSP) also set a new high, underlining deepening trader engagement in tailored index products.
U.S. and Global Equities See Double-Digit Volume Increases
U.S. equity volumes rose across both on- and off-exchange platforms. On-exchange matched shares advanced 12.5% from a year ago, while off-exchange activity more than doubled, up an eye-catching 115%. Global momentum was broad-based, with Canadian equities up 17%, European equities up 13.4%, and Australian equities rising 24.7% compared to November 2024.
| Business Segment | ADV Nov 2025 | ADV Nov 2024 | % Change YoY | ADV Oct 2025 | % Change MoM |
|---|---|---|---|---|---|
| Multi-listed Options (k) | 14,429 | 12,355 | 16.8% | 15,892 | -9.2% |
| Index Options (k) | 5,856 | 4,141 | 41.4% | 5,511 | 6.3% |
| Futures (k) | 284 | 222 | 28.3% | 259 | 9.8% |
| U.S. Equities - On-Exchange (mn) | 1,802 | 1,601 | 12.5% | 2,020 | -10.8% |
| U.S. Equities - Off-Exchange (mn) | 202 | 94 | 115.0% | 227 | -10.7% |
| Canadian Equities (k) | 186,073 | 159,068 | 17.0% | 211,986 | -12.2% |
| European Equities (EUR, mn) | 12,772 | 11,262 | 13.4% | 13,192 | -3.2% |
| Australian Equities (AUD, mn) | 1,025 | 822 | 24.7% | 1,130 | -9.3% |
| Global FX ($, mn) | 53,120 | 49,565 | 7.2% | 55,134 | -3.7% |
SPX 0DTE and Global FX Stand Out for Momentum
Among notable product milestones, Cboe set a new record for SPX 0DTE (zero-days-to-expiry) average daily volume at 2.8 million contracts—reflecting heightened trader demand for same-day expiration flexibility. In the currency space, Global FX registered a record non-deliverable forwards ADNV of $3.5 billion, adding weight to Cboe’s expanding multi-asset reach.
Broader Impact: Where Is Growth the Strongest?
Cboe’s index and equity platforms show traders increasingly favoring specialized instruments, such as SPX 0DTE and mini-SPX, which now regularly post record volumes. Year-to-date figures confirm the broader shift: index options volume is up 20.4%, multi-listed options up 27%, and European equities 32.4% above last year’s pace. The biggest proportional gains are evident in off-exchange U.S. equities, signaling shifting preferences among institutions for liquidity sources outside traditional venues.
Key Takeaways: Record Participation Signals Sustained Engagement
Cboe’s latest volume statistics highlight robust, cross-asset participation from traders seeking new instruments and alternative venues. With index options, equities, and FX products each posting significant YoY growth, Cboe is extending its leadership across derivatives and global cash markets. Investors tracking market microstructure shifts may want to watch whether SPX and 0DTE trends sustain in coming months—and how this might impact volatility or liquidity dynamics.
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