Cboe derivatives volume climbs in September as SPX options and 0DTE trading hit records

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Cboe derivatives volume record

Highlights

Cboe Global Markets reports quarterly multi-list average daily volume of 15.3 million contracts and index options ADVs of 6.4 million, both second best on record.
SPX options post quarterly ADV of 4.9 million contracts, with 0DTE SPX options hitting record quarterly ADV of 3.2 million and record monthly ADV of 3.4 million contracts.
Cboe secures exclusive SPX options rights through 2051 via a 25-year extension with S&P Dow Jones Indices and plans KPI contract launches with Robinhood on 23 major stocks.

September derivatives performance and trading records

As reported by Cboe Global Markets, the exchange operator’s global derivatives business records a quarterly multi-list average daily volume of 15.3 million contracts across its four options exchanges, marking its second-best multi-list quarter. Its proprietary index options business reaches a monthly average daily volume of 6.4 million contracts, the second highest on record.

In U.S. options, S&P 500 Index options, or SPX, post a quarterly average daily volume of 4.9 million contracts, also the second-best quarter on record. SPX zero-days-to-expiry options reach a record quarterly average daily volume of 3.2 million contracts and a record monthly average daily volume of 3.4 million contracts.

Russell 2000 Index options, or RUT, deliver their best month since January 2016 with a monthly average daily volume of 99,000 contracts. The product also records a quarterly average daily volume of 86,000 contracts, its second-best quarter on record.

Chicago floor activity and product expansion plans

Trading floor activity in Chicago also strengthens during the month. SPX captures 46.9% market share on the floor, the highest level since May 2026, while average daily volume in SPX open outcry trading rises 21.68% month over month to 782,840 contracts.

Total floor average daily volume in September stands at 1.67 million contracts, up 9.1% from the prior month. Proprietary products account for 66.59% of floor volume, underscoring the importance of Cboe’s in-house index franchise to its broader derivatives business.

Cboe also says it signs a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices through 2051, allowing it to retain exclusive rights to offer trading in SPX options. Separately, Cboe and Robinhood announce at Robinhood’s annual HOOD Summit the planned launch of new KPI contracts, initially covering 23 U.S.-listed companies among the most actively traded U.S. stocks.

Options pricing around major U.S. bank earnings highlighted how investors were positioning for potentially uneven reactions across the financial sector, based on implied post-results moves for names such as Goldman Sachs, JPMorgan, and Wells Fargo, as our earlier coverage noted. The piece also pointed to financials lagging within the S&P 500 in 2026 and emphasized how rate dynamics and consumer credit quality were key factors shaping expectations into the reports.

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