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.
November 2025 delivered mixed returns to equity investors with nearly two weeks of sideways action preceding a brisk period of risk-off activity, led by a decline in large-cap market leaders. As a result, broad market averages were down nearly 4% over several days, before a rebound late in the month left most indices near all-time highs.
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.
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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.
In October, Cboe Canada’s four trading books represented 12.5% market share. NEO-L at 6.48%, NEO-N at 2.21%, NEO-D at 0.26% and MATCHNow at 3.55%. In October Cboe BIDS Canada traded 76.9 million shares or 3.5 million Average Daily Volume (ADV).
EDGA executed 84 basis points (bps) of volume, the highest volume month in 2025. 39 bps of EDGA volume was executed in the dark through hidden and midpoint orders. EDGA has no tiers and features competitive rebates for displayed and hidden liquidity. Customers receive a -$.0027 rebate for display adding and a -$.003 rebate for display National Best Bid or Offer (NBBO) adding.
In October 2025, Cboe FX recorded a monthly Spot Average Daily Volume (ADV) of $51.8 billion, a 20.9% increase from October 2024 ($42.8 billion).
