Cboe Global Markets mourns the loss of Edward J. Joyce, former President and Chief Operating Officer of Cboe, who passed away on January 15. Cboe extends its heartfelt condolences to the Joyce family and expresses sincere gratitude for Joyce’s significant contributions to Cboe and the U.S. options industry throughout his distinguished 38-year career.
Cboe Global Indices launched six new indices in the fourth-quarter of 2025. Additionally, several Cboe indices reached notable milestones throughout the quarter.
In December 2025, Cboe FX recorded a monthly Spot Average Daily Volume (ADV) of $48.6 billion, up from $41.0 billion, or 18.5%, from December 2024.
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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.
2025 brought many wins for the U.S. Exchange Traded Fund (ETF) industry spanning multi-share class approval, a rules-based approach to digital asset ETP development, record flows and record product launches. Product innovation continues to drive the ETF renaissance, culminating best-in-class thinking across mandate structuring, distribution and service provider engagement.
Periodic Auctions continued momentum after significant milestones in October. Increasing number of member firms participating in Periodic Auctions with 23 members trading in November. A new record number of 1,000 Periodic Auctions traded in a single day was set on November 26, with 13 members trading.
In November 2025, Cboe FX recorded a monthly Spot Average Daily Volume (ADV) of $49.6 billion, up from $47.7 billion, or 4.0%, from November 2024.
