Cboe Sets All-Time Monthly Record With 22M Options Contracts ADV
In brief
- Cboe's four US options exchanges averaged 22M contracts daily in May 2026, an all-time monthly record.
- Multi-listed options contributed 16M ADV; index options hit 6M ADV, the third-best monthly figure.
- SPX options reached 6.5M contracts in a single day during Global Trading Hours on May 6.
- The 22M ADV represents 17% growth from March 2025's previous record of 18.8M contracts.
- High trading volumes drive fee revenue for Cboe on every contract traded.
Record Volume Driven by Multi-Listed Options
Multi-listed options hit an ADV of 16 million contracts in May 2026, accounting for the bulk of the exchange's record. That figure alone would have been a record for Cboe in prior years. Index options clocked in at 6 million contracts ADV, marking the third-best monthly figure Cboe has ever recorded.
Single-day peaks underscore the intensity of demand. SPX options hit a record 6.5 million contracts during Global Trading Hours on May 6. Global Trading Hours sessions extend beyond the regular US trading window, enabling international participants and overnight traders to access risk management tools around the clock.
Structural Shifts in Derivatives Usage
The jump from 18.8 million ADV in March 2025 to 22 million in May 2026 reflects deeper structural changes in how investors use derivatives. More expiration dates, expanded trading hours, and new product categories—including Bitcoin US ETF Index Options—have broadened the addressable market.
Cboe has also reported record notional value in adjacent products. High-yield corporate bond index futures reached $5.8 billion in notional value during May, a record for that product line.
Market Share and Earnings Implications
Cboe's 22 million ADV in May 2026 captures a significant share of the broader US options market. Industry-wide ADV in the first quarter of 2026 reached 68.6 million contracts, meaning Cboe alone now represents roughly one-third of all US options volume.
The company earns fees on every contract traded, so sustained high volumes are a direct tailwind for earnings. As long as investors continue hedging risk and expressing directional views through options—particularly in an environment of extended trading hours and new product innovation—Cboe's revenue trajectory should remain supported.
