Cboe Europe Derivatives to Launch FLEX Options in Europe, Expanding Risk Management Toolkit for European Investors
Cboe Europe Derivatives (CEDX) has announced plans to launch FLexible EXchange® options (FLEX options) in Europe during Q1 2026. This strategic expansion allows institutional investors to customize key contract terms including strike price, expiration date, settlement type, and exercise style for options on stock indices, equities, and ETFs within a regulated exchange environment.
The launch builds on Cboe's success in the U.S. market, where FLEX options have seen total open interest grow from 2 million in 2019 to 35 million in 2025. The U.S. defined-outcome ETF market has expanded significantly, with assets under management rising from $5 billion in 2019 to over $70 billion in 2025. The European launch will initially cover select underlyings, including single country and pan-European Cboe Europe equity indices, with clearing and settlement through Cboe Clear Europe.
Cboe Europe Derivatives (CEDX) ha annunciato piani di lanciare le opzioni FLExible EXchange® (opzioni FLEX) in Europa nel primo trimestre del 2026. Questa espansione strategica permette agli investitori istituzionali di personalizzare termini chiave del contratto tra cui prezzo di esercizio, data di scadenza, tipo di regolamento e stile di esercizio per opzioni su indici azionari, azioni ed ETF all'interno di un ambiente di borsa regolamentato.
Il lancio si basa sul successo di Cboe nel mercato statunitense, dove le opzioni FLEX hanno visto l'interesse aperto totale crescere da 2 milioni nel 2019 a 35 milioni nel 2025. Il mercato ETF statunitense a esito definito è cresciuto notevolmente, con gli asset under management saliti da 5 miliardi di dollari nel 2019 a oltre 70 miliardi nel 2025. Il lancio europeo coprirà inizialmente alcuni sottostanti, inclusi indici azionari Cboe Europe single-country e pan-europei, con compensazione e regolamento gestiti da Cboe Clear Europe.
Cboe Europe Derivatives (CEDX) ha anunciado planes para lanzar opciones FLEX (opciones FLEXible EXchange®) en Europa en el primer trimestre de 2026. Esta expansión estratégica permite a inversores institucionales personalizar términos clave del contrato como precio de ejercicio, fecha de vencimiento, tipo de liquidación y estilo de ejercicio para opciones sobre índices bursátiles, acciones y ETFs dentro de un entorno de bolsa regulado.
El lanzamiento se apoya en el éxito de Cboe en el mercado estadounidense, donde las opciones FLEX han visto el interés abierto total crecer de 2 millones en 2019 a 35 millones en 2025. El mercado de ETFs de resultados definidos en EE. UU. ha crecido significativamente, con los activos bajo gestión aumentando de 5.000 millones de dólares en 2019 a más de 70.000 millones en 2025. El lanzamiento europeo cubrirá inicialmente determinados subyacentes, incluyendo índices de acciones de Cboe Europe (país único y paneuropeos), con compensación y liquidación a través de Cboe Clear Europe.
Cboe Europe Derivatives (CEDX)가 2026년 1분기에 FLexible EXchange® 옵션(FLEX 옵션)을 유럽에서 출시할 계획을 발표했습니다. 이 전략적 확장은 제도적 투자자들이 주가 지수, 주식 및 ETF에 대한 옵션의 행사 가격, 만기일, 결제 방식, 행사 스타일 등을 규제된 거래소 환경에서 맞춤 설정할 수 있게 해줍니다.
이번 출시의 기반은 미국 시장에서의 성공으로, FLEX 옵션은 미국에서 미결제 관심이 2019년 200만에서 2025년 3500만으로 증가했습니다. 미국의 정의된 결과 ETF 시장은 크게 확장되었으며, 관리 자산은 2019년 50억 달러에서 2025년 700억 달러 이상으로 증가했습니다. 유럽 출시는 초기에는 단일 국가 및 범유럽 Cboe Europe 주식 지수 등 일부 기초 자산을 다루며, 청산 및 결제는 Cboe Clear Europe를 통해 이루어집니다.
Cboe Europe Derivatives (CEDX) a annoncé son intention de lancer les options FLEX (FLexible EXchange® options) en Europe au cours du premier trimestre 2026. Cette expansion stratégique permet aux investisseurs institutionnels de personnaliser des termes clés du contrat tels que le prix d’exercice, la date d’expiration, le type de règlement et le style d’exercice pour des options sur indices boursiers, actions et ETF au sein d’un environnement boursier réglementé.
Le lancement s’appuie sur le succès de Cboe sur le marché américain, où les options FLEX ont vu l’intérêt ouvert total passer de 2 millions en 2019 à 35 millions en 2025. Le marché américain des ETF à objectif défini s’est considérablement développé, avec des actifs sous gestion passant de 50 milliards de dollars en 2019 à plus de 70 milliards en 2025. Le lancement européen couvrira initialement certains sous-jacents, y compris les indices actions Cboe Europe (pays unique et paneuropéens), avec compensation et règlement via Cboe Clear Europe.
Cboe Europe Derivatives (CEDX) hat Pläne angekündigt, FLexible EXchange® Optionen (FLEX-Optionen) in Europa im ersten Quartal 2026 einzuführen. Diese strategische Expansion ermöglicht institutionellen Investoren die Anpassung zentraler Vertragsbedingungen wie Ausübungspreis, Verfallsdatum, Art der Abrechnung und Ausübungsstil für Optionen auf Aktienindizes, Aktien und ETFs innerhalb einer regulierten Börsenumgebung.
Der Start baut auf Cboes Erfolg im US-Markt auf, wo FLEX-Optionen das offene Gesamtvolumen von 2 Millionen im Jahr 2019 auf 35 Millionen im Jahr 2025 erhöht haben. Der US-ETF-Markt mit definierten Zielen hat sich signifikant erweitert, mit Vermögenswerten unter Verwaltung von 5 Milliarden US-Dollar im Jahr 2019 auf über 70 Milliarden im Jahr 2025. Der europäische Start wird zunächst ausgewählte Underlyings abdecken, einschließlich einzelner Länder- und paneuropäischer Cboe Europe Aktienindizes, mit Clearing und Abwicklung über Cboe Clear Europe.
Cboe Europe Derivatives (CEDX) أعلنت عن خطط لإطلاق خيارات FLEX (FLexible EXchange® options) في أوروبا خلال الربع الأول من عام 2026. يتيح هذا التوسع الاستراتيجي للمستثمرين المؤسسيين تخصيص شروط عقد رئيسية مثل سعر الإضراب وتاريخ الإنتهاء ونمط التسوية ونمط ممارسة الخيار للخيارات على مؤشرات الأسهم والأسهم وصناديق الاستثمار المتداولة ضمن بيئة بورصة منظمة.
يستند الإطلاق إلى نجاح Cboe في السوق الأمريكية، حيث شهدت خيارات FLEX إجمالي الفتح من 2 مليون في 2019 إلى 35 مليون في 2025. سوق ETFs الأمريكية ذات الهدف المحدد قد نما بشكل كبير، حيث ارتفعت الأصول الخاضعة للإدارة من 5 مليارات دولار في 2019 إلى أكثر من 70 مليار دولار في 2025. سيغطي الإطلاق الأوروبي في البداية بعض الأصول الأساسية المختارة، بما في ذلك مؤشرات سوق الأسهم الأوروبية J Cboe Europe الأحادية القطرية وبان-أوروبية، مع تنظيم التسوية والتسوية عبر Cboe Clear Europe.
Cboe Europe Derivatives (CEDX)宣布计划在2026年第一季度于欧洲推出 灵活交易所期权 (FLEX 期权)。这一战略扩张使机构投资者能够在受监管的交易所环境中针对股票指数、股票和 ETF 的期权自由定制关键合约条款，包括执行价格、到期日、结算方式和行权风格。
此次推出基于 Cboe 在美国市场的成功，那里 FLEX 期权的 未平仓总量已从 2019 年的 200 万增至 2025 年的 3500 万。美国的定向目标 ETF 市场显著扩展，资产管理规模从 2019 年的 50 亿美元增至 2025 年的 700 亿美元以上。欧洲推出初期将覆盖部分标的物，包括单一国家和全欧洲的 Cboe Europe 股票指数，清算与结算将通过 Cboe Clear Europe 进行。
- Strong market validation with U.S. FLEX options open interest growing from 2M to 35M contracts (2019-2025)
- Significant market opportunity demonstrated by U.S. defined-outcome ETF AUM growth from $5B to $70B (2019-2025)
- Partnership with established ETF issuers First Trust Global Portfolios and Vest Financial for European expansion
- Risk mitigation through Cboe Clear Europe's clearing and settlement services
- Launch subject to external assessments, indicating potential regulatory hurdles
- Limited initial product offering with gradual expansion planned throughout 2026
Insights
Cboe's European FLEX options launch represents significant business expansion, leveraging proven US success to capture growing defined-outcome ETF demand.
Cboe's announcement to bring FLEX options to Europe marks a strategic expansion of its derivatives business model that has already proven successful in the US market. The impressive growth trajectory of FLEX options in the US—from
This European launch is particularly well-timed to capitalize on the explosive growth in defined-outcome ETFs, where assets under management have surged from
The initiative strengthens Cboe's competitive moat in several ways. First, it leverages their established expertise and infrastructure in options trading. Second, it enhances the value proposition of Cboe Clear Europe by adding new instruments for clearing. Third, it creates a virtuous ecosystem where Cboe's indices, trading platform, and clearing services reinforce each other's value.
For Cboe investors, this represents a classic playbook execution: taking a proven, high-margin product from one geography and extending it to new markets, potentially creating meaningful revenue diversification and growth. The endorsements from First Trust Global Portfolios and Vest Financial as launch partners add credibility and suggest built-in demand for these products.
- CEDX to introduce FLexible EXchange® options (FLEX options) in
Europe in Q1 2026 - Addresses rising global demand for defined-outcome ETFs and bespoke investment strategies
- Builds on Cboe's experience as global options innovator and pioneer of FLEX options in the
U.S.
FLEX options offer market participants the ability to customise key contract terms — including strike price, expiration date, settlement type and exercise style — for options on stock indices, individual equities and ETFs, all within a regulated exchange environment. These products combine the flexibility of over-the-counter (OTC) derivatives with the transparency, efficiency, and risk mitigation benefits of exchange-traded products.
CEDX will draw on Cboe's track record as a global leader in options innovation, having introduced FLEX options to the U.S. market in 1993, helping participants tailor options contracts to meet specific hedging or investment needs. FLEX options have seen strong adoption in the
At launch, CEDX is expected to offer FLEX options on a select set of underlyings, including single country and pan-European Cboe Europe equity indices, individual equities and ETFs, with plans to expand coverage throughout 2026. As with existing CEDX products, FLEX options will be cleared and settled by Cboe Clear Europe, a leading pan-European clearing house, helping to reduce counterparty risk and enabling capital and operational efficiencies.
"We're excited to bring Cboe FLEX options to the European market, reflecting our continued commitment to innovation and building a bigger, more efficient and transparent listed derivatives ecosystem across the region," said Iouri Saroukhanov, Head of European Derivatives at Cboe Europe. "This launch represents a major milestone in our efforts to expand the range of exchange-traded tools available to European investors, enabling them to better manage risk and tailor strategies to meet increasingly complex investment objectives. As interest in defined-outcome ETFs and customised options strategies continues to rise, Cboe's deep expertise in options—combined with our robust infrastructure and proven clearing capabilities – uniquely positions us to support issuers and market participants seeking to expand these offerings across
The introduction of FLEX options complements CEDX's growing suite of equity derivatives products and supports its broader mission to increase participation in
"Cboe's FLEX options provide the transparency and customisation that are key to developing products that seeks to enable investors to pursue defined outcomes, including downside protection, income generation, and enhanced growth," said Matt McFarland, Senior Vice President of Vest Financial. "This is an exciting step towards greater access in
Rupert Haddon, Managing Director and Head of Sales at First Trust Global Portfolios, said: "We're thrilled to see Cboe Europe Derivatives bringing FLEX options to the European market. Defined-outcome ETFs have seen tremendous growth in the
For more information on CEDX, visit its webpage, here.
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1 OCC, Cboe data
2 Cboe analysis of AuM for top defined-outcome ETFs
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FAQ
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