Cboe Global Markets Reports Trading Volume for March 2025

Rhea-AI Summary

Cboe Global Markets (CBOE) has reported strong trading volumes for March 2025, with several notable achievements across its global operations. The company achieved an all-time quarterly high of 1.1 billion contracts in U.S. options, with an ADV of 18.2 million contracts.

Key highlights include:

• Monthly record ADV of 18.8 million contracts across four options exchanges
• New quarterly proprietary index options ADV record of 4.8 million contracts
• Record monthly SPX options ADV of 3.9 million contracts
• European equities reached record ADNV of €16.2 billion
• Global FX posted record monthly Spot Full Amount ADNV of $15.9 billion

Year-over-year improvements were seen across multiple segments, with multiply-listed options up 28.0%, index options up 29.9%, and European equities showing significant growth of 60.3%. The company also provided RPC/net revenue capture guidance for Q1 2025.

Positive

• Record quarterly U.S. options volume of 1.1 billion contracts
• 28.0% YoY increase in multiply-listed options ADV
• 29.9% YoY growth in index options ADV
• 60.3% YoY growth in European equities trading volume
• New monthly SPX options ADV record of 3.9M contracts
• Record Global FX Spot Full Amount ADNV of $15.9B

Negative

• 3.6% decline in Canadian equities trading volume YoY
• 12.8% decrease in Japanese equities trading volume YoY
• Slight decline in multiply-listed options ADV (-0.2%) from February 2025

Insights

Financial Analyst

Cboe's March 2025 trading volume metrics reveal exceptional growth across nearly all business segments, highlighted by record-breaking options trading. Total options volume reached an all-time quarterly high of 1.1 billion contracts in Q1, while March saw a monthly record ADV of 18.8 million contracts.

The year-over-year growth is particularly impressive: 29.9% increase in index options, 31.3% in futures, and a remarkable 60.3% in European equities. These figures significantly outpace industry averages and demonstrate Cboe's strengthening market position in high-margin derivatives products.

Revenue capture metrics remain stable across product lines, with index options commanding $0.908 per contract—roughly 13.5 times higher than multiply-listed options at $0.067. This product mix skewing toward proprietary index products (particularly SPX options, which set a new quarterly ADV record of 3.6 million contracts) is strategically favorable for Cboe's profitability.

The explosive growth in Cboe Europe's average daily notional value (60.3% YoY) and Cboe Clear Europe cleared trades (62.7% YoY) demonstrates the company's successful geographic diversification strategy. Only Japanese equities showed weakness, declining 12.8% YoY.

These volume metrics, particularly in high-margin proprietary products, strongly suggest Cboe will deliver substantial revenue growth when Q1 earnings are reported, as higher volumes flowing through a stable fee structure typically translates directly to bottom-line improvement.

CHICAGO, April 3, 2025 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported March trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the first quarter of 2025.

The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain March 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
	Mar 2025	Mar 2024	% Chg	Feb  2025	%    Chg	Mar 2025	Mar 2024	%    Chg
Multiply-listed options (contracts, k)	13,529	10,570	28.0 %	13,556	-0.2 %	13,412	10,744	24.8 %
Index options (contracts, k)	5,270	4,057	29.9 %	4,469	17.9 %	4,771	4,089	16.7 %
Futures (contracts, k)	285	217	31.3 %	241	18.1 %	250	220	13.4 %
U.S. Equities - On-Exchange (matched shares, mn)	1,617	1,464	10.5 %	1,673	-3.4 %	1,642	1,510	8.7 %
U.S. Equities - Off-Exchange (matched shares, mn)	92	81	13.6 %	97	-5.2 %	91	82	10.4 %
Canadian Equities (matched shares, k)	153,961	159,704	-3.6 %	166,261	-7.4 %	159,593	146,253	9.1 %
European Equities (€, mn)	16,422	10,248	60.3 %	13,718	19.7 %	13,818	9,918	39.3 %
Cboe Clear Europe Cleared Trades (k)	157,411	96,734	62.7 %	131,723	19.5 %	412,072	294,326	40.0 %
Cboe Clear Europe Net Settlements (k)	1,130	828	36.5 %	1,021	10.6 %	3,201	2,525	26.8 %
Australian Equities (AUD, mn)	900	814	10.5 %	914	-1.6 %	820	765	7.2 %
Japanese Equities (JPY, bn)	312	357	-12.8 %	335	-7.0 %	324	316	2.5 %
Global FX ($, mn)	54,784	47,346	15.7 %	50,699	8.1 %	51,926	45,256	14.7 %

March and First Quarter 2025 Trading Volume Highlights   

U.S. Options

• Total volume across Cboe's four options exchanges in the first quarter achieved an all-time high of 1.1 billion contracts, with an ADV of 18.2 million contracts traded, and included a multiply-listed options ADV record of 13.4 million contracts.
• In March, ADV across Cboe's four options exchanges hit a monthly record of 18.8 million contracts traded.
• Cboe's proprietary product suite set several new trading volume records for the month and quarter, including:
  • New quarterly overall proprietary index options ADV record of 4.8 million contracts
  • New monthly overall proprietary index options ADV record of 5.3 million contracts
  • New quarterly S&P 500 Index (SPX) options ADV record of 3.6 million contracts
  • New monthly SPX options ADV record of 3.9 million contracts
  • New single-day SPX options record of 4.8 million contracts, set on March 10
  • New quarterly XSP (Mini-SPX) options ADV record of 105 thousand contracts

European Equities

• In March, Cboe Europe achieved a record high average daily notional value (ADNV) during continuous trading of €16.2 billion.
• Cboe BIDS Europe, Cboe's European block trading platform, reported a monthly ADNV record of €836.0 million.

Global FX

• Global FX reported a record monthly Spot Full Amount ADNV of $15.9 billion.

First-Quarter 2025 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the first quarter of 2025 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended March 31, 2025, will not differ materially from these projections.

(In USD unless stated otherwise)		Three-Months Ended
Product:	1Q Projection	Feb-25	Jan-25	Dec-24
Multiply-Listed Options (per contract)	$0.067	$0.063	$0.064	$0.064
Index Options	$0.908	$0.913	$0.904	$0.905
Total Options	$0.288	$0.278	$0.277	$0.281
Futures (per contract)	$1.743	$1.756	$1.760	$1.765
U.S. Equities - Exchange (per 100 touched shares)	$0.014	$0.015	$0.016	$0.018
U.S. Equities - Off-Exchange (per 100 touched shares)	$0.117	$0.120	$0.124	$0.126
Canadian Equities (per 10,000 touched shares)	CAD 4.294	CAD 3.921	CAD 3.920	CAD 4.008
European Equities (per matched notional value)	0.252	0.261	0.263	0.261
Australian Equities (per matched notional value)	0.156	0.154	0.153	0.154
Japanese Equities (per matched notional value)	0.243	0.241	0.231	0.233
Global FX (per one million dollars traded)	$2.810	$2.811	$2.767	$2.724
Cboe Clear Europe Fee per Trade Cleared	€ 0.008	€ 0.008	€ 0.008	€ 0.008
Cboe Clear Europe Net Fee per Settlement	€ 0.950	€ 0.988	€ 0.997	€ 1.002

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 Japanese Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Japanese Yen divided by the product of ADNV in Japanese Yen of shares matched on Cboe Japan 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 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.

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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; 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 trading volume records did CBOE break in March 2025?

CBOE set multiple records including monthly ADV of 18.8M contracts, SPX options ADV of 3.9M contracts, and European equities ADNV of €16.2B.

How did CBOE's multiply-listed options perform in March 2025 vs 2024?

CBOE's multiply-listed options ADV increased 28.0% to 13,529k contracts in March 2025 compared to 10,570k in March 2024.

What was CBOE's European equities trading volume growth in March 2025?

CBOE's European equities trading volume grew 60.3% year-over-year to €16,422M in March 2025.

What is CBOE's projected RPC for multiply-listed options in Q1 2025?

CBOE projects a revenue per contract of $0.067 for multiply-listed options in Q1 2025.

How many total contracts did CBOE process in Q1 2025 for U.S. options?

CBOE processed 1.1 billion contracts in U.S. options during Q1 2025, setting an all-time quarterly record.