Cboe’s Global FX Volumes Reportedly Up by 9% YoY in September
Cboe Global Markets, Inc. (Cboe: CBOE), the world’s leading derivatives and securities platform network, has released its September 2025 trading volume statistics and preliminary third-quarter revenue per contract (RPC) and net revenue capture guidance. The monthly report highlights record-breaking options trading activity and continued strength across global equities and clearing businesses.
The company’s latest “Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report” provides detailed figures on trading volumes, market share, and RPC metrics across all major business lines, including options, futures, U.S. and international equities, and global FX.
September and Q3 2025 Trading Volume Highlights
Cboe reported record performance in options trading for both September and the full third quarter, supported by strong investor activity and growth in proprietary index products.
- Total U.S. options volume across Cboe’s four platforms reached an average daily volume (ADV) of 20.5 million contracts in September and 18.8 million in Q3 — both setting new records.
- Index options volume saw a new quarterly ADV record of 4.9 million contracts, including an all-time high of 4.3 million SPX options contracts in September.
- Mini-SPX (XSP) options achieved a record quarterly ADV of 119,000 contracts, underscoring growing adoption among .
Global Trading Performance Overview
Outside of the U.S., Cboe’s international businesses showed continued expansion across multiple regions and asset classes:
- volume rose 16.5% year-over-year, reaching €11.8 billion in matched notional value for September.
- Canadian equities climbed 29.6% year-over-year, totaling nahead 193 billion matched shares.
- Australian equities advanced 17.3% year-over-year to AUD 1.05 billion.
- Global FX volumes increased 9% versus September 2024, totaling $52.4 billion in .
- Cboe Clear Europe processed 108,000 trades cleared (+5.6%) and over 1.19 million net settlements (+26.3%), reflecting increased European clearing activity.
Third-Quarter 2025 RPC and Net Revenue Capture Guidance
Cboe provided preliminary guidance for its third-quarter 2025 average revenue per contract (RPC) and net revenue capture across product categories. These figures represent three-month rolling averages and are subject to final adjustments.
- Multi-listed options: $0.054 per contract (down from $0.057 in August)
- Index options: $0.926 per contract (flat month-over-month)
- Total options: $0.280 per contract (down from $0.288)
- Futures: $1.742 per contract
- U.S. equities (on-platform): $0.015 per 100 touched shares
- U.S. equities (off-platform): $0.063 per 100 touched shares
- Canadian equities: CAD 4.10 per 10,000 touched shares
- European equities: €0.288 per matched notional value
- Australian equities: AUD 0.206 per matched notional value
- Global FX: $2.885 per million dollars traded
- Cboe Clear Europe: €0.010 per trade cleared; €1.012 net fee per settlement
Cboe noted that RPC values are influenced by platform fee structures, transaction mix, and volume-based discounts, and serve as an significant measure of pricing efficiency across its markets.
Market Context and Outlook
The company’s report underscores how strong market engagement and volatility supported record-breaking derivatives volumes. The integration of digital during Q2 2025 further streamlined its futures business, contributing to growth momentum despite an overall 11% decline year-over-year in total futures contracts.
Cboe’s global expansion continues to play a central role in its diversified revenue model, with ongoing , clearing, and data services to support long-term trading growth across asset classes and geographies.
