U.S. equities total market Average Daily Volume (ADV) rose 2.3% month-over-month to 20.5 billion shares, surpassing February 2026 record volume and up 27.8% year-over-year.
In March 2026, Cboe FX Spot Average Daily Volume (ADV) reached $74.5 billion, a new all-time high, and a 42.9% increase from March 2025's ADV of $52.1 billion.
Index options Average Daily Volume (ADV) reached a record 6.9 million index options contracts in March, rounding out a record first quarter. ADV in the first quarter of 2026 was 6.1 million.
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At 1/10th the size of SPX, XSP offers very similar notional size, weekly expirations, and PM-settlement to SPY, but with even more potential benefits.
Many trading strategies, such as covered-call or spread trading, involve options writing (selling), where the primary risks are market movement and volatility. But there's another risk if you happen to be writing options on dividend-paying equities like SPY ETFs: early assignment.
There are a number of different types of options contracts available on broad-based U.S. equity indexes. Some of the most actively traded products include options on SPY, SPX and XSPSM (Mini-SPX). They all track the S&P 500® and both SPY and XSP options have the same notional size, making them somewhat interchangeable. A key difference, however, is settlement style.
European equity trading volumes reached all-time highs in February, with Cboe Europe posting record monthly volumes for total trading, Periodic Auctions, Cboe BIDS Europe and Cboe Closing Cross (3C)
In February 2026, Cboe FX Spot ADV reached $59.7 billion, a 24.2% increase from February 2025's ADV of $48.0 billion.
January 2026 European Cash Equities highlights included record volumes for Cboe Periodic Auctions and continued strong momentum in the Cboe Europe EBBO retail service.
