Cboe Global Markets Reports Trading Volume for March 2026
Rhea-AI Summary
Cboe Global Markets (NYSE:CBOE) reported March 2026 trading volumes and provided preliminary RPC/net revenue capture guidance for 1Q26. Key March highlights include record proprietary index options ADV, record European ADNV of €18.6B, all-time Cboe FX Spot ADNV of $74.5B, and notable YoY volume gains across equities and futures.
The company cautioned 1Q26 RPC projections are estimated and reported on a one-month lag; futures metrics exclude pre-Q2 2025 Digital futures for comparability.
AI-generated analysis. Not financial advice.
Positive
- Index options ADV +30.5% month-over-month (Mar 2026)
- Global FX ADNV all-time high $74.5B in March 2026
- European ADNV record €18.6B monthly notional in March 2026
- U.S. Equities on-exchange matched shares +26.6% year-over-year (Mar 2026)
- Multi-listed options quarterly ADV record 13.9M contracts
Negative
- 1Q26 RPC/net capture projections are preliminary and may change
- Futures comparability affected by Digital futures transition to CFE in Q2 2025
News Market Reaction – CBOE
On the day this news was published, CBOE declined 0.14%, reflecting a mild negative market reaction. This price movement removed approximately $43M from the company's valuation, bringing the market cap to $30.97B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CBOE is up 3.45% while peers are mixed: TRU -0.19%, FDS +1.49%, MSCI +0.19%, NDAQ +1.44%, MORN +2.17%. CBOE’s move outpaces the group, suggesting a stock-specific response to strong March volumes and RPC guidance.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| 2026-03-31 | Media partnership | Positive | -0.4% | Multi-year CNBC collaboration for live coverage from Cboe trading floor. |
| 2026-03-17 | Earnings date set | Neutral | -2.0% | Announcement of timetable for Q1 2026 earnings release and call. |
| 2026-03-16 | Market hours expansion | Positive | +0.5% | SEC filing to launch near 24x5 U.S. equities trading on EDGX. |
| 2026-03-09 | New volatility index | Positive | -0.7% | Launch of BITVX, a volatility index based on IBIT options. |
| 2026-03-09 | Product innovation | Positive | -0.7% | Introduction of prediction markets framework with new payout structure. |
Recent product and strategic announcements often saw mixed reactions, with several positive milestones followed by flat-to-negative next-day moves.
Over the last month, Cboe has highlighted strategic media exposure, product innovation, and market structure initiatives. A CNBC collaboration to feature floor-based coverage came after a record 15.2 billion U.S. options contracts in 2025, yet the stock dipped modestly. SEC filings detailed plans for near 24x5 U.S. equities trading and the launch of BITVX and a new prediction markets framework. Against this backdrop, March 2026 volume records and detailed RPC guidance extend the narrative of derivatives-led growth and global diversification.
Market Pulse Summary
This announcement details exceptionally strong March trading activity across Cboe’s franchises, including record proprietary index options, FX spot volumes above $74.5 billion ADNV, and several new highs in European equities and clearing. It also provides granular Q1 2026 RPC and net capture guidance by product, clarifying transaction economics. In context of recent product launches and strategic initiatives, investors may focus on how persistent these volume trends and per-contract economics remain into upcoming earnings.
Key Terms
average daily trading volume technical
net revenue capture financial
zero-days-to-expiry technical
0dte technical
swap execution facility regulatory
fee per trade cleared financial
net fee per settlement financial
AI-generated analysis. Not financial advice.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain March trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
Average Daily Trading Volume (ADV) by Month | Year-To-Date | |||||||||||
Mar 2026 | Mar 2025 | % Chg | Feb | % | Mar 2026 | Mar 2025 | % | |||||
Multi-listed options (contracts, k) | 14,203 | 13,529 | 5.0 % | 13,476 | 5.4 % | 13,940 | 13,412 | 3.9 % | ||||
Index options (contracts, k) | 6,876 | 5,270 | 30.5 % | 5,973 | 15.1 % | 6,136 | 4,771 | 28.6 % | ||||
Futures (contracts, k)1 | 338 | 285 | 18.4 % | 276 | 22.1 % | 283 | 249 | 13.6 % | ||||
2,048 | 1,617 | 26.6 % | 1,961 | 4.4 % | 1,963 | 1,642 | 19.6 % | |||||
240 | 92 | 161.8 % | 268 | -10.3 % | 249 | 91 | 175.1 % | |||||
Canadian Equities (matched shares, k) | 203,135 | 153,961 | 31.9 % | 204,403 | -0.6 % | 215,759 | 159,593 | 35.2 % | ||||
European Equities (€, mn) | 18,629 | 16,422 | 13.4 % | 17,963 | 3.7 % | 17,281 | 13,818 | 25.1 % | ||||
Australian Equities (AUD, mn) | 1,261 | 900 | 40.1 % | 1,228 | 2.6 % | 1,200 | 820 | 46.3 % | ||||
Global FX ($, mn) | 79,865 | 54,784 | 45.8 % | 63,372 | 26.0 % | 70,418 | 51,926 | 35.6 % | ||||
Cboe Clear Europe Cleared Trades (k) | 169,513 | 157,411 | 7.7 % | 141,642 | 19.7 % | 434,717 | 412,072 | 5.5 % | ||||
Cboe Clear Europe Net Settlements (k) | 1,431 | 1,130 | 26.7 % | 1,266 | 13.1 % | 3,931 | 3,201 | 22.8 % | ||||
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.
March and First Quarter 2026 Trading Volume Highlights
- Cboe's proprietary index options reported several monthly and quarterly ADV records, including:
- Overall proprietary index options quarterly ADV record of 6.1 million contracts.
- Overall proprietary index options monthly ADV record of 6.9 million contracts.
- Quarterly S&P 500 Index (SPX) options ADV record of 4.9 million contracts.
- Monthly S&P 500 Index (SPX) options ADV record of 5.4 million contracts.
- Quarterly SPX zero-days-to-expiry (0DTE) ADV record of 3.0 million contracts.
- Monthly SPX 0DTE ADV record of 3.2 million contracts.
- Quarterly mini-SPX (XSP) options ADV record of 187 thousand contracts.
- Monthly XSP options ADV record of 222 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 first quarter ADV of 164 thousand contracts and a March ADV of 195 thousand contracts.
- Cboe Volatility Index (VIX) options recorded its second-best quarter, with a quarterly ADV of 994 thousand contracts.
- Multi-listed options trading across Cboe's four
U.S. options exchanges delivered its second-best quarter on record, with a quarterly ADV of 13.9 million contracts. - Trading on Cboe's trading floor reached record levels in March, with record overall open outcry monthly ADV of 2.2 million and record SPX open outcry monthly ADV of 937 thousand contracts.
- Cboe's trading floor also achieved record multi-listed options trading activity in the first quarter, with a quarterly ADV of 806 thousand multi-listed contracts.
European Equities
- Cboe Europe set a record quarterly average daily notional value (ADNV) of
€17.3 billion , as well as a new monthly ADNV record of€18.6 billion in March. - Cboe Periodic Auctions achieved several records including quarterly ADNV (
€6.0 billion ), monthly ADNV (€6.4 billion ), and a single-day record on March 3 (€9.2 billion ). - Cboe Closing Cross (3C), Cboe Europe's post-close trading service, achieved a record quarterly ADNV of
€379.8 million , including a monthly ADNV record in March of€512 million and single-day record of€2.9 billion on March 20.
Global FX
- In March, Cboe FX Spot ADNV reached
$74.5 billion 42.9% increase versus March 2025. - Cboe FX and Cboe SEF (Swap Execution Facility) observed single day records in March, with Cboe FX reaching
$109.1 billion $6.7 billion - Cboe SEF March ADV topped
$5.4 billion 101.9% increase versus March 2025.
First-Quarter 2026 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the first quarter of 2026 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended March 31, 2026, will not differ materially from these projections.
(In USD unless stated otherwise) | Three-Months Ended | |||||
Product | 1Q | Feb-26 | Jan-26 | Dec-25 | ||
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) | 0.276 | 0.278 | 0.276 | 0.278 | ||
Australian Equities (per matched notional value) | 0.207 | 0.208 | 0.208 | 0.207 | ||
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 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 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 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®, 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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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,
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.
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SOURCE Cboe Global Markets, Inc.