Market Metrics That Matter: Derivatives May Volume Highlights

May 2026 Highlights

U.S. Options

May was a record month for Cboe’s Global Derivatives business with an Average Daily Volume (ADV) of 21.98 million contracts traded.

SPX Volumes

• S&P 500 Index Options (SPX) had an ADV of 5.02 million contracts and maintained 74.51% market share.
• May 6 was the second-best day on record with 6.49 million contracts traded.

Global Trading Hours Session

• May was the second-best month for Global Trading Hours (GTH) with an ADV of 186,000 contracts traded.
• SPX had a record month for contracts traded during GTH with an ADV of 171,000.

U.S. Multi-List Options

Overall Multi-List Options

• May was a record month for multi-list options with an ADV of 15.97 million contracts.
• May also marked the highest market share month since September 2025, driven by gains in Cboe Options Exchange (C1) market share.

Cboe Options Exchange (C1)

• C1 had an ADV of 7.75 million contracts in May.
• May marked the highest market share since August 2023, driven by increased electronic volume transacted during the month.
• May contributed two of the top 10 best days in C1 multi-list volume.

U.S. Futures

• Cboe iBoxx® iShares® Corporate Bond Index futures (IBHY) traded $5.8 billion notional volume in May, a new all-time high.
• CboeiBoxx^® $ Emerging Market Bond Index futures (IEMD) set a new all time high of 723 contracts or $230 million notional volume.

News and Insights

• Cboe Begins Offering Daily Expirations for Dow Jones Industrial Average Index Options
• Cboe Receives SEC Approval to Offer Extended Trading Hours for Select Multi-Listed Single Stock Options