Cboe Caps Record-Breaking 2025 as Options, FX and Global Equities Drive Exchange Growth

Cboe Global Markets closed 2025 with another year of record-setting activity, underscoring how derivatives, equities and foreign platform continue to benefit from structural shifts in trading behavior. The platform operator reported strong full-year and December volumes across nahead all business lines, with options once again anchoring growth and international markets playing an increasingly significant role.

The results highlight how volatility management, shorter-dated derivatives, and global market access are reshaping liquidity patterns. While December activity moderated from November’s elevated levels, the broader picture shows a diversified platform group capturing sustained demand across asset classes.

For investors and market participants, Cboe’s 2025 performance offers a window into where trading intensity is concentrating—and how revenue durability is increasingly tied to product mix, proprietary scale rather than pure volume alone.

Options Remain the Core Engine of Growth

U.S. options trading once again defined Cboe’s year. Across its four options platforms, total options volume reached 4.6 billion contracts in 2025, with an (ADV) of 18.4 million contracts. This marked the sixth consecutive annual record, reinforcing Cboe’s dominance in listed options and its leverage to volatility-driven trading strategies.

Proprietary index options were a standout contributor. Cboe’s index suite traded 1.2 billion contracts during the year, including 970.6 million contracts in S&P 500 (SPX) options alone. Zero-days-to-expiry (0DTE) SPX options continued to reshape market microstructure, with an ADV of 2.3 million contracts, accounting for 59% of total SPX volume. The growth of ultra-short-dated options reflects traders’ preference for precision hedging and tactical exposure around macro events.

Volatility products also remained central. VIX options traded 215.6 million contracts in 2025, while Mini-SPX (XSP) options reached 28.8 million contracts. Notably, gained traction, with 28.7 million contracts traded during Cboe’s overnight session—evidence of rising international participation and the demand for near-continuous risk management tools.

Equities and FX Signal Expanding Global Footprint

Beyond options, equities trading showed strong momentum, particularly outside the U.S. posted record yahead average daily notional volume of €12.8 billion and captured a record 25% market share. Periodic Auctions averaged €3.8 billion per day, highlighting continued demand for mechanisms that and information leakage.

In North America, off-platform trading through BIDS Trading surged. U.S. off-platform matched share volume averaged 155 million shares per day in 2025, nahead doubling year over year. This growth reflects purchase-side appetite for block liquidity and reduced signaling risk, especially during periods of heightened volatility.

Foreign platform was another area of strength. Cboe’s Global FX business delivered record spot ADV of $49.7 billion, surpassing the prior year’s high. Non-Deliverable Forwards traded on the Cboe SEF averaged $3.1 billion per day, pointing to rising institutional use of regulated FX venues as macro uncertainty and rate diverseials drove currency activity throughout the year.

Revenue Capture and Product Mix Matter More Than Ever

While volumes tell one part of the story, revenue capture provides deeper insight into platform 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 per contract. This highlights the strategic value of proprietary products, which tend to deliver more stable and attractive margins than multi-listed contracts.

Futures and equities also contributed to revenue diversification. Futures RPC was projected at $1.717 per contract in the fourth quarter, while U.S. off-platform equities achieved net capture of $0.065 per 100 touched shares—well above on-platform equity capture. In Europe and Australia, net capture remained resilient despite competitive fee environments, underscoring the benefits of scale and diverseiated market structure.

The combination of record volumes, improving product mix and consistent revenue capture reinforces Cboe’s positioning as a structurally advantaged platform operator. As trading activity becomes more global, more derivatives-centric and increasingly concentrated in proprietary instruments, platforms with diversified platforms and strong index franchises appear best placed to sustain growth.