Cboe Global Markets ADV: Index Options +30.5%, FX Notional +45.8%
Cboe Global Markets reported March ADV for index options up 30.5% to 6.9 million contracts and global FX notional up 45.8% to $79.9 billion. Proprietary SPX and VIX options set quarterly ADV records, and first-quarter RPC guidance projects total options revenue per contract at $0.342.
1. March ADV Performance
In March 2026, average daily trading volume for index options reached 6.9 million contracts, a 30.5% increase year-over-year, while global FX notional rose 45.8% to $79.9 billion. Multi-listed options ADV climbed 5.0% to 14.2 million contracts, and futures ADV expanded 18.4% to 338 thousand contracts.
2. Proprietary Index Options Records
Cboe’s proprietary index options delivered quarterly and monthly ADV records, including an SPX quarterly ADV record of 4.9 million contracts and a monthly ADV record of 5.4 million contracts. SPX zero-days-to-expiry hit a quarterly ADV record of 3.0 million contracts, while VIX options recorded its second-best quarter at 994 thousand contracts.
3. European and Global FX Volume Records
Cboe Europe set a record quarterly ADNV of €17.3 billion and a March monthly ADNV record of €18.6 billion. In FX markets, Cboe FX Spot ADNV reached an all-time high of $74.5 billion, and Cboe SEF ADV topped $5.4 billion, both marking year-over-year increases exceeding 40%.
4. First-Quarter RPC Guidance
For the first quarter of 2026, Cboe projects average revenue per contract of $0.342 for total options, with multi-listed options at $0.079 and index options at $0.940 per contract. Futures RPC is estimated at $1.649, while U.S. equity exchange RPC remains at $0.017 per 100 shares.