Cboe Global Markets capped 2025 with another year of record-breaking activity, confirming how derivatives, equities and foreign exchange benefit from structural shifts in trading behavior. Total options volume hit 4.6 billion contracts, with average daily volume (ADV) of 18.4 million — the sixth consecutive annual record.
Options Engine: 4.6B Contracts and the 0DTE Storm
U.S. options remained Cboe’s core growth driver. Proprietary index options traded 1.2 billion contracts in 2025, of which S&P 500 (SPX) options alone accounted for 970.6 million contracts. Zero-days-to-expiry (0DTE) SPX options posted an ADV of 2.3 million contracts, representing 59% of total SPX volume — a clear signal that traders favor precise hedging and tactical macro exposure. VIX options reached 215.6 million contracts, while Mini-SPX (XSP) options added 28.8 million. Notably, 28.7 million contracts traded during Cboe’s overnight session, indicating rising international participation and demand for near-continuous risk management.
Global Expansion: European Equities, FX, and Off-Exchange Surge
Outside the U.S., Cboe Europe Equities posted a record average daily notional volume of €12.8 billion, capturing a 25% market share. Periodic Auctions averaged €3.8 billion per day, highlighting demand for mechanisms that reduce market impact and information leakage. In North America, off-exchange trading via BIDS surged: U.S. off-exchange matched share volume averaged 155 million shares per day in 2025, nearly doubling year-over-year, reflecting buy-side appetite for block liquidity with lower signaling risk. Foreign exchange was another bright spot: spot FX ADV reached $49.7 billion, surpassing the prior record, while NDFs on Cboe SEF averaged $3.1 billion per day — proof of rising institutional use of regulated FX venues amid macro uncertainty.
Revenue Quality: RPC Divergence Highlights Product Mix Advantage
Volume tells part of the story, but revenue capture reveals exchange economics. Cboe guided to fourth-quarter average revenue per contract (RPC) of $0.317 across total options, with index options generating a substantially higher RPC of $0.937. This underscores the strategic value of proprietary products, which deliver more stable margins than multi-listed contracts. Futures RPC was projected at $1.717 per contract, while U.S. off-exchange equities achieved net capture of $0.065 per 100 touched shares — well above on-exchange levels. In Europe and Australia, net capture remained resilient despite competitive fees, reflecting the benefits of scale and differentiated market structure. Product mix optimization and global reach, not just raw volume growth, are driving Cboe’s sustained expansion.