Cboe reports October trading volumes as index options hit records in the U.S.

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Cboe October trading volumes

Highlights

Cboe reports October U.S. proprietary index options set a monthly average daily volume record of 6.9 million contracts, driven by SPX at 5.5 million contracts.
S&P 500 Index (SPX) zero-days-to-expiry options hit a monthly ADV record of 3.6 million contracts, with XSP options posting a daily record of 515,000 contracts on October 30.
Multi-listed options ADV falls 10.3% year over year to 14.253 million in October, while index options ADV rises 25.0% to 6.889 million contracts.

October volume trends and record activity

As reported by Cboe Global Markets, citing Cboe Exchange, Cboe Global Markets reports October 2026 trading volume statistics across its global business lines, with its monthly volume and RPC/net revenue capture report outlining market share, segment activity and selected index product volumes. RPC and net revenue capture figures are reported on a one-month lag, the company says.

In U.S. options, Cboe says proprietary index options set a monthly average daily volume record of 6.9 million contracts. That performance is driven by record monthly ADV in S&P 500 Index, SPX, options at 5.5 million contracts and mini-SPX, XSP, options at 303,000 contracts.

The company also says the two most-active trading days on record for its proprietary index options occur in October, with 10.4 million and 10.2 million contracts traded on October 16 and October 30, respectively. Zero-days-to-expiry, 0DTE, trading in SPX options also sets a monthly ADV record of 3.6 million contracts, while XSP options post a new daily record of 515,000 contracts on October 30, surpassing the previous high set on July 16, 2019.

Across the broader monthly data, multi-listed options ADV stands at 14.253 million contracts in October, down 10.3% from October 2025 and 7.3% from September 2026. Index options ADV reaches 6.889 million contracts, up 25.0% year over year and 7.3% from September, while futures ADV totals 237,000 contracts, down 8.3% from a year earlier but up 24.3% from the prior month.

Implications for Cboe's derivatives business

Cboe's October figures point to continued demand for index-based risk management tools in the U.S., particularly products linked to the S&P 500 and shorter-dated options strategies. The data suggests that elevated investor use of SPX and 0DTE contracts continues to support trading intensity in the exchange operator's proprietary franchise.

Cboe also says its Global Trading Hours session, which runs from 8:15 p.m. to 9:25 a.m. ET, sets a monthly ADV record of 284,000 contracts. SPX trading during that session reaches a daily record of 327,000 contracts on October 1, adding to signs of sustained demand for near-round-the-clock access to U.S. index derivatives.

In our earlier analysis of the S&P 500 (SPX), we noted the index holding above key moving averages while downside risks were building as tech weakness followed Meta’s negative free cash flow disclosure. The piece highlighted a risk-off rotation into safe havens, falling Treasury yields, and mixed momentum indicators pointing to a likely consolidation range around 7,643–7,737 over the next few sessions.

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