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.
An early run to new highs at the start of December was offset by a mid-month slide of nearly 2.5% for the S&P 500® Index. That decline was followed by a rebound that left most equity indices with little change by month-end.
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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.
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.
The U.S. equities market has experienced substantial growth in 2025, with Average Daily Volume (ADV) reaching 17.6 billion shares in the third quarter, a 53% year-over-year increase. Following this volume growth, the percentage of off-exchange trading increased to over 50% during the third quarter of 2025, up 8.26% year-over-year.
