Insights Overview

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Market Stands Steady in Early Trading

By JJ Kinahan

The three major market indices are hovering around the zero line in early trading as investors continue to absorb the upward trajectory throughout most of the past three weeks, powered mostly by robust earnings results. There was little movement on Friday, and it was to the downside.

Macro Volatility Digest

Week of 8/17/2026: Volatility/Convexity Premia Fall to Lowest YTD Levels on Benign Inflation Data

By Ed Tom

Cross-asset implied volatilities declined across the board on the back of a run of “goldilocks” inflation prints (soft CPI, flat PPI) that has reinforced hopes the Fed is done hiking. Learn more in this week's Macro Volatility Digest.

Equities Market Research

Market Metrics That Matter: European Equities July Volume Briefing

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.

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Index Options and Futures

Index Options Explained

XSP: More Potential Benefits Than SPY

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.

Index Options Explained

Don't Get Stuck Paying the Dividend on Your Short Trade

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.

Index Options Explained

Why Option Settlement Style Matters

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.

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Equities and ETPs

Equities Market Research

Market Metrics That Matter: European Equities July Volume Briefing

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.

Equities Market Research

Market Metrics That Matter: U.S. Cash Equities June Volume Briefing

Cboe’s market activity increased in June with a record Average Daily Volume (ADV) of 23.3 billion, a high not seen since March 2020. Cboe's share of addressable market share increased to 21.9%, attributable to the continued adoption of premium products and Exchange Traded Fund (ETF) listings.

Equities Market Research

Market Metrics That Matter: Cboe FX June Volume Highlights

In June 2026, Cboe FX Spot Average Daily Volume (ADV) reached $59.6 billion, a 23.4% increase versus June 2025's ADV of $48.3 billion. Cboe SEF ADV1 topped $4.6 billion, representing a 59.0% increase from $2.9 billion in June 2025.

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Explore Our Insights

Most Recent:

Market Stands Steady in Early Trading

By JJ Kinahan

Week of 8/17/2026: Volatility/Convexity Premia Fall to Lowest YTD Levels on Benign Inflation Data

By Ed Tom

Market Metrics That Matter: European Equities July Volume Briefing

Subscribe

Index Options and Futures

XSP: More Potential Benefits Than SPY

Don't Get Stuck Paying the Dividend on Your Short Trade

Why Option Settlement Style Matters

Equities and ETPs

Market Metrics That Matter: European Equities July Volume Briefing

Market Metrics That Matter: U.S. Cash Equities June Volume Briefing

Market Metrics That Matter: Cboe FX June Volume Highlights

Market Stands Steady in Early Trading

By JJ Kinahan

Week of 8/17/2026: Volatility/Convexity Premia Fall to Lowest YTD Levels on Benign Inflation Data

By Ed Tom

Market Metrics That Matter: European Equities July Volume Briefing

XSP: More Potential Benefits Than SPY

Don't Get Stuck Paying the Dividend on Your Short Trade

Why Option Settlement Style Matters

Market Metrics That Matter: European Equities July Volume Briefing

Market Metrics That Matter: U.S. Cash Equities June Volume Briefing

Market Metrics That Matter: Cboe FX June Volume Highlights