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When traders take a breather from the noise surrounding them —much of it negative in recent months — and look closer at what’s happening in the markets, it becomes clear the U.S. stock market is the best place to park their money compared with other locations. It’s hard to argue against the mostly positive risk-reward ratio we’ve seen over multiple decades.
Cross-asset implied volatilities edged higher as cooler-than-expected core inflation and weak job growth momentarily quelled escalating bond yields. Learn more in this week’s Macro Volatility Digest.
Economic events can create some of the most compelling trading environments of the year – sharp, news-driving moves with defined timelines. Inflation reports, jobs data, and Federal Open Market Committee (FOMC) decisions can move markets, and with the right tools, like options, they can be traded with similar precision and defined risk that equity traders apply to earnings.
July was another strong month for Cboe’s Global Derivatives business with an Average Daily Volume (ADV) of 21.7 million contracts traded. Total Consolidated Volume (TCV) in the overall options industry had an ADV of 70.48 million contracts monthly.
Cboe reported record monthly and quarterly volume across its four options exchanges, with a quarterly Average Daily Volume (ADV) of 21.9 million contracts and a monthly ADV of 23.0 million contracts. Cboe’s overall proprietary index options set a quarterly ADV record of 6.2 million contracts.
European equity trading volumes shifted from Closing Auctions toward Central Limit Order Books and Non-Displayed venues during July, with Cboe remaining the largest exchange and the biggest market share gainer month over month.
Total U.S. equities market Average Daily Volume (ADV) fell 25.43% month-over-month (down 3.41% year-over-year) to 17.42 billion shares traded in July. Off-exchange volume expanded to 50.1%, up 126 basis points month-over-month.
In July 2026, Cboe FX Spot Average Daily Volume (ADV) reached $56.8 billion, a 24.6% increase versus July 2025's ADV of $45.6 billion. Cboe SEF ADV topped $4.3 billion, representing a 46.5% increase from $2.9 billion in July 2025. The LD4 venue recorded $1.1 billion in notional traded on July 31, a new single-day high-water mark.
